Cullinan Metals Starts Exploration Program in Ontario and Quebec Lithium Properties

(CSE: CMT) (OTCQB: CMTNF) (FWB: 7KO)

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CULLINAN METALS STARTS EXPLORATION PROGRAM IN

ONTARIO AND QUEBEC LITHIUM PROPERTIES

Vancouver, B.C. – August 29, 2023 - Cullinan Metals Corp. (CSE: CMT) (OTCQB: CMTNF) (FWB: 7KO) ("Cullinan"

or the "Company") is pleased to announce that further to its news releases dated August 21 and August 23, 2023,

it has started an initial exploration program on its new Ontario and Quebec properties (the “Properties”). The

Company has recently signed non -binding letters of intent (“ LOIs”) with various arm’s length vendors with

respect to these Properties. Under the LOIs, the Company will acquire a 100% interest in and to a series of highly

prospective lithium mineral properties in Canada subject to the satisfaction of full d ue diligence investigation

including preliminary sampling and exploration work on the Properties to the extent permitted by applicable

mining laws.

The Properties

Ontario Properties

The Ontario properties which include Dory - Aerial Lake, East Haig, West Haig, Flower Fall and Flash Lake

properties, are located in a lithium favorable geological setting of northwestern Ontario in the vicinity of the

Georgia Lake, Mavis Lake, Separation Rapids, GT1’s Root Lake lithium projects in Northwestern Ontario. Lilypad

East and West properties are directly adjacent to significant Ta Cs Rb mineralization.

Quebec Properties

The Quebec Properties are located mainly in two prolific geological regions: a) the James Bay area (James Bay

Pegmatite and James Bay Spodumene properties) where several new lithium discoveries have been made

alongside the historical deposits; and b) in the Val d’Or region (VS and VN properties) located within the Archean

Preissac-Lacorne batholith, a geological region with known lithium deposits, prospects and an existing lithium

mine (North American Lithium or NAL).

Cautionary Statement: The above-mentioned information on the adjacent lithium prospects and deposits in this

news release is taken from the publicly available information. The Company has not been able to independently

verify the information contained. The information is not necessarily indicative of the mineralization on the

properties, which are subject of this news release.

The Program

During the current phase of exploration (“Phase One Exploration”) , two experienced field teams have been

deployed to conduct field prospecting activities across Ontario and Quebec Lithium properties. This process will

involve the systematic examination of the multiple fertile granitic pegmatite dykes . Furthermore, pegmatite

sampling and trenching will be carried out to assess the presence and distribution of lithium-bearing pegmatites

within each of the properties. This crucial step will provide valuable insigh ts into the mineralogy and lithium

content of the identified pegmatite deposits, aiding in the development of an extensive understanding of the

property's lithium exploration potential for further work. Initial scanning of samples will be carried out by using

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a laser-induced breakdown spectroscopy (LIBS), which has recently emerged as a tool for geochemical analysis

outside the traditional laboratory setting, is a tool for Li exploration that can measure Li in minerals, rocks, soils,

and brines in-situ in the field.

Marc Morin, CEO, expressed his en thusiasm about the commencement of the exploration, stating , “We are

excited to initiate exploration at our Ontario and Quebec properties. With so many previous discoveries made in

the areas near our Properties, we are optimistic that Phase One Exploration will return an excellent outcome for

our shareholders.”

Qualified Person

The scientific and technical information contained in this news release has been reviewed and approved by Afzaal

Pirzada, P.Geo., a Qualified Person as defined by National Instrument 43 -101 - Standards of Disclosure for

Mineral Projects.

Caution Regarding Adjacent or Similar Mineral Properties

This news release contains information with respect to adjacent lithium prospects and deposits or similar mineral

properties in respect of which the Company has no interest or rights to explore or mine. Readers are cautioned

that the Company has no interest in or right to acquire any interest in any such properties, and that mineral

deposits, and the results of any mining thereof, on adjacent or similar properties are not indicative of mineral

deposits on the Company’s properties or any potential exploitation thereof.

On behalf of the Company,

CULLINAN METALS CORP.

Marc Enright-Morin

CEO

(604) 669-9788

About Cullinan Metals Corp.

Cullinan Metals Corp. is a Canadian mining and exploration company focused on the development of energy

metals. With a strong emphasis on key energy resources such as copper, graphite, and lithium assets, Cullinan is

dedicated to unlocking the potential of these resources globally.

Forward-looking statements

This news release contains forward-looking statements and forward-looking information within the meaning of

Canadian securities laws (collectively, “forward-looking statements”). Forward-looking statements in this news

release relate to, among other things: statements with respect to anticipated exploration program results from

exploration activities, the expectation that the Company will enter into agreements to acquire interests in the

Properties, the anticipated business plans and timing of future activities of the Company and all other statements

that are not historical facts, particularly statements that express, or involve discussions as to, expectations,

beliefs, plans, objectives, assumptions or future events or performance of the Company. Often, but not always,

forward-looking statements can be identified through the use of words or phrases such as “will likely result”,

“are expected to”, “expects”, “will continue”, “is anticipated”, “anticipates”, “believes”, “estimated”, “intends”,

“plans”, “forecast”, “projection”, “strategy”, “objective” and “outlook”. Forward-looking statements contained

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in this news release are made based on reasonable estimates and assumptions made by management of the

Company at the relevant time in light of its experience and perception of historical trends, current conditions

and expected future developments, as well as other factors that are believed to be appropriate and reasonable

in the circumstances. Forward-looking statements contained in this news release are made as of the date of this

news release and the Company will not update any such forward -looking statements as a result of new

information or if management’s beliefs, estimates, assumptions or opinions change, except as required by law.

There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future

events could differ materially from those anticipated in such statements. Accordingly, the reader is cautioned

not to place undue reliance on forward-looking statements.

Forward-looking statements involve known and unknown risks, uncertainties and other factors, many of which

are beyond the Company’s control, which could cause actual results, performance, achievements and events to

differ materially from those that are disclosed in or implied by such forward-looking statements. Such risks and

uncertainties include, among others, operating and technical difficulties in connection with mineral exploration

and development activities, actual results of exploration activities, including on the Properties, the estimation or

realization of mineral reserves and mineral resources, the fact that the Company’s interests in the Properties are

at LOI stage only which are non-binding and there is no guarantee that such interests, if earned, will be certain,

capital expenditures, requirements for additional capital, future prices of lithium, changes in general economic

conditions, changes in the financial markets and in the demand and market price for commodities, delays in

obtaining governmental approvals, permits or financing, title disputes, the inability of the Company to obtain

any necessary permits, consents, approvals or authorizations, including approval by the Canadian Securities

Exchange required for the acquisition of the Properties , the timing an d possible outcome of any pending

litigation, environmental issues and liabilities, and all other risks and uncertainties disclosed in the Company’s

publicly filed documents under the Company’s profile on SEDAR at www.sedarplus.ca. The Company cautions

that the list of risk factors and uncertainties described in its publicly filed documents on SEDAR is not exhaustive

and other factors could materially affect its results. New factors emerge from time to time, and it is not possible

for the Company to consider all of them, or assess the impact of each such factor or the extent to which any

factor, or combination of factors, may cause results to differ materially from those contained in any forward -

looking statement. Any forward-looking statements contained in this news release are expressly qualified in their

entirety by this cautionary statement.

Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the

CSE) accepts responsibility for the adequacy or accuracy of this release.