Mr. Chad Ulansky reports

METALEX ANNOUNCES GRANT OF DEFERRED SHARE UNITS

Metalex Ventures Ltd. has granted an aggregate of 312,500 deferred share units (DSUs) to two independent directors at a deemed price of 4.8 cents per DSU. The DSUs were granted in consideration for services provided by the directors for the quarter ended April 30, 2023. The DSUs were granted under the company's deferred share unit plan adopted on Oct. 11, 2022. The DSUs vest one year from the date of grant, subject to certain exceptions, and each DSU entitles the holder to receive one share of the company or in certain circumstances a cash payment equal to the value of one share of the company at the time the holder ceases to be a director of the company.