Avarone Metals Inc. — Capital/Financing Update 2021

Nov 11, 2021

FORM 51-102F3 MATERIAL CHANGE REPORT

Item 1 Name and Address of Company

Avarone Metals Inc. (the “ Company ”) Suite 610, 700 West Pender Street Vancouver, BC Canada V6C 1G8

Item 2 Date of Material Change

November 10, 2021

Item 3 News Release

The news release attached hereto as Schedule “A” announcing the material change described herein was disseminated through the news dissemination services of Stockwatch on November 10, 2021.

Item 4 Summary of Material Change

The Company announced that it has granted incentive stock options to certain directors, officers, and consultants of the Company.

Item 5 Full Description of Material Change

5.1 Full Description of Material Change

See the attached news release for a full description of the material change.

5.2 Disclosure for Restructuring Transactions

Not applicable.

Item 6 Reliance on Subsection 7.1(2) of National Instrument 51-102

Not applicable.

Item 7 Omitted Information

Not applicable.

Item 8 Executive Officer

Marc Levy Chief Executive Officer Telephone: (604) 669-9788

Item 9 Date of Report November 10, 2021.

AVARONE METALS INC. Suite 610, 700 West Pender Street Vancouver, BC Canada V6C 1G8

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AVARONE ANNOUNCES GRANT OF STOCK OPTIONS

Vancouver, B.C., November 10, 2021 – Avarone Metals Inc., (CSE: AVM.X, OTC: AVRTF, FWB: W2U, WKN: A14SVX) (the “ Company ” or “ Avarone ”) announces it has granted incentive stock options (the “ Options ”) pursuant to its 10% rolling stock option plan, to certain directors, officers, and consultants of the Company. An aggregate of 1,450,000 Options have been granted to insiders of the Company. Each Option is exercisable at $0.05 for a period of five years expiring on November 8, 2026.

The grant of Options is subject to acceptance by the Canadian Securities Exchange.

On behalf of the Board of Directors,

AVARONE METALS INC.

Marc Levy Chief Executive Officer

For more information contact the Company at: Telephone: (604) 669-9788 Facsimile: (604) 669-9768

Neither the CSE nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. We seek Safe Harbor.

610 – 700 West Pender Street, Vancouver, BC Canada V6C 1G8 Tel: (604) 669-9788