Mr. Matthew McMillan reports

SPITFYRE CAPITAL INC. EARLY WARNING REPORTING - ACQUISITION OF SPITFYRE CAPITAL INC. SHARES

Spitfyre Capital Inc. director Gordon McMillan (the acquiror), in accordance with the requirements of National Instrument 62-103 -- The Early Warning System and Related Take-Over Bid and Insider Reporting Issues and applicable Canadian securities legislation, on June 23, 2022, acquired beneficial ownership of an aggregate of 296,000 common shares in the capital of the corporation on the TSX Venture Exchange for total consideration of $65,120 or 22 cents per common share. Prior to the acquisition, the acquiror beneficially owned 481,000 common shares, representing approximately 8.3652 per cent of the corporation's issued and outstanding common shares. On June 23, 2022, the acquiror acquired beneficial ownership of 296,000 common shares, which resulted in the cumulative acquisition of 777,000 common shares, representing approximately 13.5130 per cent of the common shares issued and outstanding immediately after the completion of the acquisition, thereby triggering the requirement to file an early warning report under NI 62-103.

While the acquiror currently has no plans or intentions with respect to the common shares, depending on market conditions, general economic and industry conditions, trading prices of the common shares, the corporation's business, financial condition and prospects, and/or other relevant factors, the acquiror may develop such plans or intentions in the future and, at such time, may from time to time acquire additional common shares, dispose of some or all of the existing or additional common shares or may continue to hold the common shares.

A copy of the early warning report filed by the acquiror will be available on the corporation's SEDAR profile or may be obtained by contacting Mr. McMillan at matthew@spitfyrecapital.com or 905-484-7698. The corporation's head office is located at 100 King St. West, suite 1600, Toronto, Ont., M5X 1G5.