Cumberland Resources Corp. signed a letter of intent to acquire Jerico Explorations Inc. in a reverse merger transaction on December 1, 2021. Cumberland Resources Corp. entered into an agreement to acquire Jerico Explorations Inc. on November 15, 2022. Upon completion of the Transaction, the combined entity will continue to carry on the business of Cumberland. Pursuant to the Transaction, Jerico will change its name to Cumberland Resources Nickel Corp. It is expected that upon completion of the Transaction, the Resulting Issuer will apply to list the common shares of Jerico for trading on the Canadian Stock Exchange. As of November 17, 2022, Jerico and Cumberland received conditional approval from the Canadian Stock Exchange to list the common shares of the Resulting Issuer on the CSE, subject to the completion of customary requirements of the CSE and the closing of the transaction.

Cumberland Resources Corp. completed the acquisition of Cumberland Resources Nickel Corp. in a reverse merger transaction on December 20, 2022. As a result of the amalgamation, each holder of a common share of Cumberland Resources Corp. received one Cumberland Resources Nickel Corp. Share in consideration. Following the Business Combination, the leadership team of the combined company will include Binyomin Posen as Chief Executive Officer and Director, Kyle Appleby as Chief Financial Officer, David Shisel and Erin Wilson as Director. Upon completion of the Business Combination, the Resulting Issuer has 65,610,425 Cumberland Shares issued and outstanding on an undiluted basis, of which the former shareholders of Cumberland Resources Nickel Corp. hold approximately 15.24%, the former shareholders of Cumberland Resources Corp. hold approximately 84.76% of the issued and outstanding of combined company on an undiluted basis.