Colossus Resources Corp. commenced its inaugural geological field program on its 100% controlled Master Copper Project (Master Copper or the Project). The Master Copper Property is located 38 km west of Elliot Lake and approximately 90 km east of Sault Ste.

Marie in the Algoma District of Northern Ontario and consists of 15 mining claims. The property is accessible via a series of all-weather roads and ATV trails. The Property covers an area of approximately 1,143 hectares. Highlights of the Current Exploration Program.

Detailed review of all available historic data to clearly identify past work locations, historic sample points when possible, DDH collar locations etc. A field prospecting, mapping and sampling program to cover the entire property. Coverage by systematic traverses along virtual grid lines.

Particular attention will be paid to the examining obvious outcrop and searching for extensions to mineralized veins previously identified and searching for strike extensions of these veins systems. A three-man crew comprised of experienced geologists, inclusive of a P.Geo., will carry out this program. Geological services will be provided by Minroc Management Services (Minroc) of Ontario, familiar with and successful at grass roots prospecting. Sampling of mineralized outcrops to be completed as necessary.

The Company has budgeted for up to 400 samples to be taken for analytical sampling. Channel sampling will be carried out where feasible with an aim of sampling the entire width of veins and into the surrounding host rock on each side. A drone will be used in the field with the crew to investigate access, identify outcrop and to capture visuals of certain areas.

If deemed reasonable, an orthophoto of parts of the property can be created. Handheld magnetic susceptibility meter and an XRF unit will be deployed with the field crew. The latter is a unique tool used in the field to provide instant feedback on the presence of mineralization.

Results from this initial work will provide the required detail to locate and prioritize targets, allowing for the planning of a future follow-up drill program. Brief Description of the Master Copper Property Theearliest recorded exploration on the Master Copper Property dates back to approximately 1930,although undocumented exploration may have occurred since the 19th Century. The majority of the historic work dates from the early 1940s to the 1970s.

A portal and an adit are present on the property, little historic information is available regarding the amount of development underground nor the date or operator. A minimum of 63 diamond drill holes totaling 4,200 m and a number of trenching programs were undertaken, but the low quality of historic data makes it difficult to reconstruct the exact locations of much of this work. More recent, better documented work was completed by prospectors Yvon and Michel Gagne in 2011-14 which included trenching, blasting and backpack type drilling.

Recent work by Colossus includes an heli-borne magnetic survey and a ground VLF-EM survey. On December 20th, 2020 Colossus retained Prospectair of Gatineau, Quebec to perform a heli-borne high resolution magnetic survey. The survey was intended to assist with mapping geologic contacts and structural features which may correlate with mineralized vein systems. A total of 250-line kilometers were flown.

The survey revealed a number of features which were preliminarily interpreted by Dynamic Discovery Geoscience as follows: 1. A highly magnetic north-northwest trending dyke interpreted as part of the Matachewan diabase swarm (~2.45 Ga), and intruded into the Huronian sediments, 2. West-northwest trending dykes attributed to the Sudbury event (~1.25 Ga) highlighted by high magnetic intensity that have intruded all rock-types; 3. Large expanses of higher magnetic intensity, coinciding with higher topography, interpreted to represent Nipissing diabase sills (2.15 Ga) that have intruded the Huronian sediments. 4. West-northwest trending linear magnetic lows interpreted to represent potentially copper- mineralized quartz veins.