Iocaste Ventures Inc. Announces Resignation of Board Member

Calgary, Alberta--(Newsfile Corp. - August 16, 2023) - Iocaste Ventures Inc. (TSXV: ICY.P) ("Iocaste"), today announced that Mr. Navjeet (Bob) Singh Dhillon has resigned from the board of directors of Iocaste (the "Board") and as a member of its audit committee, effective immediately. The Board would like to thank Mr. Dhillon for his contribution and wish him well in his future endeavours.

The Board has appointed Mr. Lorne Michael Sugarman, a director and the president, chief executive officer, chief financial officer and corporate secretary of Iocaste, as an audit committee member. The Audit Committee currently consists of Mr. Michael James Perkins, Mr. Andrew Gabriel Kiguel, and Mr. Sugarman. Each member of the Audit Committee is financially literate, with Mr. Perkins and Mr. Kiguel comprising its independent members.

The Board will assess whether it will appoint a new member to fill the Board vacancy before the next annual meeting of shareholders.

About Iocaste

Iocaste is a "capital pool company" that completed its initial public offering in November 2021. The common shares of Iocaste ("Iocaste Shares") are listed for trading on the TSX Venture Exchange ("TSXV") under the stock symbol ICY.P. Iocaste has not commenced commercial operations and has no assets other than cash.

Additional Information

This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to or for the account or benefit of U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

For further information contact:

Iocaste Ventures Inc.
Lorne Michael Sugarman
President, Chief Executive Officer, Chief Financial Officer, Corporate Secretary, and a Director
Phone: 416 477 1753

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.

Notice on Forward-Looking Information

This press release contains forward-looking statements and forward-looking information (collectively, "forward-looking statements") within the meaning of applicable securities laws. Any statements that are contained in this press release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by terms such as "may", "should", "anticipate", "would", "will", "estimates", "believes", "intends" "expects" and similar expressions which are intended to identify forward-looking statements. The forward-looking statements contained in this press release include, but are not limited to, statements regarding the assessment by the Board about the appointment of a new member to the Board. Iocaste cautions that all forward-looking statements are inherently uncertain, and that actual performance may be affected by a number of material factors, assumptions and expectations, many of which are beyond the control of Iocaste, including expectations and assumptions concerning Iocaste, as well as other risks and uncertainties, including those described in Iocaste's final prospectus dated October 14, 2021 filed with the British Columbia Securities Commission, the Alberta Securities Commission and the Ontario Securities Commission and available on SEDAR at www.sedar.com. The reader is cautioned that assumptions used in the preparation of any forward-looking statements may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of Iocaste. The reader is cautioned not to place undue reliance on any forward-looking statements. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement.

The forward-looking statements contained in this press release are made as of the date of this press release, and Iocaste does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by securities law.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities in any jurisdiction.

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAWS.

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