Tectonic Metals Garners Strong Backing from Warrant Holders and Successfully Concludes Early Exercise Warrant Incentive Program

VANCOUVER, BC / ACCESSWIRE / November 9, 2023 / Tectonic Metals Inc. (TSXV:TECT)(OTCQB:TETOF)(FSE:T15B) ("Tectonic" or the "Company"), a mineral exploration company applying a disciplined, up-front de-risking strategy to address the economics, community benefits and sustainability of the Company's projects, today announced the successful completion of the Company's early exercise warrant incentive program, as previously announced on October 6, 2023 (the "Early Exercise Program"). A total of 15,793,336 common shares in the capital of the Company (each a "Common Share") were issued upon the exercise of 15,793,336 previously outstanding share purchase warrants, providing aggregate gross proceeds of CA$1,579,334 to the Company.

"Our committed shareholders, including Crescat Capital and Doyon, Ltd., a prominent for-profit Native Regional Corporation in Alaska, have once again shown their unwavering support for our Company and the progress of the Flat Gold Project," emphasized Tony Reda, President and CEO of Tectonic. "The successful Early Exercise Program garnered an impressive 80% participation, injecting approximately CA$1.5 million into our Company's treasury. We are incredibly grateful for the continued trust and investment our shareholders place in Tectonic. We are committed to being responsible stewards of their capital and delivering substantial value to them."

Holders of all 16,092,835 common share purchase warrants issued on May 30, 2022 (the "May Warrants") and all 3,591,670 common share purchase warrants issued on July 8, 2022 (the "July Warrants" together with the May Warrants, the "Eligible Warrants") were eligible to participate in the Early Exercise Program between 12:00 a.m. Pacific Standard Time ("PST") October 10, 2023 and 12:00 p.m. PST November 8, 2023. Participants in the Early Exercise Program received one Common Share as per the original warrant terms, plus as an incentive, one common share purchase warrant (the "Incentive Warrant"). Each Incentive Warrant will allow the holder to acquire one Common Share at an exercise price of CA$0.13 for a period of two years following the date of the issuance of the Incentive Warrant. A total of 15,793,336 Incentive Warrants were issued pursuant to the Early Exercise Program. The Company's management did not hold any of the Eligible Warrants.