Mr. Chris Wensley reports

CRESTVIEW EXPLORATION ANNOUNCES ISSUANCE OF SHARES IN LIEU OF CASH PAYMENT FOR DEBT AND SERVICES

Crestview Exploration Inc. has settled certain debts owed by the company through the issuance of securities, subject to Canadian Securities Exchange approval. The company will issue securities to certain directors, officers and vendors of the company in lieu of paying cash that is owed to these individuals. Pursuant to the securities for debt transaction, and subject to Canadian Securities Exchange approval, an aggregate of 1,845,000 units will be issued as follows: 1,285,000 units to three directors and one former director of the company in lieu of paying director fees that were accrued by these individuals for their services rendered as a director of the company; 500,000 units to Andreas Becker (newly appointed director) as repayment of his unsecured loan to the company of $25,000, announced in the company's press release dated Jan. 30, 2024; and, finally, 60,000 units will be issued to a third party vendor for fees accrued by the company. Each unit issued pursuant to the securities for debt transactions consists of one common share of the company and one common share purchase warrant of the company, and each warrant is exercisable into one common share of the company at a price of 10 cents for a term of two years from the date of issuance.

The participation by the insiders in the securities for debt is considered a related-party transaction, as defined for the purposes of Multinational Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions. The related-party transaction is exempt from the formal valuation and minority approved requirements pursuant to sections 5.5(a) and 5.7(1)(a) of MI 61-101, respectively, as neither the fair market value of the contemplated securities being issued to directors and officers of the company, nor the proceeds for such securities received by the company will exceed 25 per cent of the company's market capitalization, as calculated in accordance with MI 61-101. The company did not file a material change report at least 21 days prior to completion of the securities for debt transactions, as the details of the participation by the related party had not been determined at that time. The securities for debt transactions do not result in any new insider or control person of the company.

About Crestview Exploration Inc.

Crestview Exploration is an experienced exploration company focused on the exploration and development of its portfolio of gold and silver properties located in prolific mining districts of Nevada.

Rock Creek gold project is Crestview's flagship asset, with 74 unpatented lode mining claims wholly owned and controlled by Crestview. The Rock Creek property was acquired in 2017 and the company went public in 2019. Emboldened by the results coming out of Rock Creek, Crestview strategically expanded on the land position with the acquisition of the nearby Divide mine prospect in April, 2020, and the acquisition of the Falcon silver-gold prospect in September, 2022. Between the three properties, all targeting similar mineralization and likely the same hydrothermal system, Crestview now holds 260 total claims in close proximity of one another. These three gold prospects, along with the nearby Castile prospect, are situated in a region with proven world-class gold deposits (including Midas, Jerritt Canyon, Betze-Post, Meikle and Gold Quarry), where the potential of finding large, high-grade gold-silver deposits is favourable.

The Cimarron project is located in the San Antonio Mountains of Nye county in Nevada and comprises 31 unpatented lode mining claims, including control of six historically producing claims associated with the historic San Antonio mine. The property is located in the prolific Walker-Lane trend, approximately 44 kilometres south of the world-class Round Mountain deposit.

We seek Safe Harbor.