Mr. Robert Dickinson reports

QUARTZ MOUNTAIN RESOURCES ANNOUNCES A $277,000 PRIVATE PLACEMENT

Quartz Mountain Resources Ltd. has arranged a private placement of 1,538,889 flow-through units at a price of 18 cents per unit for proceeds of $277,000. Each unit consists of one flow-through common share and one flow-through warrant of the company. Each warrant allows the holder to purchase one flow-through common share at a price of 18 cents for a period five years from completion of the placement. Chairman Robert Dickinson is subscribing for 1.4 million of the flow-through units. Upon completion of the placement Mr. Dickinson will own 25,468,184 common shares (54.9 per cent) of the 46,403,030 shares then outstanding and together with his associates, a total of 32,196,730 (69.4 per cent) of issued shares. Dilutive securities aggregating 7.35 million owned by the control group could bring the total group ownership to 39,546,730 shares or 73.4 per cent if all other dilutive securities are also exercised. An updated early warning report will be filed at SEDAR+ on completion of the placement.

The placement is a related party transaction within the meaning of Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions. The issuances to the insiders are exempt from the valuation requirement of MI 61-101 by virtue of the exemption contained in Section 5.5(b) as the company's shares are not listed on a specified market and from the minority shareholder approval requirements of MI 61-101 by virtue of the exemption contained in Section 5.7(a) of MI 61-101 in that the fair market value of the consideration of the securities issued to the related parties did not exceed 25 per cent of the company's market capitalization.

The placement is subject to customary TSX Venture Exchange acceptance and is expected to complete in the near future. The proceeds will be used for an approximately 1,000 metres core drilling program to be completed in 2023 at the company's Maestro copper property located near Houston, B.C.

We seek Safe Harbor.