Mr. Jonathan Hamel reports

MOSAIC ANNOUNCES COMPANY UPDATES

Mosaic Minerals Corp. has provided some updates about the company and takes this opportunity to thank its shareholders, partners and suppliers for their trust throughout 2024 and wishes them a merry Christmas and a happy new year.

Mirabelli and Maqua results

The company announces that it has received all its results related to the summer and fall 2024 exploration campaigns on the Mirabelli SM and Maqua SM properties. These do not reveal any significant grades in the metals and minerals initially sought. Management announces that exploration work will not be continued on these properties. The company also announces that it no longer intends to continue exploration related to lithium and will focus on the gold potential of its properties, in particular, the Amanda project (now 100 per cent owned and which contains numerous gold showings).

Lichen and 113 North projects

Mosaic announces that it has received formal notification from Castlebar Capital Corp. that it is abandoning the option agreement to acquire 100 per cent of the Lichen property (see press release dated June 11, 2024). Mosaic is regaining control of this property, which 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 volcanic rocks of the Obatogamau formation intersected by intermediate stocks and plutons. The volcanic belt parallels two known gold-bearing volcanic belts -- the Bachelor Lake gold zone to the west and the Osisko-Windfall gold zone to the south. The Nelligan and Monster Lake gold projects are located at the eastern end of the volcanic belt.

The company also announces that it has received formal notification from Panther Minerals Inc. (formerly Lithium Lion Metals Inc.) that the latter is abandoning the option agreement to acquire 100 per cent of the 113 North property (see press release dated Dec. 5, 2023). Mosaic is regaining control of this property, which is located in the southeastern part of the Abitibi greenstone belt and comprises 59 cells totalling 3,010 hectares within a six-to-12-kilometre-wide band of volcano-sedimentary rocks located between the Josselin and Montgay granodiorite-tonalite batholiths. The volcanic rocks in this group have felsic, intermediate and mafic compositions and are cut by dunite, gabbro and diorite dikes. Iron formations (sulphides and oxides) and clastic sedimentary rocks, such as greywackes and schists, are also present. Gold, copper, nickel, platinum and palladium occurrences have been discovered in this geological environment near the project.

The scientific and technical information of Mosaic Minerals included in this press release has been reviewed and approved by Gilles Laverdiere, PGeo, vice-president, exploration, of Mosaic Minerals and a qualified person under National Instrument 43-101 respecting information concerning mining projects.

About Mosaic Minerals Corp.

Mosaic Minerals is a Canadian mining exploration company listed on the Canadian Securities Exchange focusing on the exploration of critical minerals such as nickel in the province of Quebec.

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