Mr. Drew Green reports

GRAVITAS III PROVIDES UPDATE WITH RESPECT TO POTENTIAL QUALIFYING TRANSACTION WITH MATADOR GOLD TECHNOLOGIES

Further to Gravitas III Capital Corp.'s press releases dated March 13, 2023, and April 6, 2023, the company and Matador Gold Technologies Inc., a corporation incorporated under the laws of the Province of Ontario, continue to work diligently toward completion of the proposed transaction between the company and Matador, which would, if completed, result in the reverse takeover of the company by Matador and constitute the company's qualifying transaction (as such term is defined in Policy 2.4, Capital Pool Companies, of the TSX Venture Exchange) and presently expect to enter into a definitive agreement in respect of the proposed transaction by the new mutually agreed deadline of June 5, 2023.

There can be no assurance that the proposed transaction will be completed on the terms proposed or at all.

Trading in the common shares of the Company has been halted at the Company's request and the halt is expected to continue pending the negotiation of the Definitive Agreement and the Exchange's review and acceptance of materials for the Proposed Transaction.

Sponsorship of a Qualifying Transaction (as such term is defined in Policy 2.4) is required by the Exchange unless a waiver from the sponsorship requirement is obtained. The Company intends to apply for a waiver from sponsorship for the Proposed Transaction. There is no assurance that a waiver from this requirement will be obtained. Matador Gold Technologies Inc.

Matador (www.buymatador.com) is disrupting and modernizing the gold buying, storage, and selling experience in Canada and beyond. Matador's proprietary mobile application allows users to buy and sell real gold instantly from your smartphone, with the added security and flexibility of an encrypted mobile application. Combining the best of modern technology, Matador is injecting modernization into this asset class to improve the gold dealing experience and bring it into the 21st century. Matador is also bringing to market new blockchain-enabled technologies that will bring transparency, value, and utility to customers on the platform.

Gravitas III Capital Corp.

The Company was incorporated under the Business Corporations Act (British Columbia) on July 6, 2021, and is a Capital Pool Company (as such term is defined in Policy 2.4) listed on the Exchange. The Company has no commercial operations and no assets other than cash.

Further Information

The Company plans to issue additional press releases, including a comprehensive news release in accordance with the policies of the Exchange, providing further details in respect of the Proposed Transaction, the Definitive Agreement, including its date, a description of the proposed Significant Assets (as such terms are defined in Policy 2.4), the officers, directors, Insiders and Principals (as such term is defined in Policy 2.4) of the resulting issuer from the Proposed Transaction, whether shareholder approval is required in connection with the Proposed Transaction, and other material information as it becomes available.

We seek Safe Harbor.