Mr. Mark Fields reports

REFINED METALS CORP. ANNOUNCES UPDATES TO PROPERTY OPTION AGREEMENTS

Refined Metals Corp. has 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 outlined in attached tables.

Mark Fields, chief executive officer of the company, commented: "The amendments to the option agreements for the Simard and Horizon properties positions the company to undertake exploration on the newly optioned Dufferin property while preserving its ability to explore its lithium-prospective properties. We are excited to continue our exploration of the Simard property, and to begin exploration of our other portfolio properties, including the uranium-prospective Dufferin property in the Athabasca basin of Saskatchewan."

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 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 shareholder 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, and its subsequent amendment, 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. Refined has an option to earn up to a 75-per-cent interest in the Dufferin project, which is prospective for uranium in the Athabasca basin region, which is renowned for its high-grade uranium deposits. Refined is also exploring for lithium at the Simard property, located in the Lac Simard region of Quebec, and is 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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