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MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

For the six months ended October 31, 2021

December 6, 2021

General

This Management Discussion and Analysis (“MD&A”) is dated December 6, 2021 and is in respect of the six month period ended October 31, 2021. The following discussion of the financial condition and results of operations of White Metal Resources Corp. (the “Company”) constitutes management’s review of the factors that affected the Company’s financial and operating performance for the six month period ended October 31, 2021.

The discussion should be read in conjunction with the condensed consolidated interim financial statements for the six month period ended October 31, 2021, including the notes thereto. The Company’s condensed consolidated interim financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”). Unless otherwise stated, all amounts discussed herein are denominated in Canadian dollars which is the Company’s functional and reporting currency.

Additional information relating to the Company is available on the SEDAR website at www.sedar.com.

Going Concern

The condensed consolidated interim financial statements of the Company for the six month period ended October 31, 2021 have been prepared in accordance with International Financial Reporting Standards on the basis applicable to a going concern. The appropriateness of using the going concern basis is dependent upon, among other things, future profitable operations, and the ability of the Company to raise additional capital. Specifically, the recovery of the Company’s investment in mineral properties and exploration expenditures is dependent upon the discovery of economically recoverable reserves, the ability of the Company to obtain necessary financing to develop its properties and establish future profitable production from the properties, or from the proceeds of their disposition.

The Company is a development stage Company and has not earned any significant revenue to date. The Company has not yet determined whether its resource properties contain ore reserves that are economically recoverable.

Overview of the Company

The Company is engaged in the acquisition, exploration and if warranted, development of mining properties in Canada. The Company currently holds interests in resource properties, located in Ontario and Newfoundland & Labrador, Canada, as well as in Namibia, Africa, and intends to seek out and acquire additional properties, worthy of exploration and development, as finances permit. The exploration and development of the properties is accomplished either through direct expenditure by the Company or joint venturing of the property to another company (see Note 1 in the Notes to the Consolidated Financial Statements). The Company’s common shares are listed on the TSX Venture Exchange under the trading symbol “WHM”.

Impact of Covid-19

During the period ended October 31, 2021, the COVID-19 pandemic continued to impact not only Canada but around the globe. The health and economic effects of this pandemic have been catastrophic. It is expected that with the deployment of safe and effective vaccines the effect of the pandemic will be somewhat mitigated, however, distribution of the vaccines are still uneven and their ultimate effectiveness against the virus and variants is still not know with any certainty. While the Company is a development stage enterprise and is not reliant on revenue streams to fund operations, the effects of the pandemic will no doubt impact the Company’s operations moving forward as the world’s health authorities and governments navigate through these unprecedented times. Below is a discussion on key areas the Company has been impacted and how it intends to manage both the short and long-term challenges presented.

Health and Safety of Employees

The health and safety of the Company’s employees, consultants and subcontractors is paramount. As such the Company, through the advice of Canadian health authorizes, adopted a work-from-home policy for all employees in order to adhere to social distancing recommendations and keep employees healthy. The Company will continue to follow these recommendations until such time as authorities update employers on next steps. In addition, the Company has suspended field activities temporarily in some cases and modified field work substantially in others in order to comply with recommendations. As restrictions are lifted, the Company will reevaluate its own policies on office re-opening and field activities in order to ensure continued health and safety of employees and the communities within which they operate.

Business and Supply Chain Interruption

The Company relies heavily on contracted services to complete certain field exploration activities such as diamond drilling. The companies that provide these services have also been significantly impacted by the COVID-19 crisis in the form of operational shutdowns. These companies operate crews that are often in close proximity to each other, which presents health risks to these individuals. In addition, the Company’s employees are often in close contact with these service providers as work is carried out compounding the risks. There are no alternatives to these services and therefore the risk does exist that the Company will not be able to conduct certain exploration initiatives for the foreseeable future. The Company will, however, endeavour to work closely with these service providers on safety protocols and distancing policies as restrictions are lifted to ensure the continued health and well-being of all personnel and to ensure that exploration related goals can be achieved safely. In the meantime, the Company will continue to compile information related to its projects and prepare plans in order to move forward in the field once it is feasible to do so.

Government Relief Measures

The government of Canada has introduced several relief measures aimed at fiscal easing for both employers and employees alike. Many of the business-related relief measures were designed for companies that have suffered catastrophic declines in revenues from operations. As the Company does not have revenue from operations, many of these measures do not apply but the Company continues to monitor these programs and will pursue relief if practical and beneficial to do so.

Capital Management

While the Company does not presently rely on revenues from operations given it is a development stage enterprise, it does rely solely on capital raised on the public equity markets in order to fund operations. The COVID-19 pandemic has created drastic volatility on the equity markets and as such will have a foreseeable negative impact on capital raising initiatives moving forward as economic growth projections have contracted significantly. While the Company feels it can effectively manage its capital in the short term, there is no guarantee that future fundraising attempts will be successful. In this case, the Company would look to alternative

sources of capital such as disposition or option of non-core exploration assets to reduce exposure and preserve capital or through disposition of equity holdings at opportune times to replenish cash reserves.

Commodity Prices

The COVID-19 pandemic has created volatility with the world demand of many commodities and as a result prices for these commodities have varied significantly. While the Company does not currently operate any producing mines, this commodity price volatility still impacts the valuations of exploration companies. It can hamper investor interest in capital raising scenarios if the underlying commodities of interest in the property portfolio of the Company are out of favour.

Financial and Operational Performance

Financial Condition

The Company’s combined cash and restricted cash balance as at October 31, 2021 was $1,749,060 compared to $2,908,196 as at April 30, 2021, a decrease related to ongoing exploration and evaluation and general and administrative expenditures net of cash received from the exercise of warrants and disposition of marketable securities during the period.

Current assets of the Company as at October 31, 2021 were $2,932,532 compared to $3,884,997 as at April 30, 2021, a decrease related to the abovementioned exploration and evaluation expenditures and general and administrative expenditures net of cash received from the exercise of warrants and disposition of marketable securities during the period.

Total assets as at October 31, 2021 were $6,331,974 compared to $6,214,627 as at April 30, 2021, an increase related to extensive exploration and evaluation activity at the Company’s Tower Mountain gold project and receipt of additional marketable securities during the current period related to the Startrek project option.

Current liabilities as at October 31, 2021 were $160,265 compared to $122,802 at April 30, 2021 a change related to the timing of expenditures at or around the period end.

Shareholders’ equity increased to $6,171,709 from $6,091,825 during the period ended October 31, 2021 as a result of a $160,000 in cash received through the exercise of warrants during the period as well as $359,158 in non-cash share-based payments that increased reserves net of the Company’s current period loss and comprehensive loss of $451,274.

Results of Operations

Total operating costs and expenses for the six month period ended October 31, 2021 were $629,789 (October 31, 2020 – $246,294), a change due predominantly to the increased share-based payments expense, investor relations activity included in advertising and promotion and consulting fees recorded in the period over the prior year’s comparative period.

Expenses incurred during the period ended October 31, 2021 and 2020 consist of:

	October 31, 2021	October 31, 2020
	$	$
Advertising and promotion	112,216	3,411
Bank charges and interest	4,242	1,025
Consulting	40,855	10,000
Depreciation	1,347	503
General exploration	-	8,773
Insurance	5,753	6,052
Legal and accounting	50,578	44,606
Share-based payments	359,158	130,749
Salaries and benefits	36,710	20,878
Office and miscellaneous	8,946	10,291
Trust and filing fees	9,984	10,006

The cumulative deficit from inception of the Company is $2,399,843 (April 30, 2021 - $1,927,569).

Cash flows

Cash of $268,605 was used in operating activities during the six month period ended October 31, 2021 (October 31, 2020 - $84,708) a change due largely to increased general and administrative expenses incurred in the current period versus the prior year’s comparative period.

Cash of $1,050,531 was used in investing activities (October 31, 2020 - $287,738 (cash provided by investing activities) during the six month period ended October 31, 2021, an increase related to a significant increase in exploration and evaluation expenditures related to work completed at the Company’s Tower Mountain gold property in Canada and the Okohongo copper-silver property in Namibia. The Company also received cash proceeds $91,065 related to the disposition of certain marketable securities during the current period.

Cash provided from financing activities was $160,000 for the six month period ended October 31, 2021 (October 31, 2020 – $1,200,962), an decrease related to no private placement activity in the current period versus the gross proceeds of $1,225,250 that were received in the previous year’s comparative period.

During the six ended October 31, 2021, 300,000 shares were issued valued at $33,000 pursuant to the first anniversary payment on the Tower Mountain property option.

Summary of Quarterly Results

The Company had a net loss and comprehensive loss of $472,274 for the six month period ended October 31, 2021 (October 31, 2020 - $134,661 net income and comprehensive income). The following table contains the results from the eight most recently completed quarters:

	Second Quarter Ended October 31, 2021 $	First Quarter Ended July 31, 2021 $	Fourth Quarter Ended April 30, 2021 $	Third Quarter Ended January 31, 2021 $	Second Quarter Ended October 31, 2020 $	First Quarter Ended July 31, 2020 $	Fourth Quarter Ended April 30, 2020 $	Third Quarter Ended January 31, 2020 $
Expenses	126,376	503,413	177,658	138,197	175,774	70,520	52,120	51,580
Net income (loss) for the period	(171,455)	(300,819)	31,375	485,697	(71,796)	206,457	57,886	(235,437)
Comprehensive income (loss) for the period	(171,455)	(300,819)	31,375	485,697	(71,796)	206,457	57,886	(235,437)
Income (loss) PerShare	0.00	0.00	0.00	0.01	0.00	0.00	0.00	(0.01)

As the Company is still in the exploration stage, variances in its quarterly losses are not affected by sales or production-related factors. Year over year expense variances are generally attributed to successful financing activities, or the lack thereof, which result in the Company being able to conduct more (or less) exploration, which results in additional (or fewer) overhead expenditures.

Selected Annual Financial Information

All currency amounts are stated in Canadian dollars.

The following table summarizes selected financial data for the Company for each of the three most recently completed financial years. The information set forth below should be read in conjunction with the consolidated audited financial statements, prepared in accordance with International Financial Reporting Standards and related notes.

s.
	2021	2020	2019
Year Ended April 30,	$	$	$
Gain/(loss) on disposition of exploration and evaluation assets	202,681	84,290	(90,116)
Net income (loss) for the year	651,733	(393,858)	(930,355)
Loss per share – basic and diluted	0.01	(0.01)	(0.02)
Total assets	6,214,627	1,474,782	665,706
Long-term liabilities	Nil	Nil	Nil
Dividends	Nil	Nil	Nil

Liquidity and Capital Resources

As of October 31, 2021, the Company had $1,734,060 in unrestricted cash (April 30, 2021 - $2,893,196) as well as $15,000 in cash restricted for credit card collateral April 30, 2021 - $15,000). Amounts receivable were $95,007 (predominantly HST ITCs) (April 30, 2021 - $122,214). Marketable securities were $987,899 (April 30, 2021 - $818,424). Refundable security deposits on hand with the Government of Newfoundland were $11,000 (April 30, 2021 – $11,800).

Accounts payable and accrued liabilities were $160,265 at October 31, 2021 (April 30, 2021 - $122,802) includes accruals for expenditures on mineral properties, legal and audit fees, consultants and other amounts. These were incurred in the normal course of business.

Working capital inclusive of restricted cash at October 31, 2021 was $2,772,267 (April 30, 2021 - $3,762,195).

At this time the Company does not own or operate any revenue producing mineral properties, and accordingly, does not have cash flow from operations. The Company raises funds for exploration, development and general overhead and other expenses through the issuance of shares from treasury. This method has been the principal source of funding for the Company since inception.

The Company also funds exploration at certain of its other properties through option agreements with other companies who have agreed to fund exploration in exchange for the right to earn an interest in the properties.

In addition to the funds in the Company’s treasury, the Company intends to continue raising funds for future exploration and general overhead and other working capital through the continuation of issuances of shares from treasury and through earn-in or option agreements with other mineral exploration and mining companies.

The Company funds its project expenditures by raising equity financing. If in the event that future private placement financing cannot be completed, the Company would have to review its budgeted project expenditures and revise where necessary including reviewing property option agreements to determine if continuation in such agreements on their anniversary dates is feasible. Management continues to seek out capital required to undertake its exploration work commitments and for working capital to meet project work commitments.

Exploration and Evaluation assets

Mineral property acquisition, exploration and development expenditures are deferred until the properties are placed into production, sold, impaired or abandoned or if substantive expenditure on further exploration and evaluation is neither budgeted nor planned. These deferred costs will be amortized over the estimated useful life of the properties following commencement of production or written-down if the properties are allowed to lapse, are impaired or are abandoned or if substantive expenditure on further exploration and evaluation is neither budgeted nor planned.

The deferred costs associated with each property for the six month period ended October 31, 2021 and year ended April 30, 2021 are as follows:

For the six months ended October 31, 2021

Tower Mountain (a) DorWit (b)	Taranis (Okohongo) (c)	Other (d) Total
331,898 -	207,262	28,216 567,376
76,267 - - - - -	- - -	- 76,267 - - - -
73,206 -	-	- 76,267
408,165 -	207,262	28,216 643,643
1,063,579 -	409,730	280,338 1,753,647
91,990 - 33,918 - 2,136 715 13,285 - 4,481 - 69,176 - 785,998 - 60,007 - - - - - - - - - - -	20,067 - 13,523 1,267 - 12,366 16,301 - 856 42,937 - - -	- 112,057 - 33,918 2,240 18,614 - 14,552 - 4,481 - 81,542 2,495 807,794 - 60,007 - 856 - 42,937 - - (3,855) (3,855) (180,381) (180,381)
1,060,991 715	107,317	(179,501) 989,522
2,124,570 715	517,047	100,837 2,743,169
2,532,735 715	724,309	129,053 3,386,812

For the year ended April 30, 2021

Tower Mountain (a) DorWit (b)	Taranis (Okohongo) (c)	Other (d) Total
- -	207,262	84,529 592,374
331,898 300,583 - - - (300,583)	- - -	50,450 382,348 (2,500) (2,500) (104,263) (404,846)
331,898 -	-	(56,313) (24,998)
331,898 -	207,262	28,216 567,376
- 4,032	6,621	315,233 325,886
24,988 - 26,443 - 42,832 - 264,143 - 5,556 - 690,117 215 9,500 - - 633 - - - - - (4,880) - -	21,767 - 10,878 18,983 - 349,631 1,088 - 762 - - -	173 46,928 3,380 29,823 6,511 60,221 718 283,844 - 5,556 923 1,040,886 - 9,500 - 1,721 65 827 (1,261) (1,261) (45,404) (50,284) - -
1,063,579 (4,032)	403,109	(34,895) 1,427,761
1,063,579 -	409,730	280,338 1,753,647
1,395,477 -	616,992	308,554 2,321,023

a) Tower Mountain Gold Project, Ontario

The Tower Mountain Gold Project consists of 115 single cell mining claims, 64 optioned claims, 11 boundary claims, 1 owned patent and 5 patents held under option, totalling 2,038 hectares. Underlying agreements related to the Property are comprised of the following:

Melvin Stewart Option
Lee Patent
Nichols Patent
Anderson Patent

Melvin Stewart Option

During the year ended April 30, 2021, the Company signed a binding letter of intent (“LOI”) with prospector Melvin Stewart (the “Optionor”) in regards to the option acquisition of the Tower Mountain Gold Project, located in Conmee Township about 40 km west-northwest of the port city of Thunder Bay, Ontario. The Project currently covers approximately 2,010 ha comprising both unpatented and patented mining claims.

Under the LOI, White Metal has the option to acquire 100% of the Project subject to a 2% underlying royalty on some of the claims comprising the Property (the “Underlying Royalty”) by issuing to the Optionor 1,200,000 common shares of the Company and making cash payments totalling $145,000 over a period of three (3) years. More specifically, details of the three-year option are:

On receipt of regulatory approval: $25,000 cash payment, issuance of 300,000 shares (paid and issued).
1st Anniversary: $30,000 cash payment, issuance of 300,000 shares (paid and issued).
2nd Anniversary: $40,000 cash payment, issuance of 300,000 shares.
3rd Anniversary: $50,000 cash payment, issuance of 300,000 shares.

The Optionor has reserved a 1% net smelter returns royalty on certain claims that are not in conflict with the Underlying Royalty and the Optionor will be given a 2% net smelter returns royalty on additional claims that the Company has staked (collectively the “Optionor NSR”). The Company has the right to purchase 50% of such Optionor NSR for $1 million and advanced royalty payments of $5,000 per year (payable in cash or shares of the Company at its option) are payable on the Optionor NSR commencing on the fourth anniversary of the LOI.

Mineralization on the Property has been described as syenite-associated disseminated gold and similar to that found in the Kirkland Lake and Malartic gold camps and at the Young-Davidson Mine (Alamos Gold). Mineralization hosted by established operations is not necessarily indicative of mineralization hosted on the Company’s Property. However more recent geochemical analysis has shown that the intrusion is a monzonite. Pyrite, the main sulphide mineral, is generally an indication of anomalous concentrations of gold and typically occurs mostly as disseminations in volcanic flows and breccias, hydrothermal breccias, and feldspar porphyries, microsyenite and trachytic dykes associated with the Tower Mountain Intrusive Complex (“TMIC”). Historical exploration work has defined three gold zones to date; the U-V Zone, 04-36 Zone, and A-D/31 Bench Zone (referred to herein as the Bench Zone). The 04/36 and Bench zones are located about 500 m southwest and 800 m southeast of the U-V Zone, respectively.

Lee Patent

During the year ended April 30, 2021, the Company purchased 100% ownership of an important freehold patent (the “Lee Patent”), located centrally within the greater boundary of the Project. The Company paid a $5,000 finders’ fee related to the purchase of the Lee Patent.

The Lee Patent, is strategically located immediately west of the Bench Zone and south of the U-V Zone gold deposit to the north and covers the historical “A Zone”. The A Zone and Lee Patent have seen historical work by

Noranda and Inco, which included diamond drilling and trenching. Some of the highlights of the historical trench sampling by Noranda include 6.17 g/t Au over 6.0 m and 5.26 g/t Au over 7.0 metres. Historical diamond drilling by Noranda (1985-1987) reported intercepts of 16.5 g/t Au over 3.0 m, including 30.5 g/t over 1.0 m (DDH 18) and several other drill holes with 1.0 m intercepts ranging from 3.09 g/t Au to 18.2 g/t Au. The geology within the Lee Patent is described as a combination of trachyte, microsyenite and Late Archean Timiskaming volcanic rocks.

A qualified person (“QP”) has not done sufficient enough work to verify the historical assay results and technical information reported herein.

Nichols Patent

During the year ended April 30, 2021, the Company entered into an option agreement (the “Nichols Agreement”) to purchase 100% of an important freehold patent (the “Nichols Patent”), located to the southeast of the Tower Mountain Gold Property.

Pursuant to the option agreement, the Company may acquire 100% by providing the Nichols Patent owners (the “Optionors”) with the following consideration, which will be allocated equally between the Optionors:

providing the Optionors with a non-refundable deposit of $20,000 upon execution of the Nichols Agreement (paid);
issuing to the Optionors 300,000 common shares upon receipt of TSX Venture Exchange (the “Exchange”) approval for the Option subject to the standard Exchange hold period (issued);
paying to the Optionors $30,000 and issuing a further 400,000 shares to the Optionors on or before the first anniversary of the date of the Nichols Agreement;
paying to the Optionors $30,000 and issuing a further 500,000 shares to the Optionors on or before the second anniversary of the date of the Nichols Agreement; and,
paying to the Optionors $70,000 and issuing a further 900,000 shares to the Optionors on or before the third anniversary of the date of the date of the Nichols Agreement.

Net Smelter Royalty: The Nichols Patent will be subject to a 2% Net Smelter Return Royalty (the “NSR”) in favour of the Optionors of which 1% can be purchased by the Company for $1,000,000 at any time (the “NSR Purchase Right”). The Optionors will, at any time, have the right to sell the 1% NSR not covered by the NSR Purchase Right subject to the Company having a right of first refusal to purchase such interest.

Share Bonus Payment: White Metal will issue 1,000,000 shares in the aggregate to the Optionors in the event that a National Instrument 43-101 compliant economic mineral resource of 750,000 ounces of gold or greater is established on the Property.

The Nichols Patent is strategically located immediately east of the P Zone which has historical assays ranging from 1.58 to 11.0 g/t Au. The Nichols Patent is also located about 1,700 m southeast of the U-V Zone which contains historical gold mineral resources.

A QP has not done sufficient enough work to verify the historical assay results and technical information reported herein.

Anderson Patent

During the year ended April 30, 2021, the Company entered into an option agreement (the “Anderson Agreement”) to purchase 100% ownership of the mining rights to an important freehold patent (the “Anderson Patent”), located within the core area of the Tower Mountain Gold Project .

