Mr. Jonathan Hamel reports

MOSAIC EXITS LITHIUM EXPLORATION, COMPLETES ACQUISITION OF AMANDA PROPERTY AND ANNOUNCES PRIVATE PLACEMENT

Mosaic Minerals Corp. is abandoning lithium exploration on its properties located primarily in Jamesie, Que. The company will focus on its properties with gold (Amanda) and nickel (Gaboury) potential. Both properties are 100 per cent owned by Mosaic.

"The lithium market has been fuelled by unrealistic expectations for the growth of electric vehicles. The slowdown in this sector, combined with low-cost lithium projects outside the country, makes profitable exploitation of deposits in Quebec highly unlikely. We will focus our efforts on resources with sustained and growing organic demand, such as gold. The global geopolitical situation could continue to favour the appreciation of gold, a trend we see as favourable for gold projects in Quebec," said Jonathan Hamel, president and chief executive officer of Mosaic.

Amanda project

The company announces that it has completed the exercise of the option to acquire 100 per cent of the Amanda property. The company has met all the conditions required in the agreement with Iamgold (see press release dated July 25, 2024). The Amanda project, consisting of 145 cells covering approximately 7,677 hectares, is accessible by a year-round forest road. Several gold occurrences associated with iron formations and paragneiss are known in the eastern portion of the Amanda property. Mineralization consists of pyrite, pyrrhotite, disseminated arsenopyrite and gold in boudinaged quartz veins intersecting iron formations or in paragneiss.

Following a prospecting program carried out in 2020, five new gold showings were identified on the Amanda project. The Raphy, Jako, Natel, Beryl and Marko showings all revealed significant gold grades up to 1,835 parts per billion. These showings, associated with silicified biotite paragneisses mineralized with pyrite and/or quartz veins mineralized with pyrite or chalcopyrite, highlight the presence of a quartz-tourmaline alteration system and pyrite-chalcopyrite mineralization affecting the host rocks that could be responsible for the contribution of gold mineralization. The Natel gold showing located in the western part also presents gold anomalies associated with folded iron formations. To the north of the eastern sector, the Jako index is associated with a biotite paragneiss containing mineralized quartz veinlets near oxidized and silicate iron formations identified during the 2020 field campaign.

Several other areas of the property are of interest for the discovery of gold mineralization. An area located beneath Lake Beryl meets several criteria favourable to the presence of gold mineralization. In the eastern sector, the presence of the late tectonic Beryl-Sud pluton also provides a favourable context for mineralization associated with intrusions. This unit was never observed in outcrops during the 2020 drilling campaign, but the presence of gold-bearing pegmatites near this intrusion supports this model.

Private placement

The company also announces a private placement to settle bona fide operational debts. A total of 3,162,682 common shares of the company will be issued at a price of 3.5 cents per share to four arm's-length creditors for an aggregate amount of $110,693.87.

The offering is subject to final approval by the Canadian Securities Exchange.

The scientific and technical information of Mosaic included in this press release has been reviewed and approved by Gilles Laverdiere, PGeo, vice-president, exploration, of Mosaic, a qualified person under National Instrument 43-101 respecting information concerning mining projects.

About Mosaic Minerals Corp.

Mosaic is a Canadian mining exploration company listed on the Canadian Securities Exchange focusing on the exploration of nickel and gold in the province of Quebec.

We seek Safe Harbor.