Mr. Branden Haynes reports

BOLT METALS ANNOUNCES CLOSING FIRST TRANCHE OF QUEBEC FLOW-THROUGH PRIVATE PLACEMENT

Bolt Metals Corp. has closed the first tranche of the previously announced non-brokered private placement of Quebec flow-through shares. The company issued a total of 4,125,000 QFT shares at a price of 16 cents per share, raising aggregate gross proceeds of $660,000.

The QFT shares will qualify as flow-through shares (within the meaning of Subsection 66(15) of the Income Tax Act (Canada)).

The gross proceeds from the offering will be used to incur Canadian exploration expenses that are flow-through mining expenditures (as such terms are defined in the Income Tax Act (Canada)) related to the company's Northwind property, Urban-Barry greenstone belt, Quebec.

All securities issued pursuant to the offering will be subject to a hold period of four months plus one day from the date of issuance and the resale rules of applicable securities legislation.

In connection with the offering, the company paid finders' fees to certain qualified non-related parties totalling $39,600 and 247,500 broker warrants. Each broker warrant entitles the holder to acquire one common share at 16 cents for two years from the date of issue in accordance with the policies of the Canadian Securities Exchange.

Stock option and restricted share unit grants

The company also announces that it has issued 1.5 million restricted share units and 2.3 million stock options to members of management and consultants of the company in accordance with the company's equity incentive plan. Each RSU is exercisable for a period of five years at no additional cost, and the RSUs will vest on issuance and are subject to a standard four-month-and-one-day hold period. Each option is exercisable for a period of five years to acquire one common share in the capital of the company at a price of 11 cents per share, being the closing price of the shares on the Canadian Securities Exchange on Dec. 23, 2024. The options will vest in four equal tranches on the date of grant and three months, six months and nine months after the date of the grant. All options are subject to a standard four-month-and-one-day hold period.

About Bolt Metals Corp.

Bolt Metals is a North American mineral acquisition and exploration company focused on the development of quality precious and base metal properties that are drill-ready with high upside and expansion potential. Based in Vancouver, B.C., Bolt has a portfolio of strategic properties that provide target-rich diversification, including: the Northwind gold project in the heart of the Windfall gold camp, Quebec; Soap Gulch, a copper sedex project in Montana; and Switchback, a copper-silver project located in British Columbia. Bolt Metals trades on the Canadian Securities Exchange under the symbol BOLT, on the OTCQB exchange under the symbol PCRFC and in Germany under the WKN A3D8AK.

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