Mr. Chris Hazelton reports

METALITE COMPLETES ACQUISITION OF DISTRICT-SCALE LAUNAY GOLD PROPERTY IN QUÉBEC'S ABITIBI GOLD BELT AND APPOINTS ALEX STORCHEUS AS EXECUTIVE CHAIRMAN

Further to Metalite Resources Inc.'s news release dated June 22, 2026, it has completed its previously announced acquisition of a 100-per-cent interest in the Launay gold property, a district-scale gold project located in Quebec'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. Under the terms of the agreement, Metalite acquired a 100-per-cent undivided interest in the property, subject to certain pre-existing net smelter return royalties, in consideration for the issuance of six million common shares in the capital of Metalite 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) Nov. 14, 2026 (being the date which is four months and one day following the closing date of the transaction); and (ii) 10 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.

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 per cent 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 per cent of the issued and outstanding common shares of the company. Upon completion of the transaction, LGC acquired six million Metalite shares, representing approximately 36.68 per cent 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 Canadian Securities Exchange 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+. 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 is a Canadian mineral exploration company focused on the acquisition, exploration and advancement of precious metals projects. The company owns a 100-per-cent interest in the Arthurs Seat silver-antimony project in New South Wales, Australia, and a 100-per-cent interest in the Launay gold property, a district-scale gold project located in Quebec'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, PGeo, a qualified person as defined in NI 43-101. Mr. Galeschuk is an officer of Metalite and is not independent of the company.

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