Bolt Metals Corp. Announces Letter of Intent to Acquire Nevada Silver-Gold Property and Provides Indonesia Nickel-Cobalt Project Update; Plans Share Consolidation - Seite 2

The Proposed Transaction is subject to a number of conditions precedent, including: completion of confirmatory due diligence by the Company and receipt of all applicable regulatory, shareholder and third-party approvals.

In connection with the Proposed Transaction, the Company will pay a 10% finder’s fee to an arm’s length third party in consideration of such party introducing the Company to the Target and assisting in due diligence and negotiations necessary to complete the Proposed Transaction.

Indonesia Update – Cyclops nickel-cobalt project

The Cyclops nickel-cobalt project is a 100% controlled, 5,000 hectare mineral project located in Papua Province, Indonesia. Cyclops features strong near surface nickel and cobalt mineralization, environmental and mining permits, and comprehensive infrastructure including year-round sealed road access.

Ranjeet Sundher, President & CEO, comments, “Nickel has shown strong resiliency in the face of the ongoing health crisis, rising from approximately $5/lb in March to $6.80/lb today. The Company’s Cyclops project has produced robust drilling results (see press release dated Sept. 24, 2019), and we continue to optimize exploration data while preparing for the development for a pilot process test plant in Canada.”

The Company remains in dialogue with key industry players in China, Indonesia and Korea with a focus on securing supply contracts with downstream users and commodity suppliers to the international energy storage and electric vehicle battery space, and will provide updates in due course.

Consolidation

The Company's Board of Directors has made the determination to consolidate the Company’s issued share capital on a ratio of one (1) new post-consolidated common share for every six and one-half (6.5) old pre-consolidated common shares (the "Consolidation"). The Company currently has 79,467,726 issued and outstanding common shares and on completion of the Consolidation there is expected to be 12,225,804 issued and outstanding common shares. The Company does not intend to change its name at this time. Shareholder approval of the Consolidation is neither required under the policies of the Canadian Securities Exchange nor under the Articles of the Company.