Mr. Robert Dickinson reports

QUARTZ PLANS OCTOBER START OF PHASE 5 DRILLING AT MAESTRO GOLD-SILVER PROJECT, BRITISH COLUMBIA - ANNOUNCES $1.37 MILLION PRIVATE PLACEMENT FINANCING OF UNITS AND FLOW-THROUGH UNITS

Phase 5 core drilling at Quartz Mountain Resources Ltd.'s 100-per-cent-owned Maestro project, located near Houston in central British Columbia (B.C.), is schedulled to commence on Oct. 20, 2026. Phase 5 is designed to expand the open-ended prodigy discovery along its trend beyond the current mineralized footprint. Successful results could increase the overall mineralized footprint significantly. Four phases of drilling totalling 12,951 metres in 21 drill holes have been successfully completed at prodigy to date (see news release dated July 7, 2026). The company has drill permits in place covering 37 additional drill sites. Apex Diamond Drilling Ltd. of Smithers, B.C., has been contracted to conduct the drilling program and HEG and Associates Exploration Services Inc. (HEG) will provide geological services.

Quartz considers the phase 5 drilling program particularly significant because it will test well-developed geophysical targets immediately north, south and east of the current prodigy drill footprint. These include strong IP chargeability-high anomalies indicative of extensive sulphide mineralization coincident with resistivity-high features indicative of potential mineralizing intrusions. Additional geophysical targets are located even farther north providing substantial potential to continue the expansion of the open-ended prodigy mineralized system. The drilled footprint of the prodigy system currently measures approximately 100 to 200 metres wide, 600 metres long and up to 500 metres deep. It comprises near-surface epithermal gold-silver-molybdenum mineralization and higher-grade gold-silver veins, associated with an underlying gold-rich porphyry system, and adjacent porphyry molybdenum-copper mineralization.

To finance this work, Quartz announces a non-brokered private placement of 1.55 million units at 40 cents per unit for proceeds of $620,000 and 1,875,000 flow-through units at a price of 40 cents per FT unit for proceeds of $750,000, for total gross proceeds of $1.37-million. The current working capital position of Quartz, before completion of this financing is $2.3-million.

Each unit will consist of one common share in the capital of the company and one common share purchase warrant. Each warrant will entitle the holder to purchase one additional common share at an exercise price of 50 cents per warrant share for a period of 24 months from the date of issuance.

Each FT unit will consist of one common share to be designated as a flow-through common share within the meaning of the Income Tax Act (Canada) and one common share purchase warrant. Each FT unit warrant will entitle the holder thereof to purchase one flow-through common share of the company at a price of 50 cents per FT unit warrant share for a period of 24 months following the date of issuance. Units and FT units are identical in all respects except for the Canadian income tax incentive associated with the FT units.

Quartz expects to use the proceeds from the sale of the FT units to advance the drilling program at its 100-per-cent-owned Maestro project in central British Columbia, while the proceeds from the units will be used for general working capital purposes.

This financing includes participation of three insiders, namely two members of the Dickinson Control Group (DCG -- see early warning report (EWR) filed Nov. 24, 2025) and the Sutton Group Inc. (see EWR filed Jan. 28, 2026). Their participation constitutes a related party transaction within the meaning of Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions, which in certain cases can require disinterested minority shareholder approval and valuation requirements. However, the participation of these insiders is exempt from the valuation requirement of MI 61-101 by virtue of the exemption contained in Section 5.5(b), because the company's shares are listed on TSX Venture Exchange and from the minority shareholder approval requirements of MI 61-101 by virtue of the small aggregate size of the participation (under $2.5-million and 25 per cent of the company's market capitalization).

The DCG, which includes Robert Dickinson, a director, holds 30,803,874 common shares of the company, representing approximately 41.3 per cent of issued common shares (43.9 per cent fully diluted), will participate in the offering to the extent of $400,000 (one million FT units). Upon conclusion of the offering, DCG will hold 31,803,874 common shares, and convertible securities allowing DCG to acquire an additional 5.2 million common shares, representing an aggregate of 40.8 per cent of the outstanding common shares, 44.6 per cent on a partially diluted basis. Other family and/or friends of insiders will purchase an additional 850,000 of FT units and 50,000 units. Sutton Group, a holder of 19.9 million outstanding common shares of the company, representing approximately 26.7 per cent of the outstanding common shares, will participate in the offering and subscribe for 1.5 million units. Upon conclusion of the offering, Sutton Group will hold 21.4 million common shares and convertible securities entitling it to acquire an additional 1.5 million common shares, representing 27.6 per cent of the outstanding common shares (28.8 per cent on a partially diluted basis). Updated EWRs will be filed on SEDAR+ upon completion of the financing.

All securities issued pursuant to the offering will be subject to a statutory hold period in Canada expiring four months and one day after closing of the offering. Completion of the offering is subject to approval of the TSX Venture Exchange and is expected to complete in September, 2026. No securities are being sold to United States persons.

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 advancing 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 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 were formerly producing mines. Recently, Amarc Resources, an HDI associated company, with funding from Freeport McMoran Inc., 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 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.

Qualified person

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

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