Mr. Tony Reda reports

TECTONIC METALS GARNERS STRONG BACKING FROM WARRANT HOLDERS AND SUCCESSFULLY CONCLUDES EARLY EXERCISE WARRANT INCENTIVE PROGRAM

Tectonic Metals Inc. has completed the company's early exercise warrant incentive program, as previously announced on Oct. 6, 2023. A total of 15,793,336 common shares in the capital of the company were issued upon the exercise of 15,793,336 previously outstanding share purchase warrants, providing aggregate gross proceeds of $1,579,334 to the company.

"Our committed shareholders, including Crescat Capital and Doyon Ltd., a prominent for-profit native regional corporation in Alaska, have once again shown their unwavering support for our company and the progress of the Flat gold project," emphasized Tony Reda, president and chief executive officer of Tectonic. "The successful early exercise program garnered an impressive 80-per-cent participation, injecting approximately $1.5-million into our company's treasury. We are incredibly grateful for the continued trust and investment our shareholders place in Tectonic. We are committed to being responsible stewards of their capital and delivering substantial value to them."

Holders of all 16,092,835 common share purchase warrants issued on May 30, 2022 (the May warrants), and all 3,591,670 common share purchase warrants issued on July 8, 2022 (the July warrants, together with the May warrants, the eligible warrants), were eligible to participate in the early exercise program between 12 a.m. Pacific Time on Oct. 10, 2023, and 12 p.m. PT on Nov. 8, 2023. Participants in the early exercise program received one common share 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 total of 15,793,336 incentive warrants were issued pursuant to the early exercise program. The company's management did not hold any of the eligible warrants.

Crescat, Tectonic's largest shareholder, held approximately 20.6 per cent of the issued and outstanding common shares prior to the exercise of its eligible warrants. Crescat subscribed for 7,083,334 shares issued in the early exercise program for aggregate gross proceeds of $708,333. Upon closing of the early exercise program, Crescat will hold approximately 22.3 per cent of the issued and outstanding common shares of the company.

Upon close of the early exercise program Tectonic Metals will have 330,700,925 total common shares outstanding in the capital of the company, 2,049,500 May warrants outstanding and 1,841,668 July warrants outstanding. For those holders of eligible warrants who chose not to participate in the early exercise program, the applicable eligible warrants will continue to be exercisable on the same terms that previously existed.

The incentive warrants issued are subject to a hold period ending March 8, 2024. The early exercise program is subject to the final acceptance of the TSX Venture Exchange.

A portion of the eligible warrants were exercised by Crescat Capital, a control person as defined by the Securities Act and in the TSX-V's policies. Participation by such insiders in the early exercise program constitutes a related party transaction pursuant to Multilateral Instrument 61-101 -- Special Transactions. Such participation is exempt from the formal valuation and minority shareholder approval requirements of MI 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 Flat gold system -- Alaska's next Tier 1 opportunity

Tectonic is currently assessing the Flat gold System in partnership with Doyon Ltd., one of Alaska's largest native regional corporations and a significant Tectonic investor. The Flat gold system is a network of interconnected geophysical anomalies that indicate six confirmed and potential intrusion related gold systems spanning a 20-kilometre trend. Between 1908 and 1966 approximately 1.4 million ounces of placer gold was produced in and around the Flat gold system.

Tectonic is currently evaluating Chicken Mountain, a confirmed intrusion that features a four-kilometre-long gold-in-soil anomaly and 55 historic drill holes, all of which intersected and 25 of which ended in gold mineralization. Highlight intersects from this historical drilling include 12.56 grams per tonne Au over 24.7 metres, 211 g/t Au over 1.4 m, 0.98 g/t Au over 76 m, 1.36 g/t over 36.6 m and 5.62 over 7. 6m. Chicken Mountain was the focus of the company's 2023 drilling program and can be found on Google Earth in a link available in the original version of this news release.

Preliminary metallurgical analysis to date has demonstrated rapid leach kinetics and gold recoveries averaging 95 per cent from bottle roll testing. This, combined with gold intersections at or near surface, suggest Chicken Mountain could represent an open pit, heap leach opportunity.

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.