Bolt Metals Corp. announced it's Indonesian subsidiary received notification from the Head of BKPM /Minister of Investment for Indonesia that the mining permit for the Cyclops nickel/cobalt Project has been revoked. Bolt, through its Indonesian subsidiary has for the last 4-years been working with government agencies to register its license into the Directorate General Mineral and Coal, Ministry of Energy and Mineral Resources database, a requirement for the extension of the Cyclops project IUP.

The license was successfully registered in July 2020. The Company's application for IUP extension commenced in 2021 with all the demanded requirements from the Directorate General Mineral and Coal having been fulfilled, including submission of certificates of bank deposit of a joint TNM/Directorate General Mineral and Coal Account for Reclamation and Post Mining bonds. The Company's Indonesian advisors have suggested several strategies to have the IUP extended and intends to pursue one or more courses of action.

When available, the Company will provide updates regarding a possible reinstatement of the mining permit for Cyclops as well as any impact to the conditional sale of the Cyclops Project announced December 23, 2021.