Madoro, Narrow River work on entering definitive deal

Executive Summary

• Madoro Metals Corp. provides an operational update on its proposed reverse takeover with Narrow River Resources Pty. Ltd. (NRR), confirming that both parties are advancing components required under TSX Venture Exchange Policy 5.2.
• The parties have completed a combined airborne magnetic survey over Madoro’s First Green lithium project and NRR’s adjacent Lac Simard project.
• The parties are finalizing the technical report for the Lac Simard project in accordance with National Instrument 43-101 and are working toward executing a definitive agreement and satisfying closing conditions.

Key Details

• Transaction Status: Madoro and NRR are advancing components for the proposed reverse takeover, specifically adhering to TSX Venture Exchange Policy 5.2 (Changes of Business and Reverse Takeovers).
• Survey Completion: A combined airborne magnetic survey was completed over:
  • Madoro’s First Green lithium mineral project.
  • NRR’s adjacent Lac Simard project.
  • This survey was previously announced in a news release dated Jan. 20, 2026.
• Technical Reporting: The parties are finalizing the technical report for the Lac Simard project in compliance with National Instrument 43-101 (Standards of Disclosure for Mineral Projects).
• Next Steps: The parties are negotiating and entering into a definitive agreement, preparing transaction documentation, and assembling required regulatory filings.
• Closing Conditions: Completion is subject to:
  • Execution of definitive documentation.
  • Regulatory and shareholder approvals.
  • Satisfaction of all applicable TSX-V requirements.
• Reference Documents: Details of the transaction are based on the letter of intent signed on Jan. 30, 2026, and the news release dated Feb. 2, 2026.

Notable Quotes

• "Madoro and NRR continue to advance the various components required under TSX Venture Exchange Policy 5.2... The parties are also pleased to announce the completion of a combined airborne magnetic survey..."
• "Madoro and NRR continue to work toward negotiating and entering into a definitive agreement and satisfying other closing conditions... The parties remain committed to moving the proposed transaction forward and will provide further updates as appropriate."