Mr. Zachary Kotowych reports

BOLT METALS ANNOUNCES CLOSING OF FULLY SUBSCRIBED PRIVATE PLACEMENT

Bolt Metals Corp. has closed its previously announced non-brokered private placement for aggregate gross proceeds of $6-million. In connection with the offering, the company issued an aggregate of 19,354,838 special warrants at a price of 31 cents per special warrant.

Each special warrant automatically converts, for no additional consideration, into one unit of the company on the date that is the earlier of: (i) the date that is three business days following the date on which the company files a prospectus supplement to a short-form base shelf prospectus with the securities commissions qualifying distribution of the units underlying the special warrants; and (ii) the date that is four months and one day after the closing of the offering.

Each unit will comprise one common share of the company and one common share purchase warrant of the company, with each warrant exercisable into one additional share at an exercise price of 41 cents until Feb. 23, 2028.

The company intends to use the proceeds raised from the offering for continuing exploration activities and general working capital.

The special warrants were issued pursuant to exemptions from the prospectus requirements under Canadian securities laws. Prior to the filing of a prospectus supplement or the automatic conversion of the special warrants, the securities issued under the offering are subject to a four-month hold period from the date of closing of the offering.

In connection with the offering, the company paid cash finders' fees equal to $167,22.75 and issued 539,428 broker warrants. Each broker warrant may be exercised into one share at an exercise price of 41 cents until Feb. 23, 2027. The broker warrants were issued pursuant to exemptions from the prospectus requirements under Canadian securities laws and are subject to a 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. Bolt trades on the Canadian Securities Exchange under the symbol BOLT and the OTC (over-the-counter) market under the symbol PCRFC and in Germany under the WKN A3D8AK.

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