The Company may exercise its option in the Anderson Agreement by providing the Anderson Patent optionors with the following consideration (allocated equally):

providing the Optionors with a non-refundable deposit of $20,000 upon execution of the Anderson Agreement (paid);
issuing to the Anderson Patent optionors 300,000 common shares upon receipt of TSX Venture Exchange (the “Exchange”) approval of the Anderson Agreement subject to standard Exchange hold period (issued);
paying to the Anderson Patent optionors $30,000 and issuing a further 400,000 shares on or before the first anniversary of the date of the Anderson Agreement;
paying to the Anderson Patent optionors $30,000 and issuing a further 400,000 shares on or before the second anniversary of the date of the Anderson Agreement; and,
paying to the Anderson Patent optionors $70,000 and issuing a further 500,000 shares on or before the third anniversary of the date of the Anderson Agreement.

Net Smelter Return Royalty: The Anderson Patent will be subject to a 2.5% Net Smelter Return Royalty (the “NSR”) in favour of the Anderson Patent optionors of which one percent (1%) can be purchased by White Metal for $1,000,000 at any time (the “NSR Purchase Right”). The Anderson Patent optionors will, at any time, have the right to sell the 1.5% NSR not covered by the NSR Purchase Right subject to White Metal having a right of first refusal to purchase such interest.

Surface Rights and Access Rights: Subject to exercising the Anderson Patent option and establishing an economic resource, White Metal or its assigns shall have the right to purchase the surface rights to the Anderson Patent including the cottages that are situated on the Anderson Patent at a price to be determined by a third party independent valuator (the “Purchase Price”). In establishing the Purchase Price, the valuator shall not include the value of the mineral rights associated with the Anderson Patent. White Metal acknowledges that there is a sensitive area of ground near one of the cottages to which the Anderson Patent optionors have a personal attachment. The Anderson Patent optionors will make White Metal aware of such area and to the extent possible White Metal will refrain from conducting work in such area.

Share Bonus Payment: White Metal will issue one million shares (1,000,000 shares) in the aggregate to the Anderson Patent optionors in the event that a National Instrument 43-101 (“NI 43-101”) compliant mineral resource estimate of 750,000 ounces of gold or greater is established on the Anderson Patent.

The Anderson Patent, strategically located immediately west of the P Zone, has historical assays ranging from 1.58 to 11 g/t Au. The Anderson Patent is also located 800 m southeast of the UV Zone deposit.

A QP has not done sufficient enough work to verify the historical assay results and technical information reported herein.

Historical Mineral Resource Estimate

Historical mineral resource estimates, completed using the National Instrument 43-101, Standards of Disclosure for Mineral Projects (“NI 43-101”) at the time of resource publication, were completed on the U-V Zone (Caracle Creek International Consulting, 2006 - published) and on the Bench Zone (Revolver Resources, 2013 - unpublished). In 2006, Caracle Creek International Consulting Inc. completed an NI 43-101 Maiden Mineral Resource Estimate and Technical Report on the U-V Zone (Table 1). Historical reports, modelling and interpretation suggest numerous opportunities to expand areas of low- and high-grade gold at the U-V and Bench zones and for expansion of the 04/36 Zone. The Company is also reviewing other exploration opportunities around the TMIC and in the region.

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Table 1. Inferred Mineral Resource Estimate at 0.3 g/t Au Cut-off, Caracle Creek (2006).

Zone	Tonnes	Au(ppb)	Au(g/t)	Contained Grams	Contained Ounces
U	2,353,902	770	0.77	1,811,412	58,238
V	1,617,681	539	0.54	872,750	28,059
Total:	3,971,583		0.68	2,684,162	86,297

source: Independent Mineral Resource Estimation, Tower Mountain Gold Deposit, ValGold Resources Ltd.; Prepared by Caracle Creek International Consulting Inc. and Clark Exploration Consulting Inc., Effective February 9, 2006.

The Company is treating the tonnages and grades reported in Table 1 as historical mineral resources. This historical estimate was prepared using categories and definitions consistent with CIM Definition Standards of Mineral Resources and Mineral Reserves at the time of completion of the resource estimate, as outlined in NI 43101, Standards of Disclosure for Mineral Projects. A QP has not done sufficient work to classify the historical estimates as current mineral resources and therefore the Company is not treating the historical estimates as current mineral resources. Investors are cautioned that the historical estimates do not mean or imply that economic deposits exist on the Property. The Company has not undertaken any independent investigation of the historical estimates or other information contained in this press release nor has it independently analyzed the results of the previous exploration work in order to verify the accuracy of the information.

A summary of drill core assays from selected historical diamond drill holes is provided in Table 2. It is also important to note that a multitude of historical drill holes ended in gold mineralization and a selected list is provided in Table 3. Historical exploration data and information provided in Tables 2 and 3 has not been verified by a QP.

Table 2. Summary of selected historical drill core assays.

Drill Hole	*Interval(m)	Width(m)	Au(g/t)
DDH 02-02	30.5 – 42.5	12.0	3.28
including	41.0 – 42.5	1.5	23.17
DDH 02-03	57.5 – 59.0	1.5	1.28
and	162.5 – 236.0	73.5	1.05
including	177.5 – 192.5	15.0	2.08
Including	179.0 – 180.5	1.5	5.05
TM03-11	12.0 – 13.5	1.5	1.20
and	51.0 – 91.5	40.5	1.27
including	63.0 – 67.5	1.5	7.31
including	66.0 – 67.5	1.5	19.76
TM-04-01	64.5 – 70.5	6.0	2.76
and	81.0 – 84.0	3.0	3.06
including	81.0 – 82.5	1.5	5.64
TM-04-02	42.0 – 43.5	1.5	546.8
and	69.0 – 85.5	16.5	1.73
including	84.0 – 85.5	1.5	13.73
TM-04-03	33.0 – 34.5	1.5	2.47
and	64.5 – 84.0	19.5	47.22
including	73.5 – 75.0	1.5	588.89
including	75.0 – 76.5	1.5	19.12
TM-04-06	132.0 – 133.5	1.5	3.26
and	133.5 – 135.0	1.5	164.69

Drill Hole	*Interval(m)	Width(m)	Au(g/t)
and	135.0 – 138.0	3.0	1.17
TM-04-09	51.0 – 52.5	1.5	1.26
and	171.0 – 232.5	61.5	2.40
including	177.0 – 184.5	7.5	4.17
including	195.0 – 214.5	19.5	3.41
including	222.0 – 232.5	10.5	3.21
TM-04-12	246.0 – 289.5	43.5	1.02
including	271.5 – 282.0	10.5	2.07
TM-04-15	64.5 – 81.0	16.5	3.89
including	70.5 – 72.0	1.5	34.46
and	273.0 – 274.5	1.5	1.01
TM-04-16	117.0 – 120.0	3.0	3.29
including	103.5 – 106.5	3.0	1.32
TM-04-19	43.5 – 78.0	34.5	1.25
including	46.5 – 48.0	1.5	15.76
including	64.5 – 67.5	3.0	2.12
and	90.0 – 96.0	6.0	3.13
TM-04-22	183.0 – 193.5	10.5	3.25
TM-04-24	246.0 – 250.5	4.5	1.06
and	264.0 – 270.0	6.0	1.50
and	298.5 – 334.5	36.0	1.02
including	298.5 – 300.0	1.5	9.35
including	304.5 – 324.0	19.5	1.89
including	333.0 – 334.5	1.5	1.14
and	30.0 – 34.5	4.5	7.50
and	208.5 – 211.5	3.0	3.96
TM-04-36	43.5 – 48.0	4.5	1.77
and	54.0 – 57.0	3.0	25.23
including	54.0 – 55.5	1.5	50.03
and	75.0 – 78.0	3	3.87
and	222.0 – 223.5	1.5	1.24
TM-05-38	16.5 – 24.0	7.5	5.00
including	18.0 – 19.5	1.5	16.00
TM-11-62	152.0 - 225.5	73.5	0.82
including	168.5 - 189.5	21.0	1.76
including	180.5 – 188.0	7.5	3.44
TM-11-63	180.5 – 185.0	4.5	4.93
and	228.5 – 239.0	10.5	0.36
and	302.0 - 312.5	10.5	0.41
and	356.0 – 365.0	9.0	1.75
TM-11-67	14.0 - 101.0	87.0	0.98
TM-11-75	20.0 - 30.5	10.5	0.58
and	38.0 – 65.0	27.0	2.01

Drill Hole	*Interval(m)	Width(m)	Au(g/t)
and	80.0 - 93.5	13.5	0.56
and	104 .0- 114.5	10.5	0.32
TM-11-84	6.5 - 21.5	15.0	0.44
and	63.5 – 65.0	1.5	1.10
and	71.0 – 116.0	45.0	1.01
including	71.0 - 78.5	7.5	2.43
and	81.5 – 95.0	13.5	0.85
and	104.0 – 110.0	6.0	1.93

*intervals are not indicative of true widths

Table 3. Summary of selected drill holes that terminated in gold mineralization (hosted by volcanic rocks).

Zone	Drill Hole	End of Hole (m)	Final Assay Au (ppb)
U-V	TM-02-03	236	741
U-V	TM-03-11	201	303
U-V	TM-04-21	225	387
Bench	TM-04-30	201	1563
Bench	TM-07-56	401	1978
Bench	TM-11-73	120	403
Bench	TM-11-74	152	1007
Bench	TM-11-77	122	712
Bench	TM-11-86	146	938
Bench	TM-11-87	152	889

With at least 2 km of potential strike between the U-V Zone gold deposit in the northwest and the last recorded exploration drilling (TM-07-58: 6.0 m @ 5.42 g/t Au) to the southeast, the Company believes there is ample opportunity to build both low- and high-grade gold resources, to expand current mineral resources, and to make additional new discoveries.

Exploration

During the year ended April 30, 2021, the Company engaged SLR Consulting (Canada) Ltd (“SLR”) to complete a review of historical data and drill core samples from the Project. Mr. Reno Pressacco, P.Geo. from SLR, reviewed the data and examined drill core samples from historical drilling by previous owners. Mr. Pressacco has extensive experience working on syenite-hosted gold deposits and was deeply involved with the exploration and delineation of the Young-Davidson gold deposit located near Kirkland Lake, Ontario, prior to the sale of the asset to Northgate Mines, a predecessor company to Alamos Gold. The current study included a site visit to the Project, reviewing historical drill core and outcrop exposures, and a review of historical geological and geophysical information and data. The large majority of historical drilling has been focussed on two areas of the Property known as the U-V Zone and the Bench Zone, where zones of potentially economic gold values across potentially mineable widths have been discovered historically.

SLR notes that the gold mineralization discovered at the U-V Zone is related to disseminated pyrite-chalcopyrite associated with a brick-red potassium-hematite alteration style that is similar to gold mineralization found in other Canadian syenite-associated deposits. Conversely, the gold mineralization observed at the Bench Zone appears to be associated with elevated concentrations of disseminated pyrite only with no obvious visible alteration signatures.

The Company’s technical team will utilize recommendations made in the report for consideration in its current and future exploration programs. Of particular note, were SLR’s observations and recommendations made with

respect to the “G Zone” where surface sampling by a previous operator reported up to 8.34 g/t Au. The G Zone is located in an area of the syenite intrusion that has seen little detailed exploration activity other than one reported drill hole and a surface trench.

With respect to the G Zone, the Report concluded, “Considering the style of mineralization, reported gold grade, and relative lack of exploration activity, SLR is of the opinion that this area presents potential for locating high grade gold mineralization in the near-surface area.” The Company’s surface exploration program is progressing, with more than 200 grab samples collected to date which have been submitted to the laboratory for analysis. Sampling of historical gold showings and new areas of mineralization is ongoing and results will be reported in the coming period.

In addition, the Company completed a prospecting and sampling program and received assay results from 299 rock samples that were collected. Assays from the 299 samples range from below the lower limit of detection (“LLD”; <5 ppb Au) to 16.2 g/t Au. The 299 samples averaged 505 ppb Au and only five of the samples were below the LLD. A summary of the rock sample assay results is provided in Table 4 with seven of the zones/mineralized areas described below.

Table 4. Rock sample (grabs) assay results by Zone/Location, TowerMountain Gold Project. Zone/Location No. Samples Range Au (ppb) A Zone 65 <5 to16200 H Zone 18 13 to 3390 Creek Zone 12 26 to 1330 T Zone (Trench 02-07) 15 34 to 2190 D Zone (SEof Bench Zone) 8 157 to2420 04-36Zone 22 16 to1760 K Zone-trench 21 63 to1260 K Zone 6 200 to 3490 150 m to 450 m east of S Zone 17 6 to 1070 200moff Property NW Corner 4 <5 to 9 35 m east of G Zone 2 169 to 235 50mwest of D Zone 1 13 75 m north of G Zone 1 12 between A & C zones 5 32 to 430 between H& Gzones 2 7 to 8 between J & L and M zones 13 10 to 206 betweenN &H zones 2 17 to 38 between S & C zones 6 7 to 4020 betweenU-V &Bench zones 32 <5 to2980 CZone 3 38 to274 east of H Zone 3 19 to 99 GZone 3 13 to108 J Zone 3 113 to 611 L Zone 18 22to222 M Zone 6 8 to129 south of D Zone 1 36 west ofJZone 10 9 to 337	Table 4. Rock sample (grabs) assay results by Zone/Location, TowerMountain Gold Project. Zone/Location No. Samples Range Au (ppb) A Zone 65 <5 to16200 H Zone 18 13 to 3390 Creek Zone 12 26 to 1330 T Zone (Trench 02-07) 15 34 to 2190 D Zone (SEof Bench Zone) 8 157 to2420 04-36Zone 22 16 to1760 K Zone-trench 21 63 to1260 K Zone 6 200 to 3490 150 m to 450 m east of S Zone 17 6 to 1070 200moff Property NW Corner 4 <5 to 9 35 m east of G Zone 2 169 to 235 50mwest of D Zone 1 13 75 m north of G Zone 1 12 between A & C zones 5 32 to 430 between H& Gzones 2 7 to 8 between J & L and M zones 13 10 to 206 betweenN &H zones 2 17 to 38 between S & C zones 6 7 to 4020 betweenU-V &Bench zones 32 <5 to2980 CZone 3 38 to274 east of H Zone 3 19 to 99 GZone 3 13 to108 J Zone 3 113 to 611 L Zone 18 22to222 M Zone 6 8 to129 south of D Zone 1 36 west ofJZone 10 9 to 337	Table 4. Rock sample (grabs) assay results by Zone/Location, TowerMountain Gold Project. Zone/Location No. Samples Range Au (ppb) A Zone 65 <5 to16200 H Zone 18 13 to 3390 Creek Zone 12 26 to 1330 T Zone (Trench 02-07) 15 34 to 2190 D Zone (SEof Bench Zone) 8 157 to2420 04-36Zone 22 16 to1760 K Zone-trench 21 63 to1260 K Zone 6 200 to 3490 150 m to 450 m east of S Zone 17 6 to 1070 200moff Property NW Corner 4 <5 to 9 35 m east of G Zone 2 169 to 235 50mwest of D Zone 1 13 75 m north of G Zone 1 12 between A & C zones 5 32 to 430 between H& Gzones 2 7 to 8 between J & L and M zones 13 10 to 206 betweenN &H zones 2 17 to 38 between S & C zones 6 7 to 4020 betweenU-V &Bench zones 32 <5 to2980 CZone 3 38 to274 east of H Zone 3 19 to 99 GZone 3 13 to108 J Zone 3 113 to 611 L Zone 18 22to222 M Zone 6 8 to129 south of D Zone 1 36 west ofJZone 10 9 to 337
Zone/Location	No. Samples	Range Au (ppb)
A Zone	65	<5 to16200
H Zone	18	13 to 3390
Creek Zone	12	26 to 1330
T Zone (Trench 02-07)	15	34 to 2190
D Zone (SEof Bench Zone)	8	157 to2420
04-36Zone	22	16 to1760
K Zone-trench	21	63 to1260
K Zone	6	200 to 3490
150 m to 450 m east of S Zone	17	6 to 1070
200moff Property NW Corner	4	<5 to 9
35 m east of G Zone	2	169 to 235
50mwest of D Zone	1	13
75 m north of G Zone	1	12
between A & C zones	5	32 to 430
between H& Gzones	2	7 to 8
between J & L and M zones	13	10 to 206
betweenN &H zones	2	17 to 38
between S & C zones	6	7 to 4020
betweenU-V &Bench zones	32	<5 to2980
CZone	3	38 to274
east of H Zone	3	19 to 99
GZone	3	13 to108
J Zone	3	113 to 611
L Zone	18	22to222
M Zone	6	8 to129
south of D Zone	1	36
west ofJZone	10	9 to 337

The grab samples were collected as part of a prospecting program following up on seven historical gold-bearing areas reported from past property explorers Valgold Resources Ltd., Inco and Noranda Exploration, and from new areas of mineralization. A map showing the locations of the mineralized zones on the Property and sample sites is available on the Company website at https://www.whitemetalres.com/.

The reader is cautioned that grab samples are spot samples which are typically, but not exclusively, constrained to mineralization. Grab samples are selective by nature and are collected to determine the presence or absence of mineralization and are not intended to be representative of the material sampled. As such, grab samples are not necessarily representative of mineralization across the Property.

During the year ended April 30, 2021, the Company completed its first phase diamond drilling program at the Project. The program consisted of 2,468.11 m in 10 drill holes. This first phase of drilling was designed to (1) test the depth potential of some of the historical gold showings located throughout the Property, (2) test for downdip extensions based on historical drilling, and (3) test new areas discovered as a result of the fall 2020 prospecting program such as the newly discovered Ellen Zone. Phase 1 drill holes were also widely spaced, with some as much as 500 metres apart.

Of particular interest in the Phase 1 diamond drilling program was the discovery of a new gold zone in diamond drill hole TM-21-94, which returned 1.7 g/t Au over 82.5 m, including 3 g/t Au over 45.0 metres. The new gold discovery, named the Ellen Zone, is located about 340 m south of the U-V Zone and about 300 m north of the Bench Zone. The area of the new discovery has seen no historical drilling and is open in all directions. In addition to the new Ellen Zone discovery the Company also reported on results from a further six (6) diamond drill holes targeting expansion of historical zones and new target areas determined from the fall 2020 prospecting program. Additional highlights from the 2021 Phase 1 drilling program and completed IP geophysical survey include:

Confirmation of low grade gold mineralization within an intense and pervasive alteration zone, extending over 2 km along strike;
Excellent correlation between the Ellen Zone discovery and priority anomaly “TS-02” from the DasVision IP survey;
DasVision IP survey outlined numerous new targets for follow-up prospecting, trenching and drilling;
Drill hole TM-21-95 extended the historical Bench Zone to the south by a minimum of 75 metres;
Compilation of all historical data and completion of the DasVision IP survey provide excellent drill targets within “gaps” between gold zones that are up to 500 m in strike; and,
The highly prospective H Zone requires re-mapping and additional drilling to test the new interpretation that this zone dips to the southeast at 50-60 degrees.

A summary of Phase 1 drill core assays is presented in Table 5.

Table 5. Summary of Phase 1 diamond drilling core assay results, Tower Mountain Gold Project.

Drill Hole	From (m)	To (m)	Interval (m)	Au (g/t)	Au (ppb)
TM-21-88	no significant assays
TM-21-89	no significant assays
TM-21-90	373.5	390.0	16.5	0.90	903
TM-21-91	no significant assays
TM-21-92 and	50.5	53.5	3.0	0.96	959
	61.0	71.5	10.5	0.25	250
TM-21-93	8.0	18.5	10.5	0.39	388
and	32.0	89.0	57.0	0.23	229
TM-21-95 and incl.	21.0	51.0	30.0	0.33	331
	112.5	174.0	61.5	0.51	509
	117.0	120.0	3.0	1.50	1495
TM-21-94	10.0	92.5	82.5	1.75	1748
incl.	10.0	55.0	45.0	3.00	3000
TM-21-95	no significant assays

Drill Hole	From (m)	To (m)	Interval (m)	Au (g/t)	Au (ppb)
TM-21-96	no significant assays
TM-21-97 and incl. and	95.5	148.0	52.5	0.32	322
	232.0	268.0	36.0	0.62	621
	248.5	262.0	13.5	1.04	1040
	289.0	311.5	22.5	0.50	504
incl.	308.5	311.5	3.0	1.15	1149

Note: drill hole intervals are not representative of true width.

