Mr. Jack Stoch of Globex reports

CERRADO TO ADVANCE MONT SORCIER IRON/VANADIUM PROJECT

Chibougamau Independent Mines Inc. and Globex Mining Enterprises Inc. have provided an update to shareholders on the following.

Cerrado Gold Inc. reported today that funds received from the sale of its Monte Do Carmo project in Brazil will be used in part to "complete a feasibility study of our very robust Mont Sorcier iron ore project" on which both Chibougamau Independent Mines and Globex Mining Enterprises hold gross metal royalties of 2 per cent (all minerals) and 1 per cent (iron and all minerals excluding vanadium) respectively. Globex also holds 11 million shares of Electric Royalties which has a 1-per-cent gross metal royalty on vanadium production from the property.

Per today's Cerrado press release, "Cerrado holds a 100-per-cent interest in the Mont Sorcier iron ore and vanadium project, which has the potential to produce a premium iron ore concentrate over a long mine life at low operating costs and low capital intensity. Furthermore, its high-grade and high-purity product facilitates the migration of steel producers from blast furnaces to electric arc furnaces, contributing to the decarbonization of the industry and the achievement of SDG goals."

The Mont Sorcier iron/vanadium deposit has an indicated resource of 678.5 million tonnes grading 36.4 per cent Fe2O3 (ferric oxide) and 0.20 per cent V2O5 (vanadium pentoxide) and an inferred resource of 546.6 million tonnes grading 34.1 per cent Fe2O3 and 0.17 per cent V2O5 (per National Instrument 43-101 technical report and mineral resource estimate for the Mont Sorcier property, Quebec, Canada.

Jack Stoch, PGeo, president and chief executive officer of Globex Mining Enterprises and Chibougamau Independent Mines, wrote this press release in his capacity as a qualified person (QP) under applicable regulations.

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