Mr. Robert Dickinson reports

QUARTZ MOUNTAIN RESOURCES CLOSES $277,000 PRIVATE PLACEMENT

Further to the news release of Oct. 20, 2023, and subject to TSX Venture Exchange final approval, Quartz Mountain Resources Ltd. has completed a private placement for proceeds of $277,000.

The securities issued pursuant to the private placement are subject to a hold period expiring on March 1, 2024, pursuant to applicable Canadian securities laws.

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 proceeds will be used for an approximately 1,000-metre core drilling program to be completed in 2023 at the company's Maestro copper property located near Houston, B.C.

About Quartz Mountain Resources Ltd.

Quartz Mountain is a mineral exploration company based in Vancouver, Canada. It is focused on acquiring, exploring, developing and transacting high-value gold, silver and copper projects in British Columbia. The company currently holds 100 per cent of the Maestro copper-gold-silver-molybdenum property located near Houston, B.C., and 100 per cent of the Jake porphyry copper-gold property located north of Smithers, B.C.

We seek Safe Harbor.