Mr. Kal Malhi reports

COLOURED TIES APPLAUDS AZIMUT EXPLORATION ON ANNOUNCEMENT OF DRILL PROGRAM ON ITS JAMES BAY, QUEBEC LITHIUM PORTFOLIO

Coloured Ties Capital Inc. is providing the following update on Coloured Ties' continuing push for Azimut Exploration Inc. to explore its lithium project portfolio in James Bay, Quebec.

Coloured Ties is a TSX Venture Exchange-listed investment issuer and holds investments in entities involved in James Bay, Quebec, lithium exploration projects. These entities include Patriot Battery Metals, Winsome Resources, Superior International Mining, Q2 Metals Corp. and Brunswick Exploration Inc. and privately held Quebec Pegmatite, Hertz Lithium, Canuck Lithium and Flowing Lithium. Coloured Ties is also a shareholder of Azimut and entities related to Coloured Ties. Management also owns common shares of Azimut.

Coloured Ties invested in Azimut for the highly prospective lithium portfolio held by Azimut, some of which adjoin major discoveries by Patriot Battery Metals at its Corvette lithium discovery and Winsome Resources at its Cancet and Adina lithium discoveries, and is pleased to learn of Azimut's announcement and commencement of lithium-focused exploration program on these properties.

On June 13, 2023, Azimut issued a news release announcing the following: "Azimut Exploration Inc. is preparing a minimum 1,500-metre diamond drilling program to test several excellent lithium targets on the Galinee property in the Eeyou Istchee James Bay region of Quebec. The property is a 50/50 joint venture between Azimut and Soquem, operated by Azimut. Prospecting work at Galinee is planned to start after the restrictions related to current fire conditions are lifted. The drilling program is scheduled to start in August."

Highlights

The maiden drilling program will test the downdip extent of the significant discovery reported by Winsome Resources on the adjacent Adina property. At Adina, two east-west subparallel spodumene-bearing pegmatite zones have now been traced by drilling over a strike length of 830 metres for the Main zone and 760 metres for the Footwall zone (Winsome's press release of May 10, 2023).

Public data suggest the two mineralized zones on Adina dip south toward the Galinee property. The aim of the drilling program is twofold: (1) intersect the downdip extensions of Winsome's Main and Footwall zones on Galinee; and (2) investigate the strong potential for additional subparallel spodumene-bearing pegmatites starting at shallow depth on Galinee, immediately south of but geometrically above Adina's Main zone.

The news release also summarizes Azimut's renewed understanding of the James Bay region, which appears to be an emerging mineral province for lithium and highlights Azimut's portfolio of lithium projects.

Already known lithium deposits and major occurrences are widely distributed across the James Bay region, which appears to be an emerging mineral province for lithium. The region shares several features in common with large spodumene-bearing pegmatite districts worldwide, especially Western Australia, including comparable tectonometamorphic frameworks, ages and host lithologies.

As previously reported, several lithium-focused exploration programs will be undertaken by Azimut this summer on the Pikwa, Dalmas and Pontois properties held in a joint venture with Soquem. In addition, Azimut has identified strong lithium potential on its Corvet property (877 claims), its Kaanaayaa property (421 claims) and a newly generated James Bay lithium project (13 blocks of claims, 2,940 claims), all these properties being held at 100 per cent by the company.

Azimut's management cautions that results or discoveries on surrounding properties are not necessarily indicative of mineralization hosted on the company's properties.

Coloured Ties is pleased with this shift by Azimut toward a lithium-focused exploration business model and continues to believe in the very high prospects on Azimut's lithium portfolio in the James Bay region.

Coloured Ties remains committed to working with Azimut's management to assist the company in maximizing shareholder value through its lithium portfolio in the James Bay region, and may acquire or sell its holdings of common shares in Azimut in the context of the market and exploration results.

About Coloured Ties Capital Inc.

Coloured Ties is a TSX Venture Exchange-listed issuer that invests in early-stage commercial ventures and provides investee companies with capital market access and advisory services. The company offers investors an opportunity to participate in early-stage opportunities that are often only offered to high-net-worth or institutional investors through investment in the company's common shares listed on the TSX Venture Exchange under symbol V.TIE. Coloured Ties is a 2022 TSX-V 50 company.

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