Melius Metals Corp. Announces Closing of $ 1,368,750 Private Placement and Provides Corporate Update

TORONTO, Jan. 21, 2022 - Melius Metals Corp. ("Melius" or the "Company") is pleased to announce that it has completed its non-brokered private placement (the "Private Placement") consisting of 5,475,000 units (the "Units") at a price of $0.25 per Unit for gross proceeds of $1,368,750. Each Unit consists of one (1) common share of the Company (each, a "Share") and one-half-of-one (1/2) Share purchase warrant (each, a "Warrant"). Each full Warrant entitles the holder thereof to purchase one (1) additional Share of the Company for a period of 36-months from closing at a price of $0.40 per Share. The Company currently has a cash balance of $2,437,600 as January 19, 2022.


Corporate Update

Several milestones have been achieved by the Company since the signing the option agreement dated June 30th, 2021, with Puma Exploration Inc. (TSXV: PUMA, OTC: PUXPF) ("Puma"). In summary, the Company has:

1. Appointed of Mr. Simon Quick as Chief Executive Officer.

2. Completed two separate Qualifying NI 43-101 Technical Reports on Chester and Turgeon, that are compatible with listing requirements. For additional Chester and Turgeon details, see Puma press release:
a. https://www.explorationpuma.com/en/puma-exploration-updates-on-copper-transaction-with-melius-metals/

3. Melius has sufficient funds to commence its phase one proposed work programs as outlined in these reports.

4. Closed two additional private placement financings for total proceeds of $1,500,000.

5. Completed a 26-hole 2,139-meters drilling campaign at the Chester Project designed to validate the historical resource model, test resource gaps between several known zones, and identify previously untested presence of precious metals (Au-Ag) mineralization. The drilling campaign also fulfilled one of remaining two (2) Chester property acquisition conditions.

6. Made a cash payment of $100,000 to Puma in fulfillment of the other Chester property acquisition condition.

In its outlook into the first half of 2022, the Company plans to announce drill results from its 26-hole campaign at the Chester Project as-well as issue an updated Mineral Resource Estimate for the property.

Melius is currently finalizing its preliminary prospectus for Canadian Stock Exchange listing and estimates draft submittal no later than January 31, 2022. Subject to regulatory approval, Melius shares are expected to commence public trading in Q2 2022.


Qualified Person

Dominique Gagné, P. Geo, independent qualified person as defined by Canadian National Instrument 43-101 standards, has reviewed and approved the geological information reported in this news release. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Mr. Gagné is independent of the Company.


ABOUT MELIUS METALS

Melius Metals is a Canadian-based mineral exploration company with a copper and base metals portfolio of historical resources and grassroots projects. The Company is focused on the prolific Bathurst Mining Camp (BMC) of New Brunswick, Canada.

SOURCE Melius Metals Corp.



For further information:

Melius Metals Corp.
Simon Quick - 905 220 6661
simon@meliusmetals.com or ir@meliusmetals.com