ECR.V · 2022-05-20 12:00:00

Cartier Closes Private Placement Financing

Financings

For immediate release

Val-d’Or, Québec, May 20, 2022 – Cartier Resources Inc. (TSX-V: ECR) (“Cartier” or the “Company” )

announces that it has closed its previously announced private placement ( the “Private Placement” ) for

aggregate gross proceeds of $1,820,000. A total of 14,000,000 units (the “Units”) of Cartier were issued at

a price of $0.13 per Unit. Each Unit consisted of one (1) common share of Cartier (a “Common Share”)

and one half (0.5) Common Share purchase warrant, each whole warrant entitling the holder to subscribe

for one (1) Common Share at a price of $0.16 for a period of thirty-six (36) months following the closing

date of the Private Placement. Agnico Eagle now owns approximately 17.7% of the issued and outstanding

Common Shares on a non -diluted basis and 19.7% of the issued and outstanding Common Shares on a

partially-diluted basis.

The proceeds from the Private Placement are expected to be used for exploration at Cartier’s Chimo Mine

project in the Val-d’Or Mining Camp in Quebec.

The securities issued under the Private Placement will be subject to a four (4) month statutory hold period.

About Cartier

Cartier Resources Inc., which was founded in 2006, is an exploration company based in Val-d’Or. Cartier’s

projects are all located in Quebec, which regularly ranks among the best mining jurisdictions in the world.

Cartier is advancing the development of its flagship Chimo Mine project and actively exploring its other

projects. Cartier has a solid cash position exceeding $7.0M and significant corporate and institutional

supports, notably with Agnico Eagle, O3 Mining and the Quebec investment funds.

Cautionary Statement

Certain statements contained in this press release constitute forward -looking information under the

provisions of Canadian securities laws including statements about the Company's plans. Such statements

are necessarily based upon a number of beliefs, assumptions, and opinions of management on the date

the statements are made and are subject to numerous r isks and uncertainties that could cause actual

results and future events to differ materially from those anticipated or projected. The Company undertakes

no obligation to update these forward-looking statements in the event that management's beliefs, estimates

or opinions, or other factors should change, except as required by law.

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For more information, please contact:

Philippe Cloutier, P.Geo.

President and CEO, Cartier Resources

Telephone: 819 856-0512

www.ressourcescartier.com

Neither the TSX Venture Exchange nor its regulatory services provider accepts responsibility for the

adequacy or accuracy of this press release.