◥ PowerStone Metals Files Preliminary Non-Offering Prospectus,Applies to Canadian Securities Exchange for Listing andFiles NI 43-101 Technical Report for Chilton Cobalt located in Québec, Canada

VANCOUVER, British Columbia – January 3, 2023 – PowerStone Metals Corp. (“PowerStone Metals” or the “Company”), a critical metals focused exploration company, is pleased to announce that it has filed a preliminary non-offering long form prospectus (the “Prospectus”) with the British Columbia Securities Commission (the “BCSC”) and the Alberta Securities Commission (the “ASC” and together with the BCSC, the “Commissions”) and has applied to the Canadian Securities Exchange (the “CSE”) for the listing of its common shares (the “Shares”) on the CSE (the “Listing”).

The Company has filed the Prospectus in accordance with the provisions of National Instrument 41-101 - General Prospectus Requirements to become a reporting issuer in the provinces of British Columbia and Alberta, Canada. No new securities are being offered under the Prospectus. Final acceptance of the Prospectus and the Listing are subject to the review and approval of the Commissions and the CSE, respectively. The Prospectus contains important information relating to the Company, its currently issued securities and is subject to amendment as may be required by the applicable securities regulatory authorities. A copy of the Prospectus is available under the Company’s profile on the System for Electronic Document Analysis and Retrieval (www.sedar.com) (“SEDAR”).

The Company believes that the Listing will enable the Company to provide liquidity to its existing shareholders and offer the opportunity to raise additional capital to build out its business and execute its business plans through exposure to a range of new investors on one of the premier public markets for the mining sector. The Company can give no assurances that the Listing will be successful or that, if it is successful, that any significant market for its securities will develop.

The Company also announces that is has prepared, in accordance with the provisions of National Instrument 43-101 – Standards of Disclosure for Mineral Projects, a technical report dated December 28, 2022 in respect of the Chilton Cobalt Property (“Chilton Cobalt”) located in Québec, Canada (the “Technical Report”), which the Company has the option to earn a 100% interest in pursuant to an option agreement dated June 10, 2022 between the Company and CBLT Inc. A copy of the Technical Report is available under the Company’s profile on SEDAR.

About PowerStone Metals Corp.

PowerStone Metals is a mineral exploration company focused on the identification and exploration of high-quality critical metals assets, in favorable mining jurisdictions, to help meet the increasing demand of metals required for the transition to a green economy. PowerStone Metals is currently exploring Chilton Cobalt, a prospective cobalt asset located in Québec, Canada. The Company may also evaluate the acquisition of other mineral exploration assets and opportunities.

For more information, please visit www.powerstonemetals.com.

Raymond Harari
Chief Executive Officer, PowerStone Metals
e: rdh@canaliscapital.com
t: 507-6675-2221

Forward Looking Information

Certain statements contained in this press release constitute “forward-looking information” as that term is defined in applicable Canadian securities legislation. Forward-looking information by its nature is based on assumptions and involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. We have made certain assumptions about the forward-looking statements and information, including the ability to receive a final receipt for its Prospectus and its ability to obtain the Listing on the CSE and the timing for these events, the benefits to be derived from becoming a public company, that the Listing application will be successful or that, if it is successful, that any significant market for its securities will develop.

Although PowerStone Metals’ management believes that the assumptions made and the expectations represented by such information are reasonable, there can be no assurance that the forward-looking information will prove to be accurate. Furthermore, should one or more of the risks, uncertainties or other factors materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements or information. These risks, uncertainties and other factors include, inability to obtain a final receipt for the Prospectus or obtain CSE approval for the Listing, the possibility that a liquid market for the Shares will not develop after the Listing and that it will be unsuccessful in attracting new investors to support the development of its business and those factors discussed in the section entitled “Risk Factors” in the Prospectus filed on SEDAR. There can be no assurance that forward looking statements or information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on the forward-looking statements or information contained herein. Except as required by law, PowerStone Metals does not expect to update forward-looking statements and information continually as conditions change.

SOURCE PowerStone Metals Corp.

This press release is not, and is not to be construed in any way as, an offer to buy or sell securities in the United States.