Mosaic Starts a New Drilling Campaign on Gaboury

MONTREAL, Jan. 31, 2023 — Mosaic Minerals Corporation (CSE: MOC) (“Mosaic” or “The Company” announces the start of a new drilling program on the Gaboury project, located in the Témiscamingue region of Quebec.

This program of four holes totaling approximately 1,200 meters will target fold hinges as well as the continuity at depth of hole GA-21-07 which revealed a grade of 0.35% Nickel over a thickness of 121.5 meters. The folding zones of the ultramafic unit were defined from the surface magnetic survey and the 3D inversion.

The Pike West zone, discovered following a drilling program in 2021, remains very interesting both for the strength of the intersected nickel-bearing zones and for its significant grades. The Pike Center zone, discovered in 2010 and located about 1.5 km to the east, also shows a significant presence of nickel (GA-21-01: 0.21% Ni over 112.9 m including 0.25% Ni over 70.9 m). Hole GA-21-06, located approximately 2.5 km east of Pike Centre, intersected a minor nickel zone (0.11% Ni over 59 m) which may be the continuity of the main zone. However, this section of ultramafic of more than 8 km associated with a strong magnetic anomaly, has only been the subject of a single survey. Further drilling will therefore be necessary to properly assess this sector of the magnetic anomaly. Also note that a new gold zone had been detected in this same drilling. The nickel corridor comprising the three Pike showings (West-Central and East) has been traced by drilling over more than 5 km to date.

“We believe it is very important to do further drilling throughout this ultramafic to properly identify all the nickel potential of the Pike showing. For the moment, we are focusing on the western part but later we will test the eastern part. Several potential fold areas have been evaluated in this sector which gives us many targets to check. Finally, the price and scarcity of nickel encourages us to persevere to properly evaluate the Pike index in its entirety,” said Jonathan Hamel, President, and Chief Executive Officer of The Company.

The technical content of this press release has been reviewed and approved by Mr. Gilles Laverdière, P.Geo., an independent consulting geologist and a Qualified Person as defined in NI 43-101.

About Mosaic Minerals Corporation

Mosaic Minerals Corp. is a Canadian mineral exploration company listed on the Canadian Securities Exchange (CSE: MOC) now focusing on the exploration for future strategic Nickel and Lithium deposits in priority on the Province of Quebec territory

This release contains certain “forward-looking information” under applicable Canadian securities laws concerning the Arrangement. Forward-looking information reflects the Company’s current internal expectations or beliefs and is based on information currently available to the Company. In some cases, forward-looking information can be identified by terminology such as “may”, “will”, “should”, “expect”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “projects”, “potential”, “scheduled”, “forecast”, “budget” or the negative of those terms or other comparable terminology. Assumptions upon which such forward-looking information is based includes, among others, that the conditions to closing of the Arrangement will be satisfied and that the Arrangement will be completed on the terms set out in the definitive agreement. Many of these assumptions are based on factors and events that are not within the control of the Company, and there is no assurance they will prove to be correct or accurate. Risk factors that could cause actual results to differ materially from those predicted herein include, without limitation: that the remaining conditions to the Arrangement will not be satisfied; that the business prospects and opportunities of the Company will not proceed as anticipated; changes in the global prices for gold or certain other commodities (such as diesel, aluminum and electricity); changes in U.S. dollar and other currency exchange rates, interest rates or gold lease rates; risks arising from holding derivative instruments; the level of liquidity and capital resources; access to capital markets, financing and interest rates; mining tax regimes; ability to successfully integrate acquired assets; legislative, political or economic developments in the jurisdictions in which the Company carries on business; operating or technical difficulties in connection with mining or development activities; laws and regulations governing the protection of the environment; employee relations; availability and increasing costs associated with mining inputs and labour; the speculative nature of exploration and development; contests over title to properties, particularly title to undeveloped properties; and the risks involved in the exploration, development and mining business. Risks and unknowns inherent in all projects include the inaccuracy of estimated reserves and resources, metallurgical recoveries, capital and operating costs of such projects, and the future prices for the relevant minerals. The Canadian Securities Exchange does not accept responsibility for the adequacy or accuracy of this release.