Arbor Metals Corp. announced that it has entered into an agreement (the "Purchase Agreement"), dated May 16, 2024, with Kemlee Lake Lithium Corp. ("KLL"), and the sole shareholder of KLL (the "Vendor"), pursuant to which it proposes to acquire all of the outstanding share capital of KLL.

KLL is the holder of the Kemlee Lake Lithium Project (the "Project") situated in the heart of the Georgia Lake Lithium Camp, Thunder Bay Mining Division, Ontario. The Project is strategically located three kilometers east of Rock Tech Lithium Inc.'s Aumacho claim blocks and twelve kilometers south of the Georgia Lake Project. Rock Tech's recent announcement on March 4, 2024, revealed the selection of the Norampac Paper Mill site as the location for its lithium refinery, marking a significant milestone as the first of its kind in Ontario with production forecasted for 2027.

The Project shares many geological similarities with the prolific Georgia Lake deposit, including bedrock geology and the presence of massive intrusive dykes. The primary target at the Project will be spodumene-bearing pegmatites hosted in metasediments. The Company is currently in the process of designing an initial exploration program for the Project.

Arbor remains dedicated to conducting its exploration and development activities in an environmentally responsible manner while fostering positive relationships with local communities and Indigenous nations. The Company believes that the addition of the Kemlee Lake lithium Project enhances its ability to play a key role in Canada's green economy, contributing to the nation's transition towards a sustainable future. Pursuant to the terms of the Purchase Agreement, the Company proposes to acquire all of thestanding share capital of KLL in consideration for the issuance of 1,500,000 common shares to the Vendor.

The Company is at arm's length from the Vendor and KLL. No finders' fees or commissions are payable by the Company in connection with the acquisition. In connection with Purchase Agreement, the Company does not expect to assume any material liabilities related to the Project, nor does it expect to devote the majority of its working capital or resources to the development of the Project.

The primary focus of the Company at this time remains the planned Phase 2 exploration program at its wholly owned Jarnet Lithium Project, the details of which were announced by the Company in its news release of April 3, 2024. As a result, the acquisition does not constitute a fundamental acquisition for the Company within the policies of the TSX Venture Exchange. Completion of the acquisition remains subject to the approval of the TSX Venture Exchange and the satisfaction of customary closing deliveries.