Camrova Resources Inc. (TSXV:CAV) entered into a letter of intent to acquire Asesoria y Inversiones MAYG SpA on March 18, 2019. The purchase price will be satisfied by the issuance of approximately 7.7 million post consolidated common shares of Camrova. Post completion of the Proposed Acquisition, it is anticipated that the current shareholders of Camrova will hold approximately 11% of the common shares after giving effect to the anticipated Bridge Financing and the Concurrent Financing. The Proposed Acquisition is the outcome of Camrova's previously announced negotiations towards the acquisition of assets from Sociedad Contractual Minera Oximin ("Oximin") in which MAYG was a participant. In connection with the Proposed Acquisition, although the terms have not yet been finalized, Camrova intends to conduct an equity private placement to raise aggregate gross proceeds of up to $6.7 million. On April 30, 2019, Camrova Resources Inc. entered into an agreement to acquire Asesoria y Inversiones MAYG SpA. Under this agreement, the total consideration payable by Camrova to MAYG will be satisfied by a cash payment of $0.5 million and the issuance of 5.1 million post-consolidated shares of Camrova. Camrova also intends, subject to approval of the Exchange, to conduct a non-brokered private placement of units ("Units") at a price of $0.06 per Unit to raise up to $0.19 million (the "Bridge Financing") the proceeds of which will be used to fund the deal. As of December 14, 2020, Camrova intends to raise CAD 9 million ($6.7 million) by a combination of convertible debt and equity financings by signing a formal term sheet to enable acquisition of the Slag Agreement and the e Las Vacas flotation plant of Compañia Don Alberto located near Illapel, Chile.

The transaction is subject to a number of conditions including receipt of approval from Camrova shareholders, completion of the company of a 4:1 consolidation of all its issued and outstanding shares, completion of due diligence, entering into a definitive acquisition agreement with the shareholders of MAYG, completion of concurrent financing, an agreement acceptable to Camrova with the vendors of real property and processing facility assets required to process the slag waste material in respect of the Slag Processing Project, receipt of a report to be prepared by WSI regarding the estimated capital expenditures and operating costs of the Slag Processing Project and a financial model showing economically acceptable financial performance in form and substance satisfactory to the parties, approval and acceptance of the Exchange. As of March 19, 2021, closing of the transaction has been extended to May 15, 2021. Oak Hill Advisors acted as financial advisor to Camrova. The amending agreement provides for the elimination of the requirement for the Company to consolidate its common shares, reduces the consideration payable on closing by reducing the cash payable to $250,000 (previously $500,000) and reducing the number of shares of the Company issuable to MAYG to 3,000,000 (previously 5,096,154 post-consolidated shares). The closing of the Slag Agreement remained subject to the Company's completion of a CDN $9 million financing. This has not occurred and the contract has been terminated.