1911 Gold Corporation announced that, based on the positive findings received by Grid Metals Corp. ("Grid") from the scoping study completed by the Primero Group on the True North processing mill, Grid is proceeding with the lease agreement previously announced in the news release on July 18, 2023. The original letter agreement provided for a 90 day period during which Grid, working with the Primero Group, would complete a technical scoping study.

This scoping study would assess the viability and cost of modifying the existing True North processing mill to allow for the processing of spodumene pegmatite (lithium ore) from Grid's Donner Lake Property to produce a saleable lithium concentrate. With the positive findings from this study, Grid has the information required to proceed to the next step in the mill lease agreement and both companies are working to complete a Definitive Lease Agreement in the near term. Certain terms in the original letter agreement have been modified in order to reduce the near-term funding requirements for Grid, while leaving the overall mill lease agreement substantially intact.

The terms that were modified were as follows: Toll milllling agreement terms for the processing of 1911 Gold during the lease perio have been modidified to increase the minimum available processing capacity for gold ores. The remaining payments to 1911 Gold have been modified to the following: An equity investment of CAD 400,000, subject to the applicable regulatory approvals. If regulatory approval cannot be obtained, Grid shall make a corresponding cash payment to 1911 Gold.

CAD 600,000 lease payment will be paid to 1911 Gold by October 25, 2023 ($50,000 already paid), with an additional $500,000 to be paid as financial assistance when Grid completes an equity raise of not less than CAD 1,000,000. Financial assistance payments are non-interest bearing but secured by the True North mill, with such security to be released upon termination of either the original letter agreement or, once completed, the Definitive Lease Agreement. Financial assistance payment of CAD 500,000 to the Province of Manitoba (relating to the mine closure plan for the True North complex) for the period ending April 30, 2024, 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.

With the completion of the 90 day due diligence period, Grid can only terminate the Agreement once it has made a cumulative total of CAD 2,250,000 in total payments.