An anonymous director reports

METALITE RESOURCES ANNOUNCES PROPOSED 10 FOR 1 SHARE CONSOLIDATION

Metalite Resources Inc. will seek the Canadian Securities Exchange's (the CSE) approval to consolidate all of its issued and outstanding common shares on the basis of 10:1, with every 10 preconsolidated common shares being consolidated into one postconsolidated common share. In accordance with the company's articles, shareholder approval will not be required for the proposed share consolidation. The proposed share consolidation has been approved by the company's board of directors.

The proposed share consolidation would result in the number of issued and outstanding common shares being reduced from the current outstanding 145,219,150 common shares to approximately 14,521,915 common shares. The company also has outstanding warrants to purchase 51,023,910 common shares reserved for issuance, equal to 5,102,391 common shares on a postconsolidation basis, and also has outstanding stock options to purchase 6,825,000 common shares reserved for issuance, equal to 682,500 common shares on a postconsolidation basis.

No fractional shares will be issued as a result of the share consolidation. Any fractional shares resulting from the share consolidation will be rounded down to the next whole common share, and no cash consideration will be paid in respect of fractional shares.

The company's board of directors believes that the share consolidation will provide the company with greater flexibility for the continued development of its business and the growth of the company, including financing arrangements. There is no change of business associated or being effected with respect of the share consolidation. In addition, the company will not be changing its name in connection with the proposed share consolidation.

The company will be obtaining new Cusip and ISIN numbers for common shares in connection with proposed the share consolidation. The record date and effective date of the share consolidation and the new Cusip and ISIN numbers will be disclosed in a subsequent news release. Generally, with respect to a consolidation, the shares would commence quotation on the CSE on a consolidated basis on the first trading day prior to the record date, being the effective date, and the CSE would issue a bulletin to dealers advising of the share consolidation and effective date of trading on the consolidated basis. Notwithstanding the foregoing, the share consolidation is subject to regulatory approval, and the board of directors may, at its discretion, determine to amend the terms or to not to move forward with the share consolidation.

Furthermore, David Kol, principal of Next Generation Resources Inc. (Next Gen), acquired by the company earlier this year, has agreed to tender for cancellation 12.4 million common shares of the company in connection with the execution of a mutual release with the company. The total number of preconsolidation and postconsolidation shares referenced above do not reflect this cancellation.

The company wishes to further advise that, in accordance with its press release dated July 27, 2023, it is commencing efforts to wind up Next Gen and it has abandoned all operations in Liberia. To this end, the company has terminated the employment of its vice-president, exploration, Efdal Olcer.

About Metalite Resources Inc.

Metalite Resources is a Canadian junior mineral exploration issuer with a precious-metals-focused project in New South Wales, Australia, along with various indicator minerals that occur along with these precious metals.

We seek Safe Harbor.