Mr. Barry Coughlan reports

QUADRO'S 2023 TRANSFORMATIVE YEAR IN REVIEW AND 2024 OUTLOOK

Quadro Resources Ltd. has provided a summary of events and activities for 2023 as well as plans for 2024.

2023 summary

In late 2022, and continuing throughout 2023, the company faced formidable setbacks that disrupted its planned exploration programs and which were not resolved until the end of 2023. These setbacks significantly impacted the company's ability to continue exploration on its Long Lake project in central Newfoundland.

The root cause of these disruptions was the cancellation of four of the company's Long Lake claims in central Newfoundland (see Quadro's news release dated Dec. 8, 2022). These cancellations resulted in the company being unable from exploring and developing these claims while it argued its case before the Newfoundland Mineral Rights Adjudication Board to have the claims reinstated.

The cancellations coincided with the company's announced $1-million private placement which collapsed as a result, helping to cause a fall in the company's stock price (see Quadro's news release dated Nov. 29, 2022). On Oct. 11, 2023, however, the company was pleased to report that the canceled claims had been reinstated and plans for Long Lake's 2024 exploration activities are being implemented (see Quadro's news releases dated Oct. 11, 2023). A synopsis of the company's Long Lake project follows herein.

Quadro is focused on the gold-rich Cape Ray fault system, described as one of the most prospective but underexplored regions in Canada. Located in west-central Newfoundland, the Staghorn property as well as the Long Lake property cover portions of the auriferous Cape Ray fault system which hosts a number of active gold exploration programs.

Staghorn

The company's other key exploration project, the Staghorn project in central Newfoundland, is also located on the Cape Ray Valentine Lake shear zone, which hosts Calibre Mining Corp.'s Valentine gold mine (formerly Marathon Gold Corp.'s Valentine gold project). Mineralization hosted on adjacent and/or nearby properties is not necessarily indicative of mineralization hosted on the company's property.

Staghorn -- Quadro's exploration and drilling work

The company is pleased to report that Staghorn did not experience any disruptions in 2023 as it is optioned by TRU Precious Metals Corp. under an option agreement with TRU. Quadro signed an option agreement in 2022 with TRU, pursuant to which TRU has been granted the option to acquire up to an aggregate 65-per-cent ownership in Quadro's Staghorn project. The Staghorn project comprised two distinct groups of licences which are immediately within and/or adjacent to TRU's flagship Golden Rose project. Golden Rose is a regional-scale land package covering approximately 236 square kilometres in the central Newfoundland gold belt, including approximately 45 km of strike length along the gold deposit-bearing Cape Ray-Valentine Lake shear zone (the CR-VL shear zone).

The Marks Pond Gold Horizon, within Staghorn's claim grouping, has been extended to over 600 m in strike length and has proven continuity down dip. This zone was first identified in 2018 by Quadro technical staff during the execution of a short trenching program. Follow-up work including diamond drilling was then able to confirm the presence of a broad, extensive shear zone with multiple parallel high-strain gold-bearing structures which remains open to the north and along strike to the northeast and the southwest. The most significant aspect of exploration by Quadro in 2021 was the discovery of a lower zone of high-grade mineralization with visible gold below the main zone. Additional drilling is needed to follow up on the high-grade lower zone and wide stepout drilling on the Marks Pond Horizon where a number of gold-in-soil anomalies remain to be tested.

Quadro drilling to date:

• July to October, 2021 -- A total of 891 metres in four holes. A high of 29.1 grams per tonne Au over 0.35 m within a 57.0 m wide zone grading 0.33 g/t Au and first definitive visible gold, below the main zone; 1.95 g/t Au over six m; 1.1 g/t Au over 5.0 m including 1.8 g/t Au over 3.0 m, thus extending the Marks Pond Horizon 200 m to the southwest for a total of 626 m strike length.
• February to April, 2021 -- A total of 1,403 metres in 10 holes, all targeted on the Marks Pond gold zone. The drilling consisted of a series of 50-metre spaced stepout and undercut holes to the northeast of the discovery hole MP20-02. Drilled in late 2020, this hole intersected a gold zone assaying 3.22 g/t Au over 5.0 m, within a wider intersection of 1.98 g/t Au over 12.0 m. Another hole intersected 20.37 g/t Au over 0.5 m and 3.89 g/t Au over 2.5 m in undercut drill holes. These holes were revisited for under drilling in July to October, 2021.
• September to December, 2020 -- A total of 1,696 metres in 13 holes. The drilling tested two of four soil anomalies in the Marks Pond area and attempted to expand on the Ryan's Hammer mineralization previously tested in 2018 at Staghorn. The highlight of the program was the discovery of a new gold zone at Mark's Pond where hole MP20-02 intersected 10.1 g/t over 1.0 m within a wider interval of 3.22 g/t Au over 5.0 m.
• November to December, 2018 -- A total of 887 metres in five holes focused on completing a fence of holes across the Cape Ray structure at Ryan's Hammer, Staghorn. This drilling combined with previous drilling to the east partially outlined two wide gold trends with only one drill cut in each trend.
• November to December, 2017 -- A total of 1,466 metres in nine holes focused on the Woods Lake zone, Staghorn. This program confirmed the widespread extent of an auriferous altered granodiorite within a flexure of the Cape Ray fault and required additional drilling to better define higher-grade zones within the package.

