Mr. Harry Katevatis reports

COLOSSUS RESOURCES UPDATE ON THE CALVARIO AND MIRADOR COPPER PORPHYRY PROJECTS IN CHILE

Colossus Resources Corp. has provided an update on the option agreement announced on Nov. 16, 2023, to acquire the Calvario and Mirador copper porphyry projects in Chile.

The Calvario and Mirador projects are located approximately 80 km northeast of the coastal city of La Serena in the Coquimbo Region of central-northern Chile in South America. The exploration targets within the Projects are primarily porphyry copper (+/- Molybdenum, +/- Gold) systems. The Projects lie along the southern extensions of the highly productive Paleocene magmatic belt of northern Chile. Together they form a contiguous 23km x 8km set of properties (for Projects details, please refer to the November 16, 2023 corporate news release).

The Company announced a private placement financing (the " Financing ") of up to $2,400,000 in November 2023 to support the acquisition of the Projects and to provide the Company with working capital. Due to difficult market conditions in the mineral exploration sector, the Company continues to work towards completion of the announced equity Financing, the terms of which have not changed, and may consider alternate sources of financing. The Company will issue up to 15,000,000 units (the " Units ") of securities at a price of $0.16 per Unit. Each Unit will be comprised of one (1) common share and one-half of one (1/2) non-transferable common share purchase warrant, with each whole warrant entitling the holder to purchase one additional common share at a price of $0.30 for a period of two (2) years from closing of the Financing.

The Projects are currently 100% owned by the Austral Group comprising Austral Gold Limited and its subsidiaries Minera Mena Chile ltda and Revelo Resources Ltd.

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.