Mr. Charalambos Katevatis reports

COLOSSUS RESOURCES RESUMES TRADING AND PROVIDES A CORPORATE UPDATE

(Colossus Resources Corp. has resumed trading, as of today, June 28, 2023, and has provided a corporate update on the status of its activities in recent weeks.

First phase exploration drilling completed at the Master copper project, Ontario, Canada

Colossus has completed the first phase of a planned exploration drilling program over targets selected during the H2 2022 prospecting program, results of which were announced on a corporate news release dated Jan. 17, 2023. The current drilling program at the Master copper project consisted of four relatively shallow, inclined diamond core (DDH) holes, totalling 416 metres, covering a 400-metre strike length of fertile vein systems. Mineralization was observed in all holes and 103 samples have been collected. The presence of copper was confirmed in the field using a portable XRF scanner. Samples have been submitted for assaying and analytical results will be released once available.

Mineralization on the Master copper property consists of west-northwest-oriented quartz or quartz-carbonate vein sheets, anastomosed or breccia-weld vein systems mineralized with pyrite, chalcopyrite, specularite, and occasionally bornite, galena and sphalerite. These veins are hosted by cobalt group sediments consisting of Gowganda formation conglomerates, siltstones and hematized sandstone, and are common to the North Shore of Lake Huron, between Sault Ste. Marie and Espanola. As observed on the property, veins often have sharp contacts, steep dip with a west-northwest strike.

Update on the transaction for the acquisition of the Calvario-Mirador copper porphyry projects in Chile

On April 5, 2023, Colossus announced that it has entered into a letter of intent (LOI) dated April 4, 2023, with arm's-length parties Austral Gold Ltd. and its subsidiaries Minera Mena Chile Ltda. and Revelo Resources Corp. to acquire an undivided 100-per-cent interest in the Calvario and Mirador projects in the Republic of Chile. As part of this transaction, Austral Gold will become the biggest single shareholder of Colossus.

Recent activities by Colossus in relation to this acquisition include:

• Successful completion of technical and property due diligence, including an independent title opinion;
• Completion and signing of an amendment to the LOI to extend the deadline for the execution of relevant definitive agreements from May 30 to July 31, 2023. Discussions between the parties, as well as drafting of such documentation, are in progress;
• Completion of a comprehensive National Instrument 43-101 technical compliant report for the Calvario-Mirador projects by independent qualified persons. The report is currently under review by the regulators. Subject to final edits and approvals, it will be filed at SEDAR in due time.

It must be noted that, till definitive agreements have been signed and submitted to the TSX Venture Exchange, the transaction remains subject to all applicable regulatory approvals, including acceptance by the TSX-V.

The Calvario and Mirador projects are located approximately 80 kilometres (km) northeast of the coastal city of La Serena in the Coquimbo Region of central-northern Chile in South America along the prolific Paleocene belt. The exploration targets within the projects are primarily porphyry copper fertile systems, located within large structurally controlled, hydrothermal alteration zones of size. With limited historical exploration work performed till 2015, including shallow scouting drilling at Calvario (while Mirador was never tested by drilling), high-quality geological, geophysical and geochemical targets/signatures over the Calvario-Mirador projects represent an important strategic land acquisition for the company.

About Colossus Resources Corp.

Colossus Resources is a relatively young junior mineral exploration company focused on maximizing shareholder value through the acquisition, discovery and advancement of high-quality copper-gold projects in the Americas.

We seek Safe Harbor.