Vancouver, British Columbia--(Newsfile Corp. - March 11, 2024) - Neotech Metals Corp. (CSE: NTMC) (OTC Pink: NTMFF) (FSE: V690) ("Neotech" or the "Company"), a mineral exploration company, is pleased to announce that it has signed a definitive agreement (the "Agreement") with VR Resources Ltd., a TSX-V listed company (TSXV: VRR), to acquire the right, title and interest in the Rare-Earth Element ("REE"), niobium and phosphate project in northeastern Ontario, consisting of 224 unpatented mining claims covering 4,617 hectares in northern Ontario, and referred to as the "Hecla-Kilmer Property", subject to customary conditions.

Consideration for the acquisition consists of $600,000 in initial cash, payable by April 8, 2024, $400,000 in secondary cash payable on the closing date, which is expected to be April 26, 2024 or such other date as the parties may agree, and the issuance of 4,000,000 common shares of the Company issuable as to 500,000 shares on April 26, 2024; 1,500,000 Shares on April 26, 2025, 1,500,000 Shares on April 26, 2026 and 500,000 shares on October 26, 2026. The common shares will be priced at the Company's then market price. All shares will be subject to a statutory four month and one day hold period.

Reagan Glazier, CEO of Neotech Metals, commented, "this acquisition to our diversified Rare Earth Element portfolio strengthens our position and highlights our commitment to shareholders in our endeavour to explore for transitional metals."

Project Highlights

Hecla-Kilmer is an early-stage exploration project supported by world-class infrastructure. Situated in Northern Ontario, just 23 kilometers from the Otter Rapids hydroelectric power generating station, along with active rail and highways making for cost-effective field programs, the project is poised for additional drilling and discovery.

Qualified Person

The scientific and technical information contained in this news release has been reviewed and approved by Mr. Ike Osmani, P.Geo., a consultant of the Company, who is a "Qualified Person" as defined in NI 43-101.

For more Information please contact:
Reagan Glazier, Chief Executive Officer
E-mail: [email protected]
Telephone:+1 403-815-6663

About Neotech Metals Corp.

Neotech Metals Corp. is a mineral exploration company dedicated to discovering and developing valuable mineral resources in promising regions around the world. With a strong commitment to environmental stewardship and sustainable practices, Neotech is positioned to make a positive impact while maximizing the potential of its exploration properties.