Mr. Roy Bonnell reports

DEEPROCK PROVIDES UPDATE ON PLAN OF ARRANGEMENT WITH ALLIED CRITICAL METALS AND ALLIED CRITICAL METALS ANNOUNCES OFFTAKE AGREEMENT

Deeprock Minerals Inc. has received final approval from the Supreme Court of British Columbia for its previously announced plan of arrangement with Allied Critical Metals Corp. which will result in, among other things, the spinoff of the company's existing assets and a reverse takeover of the company by Allied Critical Metals (see news releases dated June 14, 2024, Oct. 29, 2024, Dec. 4, 2024, Dec. 20, 2024, and Dec. 30, 2024).

The completion of the arrangement remains subject to receipt of all necessary approvals, including final acceptance by the Canadian Securities Exchange of the arrangement and other conditions customary in transactions of this nature as set forth in the arrangement agreement dated Sept. 30, 2024, between Deeprock and Allied Critical Metals, a copy of which is available on the company's SEDAR+ profile.

Allied Critical Metals update

Offtake agreement

A letter of intent (the LOI) has been signed by Allied Critical Metals and Global Tungsten & Powders LLC of Pennsylvania, part of the Plansee Group for the supply and sale of tungsten concentrate from Allied Critical Metals's intended pilot plant at its Vila Verde tungsten project. Under the LOI, Allied Critical Metals will provide at least 12,000 MTU per year of WO3 contained in 65 per cent WO3 tungsten concentrate, priced based on the European APT (ammonium paratungstate) price quotes published by Fastmarkets. Prior to reaching a definitive final supply agreement, the supply quantity may be increased to 15,000 MTU by mutual agreement.

"This LOI is an important milestone for ACM. There are very few near-term sources of tungsten in the Western world making the Villa Verde and Borralha mines, which are past-producing mines in Portugal, very important assets from a geopolitical perspective. This LOI validates the importance of our tungsten supply to our friends in the United States," commented Roy Bonnell, chief executive officer of Allied Critical Metals. "We could not be more pleased with the progression of our business and the future looks very bright now that we have line of sight on tungsten sales into the United States."

Allied Critical Metals is very excited to pursue the proposed tungsten concentrate supply and sale opportunity with GTP, and opportunities with the U.S. Department of Defense and the U.S. Defense Logistics Agency.

Deeprock spinout and share consolidation

Now that the company has received all necessary approvals, Deeprock will proceed with closing the reverse takeover by Allied Critical Metals. The next steps are as follows:

1. Conduct a 1:40 consolidation of Deeprock common shares;
2. Incorporate Revelation Minerals Inc. as a subsidiary of Deeprock (Deeprock Subco);
3. Distribute all common shares of Deeprock Subco to Deeprock shareholders based on their proportional ownership (spinout).

Further information on the arrangement can be found in management information circular dated Oct. 23, 2024, as supplemented Dec. 20, 2024, with the additional financial statements announced on that date, all which is available on Deeprock's SEDAR+ profile. The company will provide further updates on the arrangement as they are available.

Completion of the arrangement is subject to a number of conditions, including but not limited to, exchange acceptance and if applicable pursuant to exchange requirements, majority of the minority shareholder approval. Where applicable, the arrangement cannot close until the required shareholder approval is obtained. There can be no assurance that the arrangement will be completed as proposed or at all.

There can be no assurance that the arrangement will be completed as proposed, or at all. Investors are cautioned that, except as disclosed in the listing statement to be prepared in connection with the arrangement, any information released or received with respect to the arrangement may not be accurate or complete and should not be relied upon. Trading in the securities of the company should be considered highly speculative.

We seek Safe Harbor.