Grant of Stock Options

Matachewan Consolidated Mines, Limited (the “Company”) (TSX-V: MCM.A) announces that it has granted stock options to directors and employees of the Company to purchase up to 1,200,000 common shares, in aggregate (“Common Shares”) in the capital of the Company at an exercise price of $0.28 per Common Share, the closing price of the Common Shares on August 29, 2022, expiring on August 29, 2027 The current number of issued and outstanding Common Shares is approximately 12,445,025. The options were granted pursuant to the Company’s incentive stock option plan (the “Plan”), under which a maximum of 1,240,000 Common Shares are reserved for issuance. Following the grant of such options, a further 40,000 Common Shares will be available for issuance under the Plan.

For further information contact:

Edward G. Dumond Corporate Secretary Matachewan Consolidated Mines, Limited 416.814.3155

THE TSX VENTURE EXCHANGE INC. HAS NEITHER APPROVED NOR DISAPPROVED THE CONTENTS OF THIS PRESS RELEASE.

This news release may contain forward looking statement based on assumptions and judgements of management regarding future events or results that may prove to be inaccurate as a result of exploration and other risk factors beyond its control, and actual results may differ materially from the expected results.