Metalite signs LOI to acquire Launay gold property

Executive Summary

• Metalite Resources Inc. entered a non‑binding LOI with Cachee Gold Mines Corp. to acquire all issued and outstanding shares of Cachee’s subsidiary, Launay Gold Corp., which holds 100 % of the 17,000‑ha Launay gold property in the Abitibi gold district.
• The consideration will be six million Metalite common shares; post‑closing Cachee would own ~37 % of Metalite and become a control person, requiring shareholder approval.
• Metalite commits to spend at least $500k on the Launay property within 12 months of closing and an additional $1.5 M in the following 18 months, with hold‑period restrictions on the issued shares.

Key Details

• Target Property: Launay gold property – 352 claims, ~17,000 ha across Launay, Privat, Manneville & Poulaires townships, Quebec; includes Trojan zone (253 ha) and Lyndhurst block (~8,000 ha).
• Historical Intercepts (Trojan zone): 29 g/t Au over 1.5 m; 10.31 g/t Au over 3.0 m; 17.90 g/t Au over 1.5 m.
• Exploration Data: ~23,500 m of historic drilling; >1,000 km of geophysical surveys (incl. high‑resolution airborne survey 2021).
• Consideration: Six million Metalite common shares issued to Cachee shareholders.
• Expenditure Commitments: Minimum $500,000 on Launay within 12 months post‑closing; additional $1.5 M in the subsequent 18 months. Failure triggers a right for Cachee to repurchase all Launay shares for $1.
• Board Composition Post‑Closing: Metalite board to have five directors – four nominated by Metalite, one (also Chairman) nominated by Cachee. No change to Metalite’s existing management.
• Share Hold Period: Shares subject to hold period of the later of (i) 4 months after issuance or (ii) 10 trading days after filing a current NI 43‑101 technical report.
• Regulatory Approvals Required: CSE approval, shareholder written consent, board approvals of both companies, and any other required securities regulator consents.
• Control Person Status: Cachee would become a control person of Metalite (≈37 % post‑closing ownership).

Notable Quotes

“We are pleased to announce this strategic acquisition, which we expect will become a cornerstone asset within our gold portfolio in a highly prospective and mining‑friendly jurisdiction.” – Chris Hazelton, CEO, Metalite Resources

“The Launay gold property represents a significant land position within the Abitibi greenstone belt… we believe its scale and geological context provide a strong foundation for continued exploration and discovery.” – Alex Storcheus, CEO, Cachee Gold Mines Corp.