Mr. Michael Mulberry reports

MEDARO MINING CORP. AND EUREKA LITHIUM CORP. SIGN LETTER OF INTENT TO OPTION THEIR LAC LA MOTTE LITHIUM PROPERTIES NEAR VAL D'OR, QUEBEC

Medaro Mining Corp. has entered into a letter of intent (LOI) with respect to an option for Eureka Lithium Corp. to acquire from Medaro Mining (optionor) a 100-per-cent undivided interest in and to the mineral claims comprising the optionor's Lac La Motte project in the mining area of Abitibi, Quebec, subject to a 1-per-cent net smelter return (NSR) royalty in favour of the underlying owner (as defined below).

Michael Mulberry, Medaro's chief executive officer, stated: "We are excited to welcome a partner of the stature of Eureka Lithium Corp. to further develop the Lac La Motte project. I know they are committed and eager to develop the property further. Brining on a solid partner like Eureka is another way for Medaro to further its commitment of developing highly prospective lithium properties in Quebec, and advance our stable of projects."

Under the letter of intent, Eureka will have an exclusive dealing period of 30 days, during which it may conduct due diligence with a view to negotiating and entering into a definitive agreement with the optionor, pursuant to which it would acquire the option to acquire a 100-per-cent undivided interest in and to the property, subject to the NSR, by satisfying each of the following conditions:

• Issuing to the optionor 200,000 common shares of Eureka on the effective date of the definitive agreement (the effective date);
• Incurring exploration expenses in respect of the property totalling $500,000 by the date that is 12 months from the effective date;
• Paying, on behalf of the optionor, $45,000 in cash to the underlying owner of the property by May 6, 2024;
• Issuing to the optionor 300,000 common shares by the date that is 12 months from the effective date;
• Incurring additional exploration expenses in respect of the property totalling $500,000 by the date that is 24 months from the effective date;
• Paying, on behalf of the optionor, $50,000 in cash to the underlying owner by May 6, 2025; and
• Issuing to the optionor one million common shares by the date that is 24 months from the effective date.

The issuance of any common shares will be made pursuant to applicable exemptions from the registration and prospectus requirements under Canadian securities and corporate laws, and such common shares will be subject to a hold period of four months and one day from the date of issuance.

The letter of intent is non-binding, except for provisions relating to the exclusive period of dealing and the right of Eureka to conduct a due diligence review, as well as certain other customary provisions.

About Lac La Motte

The Lac La Motte property is located in the prolific mining area of Abitibi, Que., 40 kilometres northwest of the city of Val d'Or. There are several active lithium prospects/mines at various stages of exploration and development located approximately five km to 20 km from the property.

Recent highlights from 2022 drill program:

• Drill hole MD22-02 intersected a 0.7-metre-wide pegmatite with 0.89 per cent lithium oxide (Li2O) at 72.7 m drilled depth.
• Drill hole MD22-05 intersected three pegmatites: Top 0.79 m wide with 1.34 per cent Li2O at 13.18 m depth; middle 0.7 m wide with 0.5 per cent Li2O at 20 m depth; lower 0.81 m wide at 0.78 per cent Li2O at 22.92 m depth.
• Drill hole MD22-06 intersected three pegmatites: Top 0.11 m wide with 1.10 per cent Li2O at 31.95 m depth; middle 0.87 m wide with 1.01 per cent Li2O at 34.53 m depth; lower 0.80 m wide at 0.55 per cent Li2O at 37.58 m depth.
• Drill hole MD22-07 intersected 1.76 m wide pegmatite with average 4,375 parts per million (ppm) lithium (Li)/0.94 per cent Li2O.
• Drill hole MD22-08 intersected two pegmatites: Upper 1.33 m wide with 1.49 per cent Li2O at 36 m depth; and lower 0.93 m wide at 0.88 per cent Li2O at 41.2 m depth.
• Drill hole MD22-17 intersected a three m wide pegmatite with 1,080 ppm Li at 46.9 m depth.

Qualified person

Afzaal Pirzada, PGeo, a qualified person for the purposes of National Instrument 43-101 -- Standards of Disclosure for Mineral Projects, has reviewed and approved the scientific and technical information contained in this news release.

About Medaro Mining Corp.

The company is a lithium exploration company based in Vancouver, B.C., and holds options over: the Superb Lake lithium property located in Thunder Bay, Ont.; the Darlin, Rapide, Pontax and CYR South lithium properties in Quebec; and the Yurichson uranium property in the Athabasca basin, Saskatchewan. The company is a party to a joint venture agreement that engages the company in the development and commercialization of a new process to extract lithium from spodumene concentrate.

We seek Safe Harbor.