Mich Resources Ltd. provided an update on its proposed acquisition via reverse takeover of the advanced stage Pecoy copper project located in southern Peru from each of Pembrook Copper Corp. and Minera Andina de Exploraciones SAA as described in the Company's news releases dated July 30 and November 8, 2021. The Company announced that it has entered into an additional definitive agreement (the Definitive Agreement) to acquire the remaining 23.63% of the Pecoy Project assets not already held by Pembrook in exchange for consideration of $2,500,000 and the issuance of 11.2 million common shares of the Company to the vendor (the Vendor).

At the closing of the Transaction, the Company will hold 100% of the Pecoy Project, and as consideration for Pembrook, Minandex and the Vendor's interests in the Pecoy Project, the Company will pay the total amount of $4,500,000 and issue a total of 127.2 million common shares of the Company to the shareholders of Pembrook and Minandex, and to the Vendor. Transaction Details: The Transaction will constitute a reverse take-over of Mich when completed. The Company intends on seeking approval for the listing of the Company's shares on the TSX Venture Exchange (the Exchange) and concurrent voluntary delisting of the Company's shares on the Canadian Securities Exchange (the CSE).

The Transaction is subject to a number of conditions, including but not limited to: the approval of all regulatory bodies having jurisdiction in connection with the Transaction (including Exchange approval); completion of a subscription receipt financing for minimum aggregate proceeds of $15,000,000 (the Financing) and approval of the shareholders of Pembrook, and if required, the Company's shareholders. There can be no assurance that the Transaction will be completed as proposed or at all. The Company intends on applying for an exemption from any Exchange sponsorship requirements.

Upon completion of the Transaction, the resulting issuer will continue to carry on the business of exploration and development of the Pecoy Property under the Company's existing name or such other name as may be approved by the board of directors of the resulting issuer and the stock exchange. Trading of the common shares of the Company has been halted, and will remain halted until closing of the Transaction which is currently targeted for the first quarter of 2022.