Mr. Kosta Tsoutsis reports

M3 METALS PROVIDES LAKSHMI PROPERTY UPDATE GRANTS OPTION ON RECENTLY STAKED NEVADA LANDS

M3 Metals Corp. has entered into a mineral property option and joint venture agreement with Surge Battery Metals Inc., a TSX Venture Exchange-listed company.

The agreement grants Surge the option to earn an up-to-80-per-cent interest in and to the M3 Metals lands (the M3 Metals claim block) by Surge making the following payments to the company:

• To earn a 50-per-cent interest upon closing in the M3 Metals lands, Surge must make a cash payment to the company of $500,000 and must issue to the company a total of two million of Surge's common shares;
• To earn an additional 20-per-cent interest in the M3 Metals lands, Surge must make a cash payment to the company of $250,000, issue to the company a total of two million of Surge's common shares and make $250,000 in exploration expenditures;
• To earn an additional 10-per-cent interest in the M3 Metals lands, Surge must make a cash payment to M3 Metals of $500,000 and issue to the company a total of one million of Surge's common shares.

Upon earning a 50-per-cent interest in the M3 Metals lands, the company may either continue to earn the additional 20-per-cent interest and 10-per-cent interest in the M3 Metals lands or may require M3 Metals to enter into a joint venture agreement with Surge for further exploration and development of the M3 Metals lands. Upon payment of the full option exercise price, M3 Metals and Surge must enter into a joint venture agreement with industry customary terms including that the party with the greater interest in the M3 Metals lands will act as the operator of the M3 Metals lands unless otherwise agreed between them.

Closing of the M3 Metals agreement is expected to occur within 10 days of TSX Venture Exchange approval of the M3 Metals agreement. The M3 Metals agreement and the option have a term of five years and require, upon their termination, that the parties enter into a joint venture provided that Surge has earned an at-least-50-per-cent interest in the M3 Metals lands.

No finders' fees are payable in connection with the M3 Metals agreement, and M3 Metals and Surge are not related parties for the purposes of Multilateral Instrument 61-101 or otherwise subject to it.

The M3 Metals agreement and the performance of the company's obligations thereunder are conditional upon the approval of the TSX Venture Exchange.

The properties comprising the M3 Metals lands were staked by the company in April of 2023 prior to the company entering into the Lakshmi property agreement (as described below). The M3 Metals lands that were staked by the company are composed of 253 claims in Elko county, Nevada, and are located approximately 40 kilometres southeast of Jackpot, Nev., and 73 kilometres north-northeast of Wells, Nev.

Lakshmi property update

On May 9, 2023, the company announced that it had entered into a mineral property option agreement to acquire an interest in the Lakshmi property, a mineral property prospective for lithium. The Lakshmi property is expected to be the focus of the company's exploration and development efforts on a going forward basis. The Lakshmi property agreement is subject to its approval by the exchange. Approval requires the company to submit a technical report on the Lakshmi property, which the company anticipates will be completed and submitted to the exchange shortly. More complete information on the Lakshmi property can be found in the company's news release of May 9, 2023, under the company's issuer profile on SEDAR.

About M3 Metals Corp.

M3 Metals is a Canadian-listed company, focused on creating shareholder value through discoveries and strategic development of mineral properties in North America.

We seek Safe Harbor.