Mr. Bob Dickinson reports

QUARTZ INTERSECTS 102M OF 2.22 G/T AU AND 104 G/T AG ANNOUNCES NEW DISCOVERY AT PRODIGY ON ITS MAESTRO PROJECT, BRITISH COLUMBIA

Quartz Mountain Resources Ltd. has made a new discovery at the company's Maestro property located 15 kilometres (km) north of Houston, B.C. Quartz has received assay results from its first two diamond drill holes (total 1,445m) completed in December 2023, at the Prodigy target at Maestro and the results support Quartz's strategy of developing high value, high demand projects (see Table 1).

Diamond drill hole PR-23-02, the Company's second hole at Prodigy intersected:102 meters grading 2.22 g/t Au and 104 g/t Ag (3.49 g/t AuEQ1, 270 g/t AgEQ)Including 12 meters grading 1.23 g/t Au and 586 g/t Ag (8.01 g/t AuEQ, 752 g/t AgEQ)And additionally 36 meters of 5.73 g/t Au and 87 g/t Ag (6.69 g/t AuEQ, 471 g/t AgEQ).

Bob Dickinson, Chairman of Quartz commented, "The results from our initial two drill holes surpassed our expectations, and early observations suggest there are multiple overlapping mineralizing events that occurred over a long period of time. Over my career, long-lived and multi-generational mineral systems are common factors that make mines globally, which is very encouraging to see at Maestro in these early days of the discovery. Projects like Maestro are vital to growing Canada's clean, modern economy and porphyry deposits are the world's most important sources of copper and molybdenum and major sources of gold and silver. And Maestro is located in British Columbia, a global leader in the development of socially and environmentally responsible resources. Combined with a positive market sentiment for commodities like gold, silver, copper and molybdenum, Maestro and Quartz are well-positioned to create significant value for shareholders. The Quartz team is committed to creating Canada's next great mineral success story and these results validate our modern approach to developing assets that will be attractive to potential transaction partners," concluded Dickinson.Figure 1 - Cross section highlighting the Prodigy discovery in PR-23-02 (see Figure 2 for location of sectional trace.)

Assay results from PR-23-02 and PR-23-01 combined with results from 10 historical core holes drilled in the period 2007-2011 at Prodigy by a past operator, Bard Ventures Ltd, within an area measuring 275 meters north-south by 400 meters east-west (see Figure 2, Prodigy Drill Hole Plan Map) indicate Quartz has discovered a high-grade Au-Ag lode, hosted within an extensive epithermal Au-Ag system (see Figure 3 and Figure 4). The lode and the more disseminated precious metals, intersected by holes PR-23-01 and PR-23-02, are both hosted within a large and earlier deposited, Mo-Cu porphyry system. In addition to the exceptional results produced by PR-23-02, broad widths of near-surface mineralization were also demonstrated by hole PR-23-01, collared 230 m north-west of hole PR-23-02. This furthest-west hole on the Prodigy Target intersected 348 m of 32 g/t AgEQ (13 g/t Ag, 0.13 g/t Au and 0.015 % Mo) from 45 metres downhole. Table 2 below lists results of 6 historical holes drilled at Prodigy that host precious metals. Table 3 below lists the 4 eastern most historical holes drilled at Prodigy that host long intervals of porphyry Mo-Cu mineralization with only anomalous precious metals. The combined results indicate high potential for both bulk tonnage and underground high-grade mineralization.Figure 2 - Plan view map of Prodigy highlighting the discovery in PR-23-02. PR-23-02 hosts the western-most intersection to date, and the zone remains open in several directions and at depth. Total depth, azimuth, and dip of PR-23-01 (633 m, 180degree, -73degree) and PR-23-02 (812.5 m, 280degree, -70degree). Figure 3 - Broad zone of quartz-ankerite-pyrite veining and locally semi-massive to massive pyrite +/-chalcopyrite-tetrahedrite-molybdenite throughout a 36m zone of strong green sericite altered andesite at 603m - 639m downhole. Assays from this interval are 36m of 5.73 g/t Au, and 87 g/t Ag (6.69 g/t AuEQ, and 471 g/t AgEQ).

Qualified Person

Farshad Shirmohammad, M.Sc., P.Geo., a "Qualified Person" within the meaning of National Instrument 43-101 - Standards of Disclosure for Minerals Projects, has reviewed and approved the scientific and technical information contained in this news release.

About Maestro

The Maestro Project, located in central British Columbia, lies adjacent to Highway 16, 15km north of Houston and 50km south of Smithers, providing year-round road access to the project and nearby infrastructure including, road, rail, hydroelectricity, and natural gas. Covering 2,309 hectares, it has a rich exploration history dating back to 1914, primarily focusing on the Lone Pine Mo-Cu porphyry deposit (see Quartz news release March 19th, 2024, and NI 43-101 Technical Report and Preliminary Economic Assessment, P&E Mining Consultants Inc., January 21st, 2011).

The historical exploration was centered on base metal porphyry mineralization. The potential for precious metals in the surrounding area remains largely unexplored.

Since acquiring the property in 2021, Quartz has conducted comprehensive geochemical and geophysical surveys, including soil/silt sampling, induced polarization geophysics, airborne magnetic surveys, initial hyperspectral studies, detailed relogging of historical drill core and assaying for gold only, 976 pulp samples derived from historical assaying of numerous core holes located across the Maestro property. Results from Quartz's first two drill holes at Prodigy indicate overlapping, multi-generation precious metal mineralization hosted within a Mo-Cu porphyry environment. Notably, green sericite alteration reminiscent of deposits such as Blackwater-Davidson play a significant role at Prodigy. Mineralization remains open in multiple directions and at depth, promising significant further potential.

About Quartz

Quartz Mountain Resources Ltd. (TSXV: QZM, OTC Pink: QZMRF) is a restructured public company headquartered in Vancouver, Canada. Its successful mine finding management is focused on discovering and transacting high-value gold, silver, and copper projects in British Columbia. The Company owns 100% of the Maestro Gold-Silver-Molybdenum-Copper Property and 100% of the Jake Copper-Gold-Silver Property. Both projects have access to infrastructure and high potential for important resources and significant future transactions. The BC Government has awarded permits for 50 drill sites for each project. First drilling at Maestro has discovered a high-grade gold-silver lode within extensive precious metal mineralization all hosted within a large porphyry Mo-Cu system. Drilling at Jake is planned for summer 2024 with the goal of making another important discovery.

Quartz is associated with Hunter Dickinson Inc. (HDI), a company with over 35-years of successfully discovering, developing, and transacting mineral projects in Canada and internationally. Former HDI projects in BC included, Mount Milligan, Kemess South, and Gibraltar - all of which are porphyry deposits with current or former producing mines. Other well-known projects with HDI involvement include Sisson and Prosperity in Canada, Pebble and Florence in the United States, and Xietongmen in China.

Quartz is committed to the advancement of important scale, critical and essential mining assets while following responsible mineral development principles, including a mandate to employ best practice approaches in the engagement and involvement of local communities, and meeting rigorous environmental standards.

We seek Safe Harbor.