Gitennes Exploration Inc. announced that further to its news release dated October 17, 2023 it has received TSX Venture Exchange approval for the acquisition of a 100% undivided interest in eight key claims at its Sept Iles Nickel Property located in the Sept Iles region, Quebec. With the acquisition of the eight claims the Sept Iles Nickel Property now consists of 199 claims totaling 10,900 hectares. The purchase of the eight claims is subject to a purchase agreement dated October 16, 2023, between the Company and an arm's length seller (the "Seller").

As consideration for acquiring a 100% interest in the eight, the Company will issue as consideration to the Seller: (i) 1,500,000 units (each a "Unit"). Each Unit is comprised of one common share (a "Consideration Share") in the capital of Gitennes and one non-transferable share purchase warrant (each a "Warrant"). Each Warrant entitles the Seller to acquire one additional common share in the capital of Gitennes at an exercise price of $0.15 for a period of sixty (60) months; and (ii) Gitennes has granted to the Seller an aggregate 2% net smelter return royalty ("NSR") on the eight claims with Gitennes being granted a buyback of 1% of the NSR at any time for CAD 1.0 million.

Additionally, a 0.5% NSR is granted to two arm's length persons that transferred the claims to the Seller. The Consideration Shares will be subject to a statutory four month and one day hold period under applicable securities laws.