Mr. Richard Revelins reports

MERYLLION AMENDS NON-BROKERED PRIVATE PLACEMENT

Meryllion Resources Corp. has amended the terms of its non-brokered private placement financing previously announced on Nov. 14, 2023. The intended private placement will now be composed of up to 14.9 million units of the company at a price of four cents per unit for gross proceeds of up to $596,000. Each unit will consist of one common share in the capital of the company and one common share purchase warrant. Each warrant will entitle the holder thereof to purchase an additional common share at an exercise price of seven cents for a period of 24 months from the date of issuance. In connection with the private placement, finder's fees may be payable to eligible arm's-length persons with respect to certain subscriptions accepted by the company, in accordance with the policies of the Canadian Securities Exchange (CSE).

Closing of the private placement is subject to obtaining all required approvals, including the approval of the CSE and any other regulatory approval. All securities issued pursuant to the private placement will be subject to a hold period of four months and one day from the date of issuance, under applicable securities laws.

The proceeds from the private placement will be used to satisfy the exercise of the company's option in respect to Tasmanian Strategic Green Metals Pty. Ltd. (TSGM) and Westbury Resources Pty. Ltd., and to commence exploration activities. TSGM and Westbury hold a portfolio of leases that are highly prospective for ionic adsorption clay (IAC)-hosted rare earth elements (REEs) located in northeastern Tasmania, Australia, near the major city of Devonport. For more information concerning the rare earth project, please refer to the company's press release of Oct. 3, 2023.

About the Tasmanian rare earths projects

The project is hosted in highly sought rare earth-rich ionic-adsorption-clay-hosted deposits comprising Jurassic dolerites and basalts, and provide significant upside potential for economic rare earth magnet metals.

Globally, most rare-earths are sourced from hard-rock mines. These typically require large, costly processing plants and a significant lead time to reach production. A less common source of rare earths is ionic adsorption clay deposits. Historically, these have only been mined in southern China. A major advantage of IAC deposits is that the rare earths can be extracted from the clay via a simple leaching process, recoveries of up to 70 per cent have been achieved utilizing a benign, environmentally friendly ammonium sulphate leach. Secondly, these deposits generally exist at, or close, to surface. These advantages enable a project to be developed rapidly and at lower cost than traditional hard-rock deposits. Furthermore, IAC deposits are relatively richer in the rare earths needed for permanent magnets, and they typically contain low concentrations of radioactive elements such as uranium and thorium, making permitting and treatment significantly less complex.

We seek Safe Harbor.