Meryllion Resources Corporation announced that it has entered into an arm's-length Option and Earn-In Agreement dated as of July 17, 2023 (the "Agreement") with Tasmanian Strategic Green Metals Pty Ltd. ("TSGM") to acquire an interest on four rare earth exploration leases located in northeast Tasmania totaling approximately 809 square kilometres (the "Projects"). Under the terms of the Agreement, Meryllion will have a 90-day option period in order to carry out due diligence on the Projects and for which it will pay TSGM a fee of AUD 25,000 (CAD 22,290). In the event where the Company wishes to pursue with its right to acquire an interest in and to the Projects under the terms of the Agreement, it will pay TSGM an additional fee of AUD 75,000 (CAD66,870).

Thereafter, Meryllion will has the right, but not the obligation, to earn a 50% interest in and to the Project by (i) spending a minimum of AUD 300,000 (CAD267,480) in project expenditures forming part of an agreed initial exploration program within 120 of the date on which Meryllion exercises the option; (ii) committing to spending an additional AUD 200,000 (CAD178,320) in project expenditures within the subsequent 90 days (the "Earn-In Date"); (iii) paying to TSGM the sum of AUD 100,000 (CAD 89,160) which amount shall be refunded by TGSM to certain seed investors of TGSM; and (iv) subject to usual regulatory approvals, allotting to said seed investors an aggregate of AUD 100,000 (CAD 89,160) worth of common shares in the capital stock of the Company. Upon having earned its 80% interest in the Projects and a production decision being made in respect thereto, Meryllion will having the option to buy the remaining 20% of the Projects at a price based upon an independent evaluation which would be made at that time. The transaction has the potential to result in the creation of a new Control Person or a Change of Control (as such terms are defined in the policies of the CSE) of the Company.

In such case, the transaction would be subject to the approval of the Company's shareholders. The Company intends to satisfy any shareholder approval requirement by written resolution signed by shareholders of more than 50% of the Company's voting shares, as provided by Section 4.6(1)(b) of CSE Policy 4. The transaction also remains subject to the final acceptance of the CSE.