Mr. Robert Rosner reports

CAT RECEIVES NI 43-101 TECHNICAL REPORT ON THE SOUTH PRESTON URANIUM PROJECT & PROVIDES PROJECT UPDATE

CAT Strategic Metals Corp. has received a technical report covering the company's South Preston uranium project, prepared in accordance with the guidelines of National Instrument 43-101 by geological and mining consultants Watts, Griffis and McOuat Ltd.'s (WGM) senior geologist, Albert (Al) Workman. The South Preston project is a uranium exploration project comprising a group of 12 mineral dispositions located in the vicinity of the southwestern Athabasca basin in Northern Saskatchewan. The dispositions are 100 per cent owned by CAT. With exploration experience in a wide variety of geological terranes over a span of more than 45 years, including groundbreaking experience with Gulf Minerals in the eastern Athabasca basin, Mr. Workman is a qualified person in accordance with the definition prescribed in NI 43-101. The report is available to the public on SEDAR.

NI 43-101 report by WGM

Following an initial review of the available project data, CAT engaged WGM in September of 2021 to carry out WGM's proposal, which outlined the scope of work required to ascertain the potential for uranium mineralization similar to other unconformity-type deposits in the Athabasca basin. These types of deposits are the highest-grade uranium deposits known.

The location of the South Preston property is predominantly outside of the area currently covered by the Athabasca formation sandstone. As a result, the area has not received the same degree of attention and exploration given to other areas of the Athabasca basin crossed by unconformity. The CAT project area therefore has the distinct advantage that basement-hosted mineralization will not be covered by many hundreds of metres of Athabasca sandstone.

Particular interest in the project has increased as a result of CAT's neighbour Azincourt Energy Corp. discovering a conductive zone on its East Preston property a short distance to the north of the CAT dispositions; Azincourt's south-southwest-trending zones project directly onto CAT's exploration property. According to WGM, the geological setting in respect to lithology, structural trends and indicative conductivity evidence of the CAT project is inferred to be similar to that of the Fission Uranium and NexGen Energy properties in the Patterson Lake South area located about 30 kilometres to the northwest.

The continuing exploration by Azincourt to the north has been used to inform the design and execution of CAT's recent and future exploration programs. As a result, CAT has been able to confirm that a series of strong bedrock electromagnetic conductors on the Azincourt property continue onto the CAT property. The conductors have a signature that shows a graphite-associated response, important for triggering uranium mineralization. Follow-up geochemical sampling by CAT's exploration team has discovered strong uranium and radiogenic lead anomalies on the project.

Update on CAT's South Preston exploration

CAT's approach to exploring the South Preston project area is considered quite sound, developing the initial exploration approach based on an exhaustive review of historical exploration work followed by conventional geophysical and biogeochemical surveying, and bedrock sampling for geochemical analysis and lithological characterization studies.

To date, the results of CAT's exploration have been very encouraging. In the western survey area, the airborne EM (electromagnetic) survey delineated multiple bedrock conductors in two zones extending southwesterly from the Azincourt property to the north. Strong biogeochemical uranium and radiogenic lead anomalies are located as distinct multipoint anomalies trending above and along some of these conductors. The uranium anomalies are of an order of magnitude comparable with similar anomalies over known uranium deposits such as Key Lake. In the eastern survey area, only a single, northwest-trending bedrock conductor was detected. This zone has an uncertain relationship to the geology. The biogeochemical survey delineated several very high uranium and radiogenic lead anomalies having a northeasterly trend parallel to the indicated location of the graphitic shear zone.

South Preston coming exploration program

Currently, WGM and CAT are planning a summer 2023 exploration program dedicated to explaining the anomalies and exploring additional areas of interest. This exploration is likely to be a combination of geological mapping, bedrock sampling, additional geophysical surveying (ground and airborne) and additional biogeochemical sampling.

CAT's board of directors remains highly encouraged by the results of recent exploration activities and has worked with WGM to determine the best way forward vis-a-vis continuing exploration activities. CAT has also had discussions with the management team of Azincourt in order to solidify a continuing relationship, and ascertain how the two companies can potentially work together in the future toward a common exploration goal. Azincourt recently completed its 2023 diamond drilling in the G-zone consisting of three holes to follow up the 2022 results. The southern extension of the Azincourt G-zone drilling is very close to the CAT property line and, as previously mentioned, bedrock electromagnetic conductors on the Azincourt property continue onto CAT's property.

CAT's South Preston uranium project comprises 29,395 hectares, and shares approximately 50 km of contiguous claim border with Azincourt, which reported uranium enrichment within previously identified alteration zones.

According to CAT chief executive officer Robert Rosner: "Azincourt's continued drilling this year at the south end of their G-zone, is a strong indication that they are following a trend that intersects, and continues onto, our property. CAT and its financing partners are quite excited about this, and we look forward to Azincourt releasing the results of their 2023 drill program, with a keen eye to the numbers on the G-zone."

The aforementioned technical report was prepared in accordance with the guidelines of National Instrument 43-101 and Mr. Workman is the qualified person in accordance with the definition prescribed in NI 43-101. He is also a member of the Association of Professional Engineers and Geoscientists of Saskatchewan (APEGS) as well as being a member of the Professional Geoscientists of Ontario.

About CAT Strategic Metals Corp.

CAT Strategic Metals' corporate strategy, as reflected in its overall mission statement, is to source, identify, acquire and advance property interests located in mineral districts proven to have world-class potential, primarily for gold and copper. In addition to the priority South Preston uranium project, CAT is focused on advancing the Burntland project located northeast of St. Quentin in the Restigouche county, New Brunswick, Canada, directed at the exploration and development of several skarn-hosted copper-silver, gold targets, and the Gold Jackpot strategic metals property located northeast of Elko, Nev., in the Pequop gold-copper trend with multiple targets for gold-silver, copper and tellurium. CAT's shares trade on the Canadian Securities Exchange (CSE) under the trading symbol CAT, and on the Frankfurt Stock Exchange under the symbol 8CH.

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