Mr. Aaron Stone reports

QCX GOLD ENGAGES GEOLOGY TEAM FOR LITHIUM EXPLORATION WORK ON KALI EAST BLOCK, JAMES BAY, QUEBEC AND ANNOUNCES FINANCING

QCX Gold Corp. has engaged the services of ALS Goldspot Discoveries Ltd. (the contractor) to conduct an extensive, lithium-focused surface exploration program on the Kali East block of its Golden Giant project. Being the easternmost of the three claim packages that make up the Golden Giant project, the Kali East block is located only six kilometres from Allkem's James Bay lithium project, known as one of the largest lithium deposits in Canada moving toward development. QCX is surrounded by major lithium developers and explorers in James Bay, including Allkem, Patriot Battery Metals, Brunswick Exploration and Li-FT Power. The Kali East block is located directly adjacent to the Billy Diamond Highway, making for easy access and low-cost exploration.

The program is set to commence toward the end of August. ALS Goldspot is providing a highly skilled team of geologists and field technicians with significant experience in James Bay lithium exploration. The contractor has begun compiling available data on the project in preparation for the field campaign, which will comprise outcrop sampling and a systematic till sampling program. The goal will be to find the source of the pegmatitic boulders that were found scattered across the Kali property during the most recent field program (see press release dated Jan. 23, 2023).

Aaron Stone, vice-president, exploration, for QCX, stated: "Now the fire situation has subsided in Northern Quebec, it is great to be able to move forward with ALS Goldspot to complete our exploration campaign before the 2023 field season ends. I am excited to be joining the team in James Bay to participate in the program on Kali East. This knowledgeable geological team has vast amounts of experience and the latest state-of-the-art technology to uncover any spodumene-bearing pegmatites that may exist on the property."

The company has purchased high-resolution satellite imagery to aid with exploration planning. It also holds magnetics data from a previously flown airborne survey, which is an important tool in mapping geological structures across the property. All existing data are currently being compiled and analyzed to highlight areas of focus on Kali East.

The Golden Giant project comprises three packages of claims, Golden Giant East, Golden Giant West and the Kali East block, covering 18,992 hectares, and is contiguous to Azimut Exploration Inc.'s Patwon project.

The company also wishes to announce a non-brokered private placement through the issuance of 10 million flow-through units of the company at a price of five cents per FT unit for gross proceeds of $500,000 and non-flow-through units at a price of five cents per NFT unit.

Each FT unit comprises one common share in the capital of the company, issued on a flow-through basis, and one-half of one common share purchase warrant. Each full common share purchase warrant entitles the holder to acquire one additional common share of the company, to be issued on a non-flow-through basis, at an exercise price of 10 cents for a period of 24 months from the date of issuance. The FT shares will qualify as flow-through shares within the meaning of Subsection 66(15) of the Income Tax Act (Canada).

The gross proceeds derived from the sale of the FT units under offering will be used for general exploration expenditures on the company's mineral properties located in Quebec.

Each NFT unit will consist of one common share in the capital of the company to be issued on a non-flow-through basis at a price of five cents per NFT share and one common share purchase warrant, entitling the holder to purchase one additional warrant share at a price of 10 cents per warrant share for a period of 24 months following the closing.

The closing of the offering is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the final approval of the TSX Venture Exchange.

Qualified person

Mr. Stone, PGeo (OGQ No. 2170), vice-president, exploration, of QCX Gold and qualified person as such term is defined by National Instrument 43-101 -- Standards of Disclosure for Mineral Projects, has reviewed and approved the geological information reported in this news release.

About QCX Gold Corp.

QCX Gold is exploring for gold and volcanogenic massive sulphide-style mineralization on its highly prospective and well-located properties in Quebec, Canada. The Golden Giant project is located in the James Bay region, only 2.9 kilometres from Azimut Exploration's Patwon discovery on its Elmer gold project. The Fernet project is located in the Abitibi greenstone belt and is contiguous with Wallbridge Mining Company Ltd.'s Fenelon/Martiniere property. Both properties are in close proximity to major discoveries which bodes well for exploration.

We seek Safe Harbor.