New Risk • May 01
New major risk - Revenue and earnings growth Earnings have declined by 1.5% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (20% average weekly change). Negative equity (-CA$661k). Earnings have declined by 1.5% per year over the past 5 years. Revenue is less than US$1m. Market cap is less than US$10m (CA$6.07m market cap, or US$4.46m). Minor Risk Shareholders have been diluted in the past year (30% increase in shares outstanding). Announcement • Feb 24
Vault Strategic Mining Corp. announced that it has received CAD 0.5 million in funding On February 23, 2026, Vault Strategic Mining Corp. closed the transaction. The company issued 2,000,000 units at a price of CAD 0.25 for gross proceeds of CAD 500,000. All securities issued pursuant to the private placement are subject to a hold period of four months and one day expiring on June 24, 2026 as required under applicable securities legislation. The private placement is subject to final TSX Venture Exchange approval. The company paid finder's fees totaling CAD 12,000 and has issued 48,000 non-transferable broker warrants exercisable at CAD 0.35 per share for a period of twelve (12) months from the date of issuance to Canaccord Genuity Corp. Announcement • Feb 14
Vault Strategic Mining Corp. Appoints Yoshito Okubo to the Board of Directors Vault Strategic Mining Corp. announced it has appointed Yoshito Okubo to the board of directors. Mr. Okubo has over a decade of experience in operations, business development, and emerging technologies. He has built his career at the forefront of innovation, bridging traditional industries with transformative technological solutions that enhance efficiency, transparency, and scalability. Having worked across Canada, the United States, Japan, and Southeast Asia, Mr. Okubo brings a global perspective to Vault's resource-focused initiatives, with a strong understanding of regulatory environments and cross-border business dynamics. His experience supports projects operating within the broader critical minerals ecosystem, where supply chain integrity, responsible sourcing, and strategic positioning are increasingly important to industries powering advanced technologies and AI-driven systems. Mr. Okubo has developed and tailored strategies to help early-stage and growth-stage ventures navigate complex operational challenges while accelerating development. His core strengths include applying technology to improve supply chain transparency and governance frameworks. These tools are particularly relevant in sectors where traceability and verification of materials are essential to supporting secure and resilient technology supply chains. He has a proven track record of driving adoption and scaling projects through strategic partnerships, positioning organizations to align technological innovation with real-world industrial applications in energy, infrastructure, and advanced materials markets. Announcement • Feb 07
Vault Strategic Mining Corp. announced that it expects to receive CAD 0.5 million in funding Vault Strategic Mining Corp. announced a non-brokered private placement of up to 2,000,000 Units of the company at a price per Unit of CAD 0.25 for gross proceeds of CAD 500,000 on January 6, 2026. Each unit will comprise one common share and one-half of one transferable common share purchase warrant. Each whole warrant will entitle the holder to acquire one additional common share of the company at an exercise price of CAD 0.35 per share for a period of 12 months from the date of issuance, subject to final approval of the TSX Venture Exchange. In accordance with the policies of the TSX-V, the company may pay finders' fees in connection with the transaction. All securities issued pursuant to the transaction will be subject to a hold period of four months and one day as required under applicable securities legislation. The warrants have an acceleration provision, which provides that in the event that after four months and one day after the warrants are issued, the weighted average daily trading price of the shares on the Canadian Securities Exchange, or such other market as the shares may trade from time to time, is or exceeds CAD 0.60 for any five (5) consecutive trading days, the company may provide notice, whether by written notice or the issuance of a news release to the warrant holder that the expiry date of the warrants has been accelerated and that warrants not exercised within 30 days of the date of the acceleration notice will expire 30 days from the date of the acceleration notice. Any participation by insiders of the company in the transaction will constitute a related party transaction as defined in Multilateral Instrument 61-101. New Risk • Jan 30
