Alpha Copper Corp. (CSE: ALCU) entered into a non-binding Letter of Intent to acquire CAVU Energy Metals Corp. (CNSX:CAVU) from Directors and officers of CAVU and others for CAD 15.1 million on August 18, 2022. Alpha Copper Corp. (CSE: ALCU) entered into an arrangement agreement to acquire CAVU Energy Metals Corp. (CNSX:CAVU) from Directors and officers of CAVU and others on September 30, 2022. Alpha proposes to issue 0.7 Alpha shares for each share of CAVU (the “Exchange Ratio”). Upon completion of the Transaction, CAVU shareholders will hold approximately 30% of Alpha shares on an outstanding basis. In addition, it is anticipated that CAVU will appoint a nominee to Alpha's Board of Directors, and CAVU's Chief Executive Officer, Jaap Verbaas and Vice President Exploration, Luke Bickerton, will assume operational roles with Alpha. Directors and officers of CAVU collectively holding 5.95% of the currently outstanding CAVU Shares have entered into customary support agreements with Alpha to vote their securities in favor of the Transaction.

Completion of the Proposed Transaction is subject to, among other conditions, satisfactory completion of due diligence, the approval of the Supreme Court of British Columbia, the approval of at least two-thirds of the votes cast by the CAVU Shareholders and conditional approval by the Canadian Securities Exchange. Both Alpha and CAVU expect to work towards entering into a definitive agreement by September 30, 2022. ALCU has entered into Voting Agreements with CAVU supporting shareholders to vote in favor of the transaction. The Board of Directors of CAVU and Alpha have approved the transaction. The CAVU shareholders meeting is scheduled on December 13, 2022. If the Arrangement is approved at the Meeting, CAVU anticipates applying to the Supreme Court of British Columbia (the "Court") for the final order to approve the Transaction (the "Final Order") on December 15, 2022. CAVU's shareholders have approved the plan of arrangement at a special meeting of Shareholders held on December 13, 2022. As on December 15, 2022, CAVU obtained a final order from the Supreme Court of British Columbia. The Transaction is expected to close in the fourth quarter of 2022. Transaction is expected to occur on or about December 19, 2022.

Evans & Evans, Inc. has provided a fairness opinion and financial advisory to CAVU in connection with the transaction. Lucy Schilling of Cozen O'Connor LLP is acting as legal counsel to Alpha and Aadam Tejpar of Segev LLP is acting as legal counsel to CAVU in connection with the Transaction. Computershare Investor Services Inc. acted as depositary to Alpha Copper. Odyssey Trust Company acted as registrar and transfer agent to CAVU.