York Harbour Metals Inc. announced that, on June 5, 2024, it entered into an option agreement with Firetail Resources Limited. York Harbour has granted an option to Firetail to earn a 80% undivided interest in the Company's York Harbour Copper-Zinc-Silver Project, which is comprised of six mineral licenses and 189 mineral claims totaling 4,725 hectares in the province of Newfoundland and Labrador, subject to an existing 0.5% net smelter royalty and a 2% net smelter royalty to be granted by Firetail to York Harbour (the "York Harbour NSR"). Closing of the Transaction (the "Closing") remains subject to, without limitation, receiving all necessary consents and approvals, including the approval of the TSX Venture Exchange ("TSX-V"), as well as the satisfaction of customary closing conditions.

The Company expects to complete the Transaction in the coming weeks. Firetail can exercise the Option over a three-year period for total consideration of $500,000, 175,000,000 ordinary shares in the capital of Firetail, and completing 10 kilometres of drilling on the York Harbour Project, as follows: Cash (AUD), Consideration Shares, Total Kilometres of Drilling to be Completed, Interest Earned, On or before the Closing, $200,000, 100,000,000, Nil, 49%, Within 10 business days following the, $100,000, 25,000,000, 5 kilometres, 11%. first anniversary of the Closing (the "First Payment") Within 10 business days following the second anniversary of the closing $100,000, 25.5 kilometres, 10%, Within 10 business days following The third anniversary of the Closing (the 'Third Payment'), $100,000, 25.,000,000, 10 kilometres, 10%, TOTAL, $500,000, 175.000, 10 kilometres, 80%.

Subject to Closing and Firetail acquiring at least a 49% interest in the York Harbour Project, Firetail will grant the York Harbour NSR to the Company. During the period which the Option remains in effect, Firetail will be responsible for maintaining the York Harbour Project in good standing by the doing and filing of all necessary work and making all payments which may be necessary to keep the York Harbour Project in good stand. Joint Venture Agreement.

Upon Firetail exercising the Option in full, or the Option Agreement being terminated after the exercise of a minimum 49% interest in the York Harbor Project, a joint venture between the Company and Firetail will be formed, provided that if Firetail acquires an 80% interest in the York Harbour project, then York Harbour will get a free carried interest until Firetail produces and delivers a prefeasibility study on the York Harbour Project. If Firetail acquires less than an 80% interest, then the parties will pay their pro-rata share of expenditures going forward, provided that York Harbour's interest cannot be reduced to less than 20% if York Harbour elects not to contribute to any expenditures going forward. If York Harbour's interest is reduced to 20%, then York Harbour will get afree carried interest until Firetail has completed the Second Payment and/or the Third Payment, as applicable, and completed the pre-feasibility study.

Unless Firetail earns a 60% interest in the York HarbourProject, York Harbour will be the initial operator of the York Harbour Project.