Bathurst Metallic Corp entered into an arm?s length non-binding letter of intent to acquire Rex Resources Corp. (TSXV:OWN) in a reverse merger transaction on September 8, 2025. Bathurst Metallic will own a majority of the outstanding common shares of the Company and the Company is expected be renamed to such name as the Company and Bathurst Metallic may determine. Upon completion of the Proposed Transaction, it is anticipated that the Resulting Issuer will be listed as a Tier 2 Mining Issuer on the Exchange. Pursuant to the terms and conditions of the LOI, the Company and Bathurst Holdings Inc. will negotiate and enter into a definitive agreement incorporating the principal terms of the Proposed Transaction as described in the LOI and this news release. There is no assurance that a Definitive Agreement will be successfully negotiated or entered into. The LOI is expected to be superseded by the Definitive Agreement to be negotiated between the parties. The Proposed Transaction will be structured as a share exchange, plan of arrangement, amalgamation or other form of business combination based on the advice of the parties? respective advisors and taking into account various securities, tax, operating and other considerations. Bathurst Metallic Corp entered into a definitive agreement to acquire Rex Resources Corp. (TSXV:OWN) in a reverse merger transaction on January 14, 2026. The Amalgamation will result in the issuance of 25,000,000 common shares of the Company to the shareholders of BHI for each BHI Share held by such BHI Shareholder on a one-to-one basis, immediately prior to the closing of the RTO Transaction.

The transaction is subject to the receipt of all necessary consents, orders and regulatory and shareholder approvals, including the conditional approval of the TSXV, subject only to customary conditions of Closing, the completion of a name change of the Company, completion of the Concurrent Financing, completion of a National Instrument 43-101 technical report for BHI?s projects, completion of audited financial statements of BHI, BHI shall have closed the acquisition of the Stratmat and Halfmile Projects, and such other customary conditions.