AFR NuVenture Resources Inc. (the "Company") announced on February 1, 2022 that it had entered into a letter of intent (the "LOI") with private exploration company Edge Exploration Inc. ("Edge") pursuant to which it may earn up to a 100% interest in five (5) claim groups totaling 9,277.1 ha in New Brunswick, Canada (the "Properties"). The interest is earned by funding exploration programs to investigate known and inferred bedrock mineralization containing gold, silver, base metals, tungsten, molybdenum, rare earths, and other traditionally sought elements and green revolution elements. The Company subsequently entered into a formal definitive agreement dated February 23, 2022 (the "Exploration Agreement with Joint Venture Options") incorporating the terms of the LOI which are set out in the Company's February 1, 2022 news release which is filed on SEDAR and the Company's website.

TSX Venture Exchange has accepted for filing the Exploration Agreement with Joint Venture Options. Edge will retain a 2% NSR in the Properties (the "Edge Royalty"). If the Company, at its option, earns either a 50% or 75% interest in the Properties, resulting in a joint venture between the parties, if either party fails to contribute its share of future expenditures, a standard non-contributor dilution will reduce such party's interest to a 2% NSR once the minority party falls below a 10% interest (the "Non-Contributor's Royalty").

The other party may purchase one-half of either the Edge Royalty or the Non-Contributor's Royalty (1% NSR) for $1,000,000 at any time subject to further Exchange review and acceptance.