During the period ended October 31, 2021, the Company initiated its Phase 2 drilling program consisting of approximately 4,000 metres. The follow up drilling program is planned to include:

Tracing the Ellen Zone to the northwest, to the southeast and down dip;
Extending the Bench Zone down dip to the southwest including a step out hole to follow up on drill hole TM-21-97, which intersected anomalous gold mineralization over nearly its entire 347.71 m length (47% of 229 samples >100 ppb Au, to maximum 2.16 g/t Au) and supported the interpretation that the Bench Zone dips 50 to 60 degrees southwest;
Infill drilling at T Zone to test historical drill mineralization intercepts over a strike length of 200 m;
Test for extension of mineralization at bottom of a hole at S Zone;
Confirm high grade intercepts from historical drilling at A Zone;
Test for down dip extension at 04-36 Zone;
Testing across a chargeability low and resistivity high which underlies the majority of the Ellen Zone; and,
Testing three chargeability highs; 1) E Zone at south edge of property 2) newly named Centre Zone which lies between the UV and Bench Zones and 3) 04-36 Zone. All three IP anomalies are untested by drilling.

During the period ended October 31, 2021, the Company received final results from the Phase 2 drilling program (Table 6).

==> picture [508 x 280] intentionally omitted <==

Table 6. Summary of core assay results from Phase 2 drill holes.

Hole ID	From (m)	To (m)	*Interval (m)	Au (g/t)	Zone
TM-21-98	72.50	107.00	34.50	1.11	Ellen T
incl	86.00	93.50	7.50	2.33
and	159.50	165.50	6.00	1.02
TM-21-99	anomalousgold from 4 to 197 metres
TM-21-100	23.00	113.00	90.00	1.23
incl	23.00	33.50	10.50	3.68
incl	51.50	65.00	13.50	1.56
incl TM-21-101	92.00 68.00	113.00 138.50	21.00 70.50	2.75 0.27
incl	71.00	77.00	6.00	0.51
TM-21-102	47.00	60.50	13.50	0.73
TM-21-103	81.50	129.50	48.00	0.61
Incl	105.50 188.00	116.00 210.50	10.50 22.50	1.52 0.75
TM-21-105					Bench
incl	200.00	210.50	10.50	1.11
TM-21-106	80.00	230.00	150.00	0.56
incl	171.50	230.00	58.50	1.01
incl	215.00	230.00	15.00	1.74
TM-21-107	143.00	192.50	49.50	0.84
incl	143.00	164.00	21.00	1.29
TM-21-108	3.70	59.00	55.40	1.81	A
incl	3.70	27.50	23.80	3.94
incl	8.00	15.50	7.50	8.77
TM-21-109	116.50	140.50	24.00	1.02
TM-21-110	2.50	54.50	52.00	0.75	110 IP#1
incl	47.00	54.50	7.50	1.02
TM-21-111	89.00	96.50	7.50	0.73	Central
and	194.00	209.00	15.00	0.32	IP#3
TM-21-112	56.00	81.50	25.50	0.68	Ellen
and	120.50	144.50	24.00	0.62
TM-21-113	164.00	239.00	75.00	0.53
incl	164.00	170.00	6.00	1.31
incl	204.50	221.00	16.50	1.01
incl	228.50	239.00	10.50	0.77
TM-21-114	281.00	317.00	36.00	0.21
incl	281.00	287.00	6.00	0.38
TM-21-115	57.50	62.00	4.50	1.40
TM-21-116	93.50	170.00	76.50	0.29	04-36
incl	125.00	170.00	45.00	0.37	IP#5
incl	137.00	146.00	9.00	0.65

*drill hole intervals are not true widths and are being reported as drill core lengths.

Hole TM-21-98, drilled 20 m southwest of and on section with TM-21-94, confirmed the down-dip extension of the Ellen Zone, returning anomalous to high-grade gold between 72.5 m and 107.0 m that range from 61 ppb to 5800 ppb Au (23 samples). The weighted average of this 34.5 m interval is 1.11 g/t Au, including 2.01 g/t Au over 9.0 m (from 86.0 m).

Hole TM-21-99, drilled 25 m to the southeast of TM-21-94, was designed to test the southeast strike-extension of the Ellen Zone but returned minor gold mineralization ranging from 6 ppb to 1300 ppb Au in 129 samples. Hole TM-21-100, drilled 25 m northwest of TM-21-94, confirmed the northwest strike-extension of the Ellen Zone, returning anomalous to high-grade gold between 23.0 m and 113.0 m that range from 77 ppb to 19,900 ppb Au (60 samples). The weighted average of this 90.0 m interval is 1.23 g/t Au, including 3.68 g/t Au over 10.5 m (from 23.0 m).

Holes TM-21-105,106,107: three holes designed to test the down-dip extension of the central portion of the Bench Zone, over a strike length of 150 metres (Figure 1). Successful in extending the zone 40 m to 50 m to the southwest with TM-21-105 and TM-21-106 returning significant widths of gold mineralization between 150 m and 169.5 m, including a number of zones with >1.0 g/t Au. This includes an as yet unnamed new zone, about 150 m below surface, intersected by TM-21-106 that returned 1.01 g/t Au over 58.50 m and remains open at depth.

Hole TM-21-108: designed to test for the east extension of the main A Zone horizon (Figure 1). Successful in intersecting the zone, returning 3.94 g/t Au over 23.8 m, including 8.77 g/t Au over 7.5 m, starting from surface (3.7 m). Although the A Zone was previously worked by Inco Limited and Noranda Exploration Inc., only sparse work and data was reported.

Hole TM-21-110: designed to test a high priority DasVision 3D-IP chargeability anomaly, approximately 250 m southeast of the south extent of the Bench Zone (Figure 1). Successful targeting, resulting in the discovery of a new gold zone. Entire length of the hole (143.0 m) returned anomalous gold (average 0.44 g/t Au) with the main part of the zone returning 0.75 g/t Au over 52.0 m (from 2.5 m), including 1.02 g/t Au over 7.5 m (from 47.0 m). It should be noted that the style of mineralization in the 110 Zone is unlike any mineralization found on the Property to date in that it is wholly-hosted within an intrusive monzonite body with less than 1% pyrite and trace chalcopyrite in quartz-carbonate fractures; the majority of known gold mineralization is hosted by altered metavolcanic rocks.

Subsequent to October 31, 2021, White Metal resumed diamond drilling with an approximate 4,300m Phase 3 drilling program which will focus on extending those intersections from the Phase 1 and 2 programs. Oriented core will be utilized to gain a better understanding of the vein/fracture system and general structures. Additionally, drilling will test new areas of prospective gold mineralization uncovered during the 2021 mapping and prospecting program. In addition, in the subsequent period, the Company received assay results from the A Zone trenching program at Tower (see Table 7). The Company is very encouraged with the results of the channel sample assays which correlate well with similar results reported from drill hole TM-21-108 that assayed 3.94 g/t Au over 23.8 m (from near surface).

==> picture [501 x 470] intentionally omitted <==

Figure 1. Compilation map showing the location of the drill hole collars and traces, target 3D-IP resistivity anomalies, and approximate locations of known gold zones.

Table 7. Channel samples and assay intervals, A Zone channel sampling program

Channel Label	Channel Sample #	Length (m)	Au (g/t)	Average Au (g/t)	Interval (m)
J	658305	1.45	0.21	0.52	2.90
	658306	1.45	0.86
I	658222	1.03	0.45	1.04	5.15
	658223	1.04	1.08
	658224	1.11	0.85
	658225	1.08	1.77
	658226	0.89	1.04
H H	658227	0.90	1.04	0.97	5.60
	658228	0.80	0.42
	658229	1.00	0.58
	658230	1.07	1.31
	658231	0.89	0.98
	658232	0.94	1.37
G	658206	0.90	0.28	1.87	3.70
	658207	1.05	0.24
	658208	0.90	3.09
	658209	0.85	4.27
F	658201	0.50	0.92	2.81	20.74
	658202	1.00	1.92
	658203	1.00	6.55
	658204	0.75	5.03
	658205	0.75	5.85
	658210	0.90	2.85
	658211	1.05	2.38
	658212	1.06	3.79
	658213	1.17	4.87
	658214	1.06	3.76
	658215	1.04	7.09
	658216	1.20	1.00
	658217	0.96	0.50

Channel Label	Channel Sample #	Length (m)	Au (g/t)	Average Au (g/t)	Interval (m)
	658218	1.10	1.03
	658219	1.40	3.92
	658220	1.30	2.94
	658234	1.40	0.63
	658233	1.40	1.94
	658235	1.70	1.34
E	658247	1.30	6.43	3.60	4.00
	658248	1.20	3.69
	658249	1.50	1.07
D	658243	1.00	1.06	1.45	2.00
	658244	1.00	1.84
C	658240	0.65	8.55	12.32	3.65
	658241	1.30	1.20
	658242	1.50	23.60
B	658238	1.05	2.64	2.00	2.50
	658239	1.45	1.47
A	658236	0.75	7.13	3.26	4.15
	658237	1.30	4.36
	658245	1.00	0.99
	658246	1.10	1.40
Single channels	658307	0.80	0.07	0.07	0.80
Single channels	658308	2.00	1.04	1.04	2.00
Single channels	658221	0.75	0.56	0.56	0.75
Single channels	658250	1.80	1.27	1.27	1.80
Single channels	658304	1.80	0.42	0.42	1.80

Note: channel sample intervals are not true widths and are being reported as sample lengths.

b) DorWit Copper-Silver Project , Namibia

During the year ended April 30, 2020, the Company incorporated a wholly-owned Namibian subsidiary, Aloe Investments Two Hundred and Thirty Seven (Proprietary) Limited (“Aloe 237”) and executed a binding letter of intent (the “DorWit LOI”) whereby Aloe 237 would acquire a 100% interest in the DorWit Copper-Silver Project, located approximately 150 km from Windhoek, Namibia, from Altan Minerals and Investments CC (“Altan”), a private Namibian company. The DorWit Copper-Silver Property comprises three Exclusive Prospecting Licenses (“EPL”), EPLs 7028, 7029 and 7030, encompassing approximately 78,865 hectares.

Pursuant to the DorWit LOI, White Metal committed to the following:

Pay Altan $75,000 USD upon closing (paid);
Issue 7 million common shares of the Company to Altan upon closing (issued); and
Issue a sufficient number of shares of Aloe 237 to provide Altan a 5% equity interest in Aloe 237, leaving the Company with a 95% interest in Aloe 237 (completed).

EPLs 7028, 7029 and 7030 have no associated royalties. Closing of the DorWit LOI was subject to TSX Venture Exchange approval which was received during fiscal 2020.

The DorWit project covers about 65 km of prospective stratigraphy in the Kalahari Copper Belt which extends eastward into Botswana where several major copper deposits occur and are being financed at present (e.g., Cupric Canyon Capital news release dated February 25th, 2019). Six historical copper deposits occur within these three licences along with other zones with anomalous copper in historical drill core intercepts which the Company believes can be expanded upon through future exploration. Historical mineral resources (Table 8) are contained within these three mining licenses and were published by the Geological Survey of Namibia (Resources of Namibia, 1999).

Table 8. Historical Mineral Resources from the Witvlei-Dordabis Areas, Namibia.

Deposit	Tonnes	Cu(%)	Ag (g/t)	EPL
Dordabis98	290,000	1.70	-	7030
	200,000	0.50	-	7030
Gemsbokvley214	447,000	1.75	-	7028
Christiadore104	1,200,000	2.27	-	7028

Highlight drill holes: 2.5% Cu over 9m; 2.9% Cu over 7m; 3.7% Cu over 5m

Deposit	Tonnes	Cu(%)	Ag (g/t)	EPL
Okasewa	6,000,000	1.85	7.00	7028
Malachite Pan	2,625,300	1.36	7.47	7029
	2,368,400	1.11	6.19	7029
Witvlei Pos	2,850,000	1.52	-	7029

The Company is treating the tonnages and grades reported in Table 8 as historical mineral resource estimates. These historical estimates do not use categories that conform to current CIM Definition Standards on Mineral Resources and Mineral Reserves as outlined in NI 43-101, Standards of Disclosure for Mineral Projects, and have not been redefined to conform to current CIM Definition Standards. A qualified person has not done sufficient work to classify the historical estimates as current mineral resources and the Company is not treating the historical estimates as current mineral resources. Investors are cautioned that the historical estimates do not mean or imply that economic deposits exist on the properties. The Company has not undertaken any independent investigation of the historical estimates or other information contained in this press release nor has it independently analyzed the results of the previous exploration work in order to verify the accuracy of the information. The Company believes that these historical estimates and other information contained in this news release are relevant to continuing exploration on the properties.

During the year ended April 30, 2020, the Company and RZJ Capital Management (“RZJ”) signed a binding letter of agreement (“LOA”) pursuant to which RZJ has the option to purchase 70% of the common shares of Aloe 237. RZJ assigned the LOA to Noronex Ltd. (“Noronex”) (formerly Lustrum Minerals Limited) during the current period. The terms of the LOA are as follows:

RZJ paid the Company a non-refundable $100,000 deposit (received) and had a three-month exclusive due diligence period from signing of the LOA;
Upon completion of due diligence and to acquire an initial 10% of the common shares of Aloe 237, Noronex, as assignee, will pay the Company a total payment of $500,000 consisting of one-half of the payment being made in cash (received) and the remaining one-half in common shares (5.5 million Noronex shares received) (issuance of Aloe 237 shares to Noronex pending);
Upon completion of payments above, Noronex and the Company will establish a Joint Technical Committee (“JTC”) which will give equal vote with respect to exploration work and related expenditures on the Property (the Company will be the JTC Operator);
To acquire a further 10% interest in Aloe 237, increasing its interest to 20%, and maintain its option, Noronex must spend a total of $500,000 in approved mineral exploration expenditures (between the three licenses) by the first anniversary of the settlement date (completed – issuance of Aloe 237 shares to Noronex pending);
To acquire a further 10% interest in Aloe 237, increasing its interest to 30%, and maintain its option, Noronex must spend a total of $1,000,000 in approved mineral exploration expenditures by the second anniversary of the settlement date;
To acquire a further 20% interest in Aloe 237, increasing its interest to 50%, and maintain its option, Noronex must spend a total of $2,000,000 in approved mineral exploration expenditures by the third anniversary of the settlement date. At this stage, Noronex will have the right to assume the role of operator;
To acquire a further 20% interest in Aloe 237, increasing its interest to 70%, Noronex must spend a total of $5,000,000 in approved mineral exploration expenditures by the fourth anniversary of the settlement date;
Once a feasibility report has been completed, Noronex will be granted a 90-day Call Option to acquire the Company’s remaining 25% to 26.5% interest in Aloe 237 (the interest will depend on the actions of Altan - see below), the price to be based on an independent valuation using the feasibility report and the prevailing market capitalization at the time; and,
If the Call Option is not exercised, the companies will enter into a Joint Venture Agreement with a 70%/25%/5% funding split or a 73.5%/26.5% funding split, depending on the actions of Altan (see below).

Altan is carried for exploration expenditures until an independent Pre-Feasibility report is completed and approved by the TSX-V. At such time, Altan must decide whether to contribute to future expenditures and maintain their interest or convert their interest to a 5% NPI. This NPI may be purchased by the remaining partners at any time for USD$1M.

During the year ended April 30, 2020, the Company filed with the Namibian Government (Ministry of Environment and Tourism), the required Environmental Clearance Certificates (“ECC”) EPLs 7028, 7029, and 7030, which is the first step toward beginning its exploration programs in Namibia. The ECC documents, which in this case describe proposed geophysical surveys and drilling programs and a community consultation plan, are required to be filed prior to beginning any work program. The Company received approval for these applications during the year ended April 30, 2020.

White Metal will be working with Noronex on its maiden exploration program in Namibia, aiming to build on the extensive 150,000 metre historical drill hole database which defines numerous historical Kalahari Copper Belt deposits. The up-coming work program will include geophysics, including the first ever state-of-the-art airborne electromagnetic (EM) survey of the Project, and surface induced polarization (IP) surveys designed to trace potential extensions to known deposits, generating additional drill targets. Noronex is also planning to complete

updated JORC (2012) compliant mineral resource estimates. Based on the outcome of the geophysical surveys, a drilling program is being planned for 2021, to test new targets and expand the historical mineral resources base.

During the period ended October 31, 2021, Noronex provided an update on activities at the DorWit project. Highlights include:

Final data received from the airborne electromagnetic (EM) survey.
High priority targets now identified for a large scale sediment hosted copper deposit that have never been drill tested, including:
a 2.5 by 1.2 km copper in soil anomaly in an altered structural zone south of Okasewa.
a 1.0 x 0.7 km copper in soil anomaly west of historical drill intercepts at Gemboksvlei.
a new area at Otjiwaru with a 1.5 km strike soil anomaly.
new zones at Dalheim, Okasundu and Christiadore prospect regions.
Trial IP survey is planned at the known deposit of Okasewa to define its signature, determine the nature of the EM anomalies and to cover large untested copper soil anomalies.
Historical multi-element geochemical surveys, including over seven thousand soil samples completed in 2009, have been compiled and interpreted. This sampling post-dated all previous drilling and geochemical anomalies were never followed up.
A GIS database has now been prepared incorporating results of all historic work and recent geophysical surveys with satellite interpretation and structural mapping.
A program of over 50 holes is being planned in July/August to test these targets.
First JORC Code (JORC 2012) Mineral Resource Estimates on the Company’s four deposits in the Namibian DorWit Project; Malachite Pan, Okasewa, Christiadore and Koperberg ( see Noronex ASX news release dated 8 March 2021).

Airborne EM Survey

Final data has been received from the airborne electromagnetic (EM) survey recently completed over the 780 square km tenement package. The survey was flown on 200 m spaced lines oriented in a northwest-southeast direction, perpendicular to regional geological strike, providing excellent geological and structural information. The final data is now being processed to interpret the third dimension of the conductivity readings and gain deeper information on potential deeper targets.

Trial ground IP survey is planned at the Okasewa deposit to define the signature of known mineralization, EM anomalies and cover large untested copper soil anomalies. Based on these results, further IP surveys may be completed at other prospects and infill anomalous areas for final drill hole targeting.

Geochemistry

A comprehensive historical soil geochemistry survey has been acquired, with 7,257 samples analysed for multielement results in 2009 by WAGE. The western Witvlei region comprising 19,527 hectares of the company’s 78,000 hectares was covered on 400 m line spacings with 80 m sample points. Selected infill surveys were completed at 200 and 100 m line spacing with 40 m samples.

The data has been levelled against iron and lithology with target areas along strike from known deposits being defined especially in major structural corridors with intense alteration. Sampling was ‘post’ all previous drilling and never followed up, despite defining these large, strong untested copper anomalies in prospective horizons. Historical plans have been located with previous mapping and drilling captured and included in the target definition. Field mapping and follow up soil sampling is planned to finalise planned drill sites.

Satellite Imagery and Structural Mapping

Remote sensing data using ASTER and Sentinel 2 images were utilised by Global Ore Discovery to identify alteration anomalies and link to the known mapping. Mineral intensity mapping utilising the composition of alteration minerals has defined broad northwest-southeast trending corridors of intense alteration associated with

the known mineralization. Detailed structural mapping is now underway using this high-quality imagery to provide a base map for targeting drilling onto prospective structural prepared trap sites.

Drilling Plans

Drilling is planned to test a number of these high priority targets to discover further sediment hosted copper mineralization at shallow depth. Noronex are defining potential structural trap sites by utilising basin modelling and analogous mineralised sedimentary copper basins. Target areas, where oxidised copper rich fluids have interacted with the reduced conductive horizons are defined along major cross-cutting mineralised structures.

The initial campaign will comprise fences of angled reverse circulation (RC) drill holes to between 150 and 200 m depth. The drill fences will cross the main copper geochemistry targets in favourable geological and geophysical zones.

Further zones will be followed up in the field and potentially also drill tested. Anomalies of over 500 by 500 m are highlighted on the Otjiwarumendu and Christiadore farms, strong copper anomalies are also defined, with over a one-kilometre strike on the Dalheim and Okasundu prospects in the East Witvlei tenement EPL7029. Work continues on the Dordabis area with soil sampling being planned on EPL 7030.

In September 2021, Noronex commenced an approximate 60-hole, 12,000 m RC drilling program at the Property. Subsequent to October 31, 2021, Noronex provided an update on its progress with the following exploration highlights:

Initial assays received for first 10 holes (~1,900 m) of a ~60 hole (~12,000 m) reverse circulation (“RC”) drilling program at the Witvlei Property.
Maiden drilling at the greenfields Otjiwaru Property intersected anomalous Copper confirming the soil geochemistry is reflecting underlying bedrock anomalies with one drilling intercept of 7.0 m grading 0.5% Cu - further results are pending.
Two rigs are currently finalising the drilling program at the Gemboksvlei Property (21 holes for 4,200 m) and next move to the Okasewa South Property to test high priority copper geochemical soil and geophysical IP chargeability targets. Okasewa South is located directly south of the known Okasewa Cu deposit which has an existing JORC (2012) mineral resource of 4.4 Mt at 1.2% Cu (see Noronex news release dated March 8, 2021).
Over 7,000 m of the 12,000 m planned drilling program have now been completed at the Otjiwaru, Christiadore and Gemboksvlei properties.
Drilling is planned to continue in coming weeks at Okasewa South and then move to the high priority targets at the Dalheim Property.

