Metalite acquires Launay gold property in Abitibi, names Alex Storcheus chairman

TORONTO, ON, July 13, 2026 - TheNewswire – Metalite Resources Inc. (CSE: METL) (OTC Pink: JNCCF) (FSE: D680) (" Metalite " or the " Company ") is pleased to announce that, further to its news release dated June 22, 2026, it has completed its previously announced acquisition (the " Transaction ") of a 100% interest in the Launay Gold Property (the " Property "), a district-scale gold project located in Québec's prolific Abitibi Greenstone Belt and has appointed Alex Storcheus as Executive Chairman of Metalite. Transaction Closing The Transaction was completed pursuant to the definitive asset purchase agreement dated June 19, 2026 among Metalite, Launay Gold Corp. (" LGC ") and Cachee Gold Mines Corp. (" Cachee ") Under the terms of the agreement, Metalite acquired a 100% undivided interest in the Property, subject to certain pre-existing net smelter return royalties, in consideration for the issuance of 6,000,000 common shares in the capital of Metalite (" Metalite Shares ") to LGC. The common shares issued in connection with the Transaction are subject to applicable resale restrictions, including an extended hold period expiring on the later of: (i) November 14, 2026 (being the date which is four months and one day following the closing date of the Transaction); and (ii) ten trading days following the date on which Metalite files a technical report in respect of the Property prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (" NI 43-101 ").

The completion of the Transaction marks an important milestone in Metalite's evolution as a gold exploration company and establishes the Company as the owner of a significant land position along the Macamic Fault, a major gold-bearing structural corridor. Covering approximately 17,340 hectares, the Property offers compelling exploration upside across several underexplored targets. The Property comprises 314 mineral claims and extends over approximately 19 kilometres of favourable geology within the Abitibi Greenstone Belt, one of the world's most productive gold districts.

Historical exploration has identified multiple gold occurrences and mineralized trends across the Property, providing significant opportunities for resource delineation through drilling and new discoveries. With the acquisition complete, Metalite intends to continue advancing its ongoing technical evaluation of the Property through the integration and interpretation of historical geological, geophysical and drilling data, the refinement of exploration targets, and the planning of future exploration programs designed to expand known mineralization and evaluate the broader district-scale potential of the Property. Chris Hazelton, Chief Executive Officer of Metalite, commented: " The completion of the Launay Gold Property acquisition represents a key milestone for Metalite and establishes a strong foundation for our future growth.

Metalite’s value creation plan is to unlock the broader exploration potential of the Property through systematic technical work, target generation and disciplined exploration aimed at resource delineation and making new discoveries. " Additional background information regarding the Transaction is available in the Company's news release dated June 22, 2026. Appointment of Executive Chairman In connection with completion of the Transaction, the board of directors of Metalite appointed Alex Storcheus as a director and Executive Chairman of the Company, effective immediately.

Mr. Storcheus has more than 15 years of experience in investment banking and capital markets and has served as a senior executive and director of Canadian public companies. Mr. Storcheus is a director and Chief Executive Officer of each of LGC and Cachee, LGC's parent company, and beneficially owns, controls or directs, directly or indirectly, approximately 19% of the issued and outstanding common shares of Cachee. Accordingly, Mr. Storcheus has an indirect economic interest in LGC and in the Consideration Shares received by LGC. in connection with the Transaction.

Alex Storcheus, Executive Chairman of Metalite, commented: " Launay Gold Property has been built through years of technical work, land consolidation and a clear conviction in the district-scale potential of the Property. Completing this Transaction places the Property within a public-company platform capable of bringing focused capital, technical expertise and market visibility to its next stage of advancement. I am pleased to join Metalite as Executive Chairman and look forward to working with Chris, the board and the technical team to create long-term value for all Metalite shareholders.

" New Control Person and Early Warning Disclosure Immediately prior to completion of the Transaction, LGC did not beneficially own, or exercise control or direction over, any common shares of Metalite, representing 0% of the issued and outstanding common shares of the Company. Upon completion of the Transaction, LGC acquired 6,000,000 Metalite Shares, representing approximately 36.68% of the 16,356,459 issued and outstanding Metalite Shares on a non-diluted basis. As a result, LGC became a "control person" of Metalite within the meaning of applicable CSE policies.

The common shares were acquired by LGC as consideration for the sale of the Property pursuant to the Transaction and are held for investment purposes. Depending on market and other conditions, and subject to applicable securities laws and the resale restrictions described above, LGC may from time to time acquire additional securities of Metalite, dispose of some or all of the securities it holds, or continue to hold such securities. This news release is being issued in part pursuant to National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issues.

LGC will file an early warning report in accordance with applicable securities laws, which will be available under Metalite's issuer profile on SEDAR+ at www.sedarplus.ca . A copy of the early warning report may also be obtained by contacting the Company at (647) 660-8718 or info@metaliteresources.com . About Metalite Resources Inc. Metalite Resources Inc. is a Canadian mineral exploration company focused on the acquisition, exploration and advancement of precious metals projects.

The Company owns a 100% interest in the Arthurs Seat Silver-Antimony Project in New South Wales, Australia and a 100% interest in the Launay Gold Property, a district-scale gold project located in Québec's Abitibi Greenstone Belt. The Company's strategy is to create long-term shareholder value through the systematic exploration and advancement of high-potential mineral properties. Qualified Person The scientific and technical information contained in this news release has been reviewed and approved by Carey Galeschuk, P.Geo., a "qualified person" as defined in NI 43-101.

Mr. Galeschuk is an officer of Metalite and is not independent of the Company. Contact Information Metalite Resources Inc. Chris Hazelton, CEO (647) 660-8718 info@metaliteresources.com   Forward-Looking Information This news release contains "forward-looking information" within the meaning of applicable Canadian securities laws. Forward-looking information relates to future events or the anticipated performance of the Company and is based on current expectations, estimates and assumptions.

Forward-looking information is often identified by words such as "anticipate", "believe", "expect", "intend", "plan", "may", "will", "could", "should", and similar expressions. Forward-looking information in this news release includes, but is not limited to, statements regarding the Company's exploration plans and objectives for the Launay Gold Property, including the advancement of technical evaluations, target generation and prioritization, the potential for resource delineation, future exploration programs, the discovery of additional mineralization, the advancement of the Property, and the Company's strategy to create long-term shareholder value through exploration and development activities. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those expressed or implied by such forward-looking information.

These risks and uncertainties include, without limitation, risks associated with mineral exploration and development, the uncertainty of exploration results, mineral resource estimation, commodity price fluctuations, the availability of financing, regulatory approvals, permitting, environmental risks, title matters, operating risks, market conditions and other risks generally associated with mineral exploration companies. Additional risk factors are disclosed in the Company's public filings available under the Company's profile on SEDAR+. Although the Company believes that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct.

Readers are cautioned not to place undue reliance on forward-looking information, as actual results may differ materially from those expressed or implied. The Company undertakes no obligation to update or revise any forward-looking information except as required by applicable securities laws. Neither the Canadian Securities Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.

No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. NOT FOR DISTRIBUTION TO UNITED STATES WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES. Copyright (c) 2026 TheNewswire - All rights reserved.

TheNewsWire July 14, 2026 - 4:30 AM PDT News by QuoteMedia www.quotemedia.com