Mr. Bahman Yamini reports

CANASIL ANNOUNCES DELAY IN FILING YEAR END REPORTING REQUIREMENTS

Canasil Resources Inc. has made an application to the British Columbia Securities Commission to approve a temporary management cease trade order (MCTO) under National Policy 12-203 Management Cease Trade Orders, which, if granted, will prohibit trading in securities of the company by the chief executive officer and chief financial officer of the company until such time as the required filings (as defined below) and all continuous disclosure requirements have been filed by the company, and the MCTO has been lifted. During the period in which the MCTO is effective, the general public, who are not insiders of the company, will continue to be able to trade in the company's listed securities. The MCTO application has been made, but there is no guarantee or assurance that the MCTO will be granted.

The company expects it will be unable to file its audited financial statements for the financial year ended Dec. 31, 2022, and the management's discussion and analysis and related chief executive officer and chief financial officer certificates for this period before the May 1, 2023, filing deadline. The company's failure to file its required filings by the filing deadline is due to a delay in receiving funds to initiate the company's audited financial statements. The funds have now been received and the audit is under way.

The company anticipates that it will be in a position to remedy the default by filing the required filings on or before June 15, 2023. The MCTO will be in effect until the required filings are completed. The company intends to satisfy the provisions of the alternative information guidelines set out in Section 10 of NP 12-203 so long as the required filings are outstanding.

About Canasil Resources Inc.

Canasil is a Canadian mineral exploration company with a portfolio of silver-gold-copper-lead-zinc exploration projects in Durango and Zacatecas states, Mexico, and in British Columbia, Canada. The company's directors and management include industry professionals with a record of identifying and advancing successful mineral exploration projects through to discovery and further development.

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