Otjiwaru Drilling

First assay batches have been returned from drilling at Otjiwaru with results received. A program of ten holes drilled for 1,927 m were completed at Otjiwaru (Table 9). The zone targeted has sub-cropping sediments with malachite stains and a significant geochemical target. The holes intersected the Eskadron sequence containing brown siltstone and interbedded sandstones with debris flow. Minor malachite staining was intercepted down to approximately 25 m with fine pyrite and chalcopyrite developed in the siltstone horizons below. The northernmost holes, 21OTRC001 and 21OTRC010, were drilled north across a major structure into the older metamorphosed phyllites of the Damara, Duruchaus Formation and across a major regional shear that was unmineralized.

RC chip samples were collected at 1.0 m intervals in mineralized intersections and composited to 3.0 m where mineralization was not visually noted. Samples were prepared in the ALS sample preparation facility in Namibia and assayed at their laboratory in South Africa. Anomalous copper concentrations were intersected in the preliminary investigatory drilling confirming the soil geochemistry, reflecting underlying bedrock anomalies. The

best RC drill hole intercept was 7.0 m grading 0.5% Cu from 121.0 m in siltstone with fine chalcopyrite and pyrite noted in the logging.

Table 9. Summary of RC drilling chip intercepts from the first 10 holes at Otjiwaru (Noronex, 2021).

==> picture [463 x 244] intentionally omitted <==

----- Start of picture text -----

Collars Intercepts
Hole Name East North RL Azimuth Dip Total Depth From Interval Cu Comment
m m m o o m m m %
21OTRC001 217585 7522370 1498 330 -60 146 no sig intercept
21OTRC002 217635 7522286 1502 330 -60 200 61 3 0.24 Sulphide
121 7 0.5 Sulphide
21OTRC003 217681 7522195 1500 330 -60 200 21 2 0.23 Oxide
31 6 0.27 Oxide
60 3 0.22 Sulphide
21OTRC004 217726 7522110 1502 330 -60 200 no sig results
21OTRC005 217733 7522108 1499 150 -60 215 186 1 0.43 Sulphide
21OTRC006 217776 7522021 1492 150 -60 200 no sig intercept
21OTRC007 217829 7521929 1488 150 -60 200 no sig intercept
21OTRC008 217986 7522463 1504 330 -60 200 21 15 0.11 Oxide
156 2 0.16 Sulphide
193 2 0.18 Sulphide
21OTRC009 217933 7522552 1494 330 -60 220 49 3 0.14 Oxide
145 3 0.16 Sulphide
21OTRC010 217891 7522641 1501 330 -60 140 65 3 0.12 Sulphide
Samples reported >0.1% Cu with over 0.3% Cu m%
----- End of picture text -----

Current Drilling

First pass drilling is nearing completion at Gemboksvlei with 21 holes being completed for 4,200 metres. Highly ranked priority targets and follow up are being finalised for the remaining program and will be at:

a 2.5 by 1.2 km copper-in-soil anomaly in an altered structural zone south of Okasewa.
sub-cropping copper at Dalheim with a 2 km strike extent.

Okasewa South

Directly south of the Okasewa Inferred Mineral Resource of 4.36 Mt grading 1.15 % Cu (see ASX news release dated 8 March 2021), a large copper geochemical anomaly has been defined over an area of 2.5 by 1.2 kilometres. The anomaly lies on an altered EM conductor in a major mineralised cross structure and is highly prospective for a large scale sedimentary hosted copper deposit.

A trial IP survey was completed over the known mineralised resource and a chargeability anomaly defined at the eastern end of the deposit. Drilling will commence shortly to test the geochemical anomaly and geophysical targets with twenty-one holes planned for 4,000 metres.

c) Taranis (Okohongo) Copper-Silver Project, Namibia

During the year ended April 30, 2020, the Company incorporated a wholly-owned Namibian subsidiary, Aloe Investments Two Hundred and Thirty Eight (Proprietary) Limited (“Aloe 238”) and executed a binding letter of intent to acquire a 100% interest in the Taranis (Okohongo) Copper-Silver Project (the “Okohongo LOI”) located in northwest Namibia from Taranis Resources and Investments CC (“Taranis”), a private Namibian company. The Property comprises one EPL, EPL 7071, encompassing approximately 19,805 hectares. Pursuant to the Okohongo LOI, White Metal committed to the following:

Pay Taranis $12,500 USD upon closing (paid);

Issue 4.5 million common shares of the Company to Taranis upon closing (issued); and,
Issue a sufficient number of shares of Aloe 238 to provide Taranis a 5% equity interest in Aloe 238, leaving the Company with a 95% interest in Aloe 238 (completed).

EPL 7071 has no associated royalties. Closing of the Okohongo LOI was subject to TSX Venture Exchange approval which was received during fiscal 2020.

The Taranis (Okohongo) Copper-Silver Project includes the Okohongo Copper-Silver Deposit which is known to extend over 600 metres in strike length and up to 400 metres down-dip (see INV Metals news release dated August 3, 2011). Situated within the Kaoko Belt and hosted by metasedimentary strata, the Okohongo Deposit is considered analogous with the stratiform sediment-hosted Central African Copperbelt deposits of Zambia and the Democratic Republic of the Congo. The Okohongo Deposit contains Inferred Mineral Resources of 10.2 million tonnes grading 1.12% Cu and 17.75 g/t Ag, using a 0.3% Cu cut-off (Table 10; INV Metals Inc. NI 43-101 Technical Report, Effective Date March 31, 2011).

Table 10. Grade sensitivity analysis, historical Inferred Mineral Resources, Okohongo Cu-Ag Deposit, Namibia.

Cu (%) Cut-off	SG	Tonnes	Cu (%)	Ag (g/t)	Cu (tonnes)	Ag (ounces)	CATEGORY
0.0	2.45	11,691,539	1.01	15.85	117,645	5,957,874	Inferred
0.1	2.45	11,682,796	1.01	15.86	117,640	5,957,640	Inferred
0.2	2.45	11,453,414	1.02	16.13	117,219	5,940,047	Inferred
0.3	2.45	10,196,456	1.12	17.75	114,046	5,818,534	Inferred
0.4	2.45	9,535,538	1.17	18.66	111,731	5,719,226	Inferred
0.5	2.45	8,705,239	1.24	19.73	107,993	5,522,454	Inferred
0.6	2.45	8,142,684	1.29	20.50	104,877	5,366,572	Inferred
0.7	2.45	7,366,110	1.35	21.61	99,810	5,116,714	Inferred
0.8	2.45	6,379,793	1.45	23.16	92,402	4,750,190	Inferred

Prepared By: Caracle Creek International Consulting Inc., Effective March 31, 2011.

The Company is treating the tonnages and grades reported in Table 10 as historical mineral resources. A qualified person has not done sufficient work to classify the historical estimates as current mineral resources and the Company is not treating the historical estimates as current mineral resources. Investors are cautioned that the historical estimates do not mean or imply that economic deposits exist on the properties. The Company has not undertaken any independent investigation of the historical estimates or other information contained in this press release nor has it independently analyzed the results of the previous exploration work in order to verify the accuracy of the information. The Company believes that these historical estimates and other information contained in this news release are relevant to continuing exploration on the properties.

During the year ended April 30, 2020, the Company filed with the Namibian Government (Ministry of Environment and Tourism or “MET”), the required Environmental Clearance Certificates (“ECC”) EPL 7071, which is the first step toward beginning its exploration programs in Namibia. The ECC documents, which in this case describe proposed geophysical surveys and drilling programs and a community consultation plan, are required to be filed prior to beginning any work program. The Company received approval for these applications during the year ended April 30, 2020. In addition, the Company filed an Environmental Impact Assessment (“EIA”) Report, dated November 2019, which was accepted by the MET. The EIA clears the way for the Company to complete work programs that cause surface disturbance such as trenching and drilling.

During the year ended April 30, 2020, the Company signed a non-binding Memorandum of Understanding (“MOU”) with Luxury Investments One Hundred and Ninety Two (Pty) Ltd. (“Luxury Investments”), Kalahari Copper Ltd. (“Kalahari”), and Newco Management Team of South Africa (“NMT”). Along with White Metal, these three parties have agreed to work together on examining small-scale production possibilities in areas of

Namibia covered by Exclusive Prospecting Licences (“EPL”) controlled by White Metal (EPL 7071) and Kalahari Copper (EPLs 7082, 7079, 6998, 7081). Luxury Investments has been successfully running a smallscale mining operation in Namibia for over two years, producing approximately 200 to 250 tonnes per month of copper concentrate at a grade of 30% Cu. These small-scale operations are in close proximity to the EPLs held by White Metal and Kalahari.

During the year ended April 30, 2021, the Company received approval of its 2020-2021 exploration program from the Ministry of Mines and Energy in Namibia, as well as permission to re-log historical reverse circulation (“RC”) drill hole sample chips and re-log and re-sample diamond drill hole core stored at a government warehouse in Tsumeb. Throughout January and February 2021, the Company completed a 28-hole, 3,226 m reverse circulation drilling program (Table 11). The objective of this program was to generate an NI 43-101 compliant mineral resource estimate and technical report on the Okohongo deposit. Given the recent rise in copper prices and strong silver prices, the Company remains committed to continuing to advance Okohongo, which in addition to copper-silver resources, shows excellent exploration potential. The Company will continue to seek a strategic partner to assist in advancing this project.

During the period ended October 31, 2021, the Company reported final assay results from the 28-hole, 3,226 m reverse circulation drilling program. The drilling program (OK20-P series holes) on the Property was aimed at twinning, as close as possible and as reflected in the table below, many of the RC drill holes that were used to calculate the 2011 historical mineral resource estimate but did include some newly located holes (Table 11).

Table 11: Summary of RC chip sample assays from the 2021 Phase 1 RC drilling program.

Historical Drill Hole	Phase 1 Drill Hole (2020)	From (m)	To (m)	Interval (m)	Ag (g/t)	Cu (%)	Pb (ppm)	Zn (ppm)
INVR-004	OK20-P001	no significant assays
INVR-005	OK20-P002	no significant assays
INVR-020	OK20-P003	no significant assays
New Hole	OK20-P004	138.00	142.00	4.00	2.4	0.16	3443	111
	and	145.00	171.00	26.00	45.2	1.60	326	115
	incl.	151.00	157.00	6.00	151.8	5.47	426	124
	incl.	153.00	154.00	1.00	137.0	12.40	71	105
INVR-006	OK20-P005	21.00	66.00	45.00	33.0	2.02	511	91
	incl.	23.00	35.00	12.00	18.0	2.20	1202	71
	incl.	26.00	35.00	9.00	23.0	2.46	1409	62
	incl.	30.00	33.00	3.00	46.0	3.64	329	41
	incl.	36.00	40.00	4.00	43.0	2.38	322	76
	incl.	41.00	44.00	3.00	91.0	3.60	291	92
	incl.	42.00	44.00	2.00	114.0	4.25	236	75
	incl.	45.00	52.00	7.00	44.0	2.27	313	93
	incl.	54.00	65.00	11.00	39.0	2.20	137	112
INVR-007	OK20-P006	72.00	75.00	3.00	9.0	0.32	19	53
Historical Drill Hole	Phase 1 Drill Hole (2020)	From (m)	To (m)	Interval (m)	Ag (g/t)	Cu (%)	Pb (ppm)	Zn (ppm)
	and	80.00	85.00	5.00	12.0	0.60	13	60
	incl.	82.00	83.00	1.00	47.0	1.98	10	79
INVR-035	OK20-P007	175.00	183.00	8.00	14.0	0.77	260	183
	incl.	178.00	182.00	4.00	20.0	1.22	263	168
	incl.	180.00	181.00	1.00	34.0	2.39	546	183
INVR-072	OK20-P008	no significant assays

Historical Drill Hole	Phase 1 Drill Hole (2020)	From (m)	To (m)	Interval (m)	Ag (g/t)	Cu (%)	Pb (ppm)	Zn (ppm)
New Hole	OK20-P009			no significant assays
INVR-008	OK20-P010			no significant assays
INVR-009	OK20-P011	54.00	58.00	4.00	5.0	0.33	140	183
INVR-037	OK20-P012	12.00	51.00	39.00	5.0	0.58	315	50
	incl.	37.00	49.00	12.00	14.0	1.68	748	114
	and	78.00	87.00	9.00	10.0	0.60	21	111
	incl.	84.00	85.00	1.00	29.0	1.43	7	124
New Hole	OK20-P013			no significant assays
INVR-010	OK20-P014			no significant assays
INVR-034	OK20-P015			no significant assays
New Hole	OK20-P016			no significant assays

New Hole	OK20-P017	40.00	41.00	1.00	2.6	1.25	20	65
	and	57.00	63.00	6.00	31.6	2.18	526	99
INVR-036	OK20-P018			no significant assays
INVR-012	OK20-P019	68.00	101.00	33.00	14.1	0.92	955	101
	incl.	75.00	92.00	17.00	19.2	1.18	1694	106
INVR-011	OK20-P020	28.00	31.00	3.00	1.7	0.16	13	66
	and	39.00	48.00	9.00	13.1	1.05	26	76
	incl.	44.00	46.00	2.00	41.3	2.88	16	117
	and	56.00	70.00	14.00	15.4	0.70	1024	106
	incl.	63.00	66.00	3.00	17.0	1.35	959	119
--	OK20-P021			not completed
INVR-067	OK20-P022			no significant assays
INVR-017	OK20-P023	42.00	57.00	15.00	8.0	0.71	50	86
	incl.	44.00	45.00	1.00	15.0	2.35	186	57
	incl.	51.00	56.00	5.00	17.0	1.41	18	113
INVR-013	OK20-P024	43.00	47.00	4.00	8.3	1.23	119	94
	incl.	43.00	45.00	2.00	13.5	2.03	211	75
	and	73.00	94.00	21.00	28.2	1.77	145	97
	incl.	79.00	91.00	12.00	44.2	2.85	142	93
	incl.	79.00	87.00	8.00	60.6	3.95	193	98
INVR-001	OK20-P025	36.00	38.00	2.00	3.1	0.56	149	67
	and	47.00	70.00	23.00	46.3	2.31	1108	110
	incl.	57.00	61.00	4.00	65.1	4.74	2113	98
INVR-066	OK20-P026	123.00	126.00	3.00	32.3	2.42	100	94
INVR-014	OK20-P027	40.00	47.00	7.00	2.9	0.19	104	135
	and	55.00	60.00	5.00	1.2	0.15	21	30
	and	63.00	70.00	7.00	2.9	0.27	19	62
	and	74.00	98.00	24.00	16.6	1.11	19	101
	incl.	81.00	90.00	9.00	32.8	2.09	22	110
Historical Drill Hole	Phase 1 Drill Hole (2020)	From (m)	To (m)	Interval (m)	Ag (g/t)	Cu (%)	Pb (ppm)	Zn (ppm)
INVR-018	OK20-P028	45.00	48.00	3.00	5.0	0.44	48	33
INVR-008	OK20-P029	22.00	30.00	8.00	4.5	0.27	55	86
	and	88.00	104.00	16.00	18.7	1.25	21	140

Historical Drill Hole	Phase 1 Drill Hole (2020)	From (m)	To (m)	Interval (m)	Ag (g/t)	Cu (%)	Pb (ppm)	Zn (ppm)
	incl.	99.00	102.00	3.00	73.0	4.96	17	122

Note: drill hole intervals are not representative of true width.

Epunguwe Target Area

During the period ended October 31, 2021, the Company announced that ongoing research by the Company has uncovered historical percussion drilling that reported 27.0 m of 1.47% Cu and 11.7 g/t Ag at the Epunguwe Target area, located about 5 km north-northwest of the northern end of the Okohongo Cu-Ag Deposit, northwest Namibia. Details of the historical drilling results from the Epunguwe Target area are provided in Table 12.

Historical reporting describes the Epunguwe Target area as a northwest trending, roughly three kilometre by half kilometre area of soil geochemical anomalies, as well as copper mineralization exposed at surface and in trenches along a significant syn-sedimentary, basinal growth fault. Mineralization is described as structurally-controlled and hosted by conglomerates (sandstones) of the basal Nosib Group at or near the contact with overlying Ombombo Subgroup rocks; Lower Omao Formation siltstone and Lower Omao Formation dolostone also host mineralization (INV Metals Inc. Report, March 21, 2012, filed on SEDAR). To the Company’s knowledge, no work has been completed in this area since 2012.

Table 12. Summary of historical drilling results from the Epunguwe Target area, EPL 7071, Namibia.

*Drill Hole	From (m)	To (m)	Interval (m)	Cu (%)	Ag (g/t)	Length (m)
TCD-019	19.00	41.60	22.60	0.34	3.2	65.10
incl.	19.90	31.40	11.50	0.49	4.7
and	55.80	65.10	9.30	1.64	122.6
incl.	55.80	61.80	6.00	2.23	171.4
TCD-021	10.00	42.00	32.00	0.14	2.0	81.34
incl.	22.00	26.60	4.60	0.37	5.4
and	59.90	78.20	18.30	0.72	13.6
incl.	61.00	65.30	4.30	1.84	37.9
TCD-023	107.30	123.50	16.20	0.35		175.80
incl.	107.30	108.30	1.00	1.89	17.1
TCP-002	0.00	27.00	27.00	1.47	11.7	45.00
incl.	0.00	21.00	21.00	1.76	14.1
incl.	0.00	8.00	8.00	2.80	18.9
KAP-130	0.00	20.00	20.00	0.94	14.1	75.00
incl.	1.00	9.00	8.00	1.58	30.0

*TCD = diamond; TCP = percussion; KAP = percussion Note: drill hole intervals are not considered true widths and are being treated as core lengths.

Historically, exposed copper mineralization in the Epunguwe Target area attracted the attention of exploration groups since the 1970s. Previous work includes General Mining soil surveys from the 1970s, Mount Isa Mining (“MIM”) drilling in the late 1990s (KAP series holes), and Teck mapping, sampling, geophysics and drilling (TC series holes) in approximately 2006-2007. The primary target of surface work and historical drilling in the Epunguwe Target area has been the down-dip extension of copper-silver mineralization exposed in trenches that straddle the Nosib Group-Ombombo Subgroup contact (see INV Metals Inc. Report, March 21, 2012, filed on SEDAR).

Copper mineralization at the Epunguwe Target area occurs in similar stratigraphy to that described at the Okohongo Cu-Ag Deposit. At Okohongo, mineralization is concentrated in a dark-grey to grey-green phyllitic siltstone-shale interbedded with dolomite of the Lower Omao Formation that is conformably sandwiched between

the underlying red beds of the Nosib Group and overlying carbonates of the Lower and Upper Omao Formations, referred to colloquially as the Okohongo Horizon (see INV Metals Inc. Report, March 21, 2012, filed on SEDAR).

The Company views this new data and information as significant in its continuous exploration efforts to trace copper-silver mineralization north and south from the Okohongo Cu-Ag Deposit. The Company has already initiated exploration work on the Property to evaluate the Epunguwe Target area and several other copper showings along the greater northern trend.

A QP has not done sufficient enough work to verify the historical assay results and technical information reported herein.

Subsequent exploration work included prospecting, geological mapping, grab sampling, and surface trenching and sampling programs along the prospective 7+ km sedimentary-hosted copper horizon, which extends norward from the Okohongo Cu-Ag Deposit. This prospective horizon, colloquially known as the “Okohongo Horizon” occurs within the Lower Omao Formation (limestone, siltstone, dolomite), which is stratigraphically above the Nosib Group (sandstone, shale, conglomerate). The Epunguwe Target Area (“Epunguwe”), located about 4.3 km north of the Okohongo Cu-Ag Deposit and covering a minimum northwest strike length of 800 m, 56 rock grab samples were collected from the region during geological mapping at Epunguwe (Table 13).

Table 13. Summary of rock grab samples collected from the Epunguwe and Okohongo North and South areas.

