DNI Metals Inc. has signed a Letter of Intent granting a private company (Privateco) an option to earn up to a 51% interest in DNI's Alberta Black Shales Deposit. The LOI is generally non-binding, except for matters related to, among others, exclusive dealing and confidentiality. DNI will grant to Privateco the option to earn an initial 51% interest in the Black Shales Property as follows: upon execution of the LOI, Privateco is paying CAD 100,000 to DNI; on or before the date which is the earlier of 6 months from the date of the Definitive Agreement or 15 days after the date that Privateco completes an RTO/IPO transaction, Privateco would pay an additional CAD 150,000 to DNI; and by incurring exploration and development expenditures on the Property of at least CAD 1,000,000 on or before March 31, 2021. Upon Privateco earning a 51% interest: DNI would maintain a carried interest (49%) until Privateco obtains a bankable feasibility report; and upon Privateco obtaining a bankable feasibility report, the parties would enter into a joint venture on and subject to terms typical for a joint venture, including standard dilution terms, whereby DNI would be obliged to contribute its 49% to all costs related to production, including the construction of a processing plant and related activities, or be diluted down to a 2% NSR. Privateco is controlled by Jim Atkinson in trust and without personal liability for a corporation to be incorporated. This is an arm's length transaction.