Tectonic Metals Announces Early Exercise Warrant Incentive Program To Boost Funding for Flat Gold Project and On-Trend New Project Opportunities

VANCOUVER, BC / ACCESSWIRE / October 6, 2023 / Tectonic Metals Inc. (TECT:TSXV); (TETOF:OTCQB);(T15B:FSE) ("Tectonic" or the "Company"), today announced that the Company will seek to further fund the Flat Gold Project in Alaska (the "Flat Gold Project") as well as some additional on-trend project opportunities through an early exercise warrant incentive program (the "Early Exercise Program").

Pursuant to the Early Exercise Program, the Company will offer 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 "Outstanding Warrants") the opportunity to exercise each of their Outstanding Warrants between 12:00 a.m. Pacific Standard Time ("PST") October 10, 2023 and 12:00 p.m. PST November 8, 2023. In return for the early exercise, the holder will receive one common share in the capital of the Company (each a "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 $0.13 for a period of two years following the date of the issuance of the Incentive Warrant. A holder may elect to exercise all, none, or a portion of their Outstanding Warrants. The Company's management do not hold any of the of the Outstanding Warrants.

Each May Warrant is currently exercisable to purchase Common Share at $0.10 per share until May 30, 2024, and each July Warrant is currently exercisable to purchase one Common Share at $0.10 per share until July 8, 2024. Any Outstanding Warrants remaining un-exercised after 12:00 p.m. PST on November 8, 2023 will remain outstanding and continue to be exercisable on their existing terms.

Holders of Outstanding Warrants, who elect to participate in the Early Exercise Program will be required to deliver the following to the Company on or prior to 12:00 p.m. PST on November 8, 2023:

• a duly completed and executed exercise Form, in the form which accompanies the certificate representing the Outstanding Warrants.
• the original certificate representing the Outstanding Warrants being exercised; and
• the applicable aggregate exercise price ($0.10 per Outstanding Warrant) payable to the Company by way of certified cheque, money order, bank draft, or wire transfer in lawful money of Canada.

The proceeds from the early exercise of the Outstanding Warrants will be used to advance the Company's Flat Gold Project, select new project opportunities, and for general working capital.