Greencastle Announces Cancellation of Stock Options

Toronto, June 8, 2023 - Greencastle Resources Ltd. (TSXV: VGN) ("Greencastle" or the "Company") announces that the Company has cancelled an aggregate of 378,933 stock options (the "Options") issued pursuant to its stock option plan on August 25, 2021.

The Options were cancelled to ensure compliance with the limits set forth by Company's Stock Option Plan considering the decrease in the Company's capitalization from its normal course issuer bid.

The Options were granted to certain officers and directors of the Company and had an exercise price of $0.10 and an expiry date of August 25, 2026.

For additional information, please visit www.greencastle.ltd or contact:

Anthony Roodenburg
Chief Executive Officer
Tel.: 416-367-4571 ext. 222.

Notice regarding Forward-Looking Information

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This news release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking statements") within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. These forward-looking statements are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information. The forward-looking information contained herein is given as of the date hereof and the Company assumes no responsibility to update or revise such information to reflect new events or circumstances, except as required by law.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/169352