Mr. Robert Dickinson reports

QUARTZ TO COMMENCE PHASE 5 DRILLING AT MAESTRO, TARGETING PRODIGY EXPANSION AND MULTIPLE POTENTIAL SULPHIDE-MINERALIZED SYSTEMS

Quartz Mountain Resources Ltd. is planning to begin phase 5 of diamond drilling at its 100-per-cent-owned Maestro gold-silver project, located near Houston in central British Columbia, on Oct. 22, 2026. The company also advises that an updated corporate presentation has been placed on its website.

Phase 5 is designed to advance two major exploration objectives: first-time drill testing of large, previously untested geophysical targets with the potential to represent deposit-scale sulphide systems north of Prodigy and systematic stepout drilling to expand the open-ended Prodigy Au-Ag-Mo (gold-silver-molybdenum) epithermal discovery beyond its current footprint.

The program builds on four previous phases of drilling at Prodigy and integrates results from drilling, induced polarization (IP) chargeability and resistivity surveys, and airborne magnetics to define priority drill targets. Proposed drill collar locations have been selected across the priority targets with multiple drill orientations planned from certain locations.

Untested geophysical targets north of Prodigy

North of Prodigy, phase 5 will provide the first drill tests of compelling, large-scale geophysical targets in previously undrilled areas. These targets are principally defined by strong and extensive greater than 30 mV/V (millivolts per volt) IP chargeability anomalies (potential sulphide mineralized systems) spatially associated with prominent resistivity-high features (potential mineralizing intrusive bodies).

The combination of these coincident geophysical responses and their substantial vertical and lateral dimensions provide a compelling geological rationale for drill testing a potentially mineralized system. The northern chargeability anomaly extends toward the limit of the existing IP survey, where its full extent remains undefined.

Sections 1 and 2 illustrate the scale and geometry of the principal northern targets and the proposed phase 5 drilling strategy. Section 1 crosses a large, previously untested IP chargeability-high anomaly exceeding 30 mV/V, with a modelled vertical extent of approximately 400 metres.

Proposed collar locations A and B provide multiple drill orientations across this broad target. The corresponding resistivity section outlines a substantial resistivity-high feature spatially coincident with a significant portion of the greater than 30 mV/V chargeability anomaly, defining a compelling sulphide mineralized target for direct drill testing.

Airborne magnetic data provide additional insight into the geological framework of the Section 1 drill targets, highlighting a possible structural break that may have provided a pathway for the sulphide system reflected by the coincident IP chargeability anomaly.

Section 2, located south of Section 1 and north of the currently drilled area of the Prodigy discovery, crosses another large, previously untested geophysical target. A broad IP chargeability-high anomaly exceeding 30 mV/V extends approximately 400 metres vertically on the modelled section. Proposed collar Location C provides multiple drill orientations through different portions of the target.

The corresponding resistivity section outlines a broad resistivity-high feature at depth that is spatially coincident with a substantial portion of the greater than 30 mV/V chargeability anomaly, further strengthening the target for direct drill testing.

The magnetic section provides additional geological context for the Section 2 target, with the greater than 30 mV/V IP chargeability anomaly extending across an area of contrasting magnetic responses. Collar location C is positioned to test these magnetic variations together with the associated chargeability target.

Together, sections 1 and 2 define large-scale, previously undrilled targets characterized by strong, spatially coincident IP chargeability and resistivity anomalies, which may represent sulphide systems generated by intrusions and associated hydrothermal mineralizing events. Phase 5 will provide the first direct drill tests of these targets, with the potential to identify new mineralized centres within the broader Maestro system.

Expanding the Prodigy discovery

At Prodigy, phase 5 will undertake systematic stepout drilling from collar locations E and F to test the continuation of known mineralization beyond its current footprint.

Section 3 illustrates these collar locations relative to previous drilling and the interpreted geometry of the Prodigy mineralized system. Multiple drill orientations are designed to test open extensions to the southeast and south, as well as at depth. Successful drilling could significantly expand the known dimensions and mineralized volume of the Prodigy discovery.

Phase 5 drilling program summary

Phase 5 builds on four phases of drilling at Prodigy comprising 12,951 metres in 21 drill holes, which have outlined an open-ended mineralized system approximately 100 to 200 metres wide, 600 metres long and extending to depths of up to approximately 500 metres.

Previous drilling has identified a vertically integrated hydrothermal system comprising near-surface epithermal Au-Ag-Mo mineralization and higher-grade Au-Ag veins, underlain by an Au-rich porphyry system and adjacent porphyry Mo-Cu mineralization.

Quartz currently has drill permits covering 37 additional drill sites at Maestro, providing flexibility to adjust the phase 5 program as geological information and drill results are received. Phase 5 will advance Maestro on two fronts: testing deposit-scale, previously undrilled geophysical targets north of Prodigy for potential new mineral deposits while systematically expanding the open-ended Prodigy discovery through stepout drilling.

Qualified person

Farshad Shirmohammad, MSc, PGeo, a qualified person within the meaning of National Instrument 43-101 -- Standards of Disclosure for Mineral Projects, who is not independent of Quartz Mountain Resources, has reviewed and approved the scientific and technical information contained in this news release.

We seek Safe Harbor.