Sample	Location	Description	UTMX	UTMY	Cu (ppm)	Cu (%)	Ag (ppm)	Pb (ppm)
U4968	Epunguwe	Qtz Vein	376911	7946389	11200	1.12	5	1300
U4969	Epunguwe	GossanousQtz vein	376911	7946389	62500	6.25	20	2140
U4970	Epunguwe	GossanousQtz vein	376911	7946389	55000	5.50	10	1880
U4971	Epunguwe	GossanousQtz vein	376911	7946389	54300	5.43	35	340
U4972	Epunguwe	Fine grained sed - Sandstone	376911	7946389	56000	5.60	65	540
U4973	Epunguwe	Fine grained sed - Sandstone	376911	7946389	51300	5.13	65	130
U4974	Epunguwe	Fine grained sed - Sandstone	376911	7946389	46000	4.60	28	110
U4975	Epunguwe	Fine grained sed - Sandstone	376911	7946389	50100	5.01	53	110
U4976	Epunguwe	Qtz Vein	376911	7946389	14700	1.47	5	170
U4977	Epunguwe	Fine grained sed - Sandstone	376911	7946389	125000	12.50	50	200000
U4978	Okohongo North	Fine grained sed - Sandstone	378251	7944841	22100	2.21	6	1080
U4979	Okohongo North	Fine grained sed - Sandstone	378251	7944841	318000	31.80	1	150500
U4980	Okohongo North	Qtz Vein	378251	7944841	143500	14.35	6	186000
U4981	Okohongo North	Qtz Vein	378251	7944841	50100	5.01	4	74000
U4982	Okohongo North	Dolomite	378251	7944841	21100	2.11	39	1410
U4983	Epunguwe	Fine grained sed - Sandstone	376935	7946333	80400	8.04	46	1280
U4984	Epunguwe	Qtz Vein	376901	7946372	14100	1.41	7	510

Sample	Location	Description	UTMX	UTMY	Cu(ppm)	Cu(%)	Ag (ppm)	Pb(ppm)
U4985	Epunguwe	Fine grained sed - Sandstone	376901	7946372	29900	2.99	7	180
U4986	Epunguwe	Fine grained sed - Sandstone	376901	7946372	45700	4.57	13	220
U4987	Epunguwe	GossanousQtz vein	376901	7946372	233000	23.30	58	2580
U4988	Epunguwe	Shale	376804	7946562	170	0.02	1	50
U4989	Epunguwe	Qtz vein	376819	7946511	4170	0.42	<1	<20
U4990	Epunguwe	Qtz vein	376815	7946514	1460	0.15	<1	20
U4991	Epunguwe	Dolomite	377325	7945441	30	0.00	<1	30
U4992	Epunguwe S	Dolomite	377250	7945476	20	0.00	<1	<20
U4993	Epunguwe S	Dolomite	377250	7945476	60	0.01	<1	40
U4994	Epunguwe S	Dolomite	377253	7945477	10	0.00	<1	<20
U4995	Epunguwe S	Dolomite	377253	7945477	20	0.00	<1	<20
U5000	Epunguwe S	Pyritic Shale	378393	7945149	240	0.02	1	<20
X6901	Okohongo W	Shale	377740	7941537	33100	3.31	4	20
X6902	Okohongo W	Dolomite	377818	7941089	9100	0.91	38	<20
X6914	Okohongo NE	Dolomite	378234	7941950	62000	6.20	<1	22500
X6915	Okohongo NE	Qtz vein	378234	7941950	20000	2.00	1	10100
X6916	Okohongo NE	Dolomite	378234	7941950	225000	22.50	<1	7630
X6917	Okohongo	Shale	377992	7941700	107500	10.75	55	460
X6918	Okohongo	Shale	377992	7941700	65600	6.56	133	540
U4996	Okohongo N	Qtz vein	378155	7942415	140000	14.00	463	370
U4997	Okohongo N	Omivero shale	378154	7942404	30000	3.00	105	70
U4998	Okohongo N	Shale/ Dolomite	378267	7942442	113500	11.35	520	380
U4999	Okohongo N	Shale	378267	7942442	74000	7.40	833	150
X6903	Okangura N	Dolomite/ Sandstone	376458	7938844	307000	30.70	1	260
X6904	Okangura	Shale	376762	7938400	49100	4.91	<1	20
X6905	Okangura	Shale	376759	7938385	51900	5.19	<1	220
X6906	Okangura	shale	376761	7938403	47700	4.77	<1	30
X6907	Okangura	Shale	376756	7938397	53000	5.30	1	20
X6908	Okangura	Shale	376759	7938401	44300	4.43	<1	240
X6909	Okangura	Dioptase	376769	7938384	237000	23.70	131	850
X6910	Okangura S	Quartzite	376677	7937721	327000	32.70	92	90
X6911	Okangura S	Quartzite	376677	7937721	352000	35.20	548	80
X6912	Okahwa	Quartzite	382572	7927642	12800	1.28	17	20
X6913	Okahwa	Quartzite	382565	7927639	13200	1.32	13	20
X6920	Okahwa	Qtz vein	382753	7927781	8180	0.82	40	1440
X6921	Okahwa	Shale	382753	7927781	15800	1.58	8	60
X6922	Okahwa	Gossan	382753	7927781	65800	6.58	10	1640
X6923	Okahwa	Dolomite	382753	7927781	14200	1.42	105	1060
X6924	Okahwa	Shale	382753	7927781	14200	1.42	17	60
X6925	Okahwa	Shale	382753	7927781	16400	1.64	8	40

Note: UTMX and UTMY are given in WGS84 Z33S

The Company also subsequently completed 10 east-west and northeast-trending trenches (EPT001 to EPT010) targeting the contact horizon between the Lower Omao Formation (east) and Nosib Group (west) and exposing sediment-hosted copper mineralization. A total of 28 rock grab samples from the trenching program have been submitted for analysis (Table 14).

Table 14. Composite rock grab samples collected from five trenches in the Epunguwe Target Area.

Sample	Trench	From (m)	To (m)	Interval (m)	Description	Cu (ppm)	Cu (%)	Ag (ppm)	Pb (ppm)
X6926	EPT001	0	2	2	-	6960	0.70	6	160
X6927	EPT001	2	4	2	Dolomite	153000	15.30	17	1610
X6928	EPT001	4	6	2	Quartzite	8450	0.85	5	190
X6929	EPT001	6	9	3	Sandstone	22600	2.26	11	110
X6930	EPT001	9	12	3	Quartzite	15200	1.52	8	70
X6931	EPT001	12	15	3	Quartzite	9490	0.95	17	40
X6932	EPT001	15	18	3	Quartzite	10800	1.08	3	40
X6933	EPT001	30	33	3	Dolomite	5810	0.58	11	290
X6934	EPT001	33	36	3	Dolomite	15000	1.50	91	1720
X6935	EPT001	36	37	1	Dolomite	1950	0.20	11	110
X6936	EPT001	37	39	2	Dolomite	11500	1.15	13	30
X6937	EPT001	39	41	2	Dolomite	35700	3.57	170	80
X6938	EPT002	0	1	1	Dolomite	2280	0.23	1	80
X6939	EPT003	9	10	1	Qtz Vein	460	0.05	1	260
X6940	EPT003	15	18	3	Dolomite	3160	0.32	<1	370
X6941	EPT003	18	21	3	Dolomite	2390	0.24	<1	790
X6942	EPT003	21	24	3	Dolomite	3620	0.36	<1	1440
X6943	EPT003	24	27	3	Dolomite	3860	0.39	1	420
X6944	EPT003	27	30	3	Dolomite	16300	1.63	1	1380
X6945	EPT003	44	46	2	Sandstone	22800	2.28	82	1990
X6946	EPT003	46	48	2	Sandstone	25600	2.56	9	1430
X6947	EPT003	48	50	2	Sandstone	31300	3.13	89	2380
X6948	EPT004	30	31	1	Dolomite	6020	0.60	<1	120
X6949	EPT004	31	32	1	Qtz Vein	54300	5.43	1	30
X6950	EPT004	47	48	1	Sandstone	470	0.05	<1	80
X6952	EPT010	20	23	3	Shale	400	0.04	<1	<20
X6953	EPT010	23	26	3	Shale	30	0.00	<1	<20
X6954	EPT010	26	29	3	Shale	110	0.01	<1	<20
Note:UTMX and UTMY are given in WGS84 Z33S

The Company will continue to explore the Project area with further prospecting, geological mapping, sampling and trenching, looking toward developing future drill targets along the prospective copper horizon.

During the period ended October 31, 2021, the Company received a two (2) year renewal for EPL 7071, setting the new expiry date to June 12, 2023.

New Mineral Resource Estimate – Okohongo Copper-Silver Deposit

Subsequently in August 2021, the Company announced a new mineral resource estimate (“MRE”) on the Okohongo Cu-Ag Deposit. A total of 3,226 m of Reverse Circulation (“RC”) drilling in 28 drill holes (518 chip samples in resource) and 781.70 metres of historical diamond drill core in 4 holes (63 core samples in resource) were used to calculate the Mineral Resources in the Inferred category (Table 15). The area covered by the

resource is about 740 m (east-west) and 720 m (north-south). Using a cut-off grade of 0.30% Cu and assuming 10% geological loss, the study reported approximately 7.7 million tonnes grading 1.55% Cu and 26.77 g/t Ag with a calculated copper equivalent (CuEq) of 1.82% Cu. A grade-tonnage sensitivity analysis is provided in Table 16. Example cross-sections/ block model views of the MRE are provided in Figures 2 and 3, and a 3D image of the conceptual open pit and resource block model is provided in Figure 4.

The MRE was prepared by Caracle Creek International Consulting MINRES (Pty) Ltd. (“CCIC MINRES”), South Africa, in accordance with current CIM Definition Standards on Mineral Resources and Reserves. A Technical Report in support of the MRE will be filed on SEDAR (www.sedar.com) by October 1, 2021. The MRE is effective as at August 11, 2021.

Table 15. Mineral Resource Estimate Statement for the Okohongo Cu-AgDeposit, Namibia(0.30% Cu cut-off). Classification Tonnes5 Cu (%) Ag (g/t) CuEq3 Cu (t) Ag (oz) CuEq (t) Inferred 7,706,732 1.55 26.77 1.82 119,256 6,634,133 139,891	Table 15. Mineral Resource Estimate Statement for the Okohongo Cu-AgDeposit, Namibia(0.30% Cu cut-off). Classification Tonnes5 Cu (%) Ag (g/t) CuEq3 Cu (t) Ag (oz) CuEq (t) Inferred 7,706,732 1.55 26.77 1.82 119,256 6,634,133 139,891	Table 15. Mineral Resource Estimate Statement for the Okohongo Cu-AgDeposit, Namibia(0.30% Cu cut-off). Classification Tonnes5 Cu (%) Ag (g/t) CuEq3 Cu (t) Ag (oz) CuEq (t) Inferred 7,706,732 1.55 26.77 1.82 119,256 6,634,133 139,891	Table 15. Mineral Resource Estimate Statement for the Okohongo Cu-AgDeposit, Namibia(0.30% Cu cut-off). Classification Tonnes5 Cu (%) Ag (g/t) CuEq3 Cu (t) Ag (oz) CuEq (t) Inferred 7,706,732 1.55 26.77 1.82 119,256 6,634,133 139,891	Table 15. Mineral Resource Estimate Statement for the Okohongo Cu-AgDeposit, Namibia(0.30% Cu cut-off). Classification Tonnes5 Cu (%) Ag (g/t) CuEq3 Cu (t) Ag (oz) CuEq (t) Inferred 7,706,732 1.55 26.77 1.82 119,256 6,634,133 139,891	Table 15. Mineral Resource Estimate Statement for the Okohongo Cu-AgDeposit, Namibia(0.30% Cu cut-off). Classification Tonnes5 Cu (%) Ag (g/t) CuEq3 Cu (t) Ag (oz) CuEq (t) Inferred 7,706,732 1.55 26.77 1.82 119,256 6,634,133 139,891	Table 15. Mineral Resource Estimate Statement for the Okohongo Cu-AgDeposit, Namibia(0.30% Cu cut-off). Classification Tonnes5 Cu (%) Ag (g/t) CuEq3 Cu (t) Ag (oz) CuEq (t) Inferred 7,706,732 1.55 26.77 1.82 119,256 6,634,133 139,891	Table 15. Mineral Resource Estimate Statement for the Okohongo Cu-AgDeposit, Namibia(0.30% Cu cut-off). Classification Tonnes5 Cu (%) Ag (g/t) CuEq3 Cu (t) Ag (oz) CuEq (t) Inferred 7,706,732 1.55 26.77 1.82 119,256 6,634,133 139,891
Classification	Tonnes5	Cu (%)	Ag (g/t)	CuEq3	Cu (t)	Ag (oz)	CuEq (t)
Inferred	7,706,732	1.55	26.77	1.82	119,256	6,634,133	139,891

Notes to Table 14:

1. The independent Qualified Person for the Mineral Resource Estimate, as defined by NI 43-101, is Mr. Sivanesan (Desmond) Subramani (Pri. Sci. Nat - 400184/06), Caracle Creek International Consulting MINRES (Pty) Ltd. (CCIC MINRES), South Africa. The effective date of the Mineral Resource Estimate is August 11, 2021.

2. These Mineral Resources are not Mineral Reserves as they do not have demonstrated economic viability. The quantity and grade of reported Inferred Resources in this Mineral Resource Estimate are uncertain in nature and there has been insufficient exploration to define these Inferred Resources as Indicated or Measured, however it is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.

3. Copper equivalent (CuEq) was calculated using a copper price of US$3.75/lb and a silver price of US$25.00/oz and applying the formula: CuEq = Cu% + (Ag g/t * 0.01).

4. A cut-off grade of 0.30% Cu was used for the low- and high-grade domains. The cut-off grade was determined on the basis of core assay geostatistics and drill core lithologies for the deposit, and by comparison to analogous deposit types.

5. Tonnages are reported applying a geological loss of 10%, to account for unknown geological discontinuities; 10% is based on experience of other deposits in similar geological settings.

6. Geological and block models for the Mineral Resource Estimate used data from a total of 24 surface reverse circulation drill holes, completed by White Metal in January-February 2021, and four re-sampled historical diamond drill holes (completed by Teck in 2008 and INV Metals in 2011). The drill hole database was validated prior to resource estimation and QA/QC checks were made using industry-standard control charts for blanks, RC chips sample duplicates, and commercial certified reference material (standards and blanks) inserted into assay batches by White Metal and by comparison of umpire RC chip sample assays performed at a second laboratory.

7. Estimates in Table 15 have been rounded to two significant figures.

8. The Inferred Mineral Resources were constrained by a Lerchs-Grossmann conceptual open pit envelope that was developed using the following optimization parameters: i) metal prices of US$3.75/lb copper and $25/oz silver; ii) an overall pit slope of 55 degrees; iii) bulk mining costs of US$2/t (ore) and US$1/t (waste), derived from other comparative copper projects in African copper belts; iv) processing costs and G&A estimated at US$7.80/t; and v) plant recoveries assumed to be 80% copper and 80% silver.

9. The Mineral Resource Estimate was prepared following the CIM Estimation of Mineral Resources & Mineral Reserves Best Practice Guidelines (November 29, 2019).

10. The geological model as applied to the Mineral Resource Estimate comprises eight Individual wireframes that were created for each grade domain.

11. The block model was prepared using Datamine Studio RM software. A 50 m x 50 m x 5 m block model was created and samples were composited at 1.0 m intervals. Grade estimation from drill hole data was carried out for Cu and Ag using the Ordinary Kriging interpolation method.

12. Grade estimation was validated by comparison of input and output statistics, swath plot analysis, and by visual inspection of the assay data, block model, and grade shells in cross-sections.

13. The applied average specific gravity (2.45 t/m3) was determined on the basis of CCIC MINRES’s in-house library of SG and bulk density measurements from similar deposits in the African copper belts.

Table 16. Grade-Tonnage sensitivity analysis for the Okohongo Cu-Ag Deposit, Namibia.

Cut-off (%Cu)	Original Tonnes	Adjusted Tonnes5	SG	Cu (%)	Ag (g/t)	CuEq3	Cu Metal (t)	Ag Metal (oz)	CuEq Metal (t)
0.0	8,647,675	7,782,908	2.45	1.53	26.54	1.80	119,459	6,641,266	140,115
0.1	8,647,675	7,782,908	2.45	1.53	26.54	1.80	119,459	6,641,266	140,115
0.2	8,647,675	7,782,908	2.45	1.53	26.54	1.80	119,459	6,641,266	140,115
0.3	8,563,035	7,706,732	2.45	1.55	26.77	1.82	119,256	6,634,133	139,891
0.4	7,729,289	6,956,360	2.45	1.68	29.09	1.97	116,681	6,506,902	136,920
0.5	7,631,602	6,868,442	2.45	1.69	29.40	1.99	116,320	6,491,169	136,510
0.6	7,602,738	6,842,464	2.45	1.70	29.44	1.99	116,182	6,476,379	136,326
0.7	7,435,124	6,691,612	2.45	1.72	29.71	2.02	115,197	6,392,448	135,080
0.8	7,083,401	6,375,061	2.45	1.77	30.31	2.07	112,772	6,212,486	132,095

==> picture [426 x 262] intentionally omitted <==

Figure 2: Cross-section (looking north) through the middle region of the Okohongo Cu-Ag Deposit (see inset plan map) showing the copper grade distribution in the block model and locations of five RC drill holes completed by the Company (OK20 series) and one re-sampled historical diamond drill hole (TCD series) (coordinate system: WGS84 Z33S).

==> picture [426 x 274] intentionally omitted <==

Figure 3: Cross-section (looking east) through the middle region of the Okohongo Cu-Ag Deposit (see inset plan map) showing the copper grade distribution in the block model and locations of four RC drill holes completed by the Company (OK20 series) (coordinate system: WGS84 Z33S).

==> picture [462 x 241] intentionally omitted <==

Figure 4: Lerchs-Grossmann conceptual pit shell (shaded orange) constraining the Inferred Mineral Resource Estimate (oblique section looking down and north-northwest). The conceptual pit shell opening is about 950 m in length, 615 m in width, and extends to a depth of about 200 m below surface. The deeper, down-dip mineral resources that fall outside of the pit envelope amount to approximately 3% of the total mineral resources inventory calculated.

Additional figures and information about the Mineral Resource Estimate and recent results from the copper exploration programs at Okohongo can be viewed on the Company’s website (https://www.whitemetalres.com/taranis-okohongo-cu-ag.html).

Assays, Quality Assurance/Quality Control and Assay Procedures

Mr. Nico Scholtz (Pri. Sci. Nat – 400299/07) was the Qualified Person, as defined by NI 43-101, was responsible for the RC drilling and sampling program, including quality assurance (“QA”) and quality control (“QC”). The RC chip samples were collected from drill using a 3 tier riffle splitter, to split the sample and represented chip samples were collected and logged on site. Samples were taken at 1.0 metre intervals. Samples were securely transported to the Activation Laboratories Ltd. (“Actlabs”) preparation lab in Windhoek, Namibia.

A Quality Control/Quality Assurance (“QA/QC”) program consisting of the regular insertion of Certified Reference Material (“CRM”) copper standards and blanks into the sample stream by the Company was in place as was the industry standard internal QA/QC practices used by Actlabs. A CRM copper standard was inserted approx. every 20 samples, a control blank was inserted every 15 samples and a duplicate taken every 30 samples. A total of 24 duplicate chip samples were analysed at referee lab ALS Global, an ISO/IEC 7025 accredited lab, based in Johannesburg, South Africa.

Once prepared, Actlabs in Windhoek, Namibia sent the sample pulps directly to Actlabs in Ancaster, Ontario, Canada for analyses. Actlabs is an ISO/IEC 7025 accredited lab and is independent of White Metal. The samples were first analysed with 4-Acid “Near Total” Digestion (1F2) with ICP-OES finish for Ag, Cu and a suite of 33 other elements. Subsequently, samples with Ag greater than 100 ppm (above Ag upper detection limit) were analysed with Fire Assay Gravimetric (8-Ag) and Cu greater than 10,000 ppm (above Cu upper detection limit) were analysed with sodium peroxide fusion with ICP-OES finish (8-Peroxide ICP). Wet sample was transported to the lab without splitting, dried at the Actlabs facility in Windhoek and split afterwards.

Qualified Persons and Data Verification

The independent Qualified Person for the Mineral Resource Estimate, as defined by NI 43-101, is Mr. Sivanesan (Desmond) Subramani (Pri. Sci. Nat - 400184/06), Caracle Creek International Consulting MINRES (Pty) Ltd. (CCIC MINRES), South Africa. Dr. Scott Jobin-Bevans (P.Geo., APGO #0183), a Qualified Person as defined by NI 43-101 and a Director and VP Exploration for White Metal, has reviewed and approved all of the scientific and technical content contained herein.

d) Other Properties

The Company also retains certain other early-stage mineral property interests and is actively seeking a partner to advance these prospects. Noteworthy transactions in “Other” properties include the following, listed by region. A qualified person has not done sufficient enough work to verify the historical assay results and technical information reported in the subsequent sections.

