Mr. T. Barry Coughlan reports

QUADRO'S CANCELLED LONG LAKE CLAIMS TO BE REINSTATED

Four of Quadro Resources Ltd.'s nine claim blocks comprising its Long Lake property that were cancelled on Sept. 22, 2022, and for which Quadro filed a grievance on Oct. 13, 2022, with the Newfoundland Mineral Rights Adjudication Board, shall be reinstated as of their original issuance dates, as per the order of the board dated Oct. 10, 2023.

Within two weeks of the date of the order, Quadro is required to pay $40,540.56 to cover deficiencies for two of the four licences to bring them back into good standing. The remaining two licences have no deficiencies. In addition, Quadro has paid costs to the mineral claim recorder.

Barry Coughlan (chief executive officer and president) commented: "We are extremely pleased with the board's decision, subject to the conditions above, to reinstate these claims. This puts to rest a year-long halt to our operations in Newfoundland, and we are now reviewing the previous exploration program and planning future programs for Long Lake because we continue to strongly believe in the mineral potential of Long Lake. We thank the board, the solicitor for the Minister of Industry, Energy and Technology, and the mineral rights recorder for their time and consideration, and we look forward to continuing our work in Newfoundland."

In a subsequent event note in the company's financial statements for the year ended July 31, 2022, an impairment charge of $865,707 was recorded against Long Lake due to the cancelled claims. The impairment charge resulted in a $1 nominal value on Long Lake. As the cancelled claims will be reinstated, this impairment will be written back up.

About the Long Lake property

Quadro owns a 100-per-cent interest in Long Lake, located proximal to Marathon Gold's Valentine Lake deposits. The property is located within an underexplored belt of mineralized volcanosedimentary and intrusive rocks. Highlights from the property include two areas of strong gold in soil and tills. The property provides an opportunity for new gold discoveries in the emerging Cape Ray gold district and is complementary to Quadro's Staghorn claims located 35 kilometres southeast.

Previous work on the property dates back to 2005, when soil sampling outlined a number of gold anomalies. The historic geochemical survey was part of a continuing volcanogenic massive sulphide (base metal) program, which kept the ground tied up until recently. No follow-up was carried out during that time, and the area came open for staking in early 2019. The claims were staked by the underlying vendors, which took two till samples in the area of the higher gold-in-soil anomaly.

Drilling to date includes the discovery of a new gold zone intersected from the inaugural exploration drill program. The drill program consisted of five holes (757 metres) designed to test the Ricky gold target. Intersections included 3.68 grams per tonne gold over 5.4 metres from hole R-021-01 on the eastern end of the target and 31.7 g/t Au over 0.5 m from hole R-021-04 located 500 m to the west.

Qualified person

Wayne Reid, PGeo, vice-president, exploration, for Quadro, a qualified person as defined in National Instrument 43-101, is responsible for this release and supervised the preparation of the information forming the basis for this release.

About Quadro Resources Ltd.

Quadro is a publicly traded mineral exploration company. It is focused on exploring for gold in North America. The company's shares trade on the TSX Venture Exchange under the symbol QRO. Quadro owns a 100-per-cent interest in the Staghorn property, which it has optioned to Tru Precious Metals Corp., owns a 100-per-cent interest in the Long Lake property and has an option to earn an initial 51-per-cent interest in the Tulks South property in Newfoundland.

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