Mr. Killian Charles reports

BRUNSWICK EXPLORATION ANNOUNCES AN AMENDMENT TO ITS STOCK OPTION PLAN AND EXTENSION OF EXPIRY DATE OF WARRANTS

On April 26, 2022, its board of directors of Brunswick Exploration Inc. approved an amendment to the stock option plan of Brunswick to increase the number of common shares of the corporation reserved for issuance under the stock option plan from five million to 13 million.

The corporation has also received approval from the TSX Venture Exchange on the extension of 3,071,199 common share purchase warrants, which were issued as part of the private placement of the corporation on May 17, 2022. The warrants, originally set to expire on May 17, 2024, will now expire on May 17, 2025. Holders of warrants will not receive an amended warrant certificate.

A portion of the warrants are held by parties who are considered to be related parties of the corporation. Therefore, the amendment of warrants constitutes a related party transaction, as contemplated by Multilateral Instrument 61-101, Protection of Minority Shareholders in Special Transactions, and TSX-V Policy 5.9, Protection of Minority Shareholders in Special Transactions. However, the exemptions from formal valuation and minority approval requirements provided for under sections 5.5(a) and 5.7(1)(a) of MI 61-101 can be relied upon as the fair market value of the warrants does not exceed 25 per cent of the market capitalization of the corporation.

About Brunswick Exploration Inc.

The corporation is a Montreal-based mineral exploration venture company listed on the TSX-V under the symbol BRW. The corporation is focused on grassroots exploration for metals necessary to decarbonization and energy transition, with a particular focus on lithium, tin, nickel and copper. The corporation is focused on rapidly advancing the most extensive grassroots lithium exploration claim package in Eastern Canada.