Mr. Anthony Zelen reports

BULLET EXPLORATION INC. ENTERS INTO AGREEMENT TO ACQUIRE 1365826 B.C. LIMITED

Bullet Exploration Inc. has entered into an arm's-length share exchange agreement with all shareholders and warrantholders of 1365826 B.C. Ltd. to acquire all of the issued and outstanding common shares and share purchase warrants held in 136. The transaction remains subject to the final approval of the TSX Venture Exchange.

Under the terms of the share exchange agreement, Bullet Exploration will issue a total of 23 million common shares of the corporation and eight million share purchase warrants to the 136 shareholders and warrantholders to acquire all (and not fewer than all) of the issued and outstanding common shares and common share purchase warrants of 136. The exercise price of the newly issued warrants will be 7.5 cents per Bullet Exploration common share, with 7.13 million of the warrants expiring on Oct. 13, 2024, and the remaining 870,000 warrants expiring on Nov. 16, 2024.

136, through its subsidiary 1365826 Nevada LLC, is a party to an option agreement for the option to acquire a 100-per-cent interest in certain mineral claims known as the Jefferson property. The property comprises 209 lode claims totalling 2,640 acres and is located in the Moors Creek mining district of Nye county, Nevada, approximately 55 miles north of Tonopah.

Pursuant to the terms of the option agreement, 136 Nevada has the exclusive right to earn an undivided 100-per-cent interest in and to the Jefferson property by making the following payments:

• July 5, 2022: $65,000 (U.S.) (paid);
• July 5, 2023: $85,000 (U.S.) (paid);
• July 5, 2024: $105,000 (U.S.);
• July 5, 2025: $3,745,000 (U.S.).

In addition, the option agreement calls for a 1-per-cent net smelter return tied to the property until the aggregate payments of the NSR total $10-million (U.S.), after which time the NSR will cease.

We seek Safe Harbor.