Metalite Resources Inc. Acquires Launay Gold Property in Québec

TORONTO, ON – June 22, 2026 – Leads & Copy – Metalite Resources Inc. has entered into a definitive asset purchase agreement to acquire a 100% interest in the Launay Gold Property located in Québec, Canada, subject to certain net smelter return royalties. The agreement, dated June 19, 2026, was made with Launay Gold Corp. and Cachee Gold Mines Corp.

The acquisition represents a significant step in expanding Metalite’s mineral exploration project portfolio, according to Chris Hazelton, CEO of Metalite. The Launay Gold Property, situated in Québec’s Abitibi region, complements the Company’s existing 100%-owned Arthurs Seat Silver-Antimony project in New South Wales, Australia. Metalite anticipates being well-positioned to advance both assets through focused technical evaluation, exploration planning, and target development.

Under the terms of the Definitive Agreement, Metalite will acquire the Launay Gold Property in exchange for the issuance of 6,000,000 common shares of Metalite to Launay or its designated nominee. The issuance of these shares is expected to result in Launay or its nominee becoming a new “control person” of Metalite, as defined by the Canadian Securities Exchange (CSE) policies, which requires shareholder approval.

Metalite has secured the necessary shareholder approval for the creation of a new control person through written consent from holders of 7,552,190 common shares, representing approximately 72.9% of the Company’s outstanding common shares. The Transaction is still subject to final acceptance by the CSE and the satisfaction of all remaining closing conditions. The Company anticipates the Transaction will close after a required five-business-day period following the filing of applicable documents under CSE policies.

The Launay Gold Property comprises 314 mineral claims in Québec. Of these, 74 are transferable at closing upon approval from the Ministère des Ressources naturelles et des Forêts of Québec (MRNF). The remaining 240 claims are conditionally transferable after the completion of minimum exploration commitments. At closing, the transferable claims will be transferred to Metalite or a subsidiary. For the conditionally transferable claims, Launay and Metalite will enter into a bare trust agreement, with Metalite gaining a 100% beneficial interest while Launay retains registered ownership pending satisfaction of work commitments.

Metalite has agreed to incur expenditures of at least $500,000 on the Launay Gold Property within 12 months following the Closing Date, and an additional $1,500,000 within the subsequent 18 months, totaling $2,000,000 in Exploration Commitments. Failure to meet these commitments within the specified timeframes gives Launay the right, but not the obligation, to repurchase the Launay Gold Property for $1.00.

Launay initially acquired the Launay Gold Property in late 2010 and has since acquired additional claims, with an aggressive acquisition program in late 2020. Launay’s aggregate acquisition cost for the property was approximately $400,000. Since acquiring the property, Launay has invested approximately $1.4 million in geological compilation, prospecting, sampling, geophysical and geochemical surveys, line cutting, trenching, and drilling. Assessment work reports have been filed with the MRNF and are available through SIGÉOM.

Following the Closing Date, the board of directors of Metalite will be reconstituted to include five directors, with four nominated by Metalite and one by Cachee. Alex Storcheus, Cachee’s nominee and currently Partner and COO at FMI Capital Partners, will be appointed Chairman of the board. Mr. Storcheus also serves as Director and CEO of Cachee and is a CFA charterholder.

The Consideration Shares will be subject to a hold period expiring on the later of four months following the Closing Date or ten trading days after Metalite files a technical report for the Launay Gold Property. These shares will be issued at a deemed price of $0.20, representing a 25% discount to the Company's closing share price on June 19, 2025, the maximum discount permitted by the CSE. The aggregate deemed consideration is $1,200,000.

Metalite Resources Inc. is a Canadian junior mineral exploration issuer with a 100% interest in the Arthurs Seat Silver-Antimony project in Australia. The Company intends to focus exploration efforts on the Launay Gold Property following the closing of the Transaction.

Source: Metalite Resources Inc.