Mr. Gary Economo reports

CASTLEBAR CAPITAL FILES FILING STATEMENT AND OBTAINS CONDITIONAL APPROVAL FOR QUALIFYING TRANSACTION

The TSX Venture Exchange has conditionally approved Castlebar Capital Corp.'s qualifying transaction to acquire an interest in the Lichen property previously announced in the company's press releases dated April 25, 2024, and June 11, 2024. The transaction remains subject to the final approval of the TSX-V, and is expected to close on or about Nov. 29, 2024.

The company has filed a filing statement today that is dated effective Oct. 31, 2024, with the TSX-V and on SEDAR+. Additional information in respect of the transaction and Castlebar can be found in the filing statement. Investors are cautioned that, except as disclosed in the filing statement to be prepared in connection with the transaction, any information released or received with respect to the transaction may not be accurate or complete, and should not be relied upon. Trading in the securities of a capital pool company should be considered highly speculative. The exchange has in no way passed upon the merits of the proposed transaction, and has neither approved nor disapproved the contents of this press release.

The Lichen project consists of 282 claims covering a total area of 15,622 hectares, and is located approximately 100 kilometres west of the Chibougamau mining camp. The property is underlain by the volcanic rocks of the Obatogamau formation intruded by stocks and plutons of intermediate composition. The volcanic belt is parallel to two known gold-bearing volcanic belts, the Bachelor Lake gold area to the west and the Osisko-Windfall gold area to the south. The Nelligan gold project and the Monster Lake gold project are located at the eastern extremity of the volcanic belt. Numerous gold and copper showings are also found to the east and to the west of the property. Gilles Laverdiere, PGeo, author of "NI 43-101 Technical Report on the Lichen Property, Abitibi, Northwestern Quebec," dated effective Oct. 29, 2024, is a qualified person within the meaning of National Instrument 43-101. Mr. Laverdiere reviewed and approved the scientific and technical information disclosed in this news release. For more technical information, please see the NI 43-101 technical report on the Lichen property filed on the company's SEDAR+ profile.

About Castlebar Capital Corp.

Castlebar is a capital pool company in accordance with exchange Policy 2.4, and its principal business is the identification and evaluation of assets or businesses with a view to completing a qualifying transaction.

We seek Safe Harbor.