BTU Commences Airborne Geophysical Survey at Dixie Halo – Great Bear Gold Area

Suite 1240, 789 West Pender St. Vancouver, British Columbia

BTU Commences Airborne Geophysical Survey

at Dixie Halo – Great Bear Gold Area

November 7, 2023, Vancouver, BC, Canada – BTU METALS CORP. (“BTU” or the “Company”)

(BTU- TSX:V BTUMF-OTC) is pleased to provide the following update.

Pursuant to the option agreement (“Option Agreement”) with Kinross Gold Corporation (“Kinross"), (see

press release February 22, 2023) BTU and Kinross continue to work towards establishing a more robust

understanding of the geological setting at BTU’s Dixie Halo project located in the Great Bear Gold discovery

part of the Red Lake Mining district.

Near-term exploration activities include undertaking a comprehensive airborne magnetic geophysical

survey, essentially identical to the one completed on the adjacent Great Bear property in 2017. The new

survey which will cover much of the original Dixie Halo property is scheduled to commence this week and

this data will provide a seamless grid of very high-quality magnetic data connecting with the historical survey

data over the Great Bear Dixie property. High quality magnetic data was one of the exploration tools used

by Great Bear Resources in defining the potential location of gold mineralization.

Kinross made a firm commitment to the Great Bear gold discovery area when they paid approximately C$1.8

billion to take over Great Bear Resources Ltd. and they continue to invest significant additional capital in

the project as they expand exploration efforts to more fully understand the extent and amount of gold on the

Great Bear project while, at the same time , working toward developing a significant new high -grade open

pit and underground gold mine on the Great Bear property located immediately to the north of the Company’s

Dixie Halo project.

“BTU is in a good position. The gold price is strong, and we have a great project next to the highest -grade

large Canadian gold discovery in decades” stated CEO Paul Wood. “We have the best partner for our gold

project next to the Great Bear gold discovery in Kinross. We expect Kinross to take a long -term view of

exploration under the Option Agreement and we look forward to benefitting from their extensive, and ever-

expanding knowledge of the exciting new high grade extensive gold mineralization in this significantly

underexplored part of the Red Lake area.

Mr. Wood added “Additionally, we have a solid working capital position with approxi mately two million

dollars in the bank. We continue to search for a new project that could drive additional shareholder value

while Kinross, our largest shareholder, explores on our Dixie Halo property.”

On May 4, 2023, shareholders approved the Option Agreement with Kinross by a wide majority. Under the

agreement BTU granted to Kinross, among other things, the right and option to acquire an undivided 70%

interest in and to 757 mining claims covering approximately 16,410 hectares of land generally adjacent to

the Great Bear project (the “Optioned Properties”). The Option Agreement also requires Kinross to spend

not less than C$2.7 million within 36 months of the effective date of the agreement. Kinross is required to

spend a total of C$4.7 million within 48 months of the effective date of the agreement should they wish to

earn a maximum 70% interest in the property.

As part of their planned exploration, Kinross anticipates re-logging and additional sampling of the drill core

from the drilling completed by the Company prior to them undertaking drilling under the agreement.

About BTU

BTU Metals Corp. is a junior mining exploration company focused on the Dixie Halo Project located in

Red Lake, Ontario immediately adjacent to the Kinross Golds’ Great Bear Project, one of the largest and

highest-grade gold deposits found in Canada in decades that boasts excellent location and infrastructure.

ON BEHALF OF THE BOARD

“Paul Wood”

Paul Wood, CEO, Director [email protected]

BTU Metals Corp.

Telephone: 1-604-683-3995

Toll Free: 1-888-945-4770

Cautionary Statement

Trading in the securities of the Company should be considered highly speculative. No stock exchange, securities commission or other regulatory authority has

approved or disapproved the information contained herein. Neither the TSX-V nor its Regulation Services Provider (as that term is defined in the policies of the

TSX-V) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Statements

This news release contains certain “forward-looking information” within the meaning of applicable Canadian securities laws that are based on expectations,

estimates and projections as at the date of this news release. The information in this release about future plans and objectives of the Company, including the

intention to complete the Private Placement and the expected expenditure of the proceeds of the Private Placement, the intention to complete the Acquisition

and the intention to Complete the transactions contemplated under the Option Agreement are forward-looking information. Other forward-looking information

includes but is not limited to information concerning: the intentions, plans and future actions of the Company.

Any statements that involve discussio ns with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or

performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “doe s not anticipate”, “plans”,

“budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or

results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward -looking

information and are intended to identify forward-looking information.

This forward-looking information is based on reasonable assumptions and estimates of management of the Company at the time it was made, and involves

known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially

different from any future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others:

the Company’s ability to obtain all approvals required in connection with the Private Placement, Acquisition and Option Agreement and successfully complete

the Private Placement, Acquisition and Option Agreement; risks relating to the global economic climate; dilution; future capital needs and uncertainty of

additional financing; the competitive nature of the industry; currency exchange risks; the need for the Company to manage its planned growth and expansion;

the effects of product development; protection of proprietary rights; the effect of government regulation and compliance on t he Company and the industry;

reliance on key personnel; global economic and financial market deterioration impeding access to capital or increasing the cost of capital; and volatile securities

markets impacting security pricing unrelated to operating performance. The Company has also assumed that no significant events occur outside of the normal

course of business. Although the Company has attempted to identify important factors that could cause actual results to diffe r materially, there may be other

factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results

and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking

information. The Company undertakes no obligation to revise or update any forward-looking information other than as required by law.