Mr. Bob Dickinson reports

QUARTZ EXPANDS MAESTRO PROJECT AREA WITH ACQUISITIONS OF LONE PINE PORPHYRY DEPOSIT CLAIM AND NORTH CLAIM

Quartz Mountain Resources Ltd. has agreed, under two separate transactions, to purchase a 100-per-cent interest in each of the Lone Pine claim and the North claim. These two mineral claims total 169 hectares and are located within the company's 100-per-cent-owned Maestro property located 15 kilometres north of the town of Houston, B.C.

Consolidation of the 2,309-hectare Maestro project area allows continuous, through-going access to explore the potential for multiple overlapping precious and base metal systems in their entirety. As such, they add significant value to the company's strategic plan to develop and transact the Maestro project. In December, 2023, Quartz completed 1,445 metres of diamond drilling in two holes at the Prodigy gold-silver-molybdenum-copper epithermal target approximately one km north of the Lone Pine porphyry deposit. In addition, Quartz also completed surface and downhole geophysical surveys over the newly drilled area immediately after completion of its two drill holes. Results from the 482 core samples collected during that drill program are being processed and expected to be announced within the next three weeks.

Bob Dickinson, chairman of Quartz, commented: "These claim acquisitions are strategically important to Quartz as they allow us to rapidly move the Maestro project forward. Our property assessments to date indicate Maestro hosts multiple overlapping precious and base metal mineralizing events over a large area. Historical drilling of 24,300 metres at Lone Pine delineated a sizable and higher-grade molybdenum porphyry deposit. We believe this system is the heat engine for potentially extensive, epithermal gold and silver mineralization in addition to molybdenum and copper outboard of the Lone Pine deposit."

The Lone Pine mineral claim was purchased from Eagle Plains Resources Ltd., an arm's-length vendor, for 750,000 common shares of the company and a 2-per-cent net smelter return royalty, of which 1.5 per cent can be purchased at any time by payment of $5-million. The shares are subject to a 24-month contractual resale restriction and a further right for the company to arrange purchasers of the shares in the case of resales after that period. The Lone Pine transaction is subject to customary TSX Venture Exchange acceptance and closing conditions.

The North mineral claim was purchased from Shawn Merkley, an arm's-length vendor, for $24,000, 45,000 common shares of the company and a 2-per-cent NSR royalty which can be purchased at any time by a payment of $2-million. The cash and common shares will be paid in three equal instalments ($8,000 and 15,000 common shares) over two years with the first instalment due upon closing. The North transaction is subject to customary TSX Venture Exchange acceptance and closing conditions.

Historical resource estimate at Lone Pine claim

Drilling of approximately 24,300 metres was completed historically in 49 holes at the porphyry molybdenum deposit on the Lone Pine claim by previous owners. A historical estimate of the mineral resources was also done and comprises measured and indicated resources (M+I) of 110 million tonnes grading 0.083 per cent Mo, and inferred resources of 25.8 Mt grading 0.088 per cent Mo at a 0.04 per cent Mo cut-off described in National Instrument 43-101 technical report, effective date of Jan. 21, 2011, by P & E Mining Consultants Inc. for Bard Ventures Ltd.

A qualified person has not done sufficient work to classify the historical estimate as current mineral resources and the issuer is not treating the historical estimate as current mineral resources.

Additional work needs to be done to upgrade or verify the historical estimate as current mineral resources. Quartz has not yet conducted any drilling on the Lone Pine mineral property. Thus, the historical estimate and historical drilling are of uncertain relevance and reliability.

Qualified person

Farshad Shirmohammad, MSc, PGeo, a qualified person as defined under National Instrument 43-101, who is not independent of Quartz Mountain Resources, has reviewed and approved the technical content of this news release.

About Quartz Mountain Resources Ltd.

Quartz is a restructured mineral exploration company headquartered in Vancouver, Canada. It is focused on discovering and transacting high-value gold, silver and copper projects. The company holds 100 per cent of the Maestro gold-silver-molybdenum-copper property and 100 per cent of the Jake copper-gold-silver property. Both projects have access to infrastructure and high potential for important resources and future transactions. The B.C. government has awarded permits for 50 drill sites for each project.

Quartz is associated with Hunter Dickinson Inc. (HDI), a company with over 35 years of successfully discovering, developing and transacting mineral projects in Canada and internationally. Former HDI projects in British Columbia included Mount Milligan, Kemess South and Gibraltar -- all of which are porphyry deposits with current or former producing mines. Other well-known projects with HDI involvement include Sisson and Prosperity in Canada, Pebble and Florence in the United States, and Xietongmen in China.

Quartz is committed to the advancement of important scale, critical and essential mining assets while following responsible mineral development principles, including a mandate to employ best practice approaches in the engagement and involvement of local communities, and meeting rigorous environmental standards.

We seek Safe Harbor.