PowerStone Metals Corp. provided an update on the Chilton Cobalt Property located in Quebec, Canada, including an overview of the Company's 2022 work program and exploration plans moving forward. On June 13, 2022, PowerStone entered into an option agreement with CBLT Inc., which subject to certain milestones, entitled the Company to acquire a 100% interest in the Property.

PowerStone has now satisfied four of the five milestones in the Option Agreement, with the sole milestone remaining being the Company incurring additional exploration expenditures on the Property of CAD 139,271.23 on or before December 31, 2024. In Fourth Quarter 2022, PowerStone conducted its first exploration program that included surface grab sampling, to validate the grades associated with historical Co-Cu-Ni in the Chilton and Lac Sicotte showings, and a diamond drilling campaign of 230 meters on two additional targets established in a 2017 geophysical survey. The location of the three trenches executed in 2018 on the Lac Sicotte showing were located and sampled.

Three of the samples showed copper grades of 3,560 ppm Cu, 6,190 ppm Cu, and 4,830 ppm Cu. Following completion of the 2022 work program, the Company commissioned an NI 43-101 Technical Report for the Property dated December 28, 2022, as amended February 7, 2023 (the ‘Technical Report'). In accordance with the suggested work program in the Technical Report, the Company intends to continue to refine its understanding of the Property and to define other potentially mineralized shear and fault/altered structures.

To achieve these objectives, the Technical Report recommends that a more extensive drilling program on the Property occur over the 2023 and 2024 calendar years at a total cost of approximately CAD 1 million. The 2018 and 2022 grab sampling results on Lac Sicotte showing suggest that the mineralization has an east-northeast trend.