Mr. Kosta Tsoutsis reports

M3 METALS RECEIVES REGULATORY APPROVAL AND MAKES INITIAL PAYMENTS UNDER DAGGETT LITHIUM PROJECT OPTION AGREEMENT

M3 Metals Corp. has received the regulatory approval required for it to make its initial payments under the Daggett lithium project mineral property option agreement, and has made those payments.

Details regarding the project can be found in the company's news release dated Sept. 29, 2023.

On May 9, 2023, the company announced that it had entered into the agreement to acquire up to an 80-per-cent interest in the project, a mineral property prospective for lithium and located in San Bernardino county, California.

The agreement, dated effective May 8, 2023, is between the company and IMEx Consultants Inc. (the vendor). The agreement provided that the company could earn a 60-per-cent interest in the project by: (i) issuing two million shares (the initial shares) to the vendor; (ii) paying to the vendor the sum of $150,000 (U.S.) (the option payment) upon regulatory approval of the agreement; and (iii) making $400,000 (U.S.) in exploration expenditures on the project within 12 months of regulatory approval of the agreement. The company can acquire an additional 20-per-cent interest, for a total 80-per-cent interest in the project by issuing an additional two million shares to the vendor and making an additional $2-million (U.S.) in exploration expenditures on the project within 36 months of regulatory approval of the agreement.

The company has issued the initial shares and has also paid the option payment. It will have earned a 60-per-cent interest in the project should it make the $400,000 (U.S.) in exploration expenditures within 12 months. The initial shares are subject to a four-month hold period and may not be sold until Feb. 19, 2024.

Regulatory approval of the agreement was subject to the written consent of shareholders holding over 50 per cent of the issued and outstanding shares of the company because the transaction could result in the creation of a new control person, IMEx Consultants.

The transactions contemplated in the agreement constituted a fundamental acquisition (as that term is defined in the policies of the exchange).

No finder's fees were payable in connection with the agreement and the agreement is not a related-party or non-arm's-length transaction. The agreement was not subject to the provisions of Multilateral Instrument 61-101. There are no royalties, underlying option or other agreements related to the property other than the agreement.

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.