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -CA$238k This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-CA$238k free cash flow). Shares are highly illiquid. Negative equity (-CA$661k). Shareholders have been substantially diluted in the past year (97% increase in shares outstanding). Revenue is less than US$1m. Market cap is less than US$10m (CA$3.93m market cap, or US$2.91m). Announcement • Nov 04
Margaret Lake Diamonds Inc., Annual General Meeting, Dec 30, 2025 Margaret Lake Diamonds Inc., Annual General Meeting, Dec 30, 2025. Board Change • Sep 10
High number of new and inexperienced directors There are 5 new directors who have joined the board in the last 3 years. The company's board is composed of: 5 new directors. 1 experienced director. No highly experienced directors. Independent Member of Advisory Board Jim Wiesenberg is the most experienced director on the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Announcement • Sep 10
Margaret Lake Diamonds Inc. announced that it expects to receive CAD 0.9 million in funding Margaret Lake Diamonds Inc. announced a non-brokered private placement to issue 9,000,000 units at an issue price of CAD 0.10 per unit for gross proceeds of CAD 900,000 on September 9, 2025. Each unit will consist of one common share and one transferrable common share purchase warrant. Each warrant entitles the holder to purchase one additional share of the company at a price of CAD 0.15 per share for a period of thirty-six months from the date of issuance. Directors and officers of the company may acquire securities under the private placement. In accordance with the regulations of the TSX-V, finder’s fees may be applicable. All securities issued pursuant to the private placement will be subject to a hold period of four months and one day as required under applicable securities legislation. Board Change • May 28
High number of new and inexperienced directors There are 5 new directors who have joined the board in the last 3 years. The company's board is composed of: 5 new directors. 1 experienced director. No highly experienced directors. Independent Member of Advisory Board Jim Wiesenberg is the most experienced director on the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. New Risk • Apr 23
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 94% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Shares are highly illiquid. Negative equity (-CA$493k). Shareholders have been substantially diluted in the past year (94% increase in shares outstanding). Revenue is less than US$1m. Market cap is less than US$10m (CA$737.7k market cap, or US$533.2k). Announcement • Mar 19
Margaret Lake Diamonds Inc. announced that it expects to receive CAD 0.29 million in funding Margaret Lake Diamonds Inc. announced a non-brokered private placement of up to 4,461,538 units at a price of CAD 0.065 per unit for gross proceeds of CAD 289,999.97 on March 18, 2025. Each unit will consist of one common share and one transferrable common share purchase warrant. Each warrant entitles the holder to purchase one additional share of the company at a price of CAD 0.085per share for a period of 36 months from the date of issuance, subject to final TSX Venture Exchange approval. In accordance with the policies of the TSX-V, the company may pay finders' fees in connection with the private placement. All securities issued pursuant to the private placement will be subject to a hold period of four months and one day as required under applicable securities legislation. Board Change • Mar 17
High number of new and inexperienced directors There are 5 new directors who have joined the board in the last 3 years. The company's board is composed of: 5 new directors. No experienced directors. No highly experienced directors. Independent Member of Advisory Board Jim Wiesenberg is the most experienced director on the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Announcement • Oct 01
Margaret Lake Diamonds Inc., Annual General Meeting, Nov 27, 2024 Margaret Lake Diamonds Inc., Annual General Meeting, Nov 27, 2024. Board Change • Jul 16
High number of new and inexperienced directors There are 5 new directors who have joined the board in the last 3 years. The company's board is composed of: 5 new directors. No experienced directors. No highly experienced directors. President, CEO & Chairman Yari Nieken is the most experienced director on the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Announcement • Jul 13
