VANCOUVER, BC, April 4, 2024 - BTQ Technologies Corp. (the "Company") (CBOE CA: BTQ) (FSE: NG3) (OTCQX: BTQQF) confirms that it has delayed the filing of its annual consolidated financial statements for the year ended December 31, 2023 (the "Financial Statements") and the related management's discussion and analysis, annual information form and certifications (collectively, with the Financial Statements, the "Annual Filings"). As further described below, the Company expects to file the Annual Filings on or before May 2, 2024.

On February 17, 2023, the Company closed its acquisition of BTQ AG (the "Transaction"), which was accounted for as a reverse acquisition transaction. The Financial Statements will include the accounts of the Company since the date of the closing of the Transaction and historical accounts of the business of BTQ AG prior to such date. The default is primarily due to delays relating to the restatement of the comparative period in the Financial Statements, comprised of BTQ AG's financial statements for the period ended December 31, 2022, which were audited by another auditor. The restatement items in the comparative period are expected to include expense cut-off errors and improperly capitalized intangible assets. In addition, there may be other items that may be impacted by the restated comparative period and all such adjustments are subject to change until the Annual Filings are approved by the Company's Audit Committee and Board of Directors and filed on SEDAR+. Management is working diligently with its auditor to complete the audit of the Financial Statements. The effect of the restated comparative period does not impact the Company's ongoing operations or cash position.

As a result of the delays, the Company has applied for a management cease trade order (an "MCTO") under National Policy 12-203 Management Cease Trade Orders ("NP 12-203") in respect of the default, which has been approved by the British Columbia Securities Commission, as principal regulator of the Company. The MCTO does not in any way impact the ability of shareholders and investors to engage in the trading of BTQ's common shares.

Until the Company files the Annual Filings, it will comply with the alternative information guidelines set out in NP 12-203. The guidelines, among other things, require the Company to issue bi-weekly default status reports, in the form of news releases, for so long as the Annual Filings have not been filed.

The Company confirms that, other than as disclosed in prior press releases, including with respect to the application for the MCTO on March 18, 2024, and material change reports, there have been no material business developments since the filing on November 14, 2023 of the Company's latest interim financial reports for the period ended September 30, 2023.