Clarity Metals Corp. announced that, further to the company's news release dated November 22, 2022, it has entered into an early exercise agreement dated January 31, 2023 pursuant to which the company has agreed to exercise its option to acquire a 100% interest in the property known as the Fecteau Property located in the Province of Quebec. The Option was assigned to the Company pursuant to an assignment agreement dated November 22, 2022 among the Company, Opus One Gold Corp.

(Opus One) and the two original optionors (the Optionors). Opus One assigned all of its rights in and to the Option, which was acquired by Opus One pursuant to a property option agreement dated June 20, 2016, as amended September 29, 2020 between Opus One and the Optionors. The company and the Optionors have agreed to amend the terms of the Assignment Agreement and the Original Option Agreement to revise the required payments and expenditures on the Property to exercise the Option.

Pursuant to the Exercise Agreement, the Company and the Optionors have agreed that the Option may be exercised and that the Company will exercise the Option in full by: paying the Optionors a cash payment of $35,000; and issuing to the Optionors 185,185 common shares in the capital of the Company at deemed price of $0.27 per Share. In addition, the Company has agreed to enter into a royalty agreement with the Optionors on the Completion Date pursuant to which the Company will grant: (i) a 2.0% net smelter return royalty (the “Full Royalty”) to the Optionors with respect to production of all precious metals from the mineral claims comprising the Property, other than from certain excluded claims (the “Excluded Claims”); and (ii) a 1.0% net smelter return royalty to the Optionors with respect to production of all precious metals from the Excluded Claims. At any time and at the sole discretion of the Company, the Company may reduce the Full Royalty from 2.0% to 1.0% by paying the Optionors or their permitted assign(s) a cash payment of $1,500,000.