Metal Energy Corp. announced additional claim acquisitions directly adjacent to the SourceRock project. These mining claims were drilled in 2006 and intersected significant saline water flow from 184.7 to 202.39 metres, and halite cubes, sedimentary cements, and beds, including halite precipitating from waters as the core dries from 528.52 to 582.5 metres.

Halite precipitating as described in the core logs suggests the saline fluids are supersaturated with high concentrations of total dissolved solids ("TDS"). High TDS concentrations typically correlate with high lithium concentrations. SourceRock is a drill-ready project with an exploration permit already in-hand from the Ontario Ministry of Mines for up to 20 drill pads.

Initial geophysical data compilation has already identified saline brine drill targets on the Project. The Company is currently engaged with local Indigenous groups, communities, and stakeholders, and anticipates a drill program to commence after sufficient and meaningful consultation has been completed. On July 8, 2023, Metal Energy entered into a Purchase Agreement with an arms length vendor (the "Vendor") to acquire an undivided 100% interest in 9 mining claims (189 hectares) adjacent to SourceRock.

The terms of the agreement are; a. Issuance of 1,800,000 common shares of Metal Energy to the Vendor upon acceptance of the Option Agreement by the TSXV; b. $10,000 in cash, payable upon closing the transaction; c. the Vendor retains a 2% Gross Value Royalty ("GVR") on the claims. The Company has the right to purchase 1% of the GVR for $1,000,000 at any time. All issued common shares will be subject to such hold periods that are prescribed by applicable securities laws. Metal Energy will be the operator of the 9 mining claims and as such will have the rights and responsibility to execute all work programs on the Project.