Sirios Announces Approval of Amendments to its Stock Option Plan

MONTREAL, Feb. 23, 2023 - Sirios Resources Inc. (TSX-V: SOI) (the "Corporation") announces that at the annual and special meeting of its shareholders on December 15, 2022 (the "Meeting"), shareholders approved the renewal of the Corporation stock option plan (the "Stock Option Plan"), as amended. Pursuant to the policies of the TSX Venture Exchange (the "Exchange"), the Stock Option Plan is a "10% rolling" stock option plan. The maximum aggregate number of common shares that may be reserved for issuance under the Stock Option Plan is equal to 10% of the outstanding common shares of the Corporation at the time of the grant of an option.

On November 24, 2021, the Exchange adopted a new policy governing security-based compensation (the "Policy 4.4"). In accordance with the Policy 4.4, amendments have been made to the Stock Option Plan to ensure (i) that in any 12-month period, and at any point in time, the maximum aggregate number of stock options that may be granted to insiders of the Corporation (as a group) must not exceed 10% of the issued common shares of the Corporation and (ii) that the disinterested shareholders approval will be required for the extension of the term of a stock option if the optionholder is an insider of the Corporation.

The full text of the Stock Option Plan can be found in Schedule A of the Corporation's management and information circular, a copy of which can be found on the Corporation's SEDAR profile at www.sedar.com. The Stock Option Plan remains subject to the final approval of the Exchange.

About Sirios

Pioneer in the discovery of significant gold deposits in the Eeyou Istchee James Bay region of Québec, Canada. Sirios Resources Inc. focuses its work mainly on its Cheechoo gold discovery, while actively exploring the high auriferous potential of its other properties.

Forward-Looking Statements

All statements, other than statements of historical fact, contained in this press release including, but not limited to, those relating to the final approval of the TSX Venture Exchange in connection with the renewal of the Stock Option Plan and, generally, the above "About Sirios Resources Inc." paragraph which essentially describes the Corporation's outlook, constitute "forward-looking information" or "forward-looking statements" within the meaning of applicable securities laws, and are based on expectations, estimates and projections as of the time of this press release. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by the Corporation as of the time of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. These estimates and assumptions may prove to be incorrect. Many of these uncertainties and contingencies can directly or indirectly affect, and could cause, actual results to differ materially from those expressed or implied in any forward-looking statements and future events, could differ materially from those anticipated in such statements. A description of assumptions used to develop such forward-looking information and a description of risk factors that may cause actual results to differ materially from forward-looking information can be found in the Corporation's disclosure documents on the SEDAR website at www.sedar.com.

By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and risks exist that estimates, forecasts, projections and other forward-looking statements will not be achieved or that assumptions do not reflect future experience. Forward-looking statements are provided for the purpose of providing information about management's endeavors to develop the Cheechoo, Aquilon and Maskwa projects and, more generally, its expectations and plans relating to the future. Readers are cautioned not to place undue reliance on these forward-looking statements as a number of important risk factors and future events could cause the actual outcomes to differ materially from the beliefs, plans, objectives, expectations, anticipations, estimates, assumptions and intentions expressed in such forward-looking statements. All of the forward-looking statements made in this press release are qualified by these cautionary statements and those made in our other filings with the securities regulators of Canada. The Corporation disclaims any intention or obligation to update or revise any forward-looking statements or to explain any material difference between subsequent actual events and such forward-looking statements, except to the extent required by applicable law.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Visit our website at www.sirios.com or contact:
Dominique Doucet
President and Chief Executive Officer, Eng.
514-918-2867
ddoucet@sirios.com