Emerging Goldfields Resources Ltd. signed a non-binding letter of intent to acquire Margaret Lake Diamonds Inc. (TSXV:DIA) in a reverse merger transaction. Emerging Goldfields Resources Ltd. signed a non-binding letter of intent to acquire Margaret Lake Diamonds Inc. (TSXV:DIA) in a reverse merger transaction on June 26, 2023. Each issued and outstanding common shares in the capital of Emerging at the time of closing will be exchanged into one Newco Common Share on a 1:1 basis and the outstanding warrants to purchase Emerging Shares shall each be exchanged for one Newco Warrant, exercisable on a 1:1 basis so that all of the issued and outstanding Emerging Shares will be exchanged for 59,800,000 Newco Common Shares, each outstanding Emerging Warrant will be exchanged for 600,000 Newco Warrants. The corporation resulting from the transaction (the "Resulting Issuer") will carry on the business of Emerging as currently constituted and be listed for trading on the Exchange as a Tier 2 mining issuer and the Frankfurt Stock Exchange under the name "Emerging Goldfields Resources Ltd.", or such other name as the parties may agree.The completion of the proposed transaction is subject to several conditions, including approval by the directors of Margaret and Emerging, satisfactory completion of due diligence, execution of the Definitive Agreement, applicable regulatory approvals, and applicable shareholder approvals. Board Change • Jul 10
High number of new and inexperienced directors There are 5 new directors who have joined the board in the last 3 years. The company's board is composed of: 5 new directors. No experienced directors. No highly experienced directors. President, CEO & Chairman Yari Nieken is the most experienced director on the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Board Change • May 10
High number of new and inexperienced directors There are 5 new directors who have joined the board in the last 3 years. The company's board is composed of: 5 new directors. No experienced directors. No highly experienced directors. President, CEO & Chairman Yari Nieken is the most experienced director on the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Announcement • Feb 15
Margaret Lake Diamonds Inc. announced that it has received CAD 0.4 million in funding On February 14, 2023, Margaret Lake Diamonds Inc. closed the transaction. Insiders participated for 3,000,000 units in the transaction. Each unit consists of one common share in the capital of the company and one transferable common share purchase warrant. Each warrant will be exercisable to purchase one common share at a price of CAD 0.05 per share within 36 months. All securities issued are subject to a statutory four-month hold period. No finder's’ fees were payable in the transaction. Announcement • Jan 10
Margaret Lake Diamonds Inc. announced that it expects to receive CAD 0.4 million in funding Margaret Lake Diamonds Inc. announced non-brokered private placement of 20,000,000 units at a price of CAD 0.02 per unit for gross proceeds of CAD 400,000 on January 9, 2023. Each unit will consist of one common share in the capital of the company and one transferable common share purchase warrant. Each warrant will be exercisable to purchase one common share at a price of CAD0.05 per share within 24 months. The company may pay finders’ fees as permitted by TSX Venture Exchange policy and applicable securities laws. All securities issued are subject to a four-month-and-one-day hold period. The company plans to close the private placement immediately following the satisfaction of customary closing conditions, including receipt of all required exchange and regulatory approvals. Board Change • Nov 16
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, 1 was an independent director. The company's board is composed of: 5 new directors. No experienced directors. No highly experienced directors. 1 independent director (3 non-independent directors). Independent Member of Advisory Board & Director Jim Wiesenberg is the most experienced director on the board, commencing their role in 2020. They were also the last independent director to join the board. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. Board Change • Apr 27
Less than half of directors are independent There are 4 new directors who have joined the board in the last 3 years. Of these new board members, 1 was an independent director. The company's board is composed of: 4 new directors. No experienced directors. No highly experienced directors. 1 independent director (3 non-independent directors). CEO, President & Director Neil Foran is the most experienced director on the board, commencing their role in 2020. Independent Director Jim Wiesenberg was the last independent director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of experienced directors. Announcement • Feb 27
Margaret Lake Diamonds Provides Corporate Update on Nickel Properties Margaret Lake Diamonds Inc. announced that it will not be continuing with its exploration efforts on the Old Nick and Letain projects and will instead be focusing on further exploration and business development efforts on other opportunities. The company will not be pursuing any monetary amount paid towards the properties. Announcement • Dec 31
Margaret Lake Diamonds Inc. announced that it has received CAD 0.747825 million in funding On December 30, 2021, Margaret Lake Diamonds Inc. closed the transaction. The company issued 5,539,443 units for gross proceeds of CAD 747,825. The transaction included participation from three insiders for 1,622,221 units. Announcement • Dec 03
Margaret Lake Diamonds Inc. announced that it expects to receive CAD 0.7425 million in funding Margaret Lake Diamonds Inc. announced a non-brokered private placement of up to 5,500,000 units at a price of CAD 0.135 per unit for gross proceeds of CAD 742,500 on December 2, 2021. Each unit will comprise of one common share and one common share purchase warrant. Each warrant will entitle the holder to purchase one common share at a price of CAD 0.18 per share for a period of 2 years from the date of issuance. Each warrant is callable by the company in the event its common shares trade on the TSX Venture Exchange at a 10-day volume-weighted average price equal to or greater than CAD 0.22. The securities issued under the private placement will be subject to a hold period of four months and a day. Announcement • Sep 10
Margaret Lake Diamonds announces Arctic Star Sequoia Kimberlite Complex's Indicator Mineral Chemistry Points to Large Diamonds, Diagras Project, NWT Margaret Lake Diamonds Inc. announced that Arctic Star has received diamond indictor mineral results and an interpretation of these from Chuck Fipke for the first hole into the Sequoia Kimberlite complex. The results demonstrate the existence of a number of indicator types that occur with diamonds and strongly suggest the presence of diamonds. Furthermore, indicator minerals of identical multi-element chemistry to those found as inclusions in large >50-carat diamonds worldwide are abundant. The indicators from different kimberlite types are starkly different. These observations are in agreement with the caustic diamond results, which show the different kimberlite types have different stone/kg counts and also hints at a coarse diamond distribution. Ultimately a bulk sample will be required to confirm the diamond distribution and this is the normal path of progress for diamond exploration. Prior to this, a drill program defining the volumes of the different kimberlite types and their caustic fusion diamond distribution is planned for spring 2022. Samples of kimberlite core were sent to C.F. Mineral Research Ltd. in Kelowna, B.C. for indicator mineral analysis. C.F. Minerals is a global-leading kimberlite and diamond analytical research facility lead by Chuck Fipke - one of the founders of the Ekati diamond mine. At the lab, the samples were lightly crushed with heavy minerals separated by dense media gravity methods. Oxides and silicates are split using magnetic separation. Candidate diamond indicator minerals are selected by a minerologist, mounted and scanned for chemical composition using a scanning electron microscope (SEM). Mineral grains that "light up" under different element scans are mapped and then assayed by electron microprobe. The microprobe results are presented here. Mineral grains that grow concurrently while touching or within diamonds have distinct chemistry and are diagnostic of the presence diamonds and also of the rock type that host the diamonds at great depths. Readers should note the following deep mantle, high-pressure rock types associated with diamond mineralization that are noted in this release. Lherzolite: Garnet, Clinopyroxene and Olivine (Certain types host >50carat diamonds). Harzburgite: Garnet (low calcium, high chrome), Orthopyroxene and Olivine (Source of the desirable "G10" garnets and `P' type diamonds). Chromite: Harzburgite: A garnet poor, Chromite rich variety of above. Eclogite: Garnet and Pyroxene (Source of `E' Type diamonds). The samples analyzed thus far are from the Sequoia kimberlite, hole DG-2021-04 located in the geographical center of the complex. One sample from the interval 51m to 89m (5.1kg) from the Coherent Kimberlite ("CK"), another sample from the interval 105m to 136m (5.1kg) logged as Volcanoclastic Kimberlite transitional ("VKt") into Coherent Kimberlite and a sample from the interval 136m to 150m (5.3kg) logged as Volcanoclastic Kimberlite ("VK"). Announcement • Aug 24
Margaret Lake Diamonds Inc. announced that it expects to receive CAD 0.15 million in funding Margaret Lake Diamonds Inc. announced a private placement of up to 5,000,000 units at a price of CAD 0.03 per unit for gross proceeds of CAD 150,000 on August 23, 2021. Each unit will consist of one common share and one common share purchase warrant of the company. Each warrant is exercisable into one common share at a price of CAD 0.07 per share for a period of two years from the date of issuance. Each warrant is callable by the company in the event its common shares trade on the TSX Venture Exchange at a 10 day volume weighted average price equal to or greater than CAD 0.18. All securities to be issued in the transaction will be subject to a hold period of four-months and a day. The transaction is subject to conditional approval from the TSX Venture Exchange for a waiver from the five-cent minimum price requirement. Announcement • Jul 03
Margaret Lake Diamonds Announces Geochemical Sampling at Letain Nickel Cobalt Project, British Columbia Margaret Lake Diamonds Inc. announced a team of geologists has completed geochemical sampling over an area 100m by 300m, within the 1km x 1.3km area of known nickel and Cobalt mineralization at the Letain Nickel Cobalt Project, Dease Lake British Columbia. The exploration team arrived by helicopter June 28th and acquired 10 geochemical samples over 1m sections. Letain Nickel Cobalt Project: The deposit is located 80km east from the south end of Dease Lake. The Letain Ni claims cover ultramafic rocks that consist of variably deformed and serpentinized peridotite and minor dunite, associated intrusive mafic dykes, and fault-bound volcanic and sedimentary rocks which are part of the ophiolitic Cache Creek Group allochthonous terrain. Several peridotite-hosted zones contain fine and coarse Ni-Fe alloy grains (awaruite), which are exposed as bedrock ridges in the east-
central portion of the claim group at 1,700-2,050 m elevation. Disseminated fine to coarser grain awaruite was found in serpentinized ultramafic rocks. In the north portion of the property the peridotite is massive, black in colour with fewer vein-fracture textures, however the change in texture of the peridotite appears to have little or no effect on the Ni-Cr-Co content which appears to be relatively consistent (2,000-3,000 ppm Ni, 1,000-3,000 ppm Cr and 100-150 ppm Co) throughout the ultramafic complex exposed on Tenure #1058958. Samples from the central ridge of the property delineated a 1,100 metre long discontinuous zone of coarse-grained (>100µm) awaruite. Rock chip samples (25 in total) in 2018 covered a 1 km x 1.3 km area located in the east-central part of the claims, where First Point Minerals discovered fine and coarse-grained awaruite (native Ni-Fe) mineralization in 2010-2011. Awaruite mineralization occurs in 2 different habits, fine Ni-Fe alloys or larger composite grains. Fine awaruite grains (10-100 µm) are disseminated in the serpentine matrix. NiFe alloys have a highly reflective white/silver color. Larger composite grains (100-300 µm) are a mixture of Ni-Fe alloys and lesser Ni-Fe sulphides. Awaruite (native Ni-Fe) occurrences are the main focus of economic mineralization on the Letain nickel property. Announcement • Jun 30
Margaret Lake Diamonds Inc. Announces Arctic-Drilled Two Holes Apart into Different Sectors of A Gravity Low Margaret Lake Diamonds Inc. announced the Sequoia kimberlite is thought to be a number of kimberlite intrusive and volcanic events that have coalesced into an approximately 1 km long and 200 m wide kimberlite complex. Arctic-drilled two holes 232 m apart into different sectors of a gravity low (less dense) and resistivity (more conductive) geophysical anomaly, interpreted as mapping the complex. The holes intersected contrasting kimberlite types confirming the complex consists of multiple volcanic events. Each volcanic event can have different diamond grades and in some cases different diamond qualities (average values). The term Coherent kimberlite, describes a fragmental rock where kimberlite fragments dominate, the matrix consists of kimberlite. This rock type is thought to be intrusive or extrusive. Kimberlite core observations and geological interpretations can estimate the potential for each particular rock type to carry commercial (>1mm diameter) diamonds. Rock types that are fine grained, grains size <1mm have a low potential. Rock types where >1mm crystals and kimberlite fragments dominate have higher potential. Announcement • Jun 04
