Mr. Tony Reda reports

TECTONIC METALS ANNOUNCES EARLY EXERCISE WARRANT INCENTIVE PROGRAM TO BOOST FUNDING FOR FLAT GOLD PROJECT AND ON-TREND NEW PROJECT OPPORTUNITIES

Tectonic Metals Inc. will seek to further finance the Flat gold project in Alaska as well as some additional on-trend project opportunities through an early exercise warrant incentive program.

Pursuant to the early exercise program, the company will offer holders of all 16,092,835 common share purchase warrants issued on May 30, 2022, and all 3,591,670 common share purchase warrants issued on July 8, 2022, the opportunity to exercise each of their outstanding warrants between 12 a.m. Pacific Standard Time (PST), Oct. 10, 2023, and 12 p.m. PST, Nov. 8, 2023. In return for the early exercise, the holder will receive one common share in the capital of the company as per the original warrant terms, plus as an incentive, one common share purchase warrant. Each incentive warrant will allow the holder to acquire one common share at an exercise price of 13 cents for a period of two years following the date of the issuance of the incentive warrant. A holder may elect to exercise all, none or a portion of their outstanding warrants. The company's management does not hold any of the of the outstanding warrants.

Each May warrant is currently exercisable to purchase common share at 10 cents per share until May 30, 2024, and each July warrant is currently exercisable to purchase one common share at 10 cents per share until July 8, 2024. Any outstanding warrants remaining unexercised after 12 p.m. PST on Nov. 8, 2023, will remain outstanding and continue to be exercisable on their existing terms.

Holders of outstanding warrants who elect to participate in the early exercise program will be required to deliver the following to the company on or prior to 12 p.m. PST on Nov. 8, 2023:

• A duly completed and executed exercise form, in the form which accompanies the certificate representing the outstanding warrants;
• The original certificate representing the outstanding warrants being exercised;
• The applicable aggregate exercise price (10 cents per outstanding warrant) payable to the company by way of certified cheque, money order, bank draft or wire transfer in lawful money of Canada.

The proceeds from the early exercise of the outstanding warrants will be used to advance the company's Flat gold project, select new project opportunities and for general working capital.

The incentive warrants and any common shares issued upon the exercise of the incentive warrants will be subject to a hold period expiring four months after the date of distribution of the incentive warrants.

Insiders of the company hold 7,083,334 May warrants. The participation by such insiders in the program constitutes a related party transaction as defined under Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions. Such participation is exempt from the formal valuation and minority shareholder approval requirements of Multilateral Instrument 61-101 based on the fact that neither the fair market value of the shares subscribed for by the insiders, nor the consideration for the shares paid by such insiders, would exceed 25 per cent of the company's market capitalization.

The early exercise program is subject to certain conditions, including, but not limited to, the receipt of all necessary approvals, including the final approval of the TSX Venture Exchange.

About Tectonic Metals Inc.

Tectonic brings a highly disciplined capital allocation and development process to mineral exploration. By consistently limiting its focus to Tier 1 opportunities that fit its formula for mine economics, and derisking projects upfront, the team has established a tremendous record of success. Members of the Tectonic team have been directly involved in identifying and monetizing several significant gold discoveries throughout North America that have created a tremendous amount of value for shareholders and stakeholders.

We seek Safe Harbor.