Mr. Farshad Shirvani reports

CASA MINERALS PROVIDES UPDATE ON WARRANT INCENTIVE PROGRAM

Further to the news release dated Feb. 9, 2024, the board of directors of Casa Minerals Inc. has approved a warrant incentive program.

Under the warrant incentive program, the company will offer holders of 16.4 million share purchase warrants issued on May 20, 2021, 3.6 million share purchase warrants issued on June 24, 2021, and 1,014,200 share purchase warrants issued on July 8, 2021, the opportunity to exercise their outstanding warrants between 12 a.m. Vancouver time on March 11, 2024, and 12 p.m. Vancouver time on April 10, 2024. In return for the early exercise of an outstanding warrant, the holder will receive one common share in the capital of the company, as per the original warrant terms, plus as an incentive, one common share warrant. A holder may elect to exercise all, none or a portion of their outstanding warrants. The company's management does not hold any of the outstanding warrants.

Each incentive warrant will have an exercise price of 10 cents and expire 12 months from the date of issuance, subject to the company's right to accelerate the expiry date. If the volume-weighted average closing price of the shares on the TSX Venture Exchange is greater than 17 cents for five consecutive trading days, then the company may, at its sole option, elect to provide notice to the holders of the incentive warrants, which acceleration notice may be provided by news release, that the incentive warrants will expire at 4 p.m. Vancouver time on the date that is 30 days from the date of the acceleration notice. In such instance, all incentive warrants that are not exercised prior to the accelerated expiry date will expire on the accelerated expiry date.

Each outstanding warrant are exercisable at a price of 10 cents per share (originally exercisable at 30 cents per share and repriced to 10 cents per share on July 28, 2023) and expire on Feb. 20, 2025. The company recently extended the expiry date of the outstanding warrants from Feb. 20, 2024, to Feb. 20, 2025. Further, the outstanding warrants are subject to an acceleration clause. If the closing price of the shares on the TSX Venture Exchange is greater than 45 cents for 10 consecutive trading days, then the company may, at its sole option, elect to provide notice to the holders of the warrants, which acceleration notice may be provided by news release, that the warrants will expire at 4 p.m. Vancouver time on the date that is 30 days from the date of the acceleration notice. In such instance, all warrants that are not exercised prior to the accelerated expiry date will expire on the accelerated expiry date.

Holders of the outstanding warrants, who elect to participate in the warrant incentive program, will be required to deliver the following on or before 12 p.m. Vancouver time on April 10, 2024:

• A duly completed and executed exercise form, which accompanies the certificate representing the outstanding warrants;
• The original certificate representing the outstanding warrants being exercised;
• The applicable aggregate exercise price (10 cents per outstanding warrant) payable to the company by way of certified cheque, money order, bank draft or wire transfer in lawful money of Canada.

The incentive warrants and the common shares issued on exercise of the warrants will be subject to a hold period expiring four months after the date of distribution of the incentive warrants.

Any outstanding warrants remaining unexercised after 12 p.m. Vancouver time on April 10, 2024, will remain outstanding and continue to be exercisable on their existing terms.

The warrant incentive program is subject to approval of the TSX Venture Exchange.

The company also wishes to notify its shareholders that the annual general meeting on March 5, 2024, will be approving the financial statements for the year ending 2022 only. The financial statements for 2023 will be approved at the next AGM.

About Casa Minerals Inc.

The company is engaged in the acquisition, exploration and development of mineral properties located in Canada and the United States. Casa Minerals owns a 90-per-cent interest in the Congress gold mine (Arizona, United States). This historic high-grade gold-producing mine has not been explored, nor has it been in production since 1992. Additionally, the company owns a 100-per-cent interest in the polymetallic Pitman and Keaper properties (British Columbia, Canada) and has an option to acquire a 75-per-cent interest in the Arsenault volcanogenic massive sulphide property (B.C., Canada).

We seek Safe Harbor.