Mr. Chris Hazelton reports

METALITE ENTERS INTO LETTER OF INTENT TO ACQUIRE THE LAUNAY GOLD PROPERTY AND ESTABLISH A LANDMARK POSITION IN THE ABITIBI GOLD DISTRICT

Metalite Resources Inc. has entered into a non-binding letter of intent with Cachee Gold Mines Corp. dated March 23, 2026, to acquire all of the issued and outstanding shares of Cachee's wholly owned subsidiary, Launay Gold Corp., which owns a 100-per-cent interest in a large Abitibi-based gold property.

About Launay gold property

Launay gold property comprises 352 claims covering approximately 17,000 hectares, located in the townships of Launay, Privat, Manneville and Poulaires, Quebec. The Launay gold property extends for over 19 kilometres along the Macamic fault, a prominent northwest-southeast-trending structure interpreted to play an important role in controlling gold mineralization in the region where numerous gold occurrences have been identified.

The Launay gold property is also located approximately 45 kilometres north of the Cadillac-Larder Lake break, a major regional structure associated with over 30 million ounces of historical gold production and numerous active mining operations, including those operated by Agnico Eagle Mines Ltd.

Recent exploration of the Launay gold property has focused on the Trojan zone, an approximately 253-hectare area located in Privat township. This zone is associated with a large ultramafic intrusive unit and has been the subject of limited historical drilling, which returned localized gold intercepts, including 29 grams per tonne gold over 1.5 metres and 10.31 g/t Au over 3.0 m, including 17.90 g/t Au over 1.5 m. The Trojan zone is situated approximately 20 km north of the Porcupine-Destor fault, a regional structure that hosts several significant gold deposits, including the Duparquet gold project owned by First Mining Gold Corp., a deposit with over six million ounces that is located approximately 38 km southwest of the Trojan zone.

Cachee has completed a comprehensive compilation of historical exploration data across the Launay gold property, including approximately 23,500 metres of historical drilling and over 1,000 line kilometres of geophysical surveys, including a high-resolution airborne survey completed in 2021 that covers approximately two-thirds of the Launay gold property.

The Launay gold property also includes the Lyndhurst block, a contiguous land package of approximately 8,000 hectares that has seen limited historical drilling, despite multiple surface exploration programs by various operators. A 2021 exploration program carried out by Cachee identified multiple geophysical and geochemical anomalies warranting follow-up work. The Lyndhurst block extends over approximately nine kilometres of the Lyndhurst fault and is located approximately 15 km southeast of the Dumont nickel project, one of the largest undeveloped nickel deposits globally.

Qualified person

The technical and scientific information in this news release has been reviewed and approved by William van Breugel, PEng, a director of the company, who is a qualified person as defined under National Instrument 43-101, Standards of Disclosure for Mineral Projects.

The proposed transaction

It is intended that the proposed transaction be completed by way of purchase, by Metalite from Cachee, of all of the issued and outstanding common shares in the capital of Launay, in exchange for six million common shares in the capital of the company. As part of the proposed transaction, Metalite will incur: (i) at least $500,000 in expenditures on the Launay gold property within 12 months following the completion of the proposed transaction; and (ii) an additional $1.5-million in expenditures on the Launay gold property within the subsequent 18-month period. Should Metalite fail to do so, Cachee shall have the right to repurchase all of the issued and outstanding shares of Launay for $1. It is also anticipated that upon completion of the proposed transaction, the board of directors of Metalite will consist of five directors, four of whom will be nominees of Metalite and one of whom will be a nominee of Cachee, subject to applicable regulatory approvals. Cachee's director nominee is also expected to take on the role of chairman of Metalite's board of directors. No changes to the existing management of Metalite are anticipated. The common shares to be issued as consideration for the proposed transaction will be subject to an extended hold period that is the later of: (i) four months following the date of issuance; and (ii) 10 trading days (as defined in Canadian Securities Exchange policies) following the filing of a current National Instrument 43-101-compliant technical report, all in accordance with policies of the Canadian Securities Exchange.

The proposed transaction is not a related party transaction as such term is defined by Multilateral Instrument 61-101, Protection of Minority Security Holders in Special Transactions.

The proposed transaction is subject to a range of conditions, including, but not limited to, the completion of a due diligence review acceptable to Metalite in its sole discretion and Metalite and Cachee entering into one or more binding definitive agreements containing customary terms and conditions, including representations and warranties customary in a transaction of this nature. In the event that the parties enter into the definitive agreement(s) and subject to the final transaction structure, the closing of the proposed transaction will also remain conditional upon the receipt of all required approvals, including the approval of the CSE, any requisite approval by the shareholders of the company and the approval of the board of directors of each of Metalite and Cachee, amongst other things.

There is no obligation on the part of either Metalite or Cachee to complete the proposed transaction or to enter into any definitive agreement(s) upon the terms presently proposed and, as such, there is no assurance that the proposed transaction will be completed on the terms described herein, or at all.

Alex Storcheus, chief executive officer of Cachee, commented: "We are pleased to announce this partnership with Metalite and the opportunity to advance one of our flagship assets. Over the past several years, Cachee has systematically assembled, maintained and evaluated the Launay gold property, which represents a significant land position within the Abitibi greenstone belt -- one of the world's most prolific gold districts. We believe the scale and geological context of the Launay gold property provide a strong foundation for continued exploration and discovery."

Chris Hazelton, chief executive officer of Metalite, commented: "We are pleased to announce this strategic acquisition, which we expect will become a cornerstone asset within our gold portfolio in a highly prospective and mining-friendly jurisdiction. As we continue to advance our Arthur's Seat silver-antimony project in New South Wales, the addition of the Launay gold property provides further exposure to district-scale exploration potential. We look forward to advancing exploration activities and outlining our plans for the property in due course."

Shareholder approval

The proposed transaction is expected to result in Cachee holding approximately 37 per cent of the common shares on a postclosing basis. As a result, Cachee would become a control person (as such term is defined in the policies of the CSE) of Metalite. In accordance with Policy 4, Section 4.6(3) of the CSE policies, the expected issuance of six million common shares combined with the creation of a new control person (as such term is defined in CSE policies) requires Metalite to obtain shareholder approval of the proposed transaction by a majority of its shareholders. Metalite intends to seek such shareholder approval by way of written consent in accordance with applicable CSE policies.

About Metalite Resources Inc.

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

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