Mr. Peter Leger reports

TERAS ANNOUNCES DELAY IN FILING OF ANNUAL FILINGS AND APPLICATION FOR MANAGEMENT CEASE TRADE ORDER

As a result of delays in the completion of its audit, Teras Resources Inc. will be unable to meet the filing deadline of Sept. 28, 2023, for filing of the following continuous disclosure documents:

• The company's annual audited financial statements for the year ended May 31, 2023, as required by Section 4.2 of National Instrument 51-102 (Continuous Disclosure Obligations);
• The company's management's discussion and analysis for the year ended May 31, 2023, as required by Section 5.1(2) of NI 51-102;
• The certification of the annual filings for the year ended May 31, 2023.

The delay is a result of insufficient funds in Teras resulting in the auditor of Teras not completing the audit of the annual financial statements in time to meet the filing deadline.

In response to the annual filings delay, the company has applied to the Alberta Securities Commission for a management cease trade order under National Policy 12-203 (Management Cease Trade Orders) that will prohibit the management of the company from trading in the securities of the company until such time as the annual filings are filed. No decision has yet been made by the Alberta Securities Commission on this application. The Alberta Securities Commission may grant the application and issue the MCTO, or it may impose an issuer cease trade order if the annual filings are not filed in a timely fashion.

The company continues to work to complete the company's annual financial statements, and expects to file the annual filings by Oct. 29, 2023, and will issue a news release once the annual filings have been filed. Teras has made all efforts and allocated all available resources to the preparation, completion and filing of the annual filings. Until the company files the annual filings, it will comply with the alternative information guidelines set out in National Policy 12-203. The guidelines, among other things, require the company to issue biweekly default status reports, in the form of news releases, for so long as the annual filings have not been filed.

Until the company has filed the annual filings, members of the company's management and other insiders are subject to an insider trading blackout policy as per its internal Insider trading policy that is consistent with the principles in Section 9 of National Policy 11-207 (Failure-to-File Cease Trade Orders and Revocations in Multiple Jurisdictions). The company confirms that, other than as disclosed in prior press releases and material change reports, there have been no material business developments since the filing on April 24, 2023, of the company's interim financial reports for the period ended Feb. 28, 2023. There are no insolvency proceedings involving the company.

About Teras Resources Inc.

Teras's main project is its Cahuilla project located in Imperial county, California.

We seek Safe Harbor.