Mr. Chris Wensley reports

CRESTVIEW EXPLORATION CLOSES PURCHASE OF CIMARRON PROJECT NEAR TONAPAH, NEVADA & ENTERS INTO SALE AND JOINT VENTURE AGREEMENT WITH ACME LITHIUM INC.

Crestview Exploration Inc. has made final payment and exercised its option to purchase the Cimarron project from Nevada Select Royalty (see Crestview's news release dated Feb. 24, 2021), a wholly owned subsidiary of Ely Gold Royalties Inc., a TSX Venture Exchange-listed company. Pursuant to the acquisition, Crestview has acquired 100 per cent of the Cimarron gold project as set out below, subject to a 2.5-per-cent net smelter royalty to Nevada Select.

The property comprises 13 unpatented lode claims, which overlap and control the six historically producing claims around the San Antonio mine. The San Antonio mine was active from the early 1900s to the 1940s, and the mine area received attention again in the 1980s from a number of exploration companies, including Newmont and Echo Bay. Altogether, approximately 190 holes totalling about 54,000 feet (16,460 metres) were drilled in this effort, with gold intercepts greater than one ounce per ton (opt) encountered in several drill holes. The drilling identified a shallow oxide gold resource, but the property did not progress to production. The historic resource outlined includes a west, central and east target, which totals greater than 50,000 ounces of gold (reference is to an internal mining report by Peter Hahn to Budge Mining Ltd. dated Feb. 17, 1987). The resource for the property was never made National Instrument 43-101 compliant as the data predated the practice.

The resource is hosted in a series of Oligocene-age volcanic rocks overlying Paleozoic strata and younger Miocene-age intrusions. The target is a shallow, low-sulphidation oxide gold system with strong structural control. The mineralization is associated with silicification, brecciation and iron oxides.

The Cimarron high-grade epithermal gold target is associated with the historic San Antonio mine, located in Nye county in Nevada, approximately 30 kilometres north of the mining town Tonopah in Nevada.

The property is situated in the northern portion of the San Antonio Mountain Range. Regionally, the property is at the intersection of two prominent gold trends: the Walker-Lane trend, which runs approximately northwest and hosts a number of mines, including Bullfrog, Goldfield and Rawhide; and an approximately north-northeast trend of gold mines, including Manhattan, Gold Hill and the world-class Round Mountain (according to the Kinross website, Round Mountain's 15 millionth ounce of gold was poured as of 2018).

Subsequent staking by Crestview added 18 claims to the property expanding the property from 13 claims to 31 claims.

Further to the acquisition of the property, Crestview is also pleased to announce that it has entered into a definitive agreement to joint venture the Cimarron property, spanning 31 claims comprising the now acquired 13 claims from Nevada Select plus 18 nearby claims staked by Crestview, with Acme Lithium Inc., whereby Acme is acquiring a 90-per-cent interest and Crestview is retaining a 10-per-cent carried interest in the property. Acme will have operational control of the project and the closing is expected to take place in due course subject to certain customary conditions.

Consideration paid by Acme to Crestview for its 90-per-cent interest includes an aggregate of $149,000 (U.S.) in cash and one million common shares of Acme, payable as follows:

1. $124,000 (U.S.) in cash payable by Acme on or before closing plus 500,000 common shares upon closing. Crestview has received an advance of $89,000 (U.S.) from Acme, used for the final option payment to Nevada Select, secured by a short-term loan carrying interest at the rate of 8 per cent per annum to be extinguished and deemed repaid upon closing. Failure to close would require repayment within nine months in either cash or common shares of Crestview;
2. $25,000 (U.S.) plus 500,000 common shares of Acme six months following closing. Acme shall have the right to acquire a further 5-per-cent interest from Crestview for $500,000 (U.S.). Crestview's retained interest shall be carried until a completed preliminary economic assessment, after which each party will be responsible for its pro rata share of exploration costs.

Chris Wensley, Crestview's chief executive officer, commented: "We are very pleased and excited to enter into this partnership with Acme Lithium at the Cimarron project. Acme has a highly qualified and capable exploration team with a proven track record of accomplishment, taking projects from early exploration to reserves very quickly. This bodes well for the future of Cimarron where Acme's participation and management will bring results expeditiously. This transaction also frees up our focus to zero in on advancing our flagship Rock Creek property near Elko, in the Tuscarora Mountains, north of the world-class Carlin trend. This region is a Tier 1 district play mining jurisdiction characterized by large-scale mines and deposits operated by major mining producers."

The Fraser Institute mining survey has consistently ranked Nevada among the top 10 mining jurisdictions in the world over its last 10 surveys, ranking Nevada No. 1 in 2023.

Acme Lithium is a mineral exploration company focused on acquiring, exploring and developing battery and precious metal projects in partnership with leading technology and commodity companies in North America. Acme is advancing and developing a lithium brine resource at Clayton and Fish Lake Valley, Nevada, and has entered into a strategic exploration agreement with a leading partner at a group of projects in the pegmatite region of Shatford, Birse and Cat-Euclid lakes in southeastern Manitoba. Backed by strategic investors and led by an experienced management team, the building blocks of the future are Acme's focus today.

This news release was jointly prepared with Dr. Craig J. Mach, PhD, geology, and has been approved by Alan J. Morris, MSc, CPG No. 10550. Mr. Morris is a qualified person as defined by National Instrument 43-101, and has reviewed the scientific and technical disclosure included in this news release.

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 72 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 Falcon silver-gold prospect in September, 2022. Between the two properties and additional claim staking at the nearby Dry Creek prospect, all targeting similar mineralization and likely the same hydrothermal system, Crestview now holds 239 total claims in close proximity of one another. These prospects 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.

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