Mr. Robert Dickinson reports

QUARTZ MOUNTAIN REPORTS STRONG WARRANT EXERCISE PARTICIPATION AND PROVIDES EXPLORATION UPDATE AT MAESTRO PROJECT, CENTRAL BRITISH COLUMBIA

Quartz Mountain Resources Ltd. holders of 96 per cent of the warrants issued in connection with the company's March 19, 2025, private placement have elected to exercise their warrants ahead of the March 18, 2026, expiry date.

"We are very pleased to see such strong participation from our warrant holders," stated Bob Dickinson, chairman of Quartz Mountain. "The exercise of 96 per cent of the outstanding warrants is a strong endorsement of the company, its exploration strategy and confidence in the potential of our Maestro project. These additional funds further strengthen our balance sheet and provide us with flexibility to continue advancing the ongoing drill program at the prodigy gold-silver discovery and potentially expand the scope of the program should results warrant."

A total of five million warrants were originally issued as part of the 2025 private placement financing, with each warrant exercisable to purchase one additional common share of the company at an exercise price of 60 cents per share for a period of one year from the closing of the private placement. A total of 4,801,964 warrants have been exercised, generating proceeds of approximately $2.88-million for Quartz Mountain.

The proceeds from these warrant exercises solidifies the company's financial position with a working capital balance of approximately $3.8-million. Quartz Mountain is now well positioned to efficiently advance its drilling program currently under way at the Maestro project located near Houston in central British Columbia.

Exploration update -- Maestro project

The company also reports that its current continuing phase 4 diamond drilling campaign at the prodigy area of the Maestro project is progressing as planned. To date, six drill holes totalling approximately 3,000 metres have been completed utilizing one drill rig since the campaign commenced in early February. Drilling is planned to continue to spring breakup and potentially to the end of June if drill roads/trails continue to be useable. Assay results will be reported after results have been received from the laboratory and processed by the company.

About Quartz Mountain Resources Ltd.

Headquartered in Vancouver, Canada, Quartz Mountain Resources is a well-financed public company whose successful mine-finding management team is focused on discovering and transacting important-scale gold, silver and copper projects in British Columbia. The company owns 100 per cent of the Maestro gold-silver project and 100 per cent of the Jake porphyry copper-gold-silver project. Both projects are permitted by the B.C. government for drilling activities with access to infrastructure and high potential for the development of substantial resources for significant future transactions.

Quartz Mountain is associated with Hunter Dickinson Inc. (HDI), a company with over 35 years of successfully discovering, developing and transacting mineral projects in Canada and internationally. Former HDI projects in British Columbia included Mount Milligan, Kemess South and Gibraltar, all of which are porphyry-copper plus or minus gold deposits that are currently producing or formerly producing mines. Recently, Amarc Resources, an HDI associate with funding from Freeport, announced the exciting discovery of the Tier 1 Aurora gold-copper-porphyry deposit also in British Columbia. Other well-known projects with HDI involvement include Sisson, Duke and Prosperity in Canada, Pebble and Florence in the United States, and Xietongmen in China.

Quartz Mountain is committed to the advancement of important-scale, critical and essential mining assets while following responsible mineral development principles, including a mandate to employ best-practice approaches in the engagement and involvement of local communities and meeting rigorous environmental standards.

About the Maestro project

The Maestro project, located in central B.C., lies adjacent to Highway 16, 15 km north of Houston and 45 km south of Smithers, providing year-round road access to the project, and nearby infrastructure including, rail, hydroelectricity and natural gas. This logistical advantage, near-resource supporting centres, positions the Maestro project favourably for potential development. Covering 2,422 hectares, it has a rich exploration history dating back to 1914, primarily focusing on the Lone Pine Mo-Cu (molybdenum-copper) porphyry deposit and not the precious metals potential of the surrounding area.

Since acquiring the property, Quartz Mountain has conducted property wide comprehensive geochemical and geophysical surveys, including soil/silt sampling, induced polarization geophysics, airborne magnetic surveys, hyperspectral studies and detailed relogging of drill core from key historical holes located across the prodigy areas. Quartz's first ever drill test on its Maestro property, a phase 1, two-hole drill program at the Prodigy zone, discovered exciting high-grade Au-Ag lodes and Ag-Au veins which are both hosted within an extensive epithermal Au-Ag system. The Au lodes and Ag veins along with the more disseminated precious metals intersected by the drill holes are all hosted within a large and earlier deposited, Mo-Cu porphyry system. Quartz Mountain's second core hole, PR23-02, intersected 102 m grading 2.22 g/t Au and 104 g/t Ag, including 12 m grading 1.23 g/t Au and 586 g/t Ag and also 36 m of 5.73 g/t Au and 87 g/t Ag. These results indicate high potential for both bulk tonnage and underground high-grade gold and silver mineralization. Phase 2 and phase 3 delineation-type drilling of the new prodigy discovery at Maestro was completed in August, 2025. This staged drilling is outlining a unique gold-rich porphyry system that is closely integrated with epithermal Au-Ag and porphyry Cu-Mo mineral systems. Drilling at Maestro is planned to be consistently advanced with multiple drill program stages going forward. Mineralization remains open, promising significant further potential and multiple other deposit targets exist to be considered.

About Jake

The 100-per-cent-owned Jake property is located 160 kilometres north of Smithers in north-central B.C. It is accessible by helicopter and close to the Minaret airstrip and historical logging roads which lead to mining support towns of Smithers, Fort St. James and Hazelton.

Mineralization at Jake is situated within a prominent rusty coloured gossan measuring 3.5 km long by 1.5 km wide. The combination of extensive historical and recent exploration work has outlined a very expansive altered area at Jake hosting epithermal and porphyry-style sulphide disseminations and veinlets containing Cu-Au-Ag-Zn-Mo and Re. A series of modern surface exploration programs were first completed by Quartz Mountain to build on very compelling historical data on the property developed by legendary porphyry copper explorers, including Kennco, Canadian Superior, Cities Service, Placer Development and Teck Corp. Taken together, this comprehensive technical database defined a significant-scale porphyry Cu-Au deposit target which Quartz Mountain tested with 3,418 metres of drilling in seven holes during 2024. This drill program successfully discovered a new porphyry Cu-Au-Ag system, wide open to expansion. Upon discovery, Quartz acquired a 100-per-cent interest in mineral tenures over an entire new B.C. porphyry Cu-Au district surrounding the Jake property. The next milestone toward a transaction will be delineation drilling of the new Jake discovery, currently being planned to commence after substantially advancing the Maestro project.

Qualified person

Farshad Shirmohammad, MSc, PGeo, a qualified person within the meaning of National Instrument 43-101 -- Standards of Disclosure for Minerals Projects, who is not independent of Quartz Mountain Resources, has reviewed and approved the scientific and technical information contained in this news release.

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