Staghorn -- TRU'S 2022 to 2023 exploration work

Quadro's previous exploration activities at Staghorn resulted in the discovery of the Mark's Pond gold zone and increased the geological interest in the surrounding area, which ultimately led to TRU's identification of the Northcott gold zone (see TRU's news release dated Sept. 19, 2023).

The company has been pleased with the work to date carried out by TRU on the Mark's Pond target, which is part of the company's optioned Staghorn property (see Quadro's news releases dated Aug. 18, 2022, and Jan. 16, 2023). Prior to optioning the Staghorn property to TRU, in 2021 to 2022 Quadro drilled 10 holes (1,403 m) and 13 holes (1,696 m) at Staghorn. The drilling programs advanced the Mark's Pond prospect.

TRU's 2023 trenching and channel sampling program was a continuation of the trenching program that commenced in fall 2022 at Mark's Pond and led to the discovery of the Northcott gold zone. TRU reported additional high-grade gold channel sampling assay results from its summer 2023 trenching program at Golden Rose, at the Mark's Pond target, and its technical summary of its summer 2023 program allowed TRU to file an updated National Instrument 43-101 technical report for Golden Rose in central Newfoundland on Oct. 11, 2023 (see TRU's news releases dated June 7, 2023, Sept. 19, 2023, Oct. 3, 2023, and Oct. 11, 2023).

Long Lake

The 100-per-cent-owned Long Lake project is located proximal to Calibre Mining Corp.'s Valentine gold mine (formerly Marathon Gold Corp.'s Valentine gold project). Mineralization hosted on adjacent and/or nearby properties is not necessarily indicative of mineralization hosted on the company's property. The property is located within an underexplored belt of mineralized volcano-sedimentary and intrusive rocks. Highlights from the property includes 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 km 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 cotinuing 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 who took two till samples in the area of the higher gold-in-soil anomaly.

Further to Quadro's Oct. 11, 2023, news release, the Long Lake claims were reinstated and the company plans to resume exploration in 2024 at Long Lake.

Quadro drilling to date:

• July to October, 2021 -- Discovery of a new gold zone intersected from the inaugural exploration drill program at its Long Lake property, located in central Newfoundland. The drill program consisted of five holes (757 metres) designed to test the Ricky gold target. Intersections included 3.68 g/t Au over 5.4 m 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.

Tulks south

Quadro has an option with Canterra Minerals Corp. (previously with Buchans Minerals Resources Ltd.) to earn an initial 51-per-cent interest in the Tulks South property in Newfoundland. Previous work in 2020 by Quadro on the Long Lake project included soil sampling and prospecting which defined a 700 m long gold target (Ricky target) highlighted by a strong Au-in-soil anomaly and a number of float samples with values up to 33.65 g/t Au (see Quadro press releases dated Jan. 5, 2021, and Nov. 30, 2020). Geophysics, prospecting and geochemistry carried out in 2021, and were expanded to cover the Tulks South claims. Detailed ground magnetics and induced polarization have been completed on the Ricky target.

2024 exploration plans

The company has proposed a 2024 exploration program at Long Lake which would include prospecting additional targets, line-cutting, trenching, geophysics and soil sampling, and drilling.

From T. Barry Coughlan (chief executive officer and president): "Two thousand twenty-four's primary objective is to continue drilling the discovery area from the 2021 inaugural drill program. The secondary objective is to follow up on anomalous Au, Cu, Pb, Zn and Ag plus other results from the 2021, 2022 and 2023 prospecting and soil survey work with the intent to define new target areas and potentially drill targets. With this in mind, work will be focused on geological mapping and prospecting around the discovery drill holes and nearby areas. Prospecting along strike and in areas of significant gold in soils and grabs, and continued regional work around areas of interest from 2021, 2022 and 2023 will be ongoing. Previous follow up work by Quadro has generated renewed interest in several known prospects while adding some new prospects. In conclusion, Quadro is planning an aggressive, data-driven program this season with a strong intent to drill two campaigns starting mid-season. Ongoing prospecting, sampling and mapping will most certainly continue to generate confidence in some know prospects as well as revealing new areas of interest in 2024."

Options

The company announces that, subject to regulatory approval, it will grant 2,175,000 stock options to directors, officers and consultants of the company. The stock options will have an exercise price of 10 cents and will be exercisable for a period of three to five years.

Qualified person

Wayne Reid, PGeo, vice-president of exploration for Quadro, and 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; 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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