Mr. Aman Parmar reports

REFINED METALS CORP. ANNOUNCES UPDATES TO PROPERTY OPTION AGREEMENTS

Refined Metals Corp. has sent a notice of termination to the owner of the Rose property pursuant to the company's property option agreement (POA) in respect of the Rose property. The company has determined to terminate the Rose POA in order to permit the company to focus its resources on the exploration of its lithium-prospective properties, the Simard property and the Horizon South property. Pursuant to the terms of the Rose POA, the Rose POA will terminate on Dec. 28, 2023, being 30 days following the date the notice of termination was delivered to the property owner, after which date the company shall have no further legal or beneficial interest in or to any of the lands or mineral rights forming the Rose property.

Concurrently with the termination of the Rose POA, the company entered into amending agreements with the owners of the Simard property and the Horizon South property to, among other things, defer certain of the company's payment, common share issuance and exploration expenditure obligations under the property option agreements with respect to the Simard property and the Horizon South property. As a result of the amendments, the remaining payment, exploration expenditure and share issuance obligations under the company's property option agreements with respect to the Simard property and the Horizon South property are as noted herein.

Aman Parmar, chief executive officer of the company, commented: "The termination of the Rose POA and the amendments to the option agreements for the Simard and Horizon properties positions the company to focus on the exploration and advancement of its lithium prospective properties. We are excited to continue our exploration of the Simard property and to begin exploring the Horizon South property."

For additional details regarding the property option agreements in respect of the Simard property and the Horizon South property, please see the company's press releases dated Dec. 21, 2022 (in respect of the Simard property), and Feb. 9, 2023 (in respect of the Horizon South property).

Related party transaction disclosure

As disclosed in the company's Feb. 9, 2023, press release, the option agreement in respect of the Horizon South property is considered to be a related party transaction of the company as defined under Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions. The company relied on the exemptions from the formal valuation and minority approval requirements found in sections 5.5(a) and 5.7(1)(a) of MI 61-101, as the fair market value of the consideration under the property option agreement in respect of the Horizon South property was not more than 25 per cent of the company's market capitalization on the date that this agreement was entered into by the company, as calculated in accordance with MI 61-101. The company's entrance into the Horizon South property option agreement was unanimously approved by the independent directors of the company.

About Refined Metals Corp.

Refined Metals is a junior mining company dedicated to identifying, evaluating and acquiring interests in mineral properties in North America. The company's business is currently focused on the exploration and development of the Simard property, a prospective, exploration-stage lithium property located in the Lac Simard region of Quebec. The company is also party to an option agreement in respect of the Horizon South property, a prospective, exploration-stage lithium property located in Tonopah, Nev. The company continues to review other mineral properties in North America for possible acquisition in the future.

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