Mr. David Melling reports

METALITE RESOURCES INC. TO SETTLE DEBT FOR SHARES

Metalite Resources Inc. has entered into settlement agreements with certain creditors of the company to issue an aggregate amount of 10,431,813 common shares in the capital of the company at a deemed issue price of three cents per common share and 331,800 common shares at a deemed issue price of five cents per common share to settle bona fide debts of the company in the aggregate amount of $329,544.39.

As one of the creditors to the debt settlement transactions, David Melling, chief executive officer of the company, will be issued 131,551 common shares at a deemed issue price of three cents and 331,800 common shares at a deemed issue price of five cents to settle an aggregate amount of $20,536.53 in bona fide debt of the company. Participation of Mr. Melling in the debt settlement transactions will constitute a related party transaction, as defined under Multilateral Instrument 61-101, Protection of Minority Security Holders in Special Transactions. The company intends to rely on the exemption from the formal valuation requirements of Section 5.4 of MI 61-101 pursuant to Subsection 5.5(a) of MI 61-101 and the exemption from the minority approval requirements of Section 5.6 of MI 61-101 pursuant to Subsection 5.7(1)(a) of MI 61-101.

The securities to be issued pursuant to the debt settlement transactions will be subject to a statutory hold period of four months plus one day. The company will issue the shares on or about Dec. 15, 2023, following the completion of the five-business-day waiting period prescribed by the Canadian Securities Exchange.

About Metalite Resources Inc.

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

We seek Safe Harbor.