FE Battery Metals Corp. announced that it has entered into an option and joint venture agreement (the ‘Option Agreement') with Infini Resources Pty Ltd. (‘Infini Resources') whereby Infini Resources may earn a 100% interest in 255 claims lithium claims located in Quebec. The company currently holds over 700 claims in the Abitibi region in Quebec and will continue to advance its exploration efforts on the Augustus and Canada Lithium showings that are directly adjacent to the NAL Mine currently owned by Sayona Mining Inc. The Company will provide details on its 2023 exploration program at Augustus Lithium in a subsequent news release.

Pursuant to the Option Agreement, Infini Resources has elected to earn an initial 50% interest by making an initial cash payment of AUD 550,000. Upon exercising the option, a joint venture will also be formed between FE Battery and Infini Resources to further advance the project. Thereafter, Infini Resources has the option to acquire an additional 25% by making a further AUD 150,000 payment and issuing shares of Infini Resources in the value of AUD 150,000.

Infini Resources may then acquire the remaining 25% interest, for a 100% beneficial interest by making a further payment AUD 300,000 and issuing shares of Infini Resources in the value of AUD 300,000 within 12 months of earning its 75% interest. The Option Agreement may be terminated in certain circumstances, including by FE Battery if certain milestones are not met in accordance with agreement. The agreement is subject to customary closing conditions and certain regulatory approvals.