Mosaic Minerals Corporation announced that it has entered into a letter of intent dated April 25, 2024 (the ?LOI?) with Castlebar Capital Corp. Pursuant to the LOI, Castlebar will be granted an option to acquire (the ?Transaction?) up to a 100% interest in the Lichen Project (the ?Lichen Project? or ?Property?).

The Transaction is intended to be Castlebar's ?Qualifying Transaction? for purposes of the TSX Venture Exchange's (the ?Exchange?) Capital Pool Company program. The Lichen Project consists of 282 claims covering a total area of 15,622 hectares and is located approximately 100 km west of the Chibougamau mining camp.

The property is underlain by the volcanic rocks of the Obatogamau formation intruded by stocks and plutons of intermediate composition. The volcanic belt is parallel to two known gold bearing volcanic belt, the Bachelor Lake gold area to the west and the Osisko-Windfall gold area to the south. The Nelligan Gold project and The Monster Lake Gold project are located at the eastern extremity of the volcanic belt.

Numerous gold and copper showings are also found to the east and to the west of the property. Terms of the LOI: Pursuant to the LOI, Castlebar may acquire up to a 50% undivided interest in the Lichen project from Mosaic by, among other things: make aggregate cash payments of $205,000 to Mosaic as follows: $15,000 on the closing of Qualifying Transaction; an additional $15,000 within six months following the Effective Date; an additional $50,000 on or before the first anniversary of the Effective Date; an additional $50,000 on or before the second anniversary of the Effective Date; and an additional $75,000 on or before the third anniversary of the Effective Date; and by issuing an aggregate of 1,350,000 shares to Mosaic as follows: 250,000 shares no later than seven days following the Effective Date; an additional 350,000 shares on or before the first anniversary of the Effective Date; an additional 250,000 shares on or before the second anniversary of the Effective Date; and an additional 500,000 shares on or before the third anniversary of the Effective Date; and by incurring at least $750,000 in qualifying expenditures on the Property as follows: at least $150,000 in qualifying expenditures on the Property on or before the first anniversary of the Effective Date; at least $200,000 in cumulative qualifying expenditures on the Property on or before the second anniversary of the Effective Date; and at least $400,000 in cumulative qualifying expenditures on the Property on or before the third anniversary of the Effective Date.