Quadro Resources Ltd. announced that four of its nine claim blocks comprising its Long Lake property ("Long Lake") that were cancelled on September 22, 2022, and for which Quadro filed a grievance on October 13, 2022, with the Newfoundland Mineral Rights Adjudication Board (the "Board"), shall be reinstated as of their original issuance dates, as per the Order of the Board dated October 10, 2023 (the "Order"). Within two weeks of the date of the Order, Quadro is required to pay $40,540.56 to cover deficiencies for two of the four licenses to bring them back into good standing. The remaining two licenses have no deficiencies. In addition, Quadro has paid costs to the Mineral Claims Recorder. In a subsequent event note in the Company's financial statements for the year ended July 31, 2022, an impairment charge of $865,707 was recorded against Long Lake due to the cancelled claims. The impairment charge resulted in a $1 nominal value on Long Lake. As the cancelled claims will be reinstated this impairment will be written back up. Quadro owns a 100% interest in Long Lake, located proximal to Marathon Gold's Valentine Lake
deposits. The property is located within an under-explored belt of mineralized volcano-sedimentary and intrusive rocks. Highlights from the property include two areas of strong gold in soil and tills. The property provides an opportunity for new gold discoveries in the emerging Cape Ray Gold district and is complimentary to Quadro's Staghorn claims located 35 km southeast. Previous work on the property dates back to 2005 when soil sampling outlined a number of gold anomalies. The historic geochemical survey was part of an on-going volcanogenic massive sulphide (base metal) program which kept the ground tied up until recently. No follow-up was carried out during that time and the area came open for staking in early 2019. The claims were staked by the underlying vendors who took two till samples in the area of the higher gold-in soil anomaly. Drilling to date includes the discovery of a new gold zone intersected from the inaugural exploration drill program. The drill program consisted of five holes (757 meters) designed to test the Ricky Gold Target. Intersections included 3.68 g/t Au over 5.4 m from hole R-021-01on the eastern end of the target and 31.7 g/t Au over 0.5 m from hole R-021-04 located 500m to the west. Wayne Reid, P. Geo., VP Exploration for Quadro and a qualified person as defined in National Instrument 43-101, is responsible for this release and supervised the preparation of the information forming the basis for this release.