Pursuant to the Option Agreement between Metal Energy and Mistango River Resources ("Mistango"), Mistango has acquired from Metal Energy a 15% interest (the "Interest") in the Manibridge project. The Company reserves the right to re-acquire the Interest in the Project from Mistango at any time after February 28, 2023 and before April 30, 2024 (the "Closing Date"). The purchase price payable by Metal Energy to Mistango for the Interest on the Closing Date is $2,250,000 in cash or common shares of Metal Energy.

The Manibridge project is currently held 85% Metal Energy and 15% Mistango.