Mr. Philippe Cloutier reports

PROGRESS OF 2024 DRILLING PROGRAM OF THE CARTIER'S CHIMO MINE PROJECT

Cartier Resources Inc. has provided an update of progress of its 2024 drilling program for the Chimo mine project. The project comprises the Chimo mine and East Cadillac properties, the latter of which was acquired on April 7, 2022. Cartier began exploring this new part of the project on Jan. 4, 2024. Both properties are 100 per cent owned by Cartier and strategically located 45 kilometres east of the Val d'Or mining camp.

Highlights of this press release:

• Phase 1 (in frozen ground) of the 2024 drilling program completed:
  • 48 drill holes for a total of 9,347 metres;
  • 2,307 samples collected;
  • 66 per cent of results received from laboratory to date;
  • Confirmation to date, outside of resources area, of high-grade gold mineralization potential at shallow depths along Favorable Gold strike of the Chimo mine project over a distance of 2.4 kilometres.
• Phase 2 (in thawed ground) of the 2024 drilling program in progress:
  • Additional 115 holes for a total of 16,000 m, which will explore the gold potential over an additional length of six km from the Favorable Gold strike of the Chimo mine project.

The objective of the program is to explore new gold zones adjacent to the Chimo mine resources area, within the Larder Lake-Cadillac faults corridor, with 165 drill holes for a total of 25,000 metres. Drilling focuses on the 50 best historical results, from 780 drill holes dating from 1937 to 2021. The Favorable Gold strike, explored by this program, is 10 km long, 75 per cent of which was acquired by Cartier in April, 2022.

Phase 1 of the program was in the wetlands of the project, which can be more practically drilled in the winter. Phase 2 drilling operations will continue in forested areas on the remainder of the property, until the end of 2024.

"Beyond confirming the project's potential for high-grade gold mineralization at shallow depths along strike of the core Chimo mine gold system, the operational performance of the program in frozen terrain, in exceptionally mild temperatures, was higher than expected," commented Cartier's president and chief executive officer. "We are confident that high-grade gold structures continue even further east and west of the Chimo mine resources."

About the Chimo mine project:

• Positive PEA (preliminary economic assessment), after tax: NPV (net present value) at a 5-per cent discount of $388-million and 21-per-cent IRR (internal rate of return);
• MRE (mineral resource estimate): 720,000 ounces of gold in indicated resources and 1,633,000 ounces of gold in inferred resources.

About Cartier Resources Inc.

Founded in 2006, Cartier Resources is an exploration company based in Val d'Or, Que., Canada. The company's projects are located in Quebec, which consistently ranks among the world's best mining jurisdictions. Cartier is actively advancing the development of its flagship Chimo mine project and exploring its other projects. The company has a solid cash position of $3.6-million and significant corporate and institutional support, including Agnico Eagle Mines, O3 Mining and provincial investment funds.

Quality assurance/quality control

For each batch of samples sent to the laboratory, Cartier inserts 5 per cent of the number of samples in the form of certified standards and another 5 per cent in the form of blanks to ensure quality control. The samples are analyzed at the Techni-Lab (Actlabs) laboratory in Ste-Germaine-Boule, Que., Canada. Samples weighing three kilograms to five kilograms are crushed by the laboratory to 90 per cent passing 10 mesh (2.00 millimetres), then a 500-gram fraction of each sample is pulverized to 90 per cent passing 200 mesh (0.07 millimetre). The resulting 50-gram pulps are analyzed by fire assay with an atomic absorption finish. Samples with results greater than or equal to 1.0 gram per tonne and less than 10.0 grams per tonne are reassayed by fire assay with an atomic absorption finish. Results greater than or equal to 10.0 grams per tonne gold are analyzed by fire assay with a gravimetric finish. For samples containing visible gold, a 500-gram subsample of rock is analyzed by the metallic sieve method.

Qualified persons

The company's scientific and technical information in this news release was prepared and reviewed by Dr. Gaetan Lavalliere, PGeo, PhD, vice-president, and Ronan Deroff, PGeo, MSc, senior geologist, project manager and geomatician, both qualified persons as defined in National Instrument 43-101. Mr. Lavalliere approved the information contained in this press release.