Castlebar Capital Corp. Announces Termination of Agreement Respecting Qualifying Transaction

Vancouver, British Columbia--(Newsfile Corp. - November 1, 2022) - Castlebar Capital Corp. (TSXV: CBAR.P) ("Castlebar" or the "Company"), a capital pool company under Policy 2.4 of the TSX Venture Exchange (the "TSXV"), announces that the sale, assignment, assumption and amending agreement dated January 22, 2021, as amended, respecting a proposed "Qualifying Transaction" for the Company has been terminated and the proposed transaction will not proceed. The agreement has been terminated because the Company will not be able to meet the closing conditions under the agreement, including in particular the requirement to raise at least $650,000 under a private placement financing.

The Qualifying Transaction was described in the Company's Amended and Restated TSXV Filing Statement dated as of November 29, 2021 and filed on SEDAR. In connection with the transaction, the Company paid a deposit of $20,000 to the vendor of the mineral property that was the subject of the agreement and paid an additional $17,545 in expenditures related to the mineral property. The deposit is non-refundable and will not be recovered by the Company, and the Company will not be reimbursed for the additional expenditures.

The directors of the Company following termination of the agreement remain as follows: Gerald Kelly, Lucas Birdsall, Robert Meister, Brian Morrison and Kosta Tsoutsis. The Company will continue to evaluate other acquisition opportunities with a view to completing a Qualifying Transaction in accordance with the policies of the TSXV.

About Castlebar

Castlebar is a capital pool company in accordance with Exchange Policy 2.4 and its principal business is the identification and evaluation of assets or businesses with a view to completing a Qualifying Transaction.

For additional information, please refer to the Company's disclosure record on SEDAR (www.sedar.com) or contact the Company as follows: Lucas Birdsall, CEO, at (778) 549-6714.

Cautionary Statements and Note Regarding Forward-Looking Information

Certain statements contained in this news release constitute "forward‐looking information" as such term is defined in applicable Canadian securities legislation. The words "may", "would", "could", "should", potential", "will", "seek", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions as they relate to the Company, including the Company's goal of completing a Qualifying Transaction, are intended to identify forward‐looking information. All statements other than statements of historical fact may be forward‐looking information. Such statements reflect the Company's current views and intentions with respect to future events, and current information available to the Company, and are subject to certain risks, uncertainties and assumptions. Material factors or assumptions were applied in providing forward‐looking information. Many factors could cause the actual results, performance or achievements that may be expressed or implied by such forward‐looking information to vary from those described herein should one or more of these risks or uncertainties materialize. These factors include, without limitation: receipt of applicable director, shareholder and regulatory approval of a Qualifying Transaction; changes in law; the ability to implement business strategies and pursue business opportunities; state of the capital markets; the availability of funds and resources to pursue operations; as well as general economic, market and business conditions, as well as those risk factors discussed or referred to in disclosure documents filed by the Company with the securities regulatory authorities in certain provinces of Canada and available at www.sedar.com. Should any factor affect the Company in an unexpected manner, or should assumptions underlying the forward-looking information prove incorrect, the actual results or events may differ materially from the results or events predicted. Any such forward‐looking information is expressly qualified in its entirety by this cautionary statement. Moreover, the Company does not assume responsibility for the accuracy or completeness of such forward‐looking information. The forward‐looking information included in this news release is made as of the date of this news release and the Company undertakes no obligation to publicly update or revise any forward‐looking information, other than as required by applicable law.

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.

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