Canasil Resources Inc. — Capital/Financing Update 2021

May 18, 2021

2489 Bellevue Avenue West Vancouver, BC V7V 1E1 Phone 604.922.2030 Fax 604.922.2037

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Trading symbol: TSX-V: CBV

News Release No. 21-01

Cobra Venture Grants Stock Options

West Vancouver, British Columbia – May 13, 2021 – Cobra Venture Corporation (the “Company” or “Cobra”) announces that in accordance with the terms of the Company’s stock option plan, the Company has granted 1,290,000 incentive stock options to certain directors, officers, employees and consultants, at an exercise price of $0.135 per share for a term of 5 years. The majority of the stock options being granted are in replacement of previously granted stock options that recently expired.

For further information visit the Company’s website at www.cobraventure.com.

Cobra Venture Corporation

“Daniel B Evans”

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Daniel B. Evans, President and CEO

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.