Labrador Iron Pty Ltd entered into a Tenement Sale Agreement to acquire Block 103 Iron Ore Project in Labrador Trough from M3 Metals Corp. (TSXV:MT) for AUD 1.5 million on May 4, 2022. Pursuant to the agreement, The purchaser shall make a payment in cash of AUD 0.5 million on closing and on or prior to the 12-month anniversary of closing, a payment in cash of AUD 1 million. The Agreement is subject to the acceptance of the TSX Venture Exchange, the consents of all applicable third parties and the approval of the Company's shareholders, if required. As of June 1, 2022, TSX Venture Exchange accepted for filing documentation relating to a tenement sale agreement.