Mr. Nicholas Rodway reports

CORE ASSETS ANNOUNCES CLOSING OF PRIVATE PLACEMENT AND CHANGE TO BOARD OF DIRECTORS

Core Assets Corp. has completed its previously announced non-brokered private placement offering, which was oversubscribed by 8,059,171 units and 11,638,037 flow-through units. Pursuant to the offering, the company issued an aggregate of 16,392,505 units at a price of 12 cents per unit for gross proceeds of $1,967,100.60 and 25,923,752 FT units at a price of 14 cents per FT unit for gross proceeds of $3,629,325.28. The company also announces the resignation of David Hodge as a director and would like to welcome Josh Vann to the board of directors.

"Mr. Hodge has been part of the Core Assets team from day one, and I would like to personally thank him for his guidance leading the company to its current success. We are thrilled to welcome Mr. Vann to the board of directors, which will help expand on his already instrumental role with Core Assets in day-to-day operations," said Core Assets president and chief executive officer Nick Rodway. "We are now fully cashed up for a aggressive 2024 exploration season, which will focus on continuing to delineate our high-grade [carbonate replacement deposit] and testing [induced polarization] anomalies that have been discovered as part of our 2023 geophysical survey. Findings of this survey and more drill results are to be released shortly."

Board of directors changes

Core Assets has appointed Mr. Vann to the board of directors of the company, effective Nov. 16, 2023. Additionally, the company announces that Mr. Hodge has resigned as director of the company. Mr. Hodge was a founding member of the board of Core Assets and was instrumental in the transition to a public company in 2019. The board of directors of the company would like to thank Mr. Hodge for his efforts on behalf of the company, and wishes him and his family well in the future.

Mr. Vann has been with the company since March, 2021, and before joining the Core Assets team, worked in equity research at PI Financial Corp. on the special situations team. He has extensive experience working in corporate development for publicly and privately listed companies in the natural resource sector. Mr. Vann also brings experience working in investment banking across industries such as health care, technology and mining/exploration. He holds a bachelor of commerce degree from McGill University with a major in finance.

Closing of private placement

Each unit is composed of one common share in the capital of the company and one-half of one transferable share purchase warrant. Each warrant entitles the holder thereof to purchase one additional share for a period of two years from the closing date at an exercise price of 22 cents per warrant share.

Each FT unit is composed of one common share in the capital of the company issued as flow-through share within the meaning of the Income Tax Act (Canada) and one-half of one transferable common share purchase warrant. Each whole FT warrant entitles the holder thereof to purchase one additional common share in the capital of the company for a period of two years from the closing date at an exercise price of 22 cents per FT warrant share.

The company paid cash finders' fees of $217,137.48 and issued 1,543,157 broker warrants to certain finders. Each broker warrant entitles the holder thereof to purchase one additional common share in the capital of the company for a period of two years from the closing date at an exercise price of 12 cents per broker warrant share.

All securities issued in connection with the offering are subject to a four-month-and-a-day hold period as required under applicable securities laws.

The company intends to use the proceeds from the sale of units for general working capital and exploration expenses. The gross proceeds from the sale of the FT units will be used by the company to incur eligible Canadian exploration expenses that will qualify as flow-through mining expenditures as such terms are defined in the Income Tax Act (Canada) related to the company's Blue property located in British Columbia, Canada, on or before Dec. 31, 2024. All qualifying expenditures will be renounced in favour of the subscribers, effective Dec. 31, 2023.

Nicholas Rodway, the chief executive officer and a director of the company, acquired 110,000 FT units under the offering, Joshua Vann, the vice-president of business development and strategy and a director of the company, acquired 36,000 FT units, Sean Charland, a director of the company, acquired 200,000 FT units under the offering, and Monica Barrington, VP of exploration acquired 35,800 FT units, each of which constitutes a related-party transaction within the meaning of Multilateral Instrument 61-101 (Protection of Minority Security Holders in Special Transactions). The issuance to the insiders is exempt from the valuation requirement of MI 61-101 by virtue of the exemption contained in Section 5.5(b) as the company's shares are not listed on a specified market and from the minority shareholder approval requirements of MI 61-101 by virtue of the exemption contained in Section 5.7(a) of MI 61-101 in that the fair market value of the consideration of the securities issued to the related parties did not exceed 25 per cent of the company's market capitalization.

About Core Assets Corp.

Core Assets is a Canadian mineral exploration company focused on the acquisition and development of mineral projects in British Columbia, Canada. The company currently holds 100-per-cent ownership in the Blue property, which covers a land area of 111,747.96 hectares (approximately 1,117 square kilometres). The Blue property lies within the Atlin mining district, a gold mining camp located in the unceded territory of the Taku River Tlingit First Nation and the Carcross/Tagish First Nation. The Blue property hosts a major structural feature known as the Llewellyn fault zone (LFZ). This structure is approximately 140 kilometres in length and runs from the Tally-Ho shear zone in the Yukon, south through the Blue property to the Alaskan Panhandle Juneau ice sheet in the United States. Core Assets believes that the south Atlin Lake area and the LFZ have been neglected since the last major exploration campaigns in the 1980s. The LFZ plays an important role in mineralization of near-surface metal occurrences across the Blue property. The past 50 years have seen substantial advancements in the understanding of porphyry, skarn and carbonate replacement type deposits both globally and in British Columbia's Golden Triangle. The company has leveraged this information at the Blue property to tailor an already proven exploration model and believes this could facilitate a major discovery. Core Assets is excited to become one of Atlin mining district's premier explorers, where its team believes there are substantial opportunities for new discoveries and development in the area.

We seek Safe Harbor.