Braveheart Resources Inc. (TSXV:BHT) entered into a letter of intent to acquire Thierry Mine Project from Cadillac Ventures Inc. (TSXV:CDC) for CAD 1.9 million on August 18, 2020. Braveheart Resources Inc. (TSXV:BHT) entered into a definitive agreement to acquire Thierry Mine Project from Cadillac Ventures Inc. (TSXV:CDC) on October 21, 2020. The consideration includes CAD 0.3 million in cash and 13.5 million common shares of Braveheart Resources Inc. and a 2% net smelter royalty (NSR) to be retained by Cadillac Ventures Inc. of which 1% of the NSR can be purchased by Braveheart Resources for CAD 1 million. As of December 18, 2020, The definitive agreement for Braveheart to purchase all the shares of Cadillac Ventures Holdings Inc., Cadillac's wholly-owned subsidiary which owns the Thierry Project, is being amended to provide that the amount of the purchase price shall be an aggregate of CAD 275,000 cash to Cadillac on the closing date, which represents an unchanged CAD 300,000 net of the CAD 25,000 advanced; Braveheart will issue 11,000,000 Braveheart common shares (reduced from 13,500,000 shares) to Cadillac on the closing date; Braveheart will issue up to an additional 2,500,000 Braveheart common shares following delivery of the pending Updated Rehabilitation Plan to the Ministry of Energy, Northern Development and Mines of Ontario ("MENDM") for Thierry, with the number of potential Braveheart shares to be reduced from 2,500,000 based on 50% of the amount of additional financial assurance that needs to be posted with MENDM, above the CAD 400,000 as reflected in such plan and using the closing price of the BHT Shares on the date of the Updated Rehabilitation Plan, and Cadillac shall also reimburse Braveheart in cash to the extent that the additional financial assurance exceeds the value of the 2,500,000 Braveheart common shares; and the 2% NSR Royalty grant is unchanged.

The transaction remains subject to definitive purchase and sale agreement, satisfactory completion of due diligence by Braveheart Resources and the approval of the TSX Venture Exchange. Cadillac has scheduled a shareholder meeting for November 11, 2020 for the purpose of obtaining the approval of Cadillac shareholders for the sale of the Thierry Project and subject to third party approvals. The definitive agreement will include customary terms and conditions including representations and warranties. The transaction is expected to close in November 2020. As of December 18, 2020, The transaction is expected to close close in December 2020.

Braveheart Resources Inc. (TSXV:BHT) completed the acquisition of Thierry Mine Project from Cadillac Ventures Inc. (TSXV:CDC) on December 22, 2020.