Ontario, Canada:

Shebandowan Base Metal-Gold Project

The Shebandowan Base Metal-Gold Project (“Shebandowan”) consists of the Company’s 100% owned Vanguard Base Metal Project (“Vanguard”), the contiguous claim group, west of the Vanguard, known as the Iris Lake Gold Property, and the contiguous claim group to the south known as the Shebandowan Gold Project.

Vanguard consists of 99 boundary and single cell mining claims totalling 2,107 hectares located in the Burchell Lake, Greenwater Lake, and Kashabowie Lake areas in the Thunder Bay Mining District, northwestern Ontario, approximately 100 km west of Thunder Bay, Ontario.

At April 30, 2019 the Company recognized a probable impairment of the Shebandowan Gold Project, based on a lack of recent exploration work, by writing off all related deferred costs.

Highlights – Vanguard Base Metal Property

Previous drilling on the Vanguard was designed to target historical drilling over the Vanguard East Zone, known to host Cu-Zn-Au-Ag VMS-style mineralization. The mineralization is interpreted to be steeply dipping and drilling programs will target the down-dip extension of the deposit below historical drilling to confirm both mineral tenor and extend the known mineralization to depth. Noranda Inc. reported a historic mineral resource, non-compliant with NI 43-101, stating that the Vanguard West Zone hosts 200,000 tonnes of 1.3% Cu, 1-2% Zn, 8.26 g/t Ag, and 4-6 g/t Au, and the Vanguard East Zone hosts 100,000 tonnes of 1.8% Cu, 3-6% Zn 6.8 g/t Ag, and 4-6 g/t Au. To the southwest, adjacent to the Vanguard, are the former (1960s) producing North Coldstream Copper-Silver-Gold Mine with a reported production of 102 million lbs of copper, 440,000 ounces of silver, and 22,000 ounces of gold produced from 2.7 million tons of ore (OGS Mineral Deposit Inventory, 2000), and the Osmani Gold Deposit (formerly the East Coldstream Deposit) containing NI 43-101 Indicated Mineral Resources of 3.5 million tonnes at an average grade of 0.85 g/t Au, and Inferred Mineral Resources of 30.5 million tonnes with an average grade of 0.78 g/t Au (Foundation Resources Inc., NI 43-101 Technical Report, 2011).

Drilling in 2002 by Trillium North Minerals Ltd. (“Trillium”) extended the Vanguard East Zone with two holes VE02-1 and VE02-2. The average grade of the 9.75 metre massive sulphide intercept in hole VE02-1 was 1.26 g/t Au, 13 g/t Ag, 2.03% Cu, and 2.13% Zn. The average grade of the 6.6 metre massive sulphide intercept in hole VE02-2 was 2.14 g/t Au, 43.4 g/t Ag, 2.73% Cu, and 3.49% Zn (see Trillium News Release, January 14, 2003). In 2004, hole VE04-5 was drilled to intersect the zone previously intersected in hole VE02-1 and 2. Hole VE04-5 reported 4.15 metres of 6.39% Zn and 1.89% Cu with 28.31 g/t Ag and 0.88 g/t Au in massive sulphides. Hole VE04-3, located 50 feet (15.24 metres) west of VE02-2 and down plunge, intersected up to 2.0% Cu, 14.8 g/t Ag, and 0.58 g/t Au within a wide siliceous zone, which is part of the regional chert horizon that marks the occurrence of VMS mineralization (see Trillium News Release, August 31, 2004).

The historical values mentioned previously are non-compliant with NI 43-101 standards for disclosure and have been reviewed but not verified, unless otherwise stated.

Highlights – Shebandowan Gold Project

During the year ended April 30, 2017, the Company announced that they had commenced work on the Shebandowan Gold Project (“Shebandowan”). The work program consisted of soil sampling over the old gold occurrences to expand known areas and also explore for new targets. As a result of the prospecting and soil sampling program a number of new targets were identified. In July/August 2017 trenching was preformed over all the areas of interest but the results from the trenching program proved negative and the sources of the gold in the anomalous soil geochemistry samples have yet to be sourced.

The Shebandowan project is located approximately 20 km east of the past producing Coldstream Mine which in the 1960’s produced 102 million pounds of copper, 440,000 ounces of silver, and 22,000 ounces of Au (Canadian Mines Handbook, 1968-69, p.251). Also, to the west of the Shebandowan is the Moss Lake gold mine which has reported mineral resources containing 3.13 million ounces of gold (NI 43-101 Technical Report and Mineral Resource Estimation – Moss Lake Deposit, May 2013, Wesdome Gold Mines Ltd.). In 2011, Benton completed a diamond drilling program on the Shebandowan to test various rock and soil geochemistry and geophysical induced polarization (IP) anomalies for gold. The best results from the diamond drilling program were 19.5 g/t Au over 0.80 metres in hole SH-11-003 and numerous intersections of 1 to 2 g/t Au over narrow intervals in SH11-007 (see Benton News Release, June 7, 2011).

The southern portion of the Shebandowan project is along strike and approximately 10 km west of the Shebandowan nickel-copper mine. This mine was in production from 1972 to 1998 and produced 8.34 million tons at 2.0% Ni, 1.2% Cu, and 3.96 g/t Pt+Pd+Au (MNDM MDI52B09SE00003, June 12, 2007). This southern portion of the Shebandowan is host to various copper, gold and silver occurrences such as Copper Island. The Copper Island trend is identified by an alteration zone that has been traced by geophysics for roughly 1.8 kilometres (MNDM Assessment File 53B09NW069). Of importance is an 800 metre-long untested airborne electromagnetic conductor (EM) located along trend from the Copper Island Occurrence. Benton’s 2011 diamond

drilling program (hole SH-11-001) intersected units of gabbro, diorite, and a 0.26 metre interval described as black mafic intrusion with 50% sulphides. Assay results from this section returned 0.4% Cu, 0.11% Ni, 0.09% Co, and 228 g/t Au over 0.26 metres. A prospecting survey with limited rock sampling was conducted over this area in June/July 2017 but assay results were poor. It should be noted that good portion of this ground is covered by overburden which hampers prospecting. It is recommended that ground geophysics be conducted over the areas of existing airborne electromagnetic anomalies to better determine drill targets.

In August 2017, the Company received results from two samples taken on the Copper Island trenches on the Shebandowan project. The selective grab samples collected from the mineralized zone returned assays up to 8.71% Cu, 4.09 g/t Au, and 8.71 g/t Ag in the first sample, and 5.79% Cu, 1.11 g/t Au, and 5.79 g/t Ag in the second sample. Future work on the Copper Island trend will include deep penetrating electromagnetic (EM) geophysical techniques to determine if there are conductive responses located below previous shallow penetrating geophysical surveys conducted during historical work efforts.

The Company also reported that it had received the assay results from the Shebandowan trenching program and no significant assays were reported.

During the year ended April 30, 2019, the Company completed a diamond drilling program at Shebandowan consisting of approximately 500 metres in three drill holes. The program followed up on hole SH-11-003 completed by Benton that intersected 19.5 g/t Au over 0.8 metres at a depth of 262 metres. The recent drilling program focused on drilling up-dip from this Benton hole to test for the near surface expression of the gold zone. The two other holes were approximately 50 metre step-outs from the first drill hole in order to test the strike extent of the same “Benton” gold zone. The Company received no significant results from the three-hole diamond drilling program.

Highlights – Iris Lake Gold Project

In June 2017, the Company announced results from its work on the Iris Lake Gold Project (“Iris Lake”) including results from 1,166 soil geochemical samples. Gold-in-soil values ranged from <5 ppb up to 225 ppb Au. The results indicate anomalous gold in soil extending approximately 900 metres from the Iris Lake gold zone in a north easterly direction (Iris Lake “A”). A sub-parallel anomalous zone (Iris Lake “B”) extends 800 metres in a south westerly direction from the known gold mineralization. Two new sub-parallel gold anomalies (Vanguard “A” and “B”) extend southwest from the Vanguard VMS-Au deposits over a strike length of approximately 900 to 1,200 metres. A 750-metre soil anomaly (Central) in the south-central part of the property was prospected with negative results from the rock samples that were collected in the area. The source of the gold from the anomalous soil geochemistry samples has yet to be determined.

Also in June 2017, the Company announced that it commenced a trenching program at Shebandowan. The trenching program was designed to test three high priority gold in soil geochemical targets. The first area is the newly discovered TMR zone which is described as a granodiorite with extensive silicification and quartz carbonate alteration with up to 5% pyrite and traces of chalcopyrite. The zone appears to have an east-west strike and is covered by sand and till to the west and variable amounts of overburden to the east. Soil geochemical values in the area range from <5 ppb up to 78 ppb Au. Rock samples taken from outcrops in the area range from <5 ppb to 620 ppb Au. The second area, the Iris Lake trend referenced above, is described as being under thin overburden cover where trenching would be an effective tool in examining the bedrock as a possible source for the anomalous gold values in the soil samples. The third area is named the Vanguard West trend and has yielded soil geochemical results from <5 ppb up to 152 ppb Au. This area is also described as being covered by variable amounts of overburden which the Company hopes will allow for trenching and be effective in explaining the source of the gold in the anomalous soil geochemical samples.

Far Lake Copper-Silver Project

During the year ended April 30, 2018, the Company acquired by staking a 100% interest in the Far Lake CopperSilver Project located approximately 80 km north west of Thunder Bay, Ontario. The property consists of 84 single cell mining claims totalling 6,269 hectares.

In August 2017, the Company announced that it received assays from trench sampling on the Property. The copper showing was discovered while prospecting a series of new logging roads and has now been traced and channel sampled along a 300 metres strike length. The best channel sample composite across the copper-rich zone returned 3.54% Cu over 3.0 metres which included the highest individual sample of 4.96% Cu over 1.0 metre. The mineralization is associated with a north-south trending structure within a silicified monzonite intrusive body. A total of 12 channel samples between 0.5 and 1.0 metre in length were collected from five trenched / exposed outcrops. The Company is planning ground geophysical surveys of induced polarization (IP) and magnetics to help identify additional targets along and perpendicular to the current strike direction. Further trenching and sampling will be utilized as follow-up on any intriguing anomalies.

During the year ended April 30, 2020, the Company announced that it extended the strike length of the Far Lake Copper Zone a further 100 metres to the north from the last sampling done by the Company in 2017. Prospecting in the spring of 2019 found another occurrence of copper-silver, hosted in a silicified monzonite and along the same structural corridor as the original occurrences. This new discovery extends the mineralized horizon 100 metres further north for a total strike length of approximately 400 metres. One selected grab sample taken from the occurrence assayed 5.52% Cu, 0.188 g/t Au, and 8.5 g/t Ag.

During the year ended April 30, 2020 the Company discovered massive sulphide mineralization while completing its permitted trenching program at the Far Lake Copper Zone. The massive sulphides were uncovered approximately 12 metres northeast of the recently discovered copper showing reported earlier this year. The highlight of the sampling program was a 0.7 metre channel sample across massive sulphide which assayed 22% Cu, 30.2 g/t Ag, and 0.25 g/t Au (Table 16).

Table 17. Summary of Channel and Grab Sample Assay Results, Far Lake Copper Zone.

Trench	ID	No. Samples	Length(m)	Cu(ppm)	Cu(%)	Au(ppb)	Ag (ppm)
North	Channel 1	3	3.00	6593	0.66	170	1.3
North	Channel 2	2	2.00	5830	0.58	28	0.7
North	Channel 3	3	3.00	5127	0.51	49	1.7
North	Channel 059	1	0.70	220000	22.00	215	30.2
North	Channel C4	5	5.00	3104	0.31	15	0.6
North	Channel C5	7	7.00	1266	0.13	12	0.2
South	Channel C6	3	3.00	1566	0.16	127	1.5
South	Channel 076	1	1.00	551	0.06	6	0.6
South	Channel C7	4	4.00	5799	0.58	10	1.0
North	Grab 072	1	-	5560	0.56	127	1.5

The north-northwest trending Far Lake Copper Zone was traced along strike for more than 95 metres and intermittently exposed in two trenches; the zone is open along strike in both directions. The two trenches expose the 2 to 7 metre wide zone along its strike and comprise an approximately 50 metre long North trench and a 20 metre long South trench. The south end of the North trench is about 35 metres from the north end of the South trench. Mineralization is described as disseminated sulfides (up to 5% chalcopyrite) with localized massive sulfides (>80% sulphides) consisting mainly of chalcopyrite and lesser pyrite. Table 17 provides a summary of the length weighted average assay results from the channel sampling and grab sample program. Where possible each channel sample submitted for assay was a 1.0 metre sample cut taken perpendicular to the general strike of the

exposed zone. Channel sample cuts, oriented at approximately 225Az, are not regularly spaced along strike with spacing ranging from 2.2 to 12.0 metres.

Several alteration styles have been observed on the Property, including intense silicification associated with massive chalcopyrite mineralization, sericite, and hematite veining within a monzonite granite.

Of importance is a strong magnetic feature just to the north of the newly uncovered copper showing which appears to be cut by a main structure that trends to the northwest. The Company will be working in this area in the near future to assess the source and importance of this geophysical feature.

Mineralization identified to date on the Property, displays characteristics suggestive of multiple mineralizing systems, with both porphyry and IOCG style copper mineralization recognized. This is the first time that these styles of mineralization have been observed on the Property.

In addition, during the year ended April 30, 2020, the Company received the results of its 464 line-kilometre, fixed-wing, high-resolution aeromagnetic gradiometer and digital VLF-EM survey, completed at Far Lake. The survey has delineated in detail a number of new structural and geological trends coincident with known coppersilver mineralization as well as a number of new trends which require follow up. The airborne survey area also covered the location where a large boulder was discovered which assayed 0.7% Cu and 2.1 g/t Pt+Pd+Au. The rock textures in the boulder suggest a fresh and unaltered gabbro and the Company interprets it be of Proterozoic age with its source located up-ice, not far to the north. The results of the high-resolution airborne survey were very encouraging, outlining numerous magnetic targets (highs and lows) that are located in the area of the highgrade copper showing. The magnetic survey was also very effective at outlining several structures and offsets that will require ground follow up. The digital VLF-EM survey was also very effective in outlining numerous areas of interest that are either associated with the magnetic highs or directly flanking the mag-high boundaries. The area of the high-grade PGE boulder also shows numerous magnetic and VLF responses. Of particular interest is a magnetic high, located north-northeast of the high-grade copper showing, that has several VLF-EM responses.

During the year ended April 30, 2021, the Company signed a letter of intent (“LOI”) with Benton Resources Inc., (TSXV:BEX) (“Benton”) for Benton to earn up to a 70% interest in the Far Lake project. Under the terms of the proposed transaction, Benton may acquire from White Metal in an initial option a 60% interest in the Project (the “Initial Option”), followed by a second option to acquire an additional 10% interest (the “Second Option”) in the Project.

Initial Option:

It is contemplated that Benton may exercise the Initial Option by completing the following:

Paying $25,000 and issuing 300,000 common shares to the Company within three days of receipt of TSX Venture Exchange (the “Exchange”) approval for the LOI (received);
Completing $200,000 of exploration expenditures on the Project on or before the first anniversary of execution of the LOI (completed);
Paying $30,000 and issuing 400,000 common shares to the Company on or before the first anniversary of execution of the LOI (received);
Completing an additional $200,000 of exploration expenditures on the Project on or before the second anniversary of execution of the LOI;
Paying $50,000 and issuing 400,000 common shares to the Company on or before the second anniversary of execution of the LOI;
Completing an additional $300,000 of exploration expenditures on the Project on or before the third anniversary of execution of the LOI;
Paying $100,000 and issuing 500,000 common shares to the Company on or before the third anniversary of execution of the LOI; and

Completing an additional $300,000 of exploration expenditures on the Project on or before the fourth anniversary of execution of the LOI.

Second Option:

Subject to exercising the Initial Option, Benton will have 90 days from the fourth anniversary of execution of the LOI to exercise the Second Option by completing the following:

Issuing 500,000 common shares to the Company and completing an additional $1 million of exploration expenditures on the Project on or before the fifth anniversary of the LOI.

During the year ended April 30, 2021, Benton completed and received data from its recently flown Heliborne High-Resolution Magnetic and Time-Domain Electromagnetic Survey at the Project. A preliminary examination of the data has identified several high-priority targets associated with known copper sulphide mineralization as well as other targets outside the main zones currently being explored within the Project. Survey data on the southern portion of the Project exhibits multiple sub-parallel conductive zones associated with gabbro, ultramafic and volcanic rocks and will be the subject of further exploration.

Results from a five square kilometre soil and rock geochemistry sampling program completed over the central copper targets have also been received and analyzed interpreted by the Benton. The soil survey in particular has provided a number of Cu anomalies adjacent or along strike of the Far Lake #1 and #2 structures, which have been shown to contain abundant chalcopyrite, intense silicification and often brecciation in previous work completed. In addition to Cu anomalies, there are areas of anomalous values of Mo, Ni, Pb, U and Zn in soil which will be used to target field work and help to define a geological model for the Project. Benton has initiated infill soil sampling to delineate the anomalies in greater detail and plans to expose outcrop in these new areas by mechanical stripping in the coming weeks. To date, highlights on the Far Lake #1 structure include a 0.7 m channel sample across massive sulphide that assayed 22.0% Cu, 30.2 g/t Ag, and 0.25 g/t Au and another channel containing 3.54% Cu over 3.0 m, including 4.96% Cu over 1.0 metre. Far Lake #2 is a wider structure, exhibits silicification and brecciation and contains chalcopyrite. It has seen no stripping or channel sampling and these activities will also be completed this field season.

Certain mineralization (chalcopyrite ± bornite, covellite, magnetite) and alteration (silicification, carbonate, sericite) identified to date at Far Lake displays characteristics suggestive of multiple mineralizing events and resemble certain aspects of porphyry and Iron-Oxide-Copper-Gold (IOCG) style alteration and mineralization. Other evidence for these models at Far Lake includes elevated rare earth and uranium geochemistry over 500 m within the centre of the main magnetic high (granitic intrusive) and a moderate Zn soil geochemical anomaly surrounding the periphery of the soil survey. Benton is encouraged to have a number of additional targets resulting from systematic geochemical surveying and looks forward to continuing its exploration efforts and evaluating the potential for the discovery of a large copper system.

During the year ended April 30, 2021, the Company was advised that Benton completed its maiden diamond drilling program at Far Lake (Table 18). The drilling program consisted of 12 holes totalling approximately 2,000 m (BTW diamond drill core), ten of which focused on various Cu targets within a large felsic intrusive package of rocks plus two drill holes spaced approximately 4km apart targeting airborne EM conductive anomalies within metavolcanic rocks of the Shebandowan greenstone belt. In addition, Benton confirmed the presence of anomalous Rare Earth Elements (“REE”) and uranium associated with the large felsic intrusive complex being targeted. REE’s and uranium are common, characterizing minerals of IOCG deposits around the world. Benton’s anomalous REE/Uranium samples were taken within a highly magnetic granitic body (near a 500 m long REE soil anomaly) and within a hematite breccia located approximately 500m southwest of the Far Lake main zone. Benton considers these occurrences to be important in helping target the potential core of a large tonnage IOCG deposit.

The exploratory drilling program was successful in confirming and expanding Benton’s knowledge of a very large alteration system (mainly sericite, epidote and hematite) that correlates with known surface copper mineralization and has been discovered within and around the large magnetic felsic intrusion. In addition, the drilling has

identified new sulphide mineralization associated with epithermal style veining associated with intense, widespread epidote alteration. In addition, during the year ended April 30, 2021, Benton initiated its second phase drilling program at Far Lake. The program consisted of 3,000 m and was designed to test the depth and strike of the newly discovered FL11 Zone. The Benton also tested the Main (Discovery) Zone at depth as well as various high-priority geophysical anomalies identified by a 3D IP survey which was completed in mid-January 2021. Preliminary data has identified chargeability targets from near surface to 800 m in depth that coincide with the FL#1 and FL#2 structures which contain and control the Cu-mineralization discovered to-date.

Table 18. summary of core assay results from Phase 1 and Phase 2 drilling programs, Far Lake.

