Ms. Liz MacKenzie reports

METALO MANUFACTURING INC. - RELEASE OF QUARTERLY FINANCIALS AND UPDATE

Metalo Manufacturing Inc. has filed its quarterly unaudited consolidated financial statements and management discussion and analysis for the period ending March 31, 2023. Both are available under the issuer's profile on SEDAR and on the Canadian Securities Exchange website.

Business update

Metalo's immediate projects, with interested partners and investors, are to produce pig iron and biochar, as well as its mineral sands resource for downstream production. The company anticipates the biochar plant will produce revenue in 2023. Development efforts are also under way with a team of technical advisers to establish a solution for producing silicon carbide (SiC) using its silica sands and biochar to be the first carbon-neutral producer globally. All development efforts require additional capital.

The issuer also announces that it has issued 323,728 common shares to Forest Lane Holdings Ltd. (FLH), a company controlled by an insider of the issuer, in satisfaction of a quarterly interest payment of $25,000, due pursuant to the terms of the previously announced convertible debenture. This issuance is made at a deemed price of 7.7 cents per share, the volume-weighted trading price for the 20 trading days ending April 10, 2023. The securities are subject to a four-month hold period.

About Metalo Manufacturing Inc.

Metalo's focus remains on investments in energy-intensive production projects with near-zero carbon dioxide emissions using its minerals sands resource or Canadian iron ore. Metalo is a 44-per-cent shareholder of Grand River Ironsands Inc. (GRI). GRI owns a 100-per-cent interest in Pure Fonte Ltee (pig iron production). GRI owns 90 per cent (fully dilutable) of Labrador Sands Inc., which owns the mining rights for a resource near Happy Valley-Goose Bay, Nfld. The corporation has 21,108,402 issued and outstanding common shares.