PowerStone Metals Corp. Files Final Prospectus and Receives Conditional Listing Approval from the CSE

Vancouver, March 6, 2023 - PowerStone Metals Corp. ("PowerStone" or the "Company") is pleased to announce that it has filed and received a receipt for its final prospectus (the "Prospectus") from the British Columbia Securities Commission. The Prospectus has been filed under Multilateral Instrument 11-202 - Passport System in Alberta, and therefore a receipt for the Prospectus is deemed to also be issued by the regulator in that jurisdiction. As a result, the Company has become a reporting issuer in British Columbia and Alberta.

The Prospectus was filed for the purpose of the Company becoming a reporting issuer in British Columbia and Alberta and to qualify the distribution of the common shares of the Company issuable upon the conversion of 20,750,833 special warrants previously issued by the Company. No securities are being sold and no proceeds were raised pursuant to the Prospectus.

The Company is also pleased to announce that it has received conditional approval to list its common shares (the "Common Shares") on the Canadian Securities Exchange (the "CSE") (the "Listing"). The Listing remains subject to the Company fulfilling all of the customary requirements of the CSE, including the receipt of all required documentation and meeting the CSE's initial listing public distribution requirements. In connection with satisfying the CSE's Listing requirements, the Company expects 750,000 common shares of the Company issuable upon the exercise of Special Warrants currently held by CBLT Inc. ("CBLT"), a TSX-V listed reporting issuer, to be distributed to CBLT shareholders in the near future. Under the terms of the option agreement between the Company and CBLT pursuant to which the Company acquired its interest in the Chilton Cobalt property, the Company issued 1,000,000 special warrants to CBLT and CBLT agreed, upon request of the Company, to distribute at least 750,000 special warrants or resulting common shares to CBLT shareholders. Once final approval is received from the CSE, the Common Shares are expected to commence trading under the trading symbol "PS". There is no assurance that the Company will ultimately be able to satisfy the requirements of the CSE.

The Prospectus contains important information relating to the Distribution. A copy of the Prospectus is available under the Company's profile on SEDAR at www.sedar.com.


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 Quebec, Canada. The Company may also evaluate the acquisition of other mineral exploration assets and opportunities. For more information, please visit www.powerstonemetals.com.



Contact Information

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



Cautionary Note Regarding Forward-Looking Statements

This news release contains forward-looking statements that constitute forward-looking information (collectively, "forward-looking statements") within the meaning of applicable Canadian securities legislation and the Private Securities Litigation Reform Act of 1995. All statements in this news release that are not purely historical statements of fact are forward-looking statements, including, but not limited to statements regarding beliefs, plans, expectations, strategy, objectives, goals and targets with respect to the Company, its Listing on the CSE, receipt of final approval by the CSE, orientations regarding the future as of the date of this news release and the expectation to trade its Common Shares on the CSE. Although the Company believes that such statements are reasonable and reflect the Company's current expectations of future developments and other factors which management believes to be reasonable and relevant, the Company can give no assurance that such expectations will prove to be correct, if at all. Forward-looking statements are typically identified by words such as: "believes", "expects", "aim", "anticipates", "intends", "estimates", "plans", "may", "should", "could", "continue", "would", "will", "potential", "scheduled", "goal", "target", or variations of such words and phrases and similar expressions, which, by their nature, refer to future events or results that may, could, would, might or will occur or be taken or achieved. Actual events or results could differ materially from those anticipated in such-forward looking statements due to various factors.

Forward-looking statements involve known and unknown risks and are based on assumptions and analyses made by the Company in light of its experience and its perception of historical trends, current conditions and expected future development, including, but not limited to, those risks and assumptions described in the Prospectus, a copy of which is available under the Company's profile on SEDAR at www.sedar.com. While PowerStone considers these assumptions to be reasonable, based on information currently available, they may prove to be incorrect. Readers are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date of this press release. In addition, forward-looking statements necessarily involve known and unknown risks, including, without limitation, risks associated with general economic conditions and satisfying all requirements for final approval from the CSE for the Listing. For more information on the risks, uncertainties and assumptions that could cause anticipated opportunities and actual results to differ materially, please refer to the Prospectus, a copy of which is available under the Company's profile on SEDAR at www.sedar.com. Forward-looking statements are made as of the date of this news release and, unless required by applicable law, the Company assumes no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those projected in these forward-looking statements. All forward-looking statements are qualified in their entirety by this cautionary statement.

This news release does not constitute an offer to sell, or a solicitation of an offer to buy, any securities in the United States, or any other jurisdiction in which such offer, solicitation or sale would be unlawful. The Company's securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws, and may not be offered or sold within the United States (or to any U.S. persons) or in any other jurisdiction in which such offer or sale would be unlawful absent registration under the U.S. Securities Act and applicable state securities laws, or an exemption is available, or qualification under the securities laws of such other jurisdictions or an exemption is available.

The CSE has in no way passed upon the merits of the business of the Company and has neither approved nor disapproved the contents of this news release and accepts no responsibility for the adequacy or accuracy hereof.

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES.