Melius Metals Announces Closing of $ 1,368,750 Private Placement and Provides Corporate Update

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Melius Metals Announces Closing of $ 1,368,750 Private Placement and Provides Corporate Update

Toronto, January 20th, 2022 – Melius Metals Corp. (“Melius” or the “Company”) is pleased to announce that it has completed its non-brokered private placement (the “Private Placement”) consisting of 5,475,000 units (the “Units”) at a price of $0.25 per Unit for gross proceeds of $1,368,750. Each Unit consists of one (1) common share of the Company (each, a “Share”) and one-half-of-one (1/2) Share purchase warrant (each, a “Warrant”). Each full Warrant entitles the holder thereof to purchase one (1) additional Share of the Company for a period of 36-months from closing at a price of $0.40 per Share. The Company currently has a cash balance of $2,437,600 as January 19, 2022.

Corporate Update

Several milestones have been achieved by the Company since the signing of the option agreement dated June 30th, 2021, with Puma Exploration Inc. (TSXV: PUMA, OTC: PUXPF) (“Puma”). In summary, the Company has:

Appointed of Mr. Simon Quick as Chief Executive Officer.
Completed two separate Qualifying NI 43-101 Technical Reports on Chester and Turgeon, that are compatible with listing requirements. For additional Chester and Turgeon details, see the Puma press release:
- https://www.globenewswire.com/en/news-release/2021/11/25/2341203/0/en/Puma-Exploration-Updateson-Copper-Transaction-With-Melius-Metals.html
Melius has sufficient funds to commence its phase one proposed work programs as outlined in these reports.
Closed two additional private placement financings for total proceeds of $1,500,000.
Completed a 26-hole 2,139-meters drilling campaign at the Chester Project designed to validate the historical resource model, test resource gaps between several known zones, and identify the previously untested presence of precious metals (Au-Ag) mineralization. The drilling campaign also fulfilled one of the remaining two (2) Chester property acquisition conditions.
Made a cash payment of $100,000 to Puma in fulfillment of the other Chester property acquisition condition.

In its outlook into the first half of 2022, the Company plans to announce drill results from its 26-hole campaign at the Chester Project as-well as issue an updated Mineral Resource Estimate for the property.

— Simon Quick

Melius is currently finalizing its preliminary prospectus for the Canadian Stock Exchange listing and estimates draft submittal no later than January 31, 2022. Subject to regulatory approval, Melius shares are expected to commence public trading in Q2 2022.

Qualified Perso

Dominique Gagné, P. Geo, an independent qualified person as defined by Canadian National Instrument 43-101 standards, has reviewed and approved the geological information reported in this news release. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release. Mr. Gagné is independent of the Company.

For more information, please contact:

Simon Quick, Director and CEO | (905) 220-6661 | simon@cnn.be6.myftpupload.com | ir@cnn.be6.myftpupload.com

Neither the CSE nor its Market Regulator (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this news release.

Cautionary and Forward-Looking Statements

This news release includes certain forward-looking statements and forward-looking information (collectively, “forward-looking statements”) within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein including, without limitation, statements regarding the sale of the Chester and Turgeon Projects and the anticipated business plans and timing of future activities of the Company, are forward-looking statements. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Often, but not always, forward looking information can be identified by words such as “pro forma”, “plans”, “expects”, “will”, “may”, “should”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, “believes”, “potential” or variations of such words including negative variations thereof, and phrases that refer to certain actions, events or results that may, could, would, might or will occur or be taken or achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to differ materially from any future results, performance or achievements expressed or implied by the forward-looking statements. Such risks and other factors include, among others, statements as to the anticipated business plans and timing of future activities of the Company, including the Company’s option to acquire properties under the Puma Option Agreement, the proposed expenditures for exploration work thereon, the ability of the Company to obtain sufficient financing to fund its business activities and plans, delays in obtaining governmental and regulatory approvals (including of the CSE), permits or financing, changes in laws, regulations and policies affecting mining operations, the Company’s limited operating history, currency fluctuations, title disputes or claims, environmental issues and liabilities, as well as those factors discussed under the heading “Risk and Uncertainties” in the Company’s annual management discussion and analysis for the year ended October 31, 2023 and other filings of the Company with the Canadian Securities Authorities, copies of which can be found under the Company’s profile on the SEDAR+ website at www.sedarplus.ca. Readers are cautioned not to place undue reliance on forward-looking statements. The Company undertakes no obligation to update any of the forward-looking statements in this presentation or incorporated by reference herein, except as otherwise required by law.

April 20, 2022
5:07 pm

Simon Quick

Simon's experience includes early stage permitting, project development through to design engineering, construction, and final turnover. He joins Canadian Copper from McEwen Mining Inc. where he was Vice President of Projects. He has an honours degree in Economics from Bishop’s University and an Executive MBA from the Kellogg School of Management at Northwestern University.

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