Margaret Lake Diamonds Inc. Announces Old Nick and Letain Nickel-Cobalt Technical Reports Ni 43-101 Compliant and Provides Further Corporate Update Margaret Lake Diamonds Inc. announce the TSXV has reviewed the technical reports of the Old Nick, Nickel-Cobalt (Old Nick) project in Southern British Columbia and the Letain, Nickel-Cobalt (Letain) project in North-Western British Columbia and has found them both to be NI 43-101 compliant. The approval on the acquisition of the properties has not yet been obtained. The property is a quartzite-hosted stratabound nickel-cobalt deposit (with minor chromite). The mineralization is hosted by Paleozoic Anarchist Group fuchsite-bearing quartzites with disseminated pentlandite/pyrrhotite. The deposit has been defined by 51 drill holes totalling 4,417 meters and 19 trenches totalling 1,533 meters. Laterally, the zones extend for at least 500 meters along strike. Bench scale column leach testing in 1995-1996 and 2004-2005 indicated the potential for economic recovery of nickel and cobalt by acid heap leaching and Solvent Extraction/Electrowinning processes. There is significant potential to expand the deposit both along strike and down the dip of the known mineralization as well as within the same prospective stratigraphy elsewhere on the property. Makepeace (2007) defined an historic Inferred Mineral Resource estimate of 17.24 million tonnes at a grade of 0.1914 %Ni and 0.0095 %Co, with a nickel cut off grade of 0.14 %Ni. This estimate is not current and not to be relied upon. Announcement • May 22
Margaret Lake Diamonds Announces Arctic Stare Completes A Successful Spring Exploration Program Margaret Lake Diamonds Inc. announced Arctic Star Exploration Corp. that drill hole DG2021-08 completed at 145m, intersecting kimberlite from 31.0m to 113.6m in the Cedar kimberlite discovery. This completes the companies successful spring program discovering 5 kimberlites named Birch, Sequoia, Alder, and Cedar. A 0.5m kimberlite dyke has been confirmed by detailed logging DG2021-03 a hole drilled 125m east of the Birch kimberlite. The core from each kimberlite has been sent to Yellowknife for detailed geological logging. Dan Gainer, P. Geol a geologist with kimberlite experience, is logging the core. Once the logging is finished the core is split in half by mechanical means and half of the core is sent to the laboratory. Kimberlite from Birch has been sent to CFM laboratories in Kelowna and kimberlite from Sequoia to SRC laboratories in Saskatoon. A primary review of the kimberlites discovered shows them to be volcanoclastic kimberlites with varying degrees of country rock and kimberlite clasts. Coarse-grained olivine and abundant mantle derived indicator minerals. Announcement • May 12
Margaret Lake Diamonds Inc. announced that it has received CAD 0.15 million in funding On May 11, 2021, Margaret Lake Diamonds Inc. (TSXV:DIA) closed the transaction. Each Warrant will entitle the holder thereof to acquire one additional Share at a price of CAD 0.08 for term of 2 years following closing, May 11, 2023 Announcement • Apr 27
Margaret Lake Diamonds Inc. announced that it expects to receive CAD 0.15 million in funding Margaret Lake Diamonds Inc. (TSXV:DIA) announced a private placement of up to 5,000,000 units at a price of CAD 0.03 per unit for gross proceeds of CAD 150,000 on April 26, 2021. Each unit will consist of one common share and one common share purchase warrant of the company. Each warrant is exercisable into one common share at a price of CAD 0.08 per share for a period of two years from the date of issuance. Each warrant is callable by the company in the event its common shares trade on the TSX Venture Exchange at a 10 day volume weighted average price equal to or greater than CAD 0.18. All securities to be issued in the transaction will be subject to a hold period of four-months and a day. The transaction is subject to conditional approval from the TSX Venture Exchange for a waiver from the five-cent minimum price requirement 