Mr. Judson Culter reports

UPDATE ON EXPLORATION AT THE CABIN LAKE GOLD PROJECT AND CLOSING OF UNIT FINANCING

Further to its release of Sept. 15, 2020, Rover Metals Corp. has completed drilling and logging of its third drill hole at its 100-per-cent-owned Cabin Lake gold project in Northwest Territories, Canada. The company has made a second successful intersection of the sulphide replacement of the Bugow iron formation in the target zone.

Cabin Lake exploration program

Drilling is progressing at Cabin Lake and the third hole has been completed, successfully intersecting the historic gold mineralized zone at the Bugow iron formation in the vicinity of historic drill holes 86-10 (historically reported 9.53 grams per tonne gold over 0.95 metre and 12 grams per tonne gold over 8.84m), 86-11 (historically reported 8.22 grams per tonne gold over 4.72 metres) and 86-26 (historically reported 12.54 grams per tonne gold over 4.1 metres).

Hole CL-20-03 intersected the sulphidized Bugow iron formation, host of the gold mineralization at a depth of 43 metres targeting the upper sheared/deformed zone, consistently showing up to 50 per cent sulphide mineralization (pyrite and pyrrhotite replacements) and pervasive quartz veining/flooding. Sulphide mineralization occurs along with deformation/shearing to a depth of 54.85 metres. Below this zone, the sulphide mineralization within the Bugow iron formation drops to less than 5 per cent as well as the intensity in deformation. The iron formation turns to subparallel to the core axis due to folding, and, despite the hole being still in the iron formation, it was decided to stop it at a depth of 91 metres and move to the next pad as it turned into a more amphibolitic and magnetite-rich facies at depth.

The company has also managed to locate most of the historic drill collars in the field, and, after drilling the first three holes, it is now updating the historic database for a possible deviation of the historic holes noted when comparing with the spatial distribution of the historic intersects and the current depths of the mineralized contacts in the 2020 drill holes targeting those zones at an angle. Future releases will provide updated drill plan views and drill hole sections incorporating the current 2020 drill holes in relation to the historic ones.

The company has budgeted for approximately 1,100 metres of drilling, which will include confirmation drilling of historical high-grade gold drill intercepts in the Bugow Cabin Lake gold zone.

Unit financing

Further to its releases of Aug. 4, 2020, Aug. 28, 2020, and Sept. 4, 2020, announcing a non-brokered unit financing and closings of the unit financing, the company has now closed the third and final tranche of the unit financing for gross proceeds of $585,079.96. Each unit comprises one common share and one common share purchase warrant. The third-tranche units were issued at six cents per unit, resulting in the issuance of 9,751,332 common shares and 9,751,332 warrants. The third-tranche warrants have an exercise price of 12 cents per warrant share, a life of two years and an acceleration clause if the company's common shares trade at 20 cents per common share for five consecutive days. A total of $1,209,999.96 was raised under the unit financing, resulting in the issuance of 20,166,666 common shares and 20,166,666 common share purchase warrants. All of the warrants have an exercise price of 12 cents per warrant share, a life of two years and an acceleration clause if the company's common shares trade at 20 cents per common share for five consecutive days. Cash finders' commissions were paid to an exempt market dealer and a brokerage firm in the amount of $92,507.99. The company also issued 1,541,693 finder warrants in connection with the financing. The finder warrants have an exercise price of 12 cents per warrant share, a life of two years and an acceleration clause if the company's common shares trade at 20 cents per common share for five consecutive days.

COVID-19 strategy

Rover Metals has engaged Aurora Geosciences as project manager for the Cabin Lake exploration program. Aurora Geosciences is a geological consulting firm based in Yellowknife, NWT, Canada, that follows the employment and mining exploration health and safety guidelines recommended by the government of the Northwest Territories. All employees and contractors involved in Rover Metals' exploration program will be personnel that are based in Northwest Territories, Canada. There will be no extraterritorial travel required to complete the program. As part of this project management restructuring, Ronald Woo has resigned as the company's chief operating officer. Mr. Woo will join the company's advisory team and will continue to assist the company on a case-by-case basis with first nation relations and continuing permitting for new and existing projects.

Technical information in this news release has been approved by Raul Sanabria, MSc, PGeo, technical adviser and a shareholder of Rover Metals and a qualified person for the purposes of National Instrument 43-101.

About Rover Metals Corp.

Rover Metals is a precious metal exploration company specialized in North American precious metal resources that is currently advancing the gold potential of its existing projects.

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