Drill Hole	From (m)	To (m)	Interval (m)	Cu (%)	Zone
FL-20-01	46.2	48	1.8	0.23	Discovery High-Grade Zone
FL-20-02	35.6	36.4	0.8	0.44
FL-20-03	26.2	59.8	33.6	0.19
incl	29.2	32.3	3.1	1.11
FL-20-04	45	72.3	27.3	0.11
	48.3	54.3	6	0.21
FL-20-05	55.9	64.9	9	0.11
and	74.9	79.9	5	0.15
FL-20-06		NSA*			Recon Hole
FL-20-07		NSA*			Shebandowan Greenstone Belt (Volcaninc Sequence)
FL-20-08	33.3	34.9	1.6
FL-20-09	93.7	134.5	40.8	0.051	Two-Ponds
FL-20-10	138.3	152.3	14	0.023
FL-20-11	82.8	147	64.2	0.15	FL#1 Structure (North)
incl	120.6	136.2	15.6	0.35
incl	124.7	128.3	3.6	1.08
FL-20-12	102.4	106.5	4.1	0.09	FL#1 Structure (Central)
FL-20-13	218	221	3	0.25	FL#1 Structure (North)
and	249	253	4	0.11
FL-20-14	166	169	3	0.12
FL-20-15	115	129	14	0.1
FL-20-16	414.2	428	13.8	0.022	NW DeepIP Target(FL#2)
FL-20-17	336.5	342.5	6	0.16	Centre Pond
incl	336.5	338	1.5	0.56
FL-20-18		NSA*			DiscoveryZone(adjacent)
FL-20-19	201	224	23	0.13	Discovery Zone at Depth
FL-20-20	162.75	164.15	1.4	0.12
and	288.5	291.5	3	0.11

No Significant Assays

Tesup Lake Polymetallic Project

During fiscal 2019, the Company acquired via staking a 100% interest in the Tesup Lake Polymetallic Property located approximately 285 km west north-west of Thunder Bay, Ontario. The property consists of 34 mining cells covering approximately 544 hectares.

The earliest work on the property was in the late 1990s whereby a surface magnetite zone, some 25 m wide and extending more than 900 m along strike, was discovered. In 1997, an airborne EM-Mag survey was completed, followed by a ground HLEM geophysical survey, which together delineated a number of Mag-EM trends and targets. Three (3) holes of drilling in 1997 focused on a geophysical anomaly referred as "Conductor B", intersected up to 2.68% Cu, 0.14% Ni, 0.09% Co, and 9.7 g/t Ag. Numerous targets defined by magnetic highs with coincident EM anomalies remain untested. The Company is preparing a mineral exploration program over the claims that is planned to include a heliborne TDEM-Mag survey and a surface exploration program, including prospecting, geological mapping, and diamond drilling.

Seagull Lake Palladium-Platinum Project

During fiscal 2019, the Company signed an agreement to acquire a 100% interest in the Seagull Lake PalladiumPlatinum Project from its partners Rainy Mountain Royalty Corp. and Canadian International Pharma Corp. (formerly Black Panther Mining Group.) Seagull Lake is located approximately 90 km north-northeast the Great Lakes port City of Thunder Bay, Ontario, Canada, and consists of 492 single cell mining claims totalling approximately 10,421 hectares.

The Property covers the Seagull Lake Intrusion ("SLI") which is situated in the Nipigon Plate, a geological feature interpreted to have resulted from a failed third arm of a Proterozoic-aged, mid-continent rift system. This geological environment has been compared to the Noril'sk PGE-Cu-Ni sulphide mining camp of Siberia, Russia, and as such is considered to be highly prospective for the discovery of new world class Cu-Ni-PGE deposits. This rifting event is interpreted to have generated significant known Cu-Ni-PGE deposits such as the deposits in the Duluth Gabbro Complex (Dunka Road, Minnamax, Local Boy, etc.), Minnesota, USA, and the Great Lakes Nickel deposit located in Ontario. To date, three styles of PGE mineralization have been identified in the SLI: (1) Detrital PGE-rich "black sands"; (2) Reef-type magnetite-associated PGE-rich layers; and (3) Feeder-type Cu-NiPGE-rich sulphide-bearing cumulates (aka Noril'sk-type) or basal accumulations. The possibility for the discovery of other styles of sulphide mineralization remains including Contact-type deposits (e.g., Lac Des Iles Mine and River Valley deposits, Ontario) and structurally hosted high-grade concentrations along regional fault systems. Magmatic sulphide deposits in Canada tend to have a higher palladium to platinum ratio, typically 2:1. The purchase agreements give White Metal the right to acquire 100% of the Seagull Lake property by issuing the following:

200,000 common shares to Canadian International Pharma Corp. on TSX approval (received and issued)
150,000 common shares to Rainy Mountain Royalty Corp. on TSX approval (received and issued)
White Metal also has the right to purchase the outstanding NSR interests on the property, as follows:
0.4% of the NSR controlled by Canadian International Pharma Corp. for $600,000;
0.3% of the NSR controlled by Rainy Mountain Royalty Corp. for $450,000; and
1.4% of the aggregate 2.4% NSR held by a prior owner of the property for $2,000,000.

The SLI is described as an approximately 10 kilometre-diameter circular intrusive composed of ultramafic rocks with a high olivine content and thought to have been derived from a deep mantle source. Layering and multiple phases of intrusion have been recognized which suggests a favourable setting for Noril'sk-type sulphide accumulation (and other styles) in or associated with the system. The past discovery of the PGE-Cu-Ni zone suggests that the Proterozoic ultramafic intrusions in this part of the Nipigon Plate have undergone an evolutionary process capable of generating large, PGE-Cu-Ni enriched sulphide deposits. Although the Detritaland Reef-type mineralization was the first to be recognized, the discovery of potential Noril'sk-type Cu-Ni-PGErich sulphide mineralization has become the focus of more recent exploration, with drill core intersections of up to 3.6 g/t Pt+Pd, 0.34% Cu, 0.21% Ni over 2.1 metres, and 1.04 g/t Pt+Pd, 0.14% Cu, 0.16% Ni over 16.0 metres. (from Pettigrew, 2002). "Geochemically the dunite core shows virtually no evolutionary behaviour, the only evolution appears to be in the PGE distribution which appears to gradually decrease up from the base of each new pulse. This suggests open system behaviour with multiple pulses of PGE-bearing, dunitic magma from a central reservoir which was not actively differentiating and which provided a significantly large enough reservoir to provide a large PGE source. The dunite core is overlain by an oxide-bearing strongly magnetic peridotite which

also hosts stratiform PGE mineralization. The oxide horizon is cut by a late diabase sill and is overlain to the north by gabbroic and feldspathic peridotite horizons. These horizons overlay the magnetic rocks and attenuate the magnetic signature to the north." (from Exploration Summary, Platinum Group Metals Ltd., 2005). Numerous geophysical surveys (ground and airborne), geological mapping, soil and rock sampling, prospecting, and diamond drilling programs have been conducted on the Seagull Lake property (also referred to as Wolf Mountain). White Metal personnel are currently reviewing and compiling all available data into a new and complete geological and geophysical database to produce a current exploration model aimed at generating new targets for future exploration programs, primarily diamond drilling programs. With recent surges in palladium prices, the Company has a renewed interest in the project and as such during the period ended January 31, 2020, diamond drilling permit applications were filed for the property.

The most recent diamond drilling and re-sampling of historical drill holes was completed by Platinum Group Metals (“PTM”) between 2001 and 2005 (Table 19). This work reported encouraging concentrations of PGE from drill core intercepts with the highest concentrations of PGE reported in 2005 (see PTM news release dated 01/04/2005). PTM reported that their exploration drilling had demonstrated lateral continuity of the mineralized zones within the SLI Seagull Intrusion and that they were typically characterized by near 1:1 platinum to palladium ratios, significant Cu and Ni grades and strongly elevated concentrations in the other “rarer PGEs” (Rh, Ir, Os, Ru). PTM also noted that historical PGE-Cu-Ni intercepts from the SLI compare favourably to the famous Merensky Reef in South Africa’s Bushveld Complex with known mineralized horizons at the SLI being considerably shallower than those currently being mined and explored in South Africa.

PTM reported on “total PGE” analyses from drill core which in addition to platinum and palladium included the “rarer PGEs” rhodium, iridium, osmium, and ruthenium (Table 19). PTM noted that the concentrations of the “rarer PGEs” were unusually high compared to their global database of PGE mines, deposits and occurrences (see PTM news release dated 22/04/2005).

Table 19. Historical drill	Table 19. Historical drill	core assay results with total PGE	core assay results with total PGE	core assay results with total PGE	core assay results with total PGE	(Platinum Group Metals	(Platinum Group Metals	(Platinum Group Metals	Inc., 22/04/2005).	Inc., 22/04/2005).	Inc., 22/04/2005).
Drill Hole	Horizon	From	To	*Int	Au	Pt	Pd	Ir	Os	Rh	Ru	6PG E+Au
		(m)	(m)	(m)	(ppb)	(ppb)	(ppb)	(ppb)	(ppb)	(ppb)	(ppb)	(g/t)
WM05-20	Lower Dunite	329.12	333.40	4.28	47	826	895	120	151	54	41	2.13
incl.		331.68	333.40	1.72	88	1526	1640	221	289	99	71	3.93
incl.		331.68	332.12	0.44	220	3690	3990	674	891	294	204	9.96
WM00-01	Lower Dunite	577.30	581.54	4.24	60	669	781	79	114	37	27	1.77
incl.		578.16	580.00	1.84	78	852	993	125	188	54	40	2.33
WM00-05	Peridotite	734.45	736.00	1.55	134	1731	2069	39	54	30	10	4.07
incl.		735.43	736.00	0.57	251	3250	3920	58	83	50	13	7.63
WM00-06	Peridotite	390.23	391.29	1.06	2	505	623	18	22	13	15	1.20
WM00-01	Upper Dunite	533.14	536.41	3.27	30	223	260	26	29	13	10	0.59

*it is not known if these drill hole intervals represent true widths and are therefore being treated as core length intersections.

Drill hole WM05-20, which contains the shallowest intercept to date of the Lower Dunite Reef, between 329.12 and 333.40 m vertical depth, returned 6PGE (Pt, Pd, Rh, Ir, Os, Ru) plus Au concentrations (“6PGE+Au”) of 2.13 g/t over 4.28 m, including 3.93 g/t 6PGE+Au over 1.72 m, and 9.96 g/t 6PGE+Au over 0.44 metres. PTM also reported a high-grade intercept from the Peridotite Zone (drill hole WM00-05) that returned 7.63 g/t 6PGE+Au, within a broader intercept of 1.55 m grading 4.07 g/t 6PGE+Au.

Re-sampling of quartered drill core from the Lower Dunite Reef Zone (drill hole WM00-01) returned 1.84 m of 2.30 g/t 6PGE+Au within a broader zone, between 577.3 and 581.54 m vertical depth, of 4.24 m grading 1.76 g/t 6PGE+Au. PTM’s re-sampling also confirmed the presence of the Upper Dunite Reef Zone in hole WM00-01

over a 3.27 m interval between 533.14 and 536.41 m, grading 0.57 g/t 6PGE+Au. Re-logging and re-sampling of drill hole WM00-06, collared approximately 600 m east of hole WM00-05, also intersected the Peridotite Zone and returned 1.20 g/t 6PGE+Au over 1.06 m between 390.23 and 391.29 metres. Hole WM00-06 is 1,150 m (1.15 km) southwest of the previously reported high-grade Peridotite Zone intercept of 6.21 g/t 6PGE+Au over 0.65 metres in drill hole WM04-17. Both the Upper and Lower Dunite Reefs were also identified in hole WM05-22 which returned lower concentrations of PGE.

During the year ended April 30, 2020, the Company signed a letter of intent (“LOI”) with Quadro Resources Ltd. (“Quadro”) to grant Quadro the option to earn a 70% interest in the Seagull Lake Platinum-Palladium Project by completing the following:

$50,000 cash payment (received) and issuance of 1 million Quadro common shares (received) as well as a $300,000 work program on the property during the first year;
$100,000 cash payment, issuance of 2,250,000 Quadro common shares and a $500,000 work program on the property on or before the second anniversary; and,
$125,000 cash payment, issuance of 3,250,000 Quadro common shares and a $750,000 work program on the property on or before the third anniversary.

After vesting a 70% interest, a joint-venture was to be formed on the basis of 70% Quadro/30% White Metal expenditures with the issuance of a 0.5% Net Smelter Return Royalty (“NSR”) upon dilution to less than 10%. During the year ended April 30, 2021, the Company received notification from Quadro Resources Ltd. that it is withdrawing from the Seagull option agreement signed February 18, 2020, citing the need to focus on their gold projects in Newfoundland. The Company will continue to seek out a partner to advance this project.

During the year ended April 30, 2020, the Company acquired by staking an interest in two additional prospective Copper-Nickel-PGE targets totaling 3,633 hectares located about 17 km northeast of the Seagull/Disraeli property. The Spike Lake PGE Project (“Spike”) consists of 107 Single Cell Mining Cells (“SCMC”s) which together cover approximately 2,259 ha. These mining claims cover multiple airborne magnetic anomalies, a property-wide gravimetric low, and a historical drill hole (SR02-01) completed in 2002 by Teck Cominco Ltd. (MENDM Assessment Report 2.23795) which intersected mafic-ultramafic intrusive rocks containing anomalous Cu, Ni, Pt and Pd. Together, this historical information is suggestive of a new mafic-ultramafic intrusive body or an extension of the Disraeli Intrusion which is located about 4 km to the southwest and has itself been the subject of numerous historical exploration programs targeting Ci-Ni-PGE mineralization.

The Elm Lake PGE Project (“Elm”) consists of 65 SCMCs which together cover about 1,374 ha. These mining claims cover several magnetic anomalies, several gravimetric highs, and a historical drill hole (ST02-01) completed in 2002 by Teck Cominco Ltd. (MENDM Assessment Report 2.23795) which intersected maficultramafic intrusive rocks containing anomalous Cu, Ni, Pt and Pd. Together, this historical information is suggestive of a new mafic-ultramafic intrusive body.

Newfoundland & Labrador, Canada:

Startrek Gold-Antimony Project

During fiscal 2019, the Company executed an option agreement with Sokoman Minerals Corp. to acquire a 100% interest in the Startrek Gold Project , located east of Benton, central Newfoundland. The property consists of 278 claim units (220 of which were staked by the Company) covering 6,479 hectares.

Under the option agreement, as amended, White Metal issued the following to Sokoman:

upon regulatory approval, 500,000 common shares of the Company; (received and issued)
• 500,000 common shares on or before December 18, 2019 (issued); and,

750,000 common shares upon execution of an Amending Agreement, subject to TSX-V approval (originally, the Company would have had to issue 500,000 common shares of the Company on or before December 18, 2020 and 500,000 common shares of the Company on or before December 18, 2021) (received and issued).

The property is subject to a 2% NSR in favour of the original owner, of which the Company will have the right to purchase Sokoman’s right to purchase half (1%) for $1,000,000 at any time by paying Sokoman $175,000 and issuing Company common shares with a value of $250,000, and a 1% NSR in favour of Sokoman, of which the Company will have the right to purchase half (0.5%) at any time for $500,000.

During the year ended April 30, 2021, the Company and Sokoman entered into an Amending Agreement, to amend the Startrek Gold Project property option agreement. Under the original option agreement, the Company’s remaining obligations to acquire a 100% interest in the property immediately prior to the Amending Agreement were to issue to Sokoman 500,000 Company common shares on or before December 18, 2020 and 500,000 Company common shares on or before December 18, 2021. As amended, to exercise the option and acquire the property, the Company issued 750,000 Company common shares to Sokoman upon execution of the Amending Agreement, and the Company has the right to acquire one-half (0.5%) of the 1% NSR that Sokoman holds on the Startrek property by paying Sokoman $500,000. The Company also reached an agreement with Sokoman, by amendment to the original agreement, to have the right to acquire the remaining 0.5% NSR from Sokoman by paying Sokoman $175,000 and issuing that amount of shares equaling $250,000.

In addition, during the year ended April 30, 2021, the Company signed a binding LOI with 1259542 B.C. Ltd., to enter into an Option Agreement (the “Agreement”) in respect of its 100% owned Startrek Gold-Antimony property (the “Property”), located about 20 km east of Gander, Central Newfoundland (the “Option”). The Company and 1259542 B.C. Ltd. entered into an assignment agreement whereby Leocor Gold Inc. (now the “Optionee”) would assume all obligations in the Agreement.

Under the terms of the LOI, the Optionee can earn up to a 70% interest in the Property by:

Paying $25,000 (received) and issuing 133,333 common shares (received) of the Optionee to White Metal within three days of receipt of TSX Venture Exchange (the “Exchange”) approval of the Option transaction (approved);
Completing $150,000 of exploration expenditures on the Property on or before the first anniversary of execution of the Agreement;
Paying $50,000 (received) and issuing 300,000 (received) common shares to White Metal on or before the first anniversary of execution of the Agreement;
Completing an additional $250,000 of exploration expenditures on the Property on or before the second anniversary of execution of the Agreement;
Paying $75,000 and issuing 433,333 common shares to White Metal on or before the second anniversary of execution of the Agreement; and,
Completing an additional $500,000 of exploration expenditures on the Property on or before the third anniversary of execution of the Agreement.

During the period ended October 31, 2021, Leocor received its exploration approvals for ground geophysics, line cutting, GT Probe drilling (100 holes), and RAB drilling (10 holes), on the Startrek Property. Leocor will be working with GroundTruth Exploration Inc. on the program, which will unify the three areas with a common soil database, and holistically define what is expected to be a significant mineralized footprint.

Off-Balance Sheet Arrangements

The Company does not have any off-balance sheet arrangements.

Contractual Obligations

The Company has commitments as described in Notes 6 and 11 of the October 31, 2021 condensed consolidated interim financial statements with respect to certain agreements on its mineral property interests and consultants.

Related Party Transactions

Key management personnel compensation:

	October 31,	October 31,
	2021	2020
	$	$
Salaries and benefits	70,900	49,770
Share–based payments	224,319	37,938
Accounting, consulting, property contracting services, equipment
rentals and office rent	23,350	25,020
Total keymanagementpersonnel compensation	318,569	112,728

All transactions with related parties have occurred in the normal course of operations and management represents that they have occurred on a basis consistent with those involving unrelated parties, and accordingly that they are measured at fair value. Details of the balances in the table above are more fully described below.

During the period ended October 31, 2021, Michael Stares, interim President and CEO of the Company, earned $70,900 in salary and statutory benefits (October 31, 2020 – $49,770) for exploration property management and administrative services. At October 31, 2021 the Company owed Michael Stares $nil (October 31, 2020 - $1,266). In addition, during the period ended October 31, 2021, the Company was billed $nil by Stares Contracting Corp., a company co-owned by Michael Stares, for truck and equipment rentals (October 31, 2020 - $900).

During the period ended October 31, 2021, Benton Resources Inc. (“Benton”), a company Michael Stares is a director and former employee of, billed $6,000 (October 31, 2020 - $6,000) to the Company for office rent. At October 31, 2021, the Company owed Benton $1,130 (October 31, 2020 - $1,130) inclusive of HST.

During the period ended October 31, 2021, Caracle Creek International Consulting Inc. (“Caracle Creek”), a company of which Dr. Jobin-Bevans is President/CEO and a director of, billed the Company $nil (October 31, 2020 - $10,000) for monthly consulting fees related to his duties at a rate of $2,000 per month. In addition, during the period ended October 31, 2021, the Company was billed $17,350 (October 31, 2020 - $3,309) excluding HST by Caracle Creek for project management services at the Okohongo and DorWit projects in Namibia. At October 31, 2021, the Company owed Caracle Creek $2,260 inclusive of HST (October 31, 2020 - $3,739).

Refer also to note 6(d) to the October 31, 2021 condensed consolidated interim financial statements.

Subsequent Events

The following events occurred after the reporting date of October 31, 2021:

The Company announced that, subject to all regulatory approvals, the Company intends to complete a non-brokered private placement of flow-through shares and non flow-through units (the “Private Placement”) for combined aggregate gross proceeds of up to $600,000. The Private Placement is expected to close on or before December 15, 2021.

The Company intends to issue up to 5,000,000 flow-through shares (“FT Shares”) at a price of $0.10 per FT Share, for gross proceeds of $500,000. The flow-through shares will entitle the holder to receive the tax benefits applicable to flow-through shares, in accordance with provisions of the Income Tax Act (Canada).

The Company also intends to issue up to 1,111,111 non flow-through units (“Units”) at a price of $0.09 per Unit for gross proceeds of up to $100,000. Each Unit will consist of one common share and one half (1/2) of a common share purchase warrant, each full warrant being exercisable for an additional common share of the Company for $0.18 for 24 months from the date of issue.

The securities issued pursuant to the Private Placement are subject to a hold period of four months and one day in accordance with applicable securities laws

In connection with the private placement, the Company may pay finders’ fees in cash or securities or a combination of both, as permitted by the policies of the TSX Venture Exchange. All securities issued pursuant to the private placement will be subject to a four month and one day hold period. The private placement is subject to approval by the TSX Venture Exchange.

The proceeds of the financing will be used to advance White Metal’s various exploration projects, and for working capital purposes.

The Company granted 300,000 incentive stock options at an exercise price of $0.10 to a consultant of the Company expiring on November 9, 2026 and vesting in accordance with the Company’s stock option plan.

