Metalite Announces Non-Brokered Private Placement of Units and Concurrent Debt Settlement

Toronto, Ontario--(Newsfile Corp. - January 20, 2026) - Metalite Resources Inc. (CSE: METL) (OTC Pink: JNCCF) (FSE: D68) ("Metalite" or the "Company") announces today that it is undertaking a non-brokered private placement, to be completed in one or more tranches, of up to 3,100,000 units of the Company (the "Units") at a price of $0.15 per Unit, for aggregate gross proceeds of up to $465,000, with the ability to further upsize at the Company's sole discretion (subject to the approval of the Canadian Securities Exchange (the "CSE")) (the "Private Placement").

Each Unit will be comprised of one common share (a "Common Share") and one-half of one Common Share purchase warrant (each whole warrant, a "Warrant"). Each Warrant will entitle the holder thereof to purchase one Common Share, for a period of two years (subject to acceleration as noted below) after the issuance of the Warrant at a price of $0.25. If the closing price of the Shares on the exchange on which the Common Shares are listed is at or above $0.50 per Common Share for a period of ten (10) consecutive trading days, the Company will have the right to accelerate the expiry date of all or part of the then outstanding Warrants. If the Corporation elects to exercise this right, it may provide written notice to the Warrant holders, and the Warrants shall thereafter expire thirty (30) days following the date of such notice. This acceleration provision will not be exercisable prior to four months and one day after the date of issuance of the Warrants.

The Units will be offered in each province of Canada, as well as the United States and other jurisdictions pursuant to available prospectus and/or registration exemptions and applicable securities laws. All securities issued pursuant to the Private Placement will be subject to a four-month hold period in accordance with applicable securities laws.

Finder's fees may be paid to eligible finders in accordance with applicable laws and regulations consisting of a cash commission equal to up to 7% of the proceeds of the subscriptions introduced to the Company by the finder(s) and broker units in an amount equal to up to 7% of the number of Units purchased by investors that were introduced to the Company by the finder(s) and sold pursuant to the Private Placement. Each broker unit will entitle the holder thereof to purchase one Unit at a price of $0.15 for a period of 24 months following the closing date.