Vancouver, B.C., May 9, 2023 – Cullinan Metals Corp. (CSE: CMT)(OTCQB: CMTNF) ("Cullinan" or the “Company”) is pleased to announce that further to its news release dated May 3, 2023, it has closed a non-brokered private placement and issued 522,224 Quebec flow-through shares (the “QC FT Shares”) at a price of $0.90 per QC FT Share for gross proceeds of $470,000 (the “QC FT Offering“). The QC FT Shares qualify as “flow-through shares” within the meaning of subsection66 (15) of the Income Tax Act (Canada) (the “Act”), and subsection 359.1 of the Taxation Act (Quebec).

The gross proceeds from the QC FT Offering will be used to fund “Canadian exploration expenses” on the Company’s Lac des Iles West Graphite property located in Quebec and qualify as “flow-through mining expenditures” as defined under subsection 127(9) of the Income TaxAct (Canada) and under section 359.1 of the Taxation Act (Quebec), which will be incurred on or before December 31, 2024 and renounced to the subscribers with an effective date of no later than December 31, 2023.

The Company shall pay finders’ fees of $28,200 to eligible finders in connection with the QC FT Offering. All securities issued under the QC FT Offering are subject to a hold period of four months plus a day from the date of issuance in accordance with applicable securities legislation.

On Behalf of the Board,
Marc Enright-Morin
CEO, Director
(604) 669-9788

About Cullinan Metals Corp.

Cullinan Metals Corp. is a Canadian mining and exploration company focused on the development of energy metals. Cullinan is focused on key energy resources such as the development of copper, graphite and lithium assets around the world.

Neither the Canadian Securities Exchange nor its regulation services provider accepts responsibility for the adequacy of accuracy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contain herein.

Forward-Looking Statements

Forward-looking statements in this news release may include, but are not limited to, statements relating to those in respect of the proposed FT Offering, including the size, pricing and timing thereof, the type of securities being offered thereunder, the investors participating therein, the intended use of proceeds therefrom, the tax treatment of the securities to be issued under the FT Offering pursuant to the Act and Taxation Act (Quebec), the timing to renounce all Qualifying Expenditures in favour of the subscribers (if at all), and the conditions and approvals required and applications being filed in connection therewith. Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. Certain of these risks are set out in more detail in the Company's Annual Information Form for the financial year ended September 30, 2022, dated as of January 17, 2023 which has been filed on SEDAR and can be accessed at www.sedar.com. The forward-looking statements contained in this news release are made as of the date hereof, and except as may be required by applicable securities laws, the Company assumes no obligation or intent to update publicly or revise any forward-looking statements made herein or otherwise, whether as a result of new information, future events or otherwise.

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