An anonymous director reports

METALITE RESOURCES PROVIDES UPDATE ON PROPOSED 10 FOR 1 SHARE CONSOLIDATION

Further to its news release dated Oct. 2, 2023, regarding the consolidation of Metalite Resources Inc.'s common shares on the basis of one postconsolidated common share into 10 preconsolidated shares, the effective date for the share consolidation will be Oct. 20, 2023, and the record date for the share consolidation will be Oct. 23, 2023

Effective Oct. 20, 2023, the company will commence trading on the Canadian Securities Exchange on a consolidated basis and the new Cusip number and ISIN (international securities identification number) will be 591236203 and CA5912362038, respectively.

The share consolidation will 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.

About Metalite Resources Inc.

Metalite Resources is a Canadian junior mineral exploration issuer with a precious-metal-focused project in New South Wales, Australia.