1911 Gold Corporation announced the signing of a letter agreement (the "Agreement") with Grid Metals Corp. ("Grid") to lease the True North mill complex for future processing of spodumene pegmatite (lithium ore) from Grid's Donner Lake Lithium Project in southeastern Manitoba, Canada. Highlights: Significant cash payments on signing and throughout the leasing arrangement.

Execution of the agreement includes an upfront cash payment of CAD 750,000, with an additional CAD 1,000,000 cash payment due in 90 days upon completion of further technical due diligence. The lease arrangement involves milestone payments, a net smelter royalty of 1%, and ongoing payments to cover operating and depreciation costs during the term. Capital investment into the True North mill and tailings facilities.

Grid intends to upgrade and modify the current mill configuration to provide for the processing of spodumene-bearing ore in addition to gold ores. They have engaged Primero Group Ltd. ("Primero"), one of the pre-eminent engineering consulting firms in the lithium industry, to complete a scoping study over the first 90 days to assess the viability of modifying the current mill configuration to handle spodumene-bearing Ore. Toll milling agreement to process future 1911 Gold ore during the lease term.

The Agreement includes the terms for a toll milling agreement to facilitate the processing of 1911 Gold ores during the lease period. With this agreement 1911 Gold will maintain flexibility to phase-in gold ores from the True North mine and other potential ore sources on its 63,000-hectare property. The Agreement contains the primary terms which, upon completion of the 90-day due diligence period, will form the basis of a Definitive Lease Agreement between 1911 Gold (lessee) and Grid (lessor).

Primero has been engaged by Grid to complete a detailed engineering analysis of the existing 1,300 ton per day mill to assess the extent of the upgrades and modifications that will be required to support the processing of spodumENE-bearing ore. A preliminary assessment has already been completed by Primero in order to support the signing of this Agreement and make the required advance payments noted below. Summary of the Terms. The key terms of the Agreement are as follows: Initial lease term of 5 years and a 2 year notice period for cancellation of the lease following the initial lease term.

Grid will make the following payments to 1911 Gold on signing and during the term of a Definitive Lease Agreement: Financial assistance payment of CAD 1,000,000 to 1911 Gold's financial security obligations to the Province of Manitoba (relating to the mine closure plan for the period ending December 31, 2023, with an additional CAD 1.000,000 due by the end of 2024 and a final CAD 900,000 due by the end the end of 2025. CAD 1,000,000 upon commencement of commercial production by Grid at the mill, defined as the processing of at least 200,000 tonnes of spodumene- bearing ore. Monthly payments for operating costs incurred in support of milling activities.

A 1% net smelter return royalty in favour of 1911 Gold, subject to Grid receiving a right of first refusal on any disposition by 1911 Gold. A depreciation fee payment of $7.50 per tonne of lithium ore processed through the True North mill. If Grid elects to extend the lease agreement for an additional 5-year period, subject to 1911 Gold's option to terminate the agreement with 2 years' notice, the following additional payments will be made: Up to CAD 10,000,000 for the full five-year lease extension towards any increased financial security costs arising from increased closure costs, prorated in the event that 1911 Gold exercises the option to terminate the lease.