The TSX Venture Exchange has accepted for filing an assignment and assumption agreement dated Dec. 6, 2022, between New Energy Metals Corp. and Altari Capital Corp. (the assignor), an arm's-length party, and an addendum dated Feb. 7, 2023, to the agreement, whereby the company will be assigned right, title and interest in and to 12 unpatented mining claims located 50 kilometres northeast of Nipigon in Northwestern Ontario, known as the Roslyn lithium property, pursuant to an underlying property option agreement dated Nov. 28, 2022, between the assignor and two arm's-length parties.

For consideration, the company will pay $2.3-million in cash and issue 2.23 million shares to the assignor over a period of three years.

The assignor will retain a 3-per-cent net smelter return (NSR) royalty on the Roslyn property, of which a 0.5-per-cent royalty can be repurchased by the company for $1-million.

For further information, please reference the company's news releases dated Dec. 6, 2022, Feb. 14, 2023, Feb. 17, 2023, Feb. 22, 2023, and March 1, 2023.