XIB I Capital Corp. ('XIB') (TSXV: XIB.P), is pleased to announce it has entered into an arm's length binding letter of intent dated September 4, 2020 (the 'LOI') with Mayur Resources Limited ('Mayur'), a public company listed on the Australian Securities Exchange, pursuant to which XIB and Mayur have agreed to complete a business combination (the 'Transaction') of XIB and Mayur's wholly-owned subsidiary, MR Exploration PNG Pte Ltd. ('MRE'), whereby XIB will acquire all of the issued and outstanding shares of MRE (each, a 'MRE Share', and, collectively, the 'MRE Shares'), including certain MRE Shares to be issued to the Acquisition Vendors (as defined below), together with the shares of Pre-Seed Financeco and MRE Financeco (each such term as defined below), in consideration for the issuance of common shares in the capital of XIB (each, a 'XIB Share' and, collectively, the 'XIB Shares').

Information About XIB

XIB is a company existing under the laws of British Columbia, a reporting issuer in British Columbia, Alberta, Ontario and New Brunswick, and a 'Capital Pool Company' listed on the TSX Venture Exchange (the 'Exchange'). XIB has not commenced commercial operations and has no assets other than cash, and XIB's principal business activity is to identify and evaluate opportunities for acquisition of assets or business. XIB currently has 13,100,000 XIB Shares issued and outstanding. If completed, the Transaction will constitute XIB's 'Qualifying Transaction' (as defined under Policy 2.4 - Capital Pool Companies of the Exchange ('Policy 2.4')). Further information concerning XIB can be found in the prospectus of XIB dated November 9, 2018 and XIB's other continuous disclosure filings, which are available under XIB's profile on SEDAR at www.sedar.com.

Contact:

Tel: 647-943-0736

Notice on Forward-Looking Information

Information set forth in this news release contains forward-looking statements. These statements reflect management's current estimates, beliefs, intentions and expectations regarding the future, including, but not limited to, XIB's completion of the Transaction and related transactions, XIB entering into the Definitive Agreement, the completion of the Acquisitions, the completion of the Financings and the Pre-Seed Financing, the proposed officers of the Resulting Issuer and the conditions to be satisfied for the completion of the Transaction. Such statements are not guarantees of future performance. They are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements, including risks related to factors beyond the control of XIB. Such factors include, among other things: the Parties may not enter into the Definitive Agreement; the requisite corporate approvals of the directors and shareholders of the Parties may not be obtained; the Exchange may not approve the Transaction; the Acquisitions may not be capable of being completed as currently expected or at all; sufficient funds may not be raised pursuant to the Financings and the Pre-Seed Financings and other risks that are customary to transactions of this nature. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits XIB will obtain from them. Except as required under applicable securities legislation, XIB undertakes no obligation to publicly update or revise forward-looking information.

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