Madoro Metals Corp. Provides Update On Proposed Reverse Takeover With Narrow River Resources

Executive Summary

• Madoro Metals Corp. provides an operational update on its proposed reverse takeover of Narrow River Resources Pty Ltd., originally announced on February 2, 2026.
• The parties have completed a combined airborne magnetic survey over the First Green Lithium and Lac Simard projects and are finalizing a NI 43‑101 technical report for Lac Simard.
• Work continues toward executing definitive agreements, satisfying TSX Venture Exchange policy requirements, and obtaining all regulatory and shareholder approvals required to close the transaction.

Key Details

• The proposed reverse takeover (the “Proposed Transaction”) remains subject to execution of definitive documentation, regulatory and shareholder approvals, and compliance with TSX Venture Exchange Policy 5.2.
• Madoro and NRR have completed a combined airborne magnetic survey covering:
• Madoro’s First Green Lithium mineral project (Abitibi‑Témiscamingue region, Québec)
• NRR’s adjacent Lac Simard project (Quebec)
• A NI 43‑101 technical report for the Lac Simard project is being finalized in accordance with applicable standards.
• Both parties are negotiating and preparing to enter into a definitive agreement; transaction documentation and required regulatory filings are under preparation.
• The letter of intent signed on January 30, 2026 outlines the terms of the Proposed Transaction; those details were previously disclosed in Madoro’s February 2, 2026 news release.
• No new financial terms (e.g., consideration amounts, share exchange ratios) were disclosed in this update.

Notable Quotes

“The parties remain committed to moving the Proposed Transaction forward and will provide further updates as appropriate.” – Dusan Berka, President & CEO, Madoro Metals Corp.