Goldplay Mining Inc. announced that it has signed a Letter of Agreement with Empresa de Desenvolvimento Mineiro SA ("EDM") in regards to an application submitted for a new exploration concession totaling 137 square kilometers ("Monte das Mesas " or the "Property") located in the world-class VMS district in the Iberian Pyrite Belt ("IBT"). The Company believes that the Property holds great potential to host significant base and precious metals mineralization. The LOA was signed by Goldplay and EDM on April 7, 2022 and the Property's exploration application has been filed with the Portuguese Mines Department on May 6, 2022.

A consortium agreement will be signed upon granting of the mineral rights. EDM will participate with 15% and Goldplay with 85% in the consortium. EDM will have a free carried interest in the consortium until Goldplay has completed a total of 650,000 Euro in exploration costs.

This amount represents the total of EDM's previous exploration expenditures on the Property. Future exploration costs in excess of 650,000 Euro will be funded by each party on proportional basis.