Mr. Adam Kiley reports

WAROONA ENERGY INC. COMPLETES REVERSE TAKEOVER

Waroona Energy Inc., formerly Metallum Resources Inc., has closed its reverse takeover transaction with Waroona Energy Pty. Ltd., as previously announced in the company's news releases dated Oct. 19, 2022, Dec. 6, 2022, Feb. 8, 2023, Feb. 17, 2023, March 2, 2023, and April 17, 2023.

The transaction

As described in the information circular (a copy of which is available under the company's profile on SEDAR) prepared by the company for the annual general and special shareholder meeting that was held on May 10, 2023, the company received disinterested shareholder approval for the transaction, which was one of the conditions required to close the transaction. In connection with the closing of the transaction, the company changed its name to Waroona Energy Inc.

The shares of the company are expected to resume trading on the TSX Venture Exchange on or about May 23, 2023, under ticker symbol WHE, new Cusip No. 934633108 and new ISIN CA9346331080, once all conditions to the TSX-V's final acceptance of the transaction have been satisfied. A further press release will be issued prior to the commencement of trading.

Management and board of directors

The management team of the company now comprises Adam Kiley as president and chief executive officer, Sean McGrath as chief financial officer, and Jan Urata as corporate secretary. The board of the company now comprises Mark Hanlon, Adam Kiley, Paul Manias and Tony Wonnacott (chairman).

Please see the information circular for additional information on the board of directors and management team.

Escrow release of financing proceeds

As announced on March 2, 2023, the company completed a private placement offering of 150 million subscription receipts at a price of six cents per subscription receipt for gross proceeds of $9-million. The closing of the transaction satisfied the conditions for the release from escrow of the net proceeds to the company. The company will now make payments totalling $307,959.20 to certain arm's-length finders in connection with their assistance with the financing.

The subscription receipts have automatically converted to common shares of the company and remain subject to a four-month hold period that commenced on the issuance of the subscription receipts, pursuant to securities laws in Canada.

We seek Safe Harbor.