PowerStone Metals Announces Garrick Mendham as Lead Technical Advisor and Emerging Markets Capital as Strategic Advisor

Vancouver, May 23, 2023 - PowerStone Metals Corp. (CSE: PS) (FSE: W0R) ("PowerStone" or the "Company") is pleased to announce that the Company has appointed Garrick Mendham as lead technical advisor, and that Emerging Markets Capital ("EMC"), a mining focused investment firm based in Hong Kong led by Jorge Ramiro Monroy, has been appointed as a strategic advisor to the Company.

Mr. Mendham has over 35 years' of experience in the mining industry across North America, Australia and Asia in various roles and commodity groups with extensive knowledge of the critical metals sector. He has worked for companies such as BHP Group Limited, Rio Tinto, Lihir Gold Limited, Bond Corporation, and Queensland Nickel Group.

Mr. Mendham joined Hong Kong based RH Mining Resources Ltd. in 2012 and became a board member in 2017 as Executive Director. Prior to joining RH Mining, Mr. Mendham was with a prominent Hong Kong resources investment group and was the founding Chairman of the Australasian Institute of Mining and Metallurgy, Hong Kong branch, and currently serves as a board director of Infinitum Copper. He received a Bachelor of Mine Engineering from the University of New South Wales, a Graduate Diploma in Finance from the Securities Institute of Australia, and holds Mine Manager Certificates in Australia for both New South Wales and Western Australia.

EMC and Mr. Ramiro Monroy have founded a number of mining ventures with Asian capital doing business in North America. Jorge is the CEO and Founder of Reyna Silver, a Toronto Venture Exchange listed company with silver exploration projects in Mexico and the US and currently serves as board director of Reyna Gold, Sierra Madre Gold and Silver and Arabian Shield Resources. Mr. Ramiro Monroy holds a Bachelor's degree from the State University of New York, an MBA in Finance from the Hong Kong University of Science and Technology. Jorge is fluent in English, Hindi, Spanish and Portuguese and has passed the level III HSK Chinese Fluency Exam.

In connection with the appointments of Mr. Mendham and EMC, the Company issued an aggregate of 300,000 options at an exercise price of C$0.10 per underlying common share, which are exercisable for five years from the date of issue, subject to certain vesting conditions, pursuant to the Company's stock option plan.

About PowerStone

PowerStone is a mineral exploration company focused on the identification and exploration of high-quality critical metals assets, in favorable mining jurisdictions, to help meet the increasing demand of metals required for the transition to a green economy. PowerStone is currently exploring the Chilton Cobalt Property, a prospective cobalt asset located in Quebec, Canada. The Company may also evaluate the acquisition of other mineral exploration assets and opportunities. For more information, please visit www.powerstonemetals.com.

Contact Information

Raymond Harari
Chief Executive Officer, PowerStone Metals Corp.
e: rdh@canaliscapital.com
t: 507-6675-2221

Cautionary Note Regarding Forward-Looking Statements

Certain statements contained in this press release constitute "forward-looking information" as that term is defined in applicable Canadian securities legislation. Forward-looking information by its nature is based on assumptions and involve 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 statements or information. We have made certain assumptions about the forward-looking statements and information. Although PowerStone's management believes that the assumptions made and the expectations represented by such information are reasonable, there can be no assurance that the forward-looking information will prove to be accurate. Furthermore, should one or more of the risks, uncertainties or other factors materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements or information. There can be no assurance that forward-looking statements or information 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 the forward-looking statements or information contained herein. The Company does not undertake to update forward‐looking statements or forward‐looking information, except as required by law.

The Canadian Securities Exchange has in no way passed upon the merits of the business of the Company and has neither approved nor disapproved the contents of this news release and accepts no responsibility for the adequacy or accuracy hereof.

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