Mr. Normand Champigny reports

QUEBEC PRECIOUS METALS CLOSES SECOND AND FINAL TRANCHE OF $1.4 M PRIVATE PLACEMENT, ANNOUNCES RESULTS OF ANNUAL SHAREHOLDERS MEETING, APPOINTS GENEVIEVE AYOTTE AS DIRECTOR

In connection with its previously announced non-brokered private placement offering, Quebec Precious Metals Corp. has closed the second tranche of the offering for an amount of $594,000. The second tranche consists of 3,712,500 charity flow-through common shares at a price of 16 cents per charity flow-through share. A total of 2.2 million common shares were acquired by Societe de developpement de la Baie-James in the context of the structured charity flow-through share financing.

In total, including the first tranche, which closed on July 12, 2023, and the second tranche of the offering, the company has issued 10,866,873 common shares for gross proceeds of $1,378,575.06

"The completion of this financing allows us to focus on our 2023 exploration program in James Bay: drilling for gold at Sakami and perform field follow-up on the best targets identified from the lithium potential study that is being finalized by ALS GoldSpot," commented Normand Champigny, chief executive officer.

The net proceeds received by the corporation from the sale of the charity flow-through shares will be used for exploration expenditures on the corporation's projects located in the province of Quebec. More specifically, the gross proceeds from the issuance of the charity flow-through shares will be used for Canadian exploration expenses (as such term is defined by the Income Tax Act (Canada)), which, once renounced, will qualify as flow-through critical mineral mining expenditure, as defined in Subsection 127(9) of the Income Tax Act (Canada), which will be incurred on or before Dec. 31, 2024, and renounced to the subscribers with an effective date no later than Dec. 31, 2023. For a Quebec resident subscriber who is an eligible individual under the Taxation Act (Quebec), which qualifies: (i) as an expense for inclusion in the exploration base relating to certain Quebec exploration expenses within the meaning of Section 726.4.10 of the Taxation Act (Quebec); and (ii) as an expense for inclusion in the exploration base relating to certain Quebec surface mining expenses or oil and gas exploration expenses within the meaning of Section 726.4.17.2 of the Taxation Act (Quebec).

The charity flow-through shares are subject to a four-month hold period commencing on the closing date pursuant to National Instrument 45-102, Resale of Securities and, in Quebec, Regulation 45-102 respecting resale of securities, and the certificates or DRS advices representing such securities bear a legend to that effect. The offering remains subject to the final approval of the TSX Venture Exchange.

Annual shareholder meeting

At its annual shareholder meeting held on July 18, 2022, shareholders of the company overwhelmingly approved all the resolutions as follows:

• Election of Genevieve Ayotte, Mr. Champigny, Wanda Cutler and James Shannon as directors;
• Appointment of KPMG LLP as auditor.

Ms. Ayotte is a new member to Quebec Precious Metals' board of directors and has been appointed as chair of the audit and risk management committee. She is a CPA and currently holds the position of chief financial officer of Arianne Phosphate Inc. and is also a director of Kintavar Exploration Inc. Outside of Ms. Ayotte's accounting profession, she also serves as president of Women in Mining -- Montreal. Since 2008, Ms. Ayotte developed extensive mining knowledge, specifically in public accounting, at PricewaterhouseCoopers LLP. Ms. Ayotte is a member of the Certified Professional Accountants of Quebec and graduated from HEC Montreal with a bachelor's degree in business management and a DESS in public accounting (2008).

"On behalf of QPM, I would like thank Julie Robertson for her outstanding contribution during her term as a board member and chair of the audit and risk management committee. We will miss Julie's advice and guidance and are very indebted for all her efforts," commented Mr. Champigny.

About Quebec Precious Metals Corp.

Quebec Precious Metals is a gold explorer with a large land position in the highly prospective Eeyou Istchee James Bay territory in Quebec, near Newmont Corp.'s Eleonore gold mine. Quebec Precious Metals' flagship project is the Sakami project with significant grades and well-defined, drill-ready targets. Quebec Precious Metals' goal is to rapidly explore the Sakami project and advance to the mineral resource estimate stage.

We seek Safe Harbor.