Current and Future Changes in Accounting Policy Including Initial Adoption of International Financial Reporting Standards (“IFRS”)

Statement of Compliance

The condensed consolidated interim financial statements, including comparatives for the six month period ended October 31, 2021, have been prepared using accounting policies in compliance with IFRS as issued by the International Accounting Standards Board (“IASB”).

New standards, amendments and interpretations to existing standards not adopted by the Company

The following standard is effective for annual periods beginning on or after January 1, 2019 and has been adopted by the Company:

IFRS 16, Leases

IFRS 16 introduces a single lessee accounting model and requires a lessee to recognize right of use assets and liabilities for leases. The Company elected to apply IFRS 16 using a modified retrospective approach; therefore, the comparative information has not been restated and continues to be reported under IAS 17, Leases. The details of the new accounting policy and the impact of the policy change are described below.

At inception of a contract, the Company must assess whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset over a period of time in exchange for consideration. The Company must assess whether the contract involves the use of an identified asset, whether it has the right to obtain substantially all of the economic benefits from the use of the asset during the term of the contract and if it has the right to direct the use of the asset.

As a lessee, the Company recognizes a right-of-use asset and a lease liability at the commencement date of the lease.

Right-of-use asset

The right-of-use asset is initially measured at cost, which is comprised of the initial amount of the lease liability adjusted for any lease payments made and any initial direct costs incurred at or before the commencement date, plus any decommissioning and restoration costs, less any lease incentives received.

The right-of-use asset is subsequently depreciated from the commencement date to the earlier of the end of the lease term, or the end of the useful life of the asset. In addition, the right-of-use asset may be reduced due to impairment losses, if any, and adjusted for certain re-measurements of the lease liability.

Lease liability

A lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date discounted by the interest rate implicit in the lease or, if that rate cannot be readily determined, the incremental borrowing rate. The lease liability is subsequently measured at amortized cost using the effective interest method. Lease payments included in the measurement of the lease liability comprise: fixed payments; variable lease payments that depend on an index or a rate; amounts expected to be payable under any residual value guarantee; the exercise price under any purchase option that the Company would be reasonably certain to exercise; lease payments in any optional renewal period if the Company is reasonably certain to exercise an extension option; and penalties for any early termination of a lease unless the Company is reasonably certain not to terminate early. The Company has not included non-lease components related to premises leases in the determination of the lease liability.

The Company has elected not to recognize right-of-use assets and lease liabilities for short-term leases that have a lease term of twelve months or less and leases of low-value assets. The lease payments associated with these leases are charged directly to income on a straight-line basis over the lease term.

As at the May 1, 2019 date of IFRS 16 adoption and during the years ended April 30, 2021 and three month period ended July 31, 2021, the Company had no leases requiring recognition under IFRS 16.

Risk Management

The Company’s financial instruments are comprised of cash and cash equivalents, receivables, investments and accounts payable and accrued liabilities.

The Company’s financial instruments are exposed to certain risks, including credit risk, liquidity risk, interest rate risk and market risk.

Credit risk

Counterparty credit risk is the risk that the financial benefits of contracts with a specific counterparty will be lost if a counterparty defaults on its obligations under the contract. This includes any cash amounts owed to the Company by those counterparties, less any amounts owed to the counterparty by the Company where a legal right of offset exists and also includes the fair values of contracts with individual counterparties which are recorded in the consolidated financial statements.

i. Trade credit risk

The Company is in the exploration stage and has not yet commenced commercial production or sales. Therefore, the Company is not exposed to significant credit risk and overall the Company’s credit risk has not changed significantly from the prior period.

ii. Cash and cash equivalents

In order to manage credit and liquidity risk the Company’s cash and short-term investments are held through large Canadian Financial Institutions.

Liquidity Risk

Liquidity risk is the risk that the Company will not be able to meet is financial obligations as they fall due. The Company manages liquidity risk through the management of its capital structure. The Company monitors and reviews current and future cash requirements and matches the maturity profile of financial assets and liabilities.

Accounts payable and accrued liabilities are due within the current operating period.

Interest Rate Risk

The Company’s interest revenue earned on cash and or short-term investments is exposed to interest rate risk. The Company does not enter into derivative contracts to manage this risk. The Company’s exposure to interest rate risk is very low as the Company’s short-term investments are either fully liquid or bear short staggered maturity dates to mitigate the risk of fluctuating interest rates.

The Company limits its exposure to interest rate risk as it invests only in short-term investments at major Canadian Financial Institutions.

Market Risk

Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices and is comprised of currency risk, interest rate risk, and other price risk. The Company currently does not have any financial instruments that would be impacted by changes in market prices.

Other MD&A Requirements

Additional Disclosure for Venture Issuers without Significant Revenues:

As of October 31, 2021, the Company has incurred and capitalized $3,386,812 (April 30, 2021 - $2,321,023) as exploration and evaluation assets since inception of the Company, net of write-downs, recoveries and dispositions.

Outstanding Share Data

At the date of this management’s discussion and analysis, there are 128,589,750 common shares outstanding as well as: (a) stock options to purchase an aggregate of 10,080,000 common shares expiring between August 29, 2022 and November 9, 2026 and exercisable between $0.10 and $0.15 per share; and (b) share purchase warrants to purchase an aggregate of 46,334,257 common shares expiring between August 19, 2022 and February 22, 2023, exercisable at $0.09 to $0.20. For additional details of share data, please refer to Note 7 of the October 31, 2021 condensed consolidated interim financial statements.

The Company is authorized to issue an unlimited number of voting shares and an unlimited number of preferred shares issuable in series.

On July 10, 2020, the Company issued 300,000 shares valued at $0.07 per share to complete the on-signing option payment on the Tower Mountain property detailed in note 6(d) above.

On August 19, 2020, the Company closed a non-brokered private placement, issuing 2,753,571 flow-through units at a price of $0.07 per flow-through unit for gross proceeds of $192,750, and 20,650,000 non-flow-through units at a price of $0.05 per unit for gross proceeds of $1,032,500. Each flow-through unit consists of one flowthrough common share of the Company and one-half of one common share purchase warrant, with each full warrant exercisable at a price of $0.10 per share for 24 months after closing. Each non-flow-through unit consists of one common share of the Company and one common share purchase warrant exercisable at a price of $0.10 per share for 24 months after closing. In conjunction with the closing of the private placement, the Company paid net cash commissions of $17,412 and issued 80,700 finders’ warrants exercisable at a price of $0.10 per share for a period of 24 months after the date of issuance.

On September 11, 2020, the Company issued 750,000 shares valued at $0.055 per share to complete the purchase of the Startrek property from Sokoman Minerals Corp. pursuant to an amended agreement.

On February 8, 2021, the Company issued 250,000 shares valued at $0.10 per share pursuant to the exercise of share purchase warrants.

On February 22, 2021 the Company issued 4,711,539 flow-through units at a price of $0.13 per unit, each unit consisting of one flow-through common share and one common share purchase warrant, each full warrant entitling the holder thereof to purchase an additional common share of the Company at a price of $0.20 for a period of 24 months following the date of issuance. The flow-through shares will entitle the holder to receive the tax benefits applicable in accordance with provisions of the Income Tax Act (Canada).

In addition, on February 22, 2021 the Company issued 18,450,000 non-flow through units in the Private Placement at a price of $0.09 per unit, each unit consisting of one common share of the Company and one common share purchase warrant, each warrant entitling the holder thereof to purchase an additional common share of the Company at a price of $0.20 for a period of 24 months following the date of issuance. The Company paid cash finders’ totalling $115,034 and issued 869,050 finders’ warrants exercisable at $0.09 per share and 235,033 finders’ warrants exercisable at $0.13 per share, all exercisable for 24 months from the date of issuance and in accordance with the policies of the Exchange. All securities issued pursuant to the Private Placement will be subject to a four-month hold period.

On March 5, 2021, the Company issued 500,000 shares valued at $0.10 per share pursuant to exercise of share purchase warrants.

On March 23, 2021, the Company issued 300,000 valued at $0.13 per share pursuant to the option agreement on the Nichols patent.

On March 31, 2021, the Company issued 4,000,000 shares valued at $0.10 per share pursuant to the exercise of share purchase warrants.

On April 22, 2021, the Company issued 285,000 shares valued at $0.10 per share pursuant to the exercise of share purchase warrants.

On June 3, 2021, the Company issued 500,000 shares pursuant to the exercise of warrants at a price of $0.10.

On June 14, 2021, the Company issued 600,000 shares pursuant to the exercise of warrants at a price of $0.10. In addition the Company issued 300,000 shares valued at $0.11 pursuant to the first anniversary payment on the Tower Mountain property.

On June 17, 2021, the Company issued 500,000 shares pursuant to the exercise of warrants at a price of $0.10.

Dividend Policy

No dividends have been paid on any shares of the Company since the date of incorporation, and it is not contemplated that any dividends will be paid in the immediate or foreseeable future.

Legal Proceedings

To the knowledge of the Company, there are no actual or pending legal proceedings to which the Company is or is likely to be a party or of which any of its assets are likely to be subject.

Indebtedness of Directors, Officers, Promoters and Others

No director, officer, or promoter or other member of management of the Company, or any Associate or Affiliate of any such person, is or has been indebted to the Company.

Conflicts of Interest

There are potential conflicts of interest to which the directors and officers of the Company will be subject in connection with the operations of the Company. Some of the directors and officers have been and will continue to be engaged in the identification and evaluation, with a view to potential acquisition of interests in businesses and corporations on their own behalf and on behalf of other corporations, and situation may arise where the directors and officers will be in direct competition with the Company. Conflicts, if any, will be subject to the procedures and remedies under the British Columbia Business Corporations Act.

Risk Factors

Mining Industry

The exploration for and development of mineral deposits involves significant risks, which even a combination of careful evaluation, experience and knowledge may not eliminate. While the discovery of an ore body may result in substantial rewards, few properties which are explored are ultimately developed into producing mines. Major expenses may be required to establish ore reserves, to develop metallurgical processes and to construct mining and processing facilities at a particular site. It is impossible to ensure that the current exploration programs planned by the Applicant will result in a profitable commercial mining operation.

Whether a mineral deposit will be commercially viable depends on a number of factors, some of which are the particular attributes of the deposit, such as size, grade and proximity to infrastructure, as well as metal prices which are highly cyclical and government regulations, including regulations relating to prices, taxes, royalties, land tenure, land use, importing and exporting of minerals and environmental protection. The exact effect of these factors cannot be accurately predicted, but the combination of these factors may result in the Applicant not receiving an adequate return on invested capital.

Mining operations generally involve a high degree of risk. The Applicant’s operations are subject to all the hazards and risks normally encountered in the exploration, development and production of ore, including unusual and unexpected geology formations, rock bursts, cave-ins, flooding and other conditions involved in the drilling and removal of material, any of which could result in damage to, destruction of, mines and other producing facilities, damage to life or property, environmental damage and possible legal liability. Although adequate precautions to minimize risk will be taken, milling operations are subject to hazards such as equipment failure or failure of retaining dams around tailings disposal areas, which may result in environmental pollution and consequent liability.

The Applicant’s mineral exploration activities are directed towards the search, evaluation and development of mineral deposits. There is no certainty that the expenditures to be made by the Applicant as described herein will result in discoveries of commercial quantities of ore. There is aggressive competition within the mining industry for the discovery and acquisition of properties considered to have commercial potential. The Applicant will compete with other interests, many of which have greater financial resources than it will have for the opportunity to participate in promising projects. Significant capital investment is required to achieve commercial production from successful exploration efforts.

Government Regulation

The exploration activities of the Applicant are subject to various federal, provincial and local laws governing prospecting, development, production, taxes, labour standards and occupational health, mine safety, toxic substance and other matters. Exploration activities are also subject to various federal, provincial and local laws and regulations relating to the protection of the environment. These laws mandate, among other things, the maintenance of air and water quality standards, and land reclamation. These laws also set forth limitations on the generation, transportation, storage and disposal of solid and hazardous waste. Although the Applicant’s exploration activities are currently carried out in accordance with all applicable rules and regulations, no

assurance can be given that new rules and regulations will not be enacted or that existing rules and regulations will not be applied in a manner which could limit or curtail production or development. Amendments to current laws and regulations governing operations and activities of exploration, mining and milling or more stringent implementation thereof could have a substantial adverse impact on the Applicant.

Permits and Licenses

The exploitation and development of mineral properties may require the Applicant to obtain regulatory or other permits and licenses from various governmental licensing bodies. There can be no assurance that the Applicant will be able to obtain all necessary permits and licenses that may be required to carry out exploration, development and mining operations on its properties.

Environmental Risks and Hazards

All phases of the Applicant’s mineral exploration operations are subject to environmental regulation in the various jurisdictions in which it operates. Environmental legislation is evolving in a manner which will require stricter standards and enforcement, increased fines and penalties for non-compliance, more stringent environmental assessments of proposed projects and a heightened degree of responsibility for companies and their officers, directors and employees. There is no assurance that future changes in environmental regulation, if any, will not adversely affect the Applicant’s operations. Environmental hazards may exist on the properties on which the Applicant holds interests which are unknown to the Applicant at present, which have been caused, by previous or existing owners or operators of the properties. The Applicant may become liable for such environmental hazards caused by previous owners and operators of the properties even where it has attempted to contractually limit its liability.

Government approvals and permits are currently, and may in the future be, required in connection with the Applicant’s operations. To the extent such approvals are required and not obtained; the Applicant may be curtailed or prohibited from proceeding with planned exploration or development of mineral properties. Failure to comply with applicable laws, regulations and permitting requirements may result in enforcement actions thereunder, including orders issued by regulatory or judicial authorities causing operations to cease or be curtailed, and may include corrective measures requiring capital expenditures, installation of additional equipment, or remedial actions. Parties engaged in mining operations may be required to compensate those suffering loss or damage by reason of the mining activities and may have civil or criminal fines or penalties imposed for violations of applicable laws or regulations.

Amendments to current laws, regulations and permits governing operations and activities of mining companies, or more stringent implementation thereof, could have a material adverse impact on the Applicant and cause increases in exploration expenses, capital expenditures or production costs or reduction in levels of production at producing properties or require abandonment or delays in development of new mining properties.

Production of mineral properties may involve the use of dangerous and hazardous substances such as sodium cyanide. While all steps will be taken to prevent discharges of pollutants into the ground water the environment, the Applicant may become subject to liability for hazards that cannot be insured against.

Commodity Prices

The profitability of mining operations is significantly affected by changes in the market price of gold and other minerals. The level of interest rates, the rate of inflation, world supply of these minerals and stability of exchange rates can all cause significant fluctuations in base metal prices. Such external economic factors are in turn influenced by changes in international investment patterns and monetary systems and political developments. The price of gold and other minerals has fluctuated widely in recent years, and future serious price declines could cause continued commercial production to be impracticable. Depending on the price of gold and other minerals, cash flow from mining operations may not be sufficient. Any figures for reserves presented by the Applicant will be estimates and no assurance can be given that the anticipated tonnages and grades will be achieved or that the

indicated level of recovery will be realized. Market fluctuations and the price of gold and other minerals may render reserves uneconomical. Moreover, short-term operating factors relating to the reserves, such as the need for orderly development of the ore bodies or the processing of new or different grades of ore, may cause a mining operation to be unprofitable in any particular accounting period.

Uninsured Risks

The Applicant carries insurance to protect against certain risks in such amounts as it considers adequate. Risks not insured against include environmental pollution or other hazards against which such corporations cannot insure or against which they may elect not to insure.

Conflicts of Interest

Certain of the directors of the Applicant also serve as directors and/or officers of other companies involved in natural resource exploration and development. Consequently, there exists the possibility for such directors to be in a position of conflict. Any decision made by such directors involving the Applicant will be made in accordance with their duties and obligations to deal fairly and in good faith with the Applicant and such other companies. In addition, such directors will declare, and refrain from voting on, any matter in which such directors may have a conflict of interest.

Land Title

Although the Applicant has obtained title opinions with respect to certain of its properties, there may still be undetected title defects affecting such properties. Accordingly, such properties may be subject to prior unregistered liens, agreements, transfers or claims, and title may be affected by, among other things, undetected defects which could have a material adverse impact on the Applicant's operations.

Aboriginal Land Claims

No assurance can be given that aboriginal land claims will not be asserted in the future in which event the Company's operations and title to its properties may potentially be seriously adversely affected.

Political and other risks

The Company’s DorWit and Okohongo properties located in Namibia expose the Company to different considerations and other risks not typically associated with companies in Canada. Such risks are associated with the political, economic and legal environments. The Company’s results may be adversely affected by changes in the political and social conditions in Namibia and by changes in government policies with respect to laws and regulations.

Auditors, Transfer Agents and Investor Relations

The auditor of the Company is DeVisser Gray LLP, Chartered Accountants of Vancouver, British Columbia.

The Transfer Agent and Registrar for the Common Shares of the Company is Computershare of Vancouver, British Columbia.

Investor relations duties are carried out by directors, officers, and employees of the Company.

Commitments and Contingencies

Except as otherwise discussed, the Company is in compliance with commitments required by contractual obligations in the normal course of business.

Forward Looking Statements

This management discussion and analysis contains certain forward-looking statements relating but not limited to the Company’s expectations, intentions, plans and beliefs. Forward-looking information can often be identified by forward-looking words such as “anticipate”, "believe”, “expect”, “goal”, ”plan”, “intend”, “estimate”, “may”, and “will” or similar words suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. Forward-looking information may include reserve and resource estimates, estimates of future production, unit costs, costs of capital projects and timing of commencement of operations, and is based on current expectations that involve a number of business risks and uncertainties. Factors that could cause actual results to differ materially from any forward-looking statement include, but are not limited to, failure to establish estimated resources and reserves, the grade and recovery of ore which is mined varying from estimates, capital and operating costs varying significantly from estimates, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects and other factors. Forward-looking statements are subject to risks, uncertainties and other factors that could cause actual results to differ materially from expected results.

Potential shareholders and prospective investors should be aware that these statements are subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those suggested by the forward-looking statements. Shareholders are cautioned not to place undue reliance on forwardlooking information. By its nature, forward-looking information involves numerous assumptions, inherent risks and uncertainties, both general and specific that contributes to the possibility that the predictions, forecasts, projections, and various future events will not occur. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking information whether as a result of new information, future events or other such factors which affect this information, except as required by law.

AI assistant

Thunder Gold Corp. — Management Reports 2021

43660_rns_2021-12-06_161e605a-7b16-458d-8f8f-0378548b7738.pdf

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

For the six months ended October 31, 2021

December 6, 2021

General

Going Concern

Overview of the Company

Impact of Covid-19

Health and Safety of Employees

Business and Supply Chain Interruption

Government Relief Measures

Capital Management

Commodity Prices

Financial and Operational Performance

Financial Condition

Results of Operations

Cash flows

Summary of Quarterly Results

Selected Annual Financial Information

Liquidity and Capital Resources

Exploration and Evaluation assets

For the six months ended October 31, 2021

For the year ended April 30, 2021

a) Tower Mountain Gold Project, Ontario

Melvin Stewart Option

Lee Patent

Nichols Patent

Anderson Patent

Historical Mineral Resource Estimate

Exploration

b) DorWit Copper-Silver Project , Namibia

Airborne EM Survey

Geochemistry

Satellite Imagery and Structural Mapping

Drilling Plans

Otjiwaru Drilling

Current Drilling

Okasewa South

c) Taranis (Okohongo) Copper-Silver Project, Namibia

Epunguwe Target Area

Note: UTMX and UTMY are given in WGS84 Z33S

Notes to Table 14:

Assays, Quality Assurance/Quality Control and Assay Procedures

Qualified Persons and Data Verification

d) Other Properties

Ontario, Canada:

Shebandowan Base Metal-Gold Project

Highlights – Vanguard Base Metal Property

Highlights – Shebandowan Gold Project

Highlights – Iris Lake Gold Project

Far Lake Copper-Silver Project

Initial Option:

Second Option:

Tesup Lake Polymetallic Project

Seagull Lake Palladium-Platinum Project

Newfoundland & Labrador, Canada:

Startrek Gold-Antimony Project

Off-Balance Sheet Arrangements

Contractual Obligations

Related Party Transactions

Subsequent Events

Current and Future Changes in Accounting Policy Including Initial Adoption of International Financial Reporting Standards (“IFRS”)

Statement of Compliance

New standards, amendments and interpretations to existing standards not adopted by the Company

IFRS 16, Leases

Right-of-use asset

Lease liability

Risk Management

Credit risk

i. Trade credit risk

ii. Cash and cash equivalents

Liquidity Risk

Interest Rate Risk

Market Risk

Other MD&A Requirements

Additional Disclosure for Venture Issuers without Significant Revenues:

Outstanding Share Data

Dividend Policy

Thunder Gold Corp. Management Reports 2021