Mr. Sean McGrath reports

SUPERNOVA COMPLETES ACQUISITION OF NAMLITH RESOURCES

Supernova Metals Corp. has completed the acquisition of all of the outstanding share capital of NamLith Resources Corp., a privately held, arm's-length company established under the laws of Seychelles. The transaction was completed pursuant to an amended and restated definitive share exchange agreement entered into with NamLith and each of its shareholders.

NamLith controls a 12.5-per-cent equity interest in Westoil Ltd., also a privately held company established under the laws Seychelles, which itself controls a 70-per-cent interest in petroleum exploration licence 107 (PEL 107), located offshore of Namibia in the Orange basin.

Transaction summary

Pursuant to the terms of the exchange agreement, the company acquired all of the issued and outstanding share capital of NamLith in consideration for the issuance of an aggregate of 15 million common shares to the existing shareholders of NamLith. The consideration shares are subject to restrictions on resale, from which they will be released in three parts. One-half of the consideration shares will be released upon the later of: (i) the filing of a business acquisition report (BAR) for the transaction and completion of a minimum of $50,000 of exploration expenditures on its existing mineral licences in Labrador; and (ii) May 30, 2025. One-quarter of the consideration shares will be released upon the company engaging an author and expending funds to prepare a technical report in respect of PEL 107, and a further one-quarter will be released 10 trading days after the announcement of the filing of the report.

The company is at arm's length from NamLith and each of its shareholders, as well as Westoil. The transaction does not constitute a fundamental change for the company and did not result in a change of control of the company (within the meaning of applicable securities laws and the policies of the Canadian Securities Exchange). There were no changes to the board of directors or management of the company in connection with the transaction. No finders' fees were paid in connection with the completion of the transaction.

We seek Safe Harbor.