Mr. Fred Stanford entered into agreement Muckahi Inc. on December 15, 2022. Consideration 9,500,000 common shares previously issued to Mr. Fred Stanford. The Royalty will entitle Rhyolite Resources to receive ten percent of the gross revenue generated by any party from the use of the Muckahi Mining System, until such time as the Company has received CAD10,000,000. The transfer of ownership of Muckahi, and the grant of the Royalty, remain subject to finalization of definitive documentation and the receipt of any required regulatory approvals.

Mr. Fred Stanford completed acquisition of Muckahi Inc. on February 14, 2023.