Mr. Leonidas Karabelas, shareholder, reports

EARLY WARNING REPORT ISSUED PURSUANT TO NATIONAL INSTRUMENT 62-104 FOR DISPOSITION OF SHARES AND WARRANTS OF MIATA METALS CORP.

On Nov. 13, 2023, Nov. 15, 2023, and Nov. 20, 2023, Leonidas Karabelas (the acquirer) disposed of 23,000 common shares, 12,500 shares and 1,500 shares, respectively, of Miata Metals Corp. at prices ranging from 22 cents to 27 cents per share, for aggregate consideration of $5,825, $2,825 and $345, respectively, through the facilities of the Canadian Securities Exchange (the initial sales).

On Jan. 26, 2024, the acquirer disposed of an additional 454,500 shares of the issuer at a price of 3.11 per share for aggregate consideration of $14,134 pursuant to a private share sale transaction and 500,000 common share purchase warrants of the issuer for nominal consideration pursuant to a private warrant transfer transaction. Each warrant entitles the holder to purchase one additional common share of the issuer at an exercise price of 10 cents per share until Nov. 30, 2027.

Four hundred fifty thousand of the warrants will remain subject to a National Policy 46-201F1 escrow agreement dated June 30, 2023, between the issuer, Odyssey Trust Company as the escrow agent and certain securityholders of the issuer. The transfer of such escrowed warrants is considered a permitted transfer within escrow in accordance with the requirements of Section 5.1 of the escrow agreement.

Immediately prior to the initial sales, the acquirer owned and/or had control over an aggregate of 3.03 million shares, representing approximately 11.42 per cent of the issued and outstanding shares of the issuer on an undiluted basis. In addition, the acquirer also owned and/or had control over 500,000 warrants, representing approximately 13.06 per cent of the total issued and outstanding shares of the issuer on a partially diluted basis.

Following completion of the initial sales, private share sale and warrant transfer, the acquirer owns, or has control or direction over, directly or indirectly, 2,538,500 shares and nil warrants, representing approximately 9.57 per cent of the issued and outstanding shares of the issuer on an undiluted basis. This represents an approximate 1.85-per-cent decrease in the acquirer's ownership and/or control over common shares of the issuer on an undiluted basis.

This also represents an approximate 3.49-per-cent decrease in the acquirer's ownership and/or control over common shares of the issuer on a partially diluted basis, noting that the partially diluted basis and undiluted basis percentages are now the same as the acquirer no longer holds any convertible securities following the private share sale and warrant transfer.

The acquirer disposed of the shares and the warrants for investment purposes. The acquirer may acquire additional securities or dispose of securities of the issuer in the future, either on the open market, privately or otherwise, depending on market conditions, reformulation of plans, other available investment business opportunities and/or other relevant factors.

The disclosure respecting the acquirer's shareholdings of the issuer contained in this news release is made pursuant to Multilateral Instrument 62-104 -- Take-Over Bids and Issuer Bids. To obtain a copy of the early warning report filed by the acquirer, please contact the acquirer at 416-543-3120 or refer to the issuer's SEDAR+ profile.