Gelum Resources Ltd. reported it has entered into an Option Agreement with Wealth Minerals Ltd. ("Wealth") dated August 31, 2023 whereby Wealth may earn an up to 20% interest in Gelum's contractual interest in the Eldorado property under an Option Agreement which will be combined with the Robson Claims under the Shannon Option Agreement when earned (collectively, the "GMR Interest"). This new option agreement with Wealth gives Gelum the ability to complete the exploration expenditures required to be spent on the project to earn 50% pursuant to the original Option Agreement for both the Eldorado property and the Robson claims (the "Property"). In order to earn the interest in and to the GMR Interest, Wealth must make a $50,000 cash payment on signing (paid) and incur a minimum $600,000 of exploration expenditures on the Property by December 31, 2023 to earn an 8% interest in and to the GMR Interest.

Wealth has the option to earn up to a further 12% interest in and to the GMR Interest for an aggregate 20% interest, on notice to Gelum, which escalating options are not mandatory but required in order to earn the further interests in the GMR Interest: by December 31, 2023 incur a further $300,000 of Expenditures on the Property (aggregate $900,000) to earn a further 4% interest (aggregate 12% interest);by December 31, 2023 incur a further $300,000 of Expenditures on the Property (aggregate $1,200,000) to earn a further 4% interest (aggregate 16% interest); and by December 31, 2023 incur a further $300,000 of Expenditures on the Property (aggregate $1,500,000) to earn a further 4% interest (aggregate 20% interest), the portion of which, at the request of Gelum, shall be filed as assessment work with the applicable government registry to maintain the Property in good standing.