Mr. David Luxton reports

KWESST ANNOUNCES SUPPLEMENTAL LISTING OF DECEMBER 9, 2022 WARRANTS ON TSXV

The TSX Venture Exchange has conditionally accepted the listing of 726,392 common share purchase warrants of Kwesst Micro Systems Inc. issued in connection with the issuance of 726,392 units at a price of $4.13 (U.S.) per unit pursuant to its supplement short form PREP prospectus dated Dec. 6, 2022, which closed on Dec. 9, 2022. The TSX-V has advised that the warrants will be listed for trading on the TSX-V under the symbol KWE.WT.U, effective at market open on or around May 1, 2023.

Each warrant entitles its holder to purchase one share of the company at a price of $5 (U.S.) for a period of 60 months from the date of issuance. The warrants are governed by a warrant indenture between the company and TSX Trust Company dated Dec. 9, 2022. In total, 777,240 warrants are authorized under the aforementioned warrant indenture, of which 726,392 are issued and outstanding.

The listing of the warrants remains subject to final acceptance of the TSX Venture Exchange.

About Kwesst Micro Systems Inc.

Kwesst (Nasdaq: KWE) (Nasdaq: KWESW) (TSX-V: KWE) (Frankfurt Stock Exchange: 62U) develops and commercializes breakthrough next-generation tactical systems that meet the requirements of security forces and personal defence for overmatch capability against adversaries. The company's current portfolio of unique proprietary offerings includes its unique non-lethal Para Ops system with application across all segments of the non-lethal market, including law enforcement and personal defence. Kwesst is also engaged in the digitization of tactical forces for shared situational awareness and targeting with its signature TASCS (tactical and situational control system) for real-time awareness and targeting information from any source (including drones) streamed directly to users' smart devices and weapons. Other Kwesst products include countermeasures against threats such as electronic detection, lasers and drones. These systems can operate stand-alone or integrate seamlessly with original equipment manufacturer products and battlefield management systems, and all come integrated with ATAK. The company is headquartered in Ottawa, Canada, with operations in Stafford, Va., and representative offices in London, United Kingdom, and Abu Dhabi, United Arab Emirates.

We seek Safe Harbor.