Genius Metals Inc. (TSXV:GENI) entered into Sales Purchase Agreement to acquire Paka property in James Bay, Québec from Jean-David Moore for CAD 0.36 million on June 27, 2023. Under the terms of the transaction, Genius Metals will pay a cash consideration of CAD 60,000 at the closing of the transaction. Genius Metals will issue 6,000,000 common shares of its capital at the closing of this transaction. The property will be subject to a 2% net smelter returns royalty (NSR) on production in favour of the Vendor which can be bought back entirely or in two tranches of 1% by paying an amount of CAD 1,000,000 per tranche of 1%, for total cash consideration of CAD 2,000,000. The shares of the transaction will be held in escrow for a 12-month period. Jean-David Moore who was already a shareholder of the Genius Metals will effectively become the largest shareholder in Genius Metals with a total of 8.49 million shares representing approximately 9.9% of the outstanding shares once Genius Metals has completed the current financing. The shares of the transaction will be held in escrow for a 12-month period. The transaction is subject to receipt of all necessary regulatory and other approvals, including the approval of the TSX Venture Exchange.

Genius Metals Inc. (TSXV:GENI) completed the acquisition of Paka property in James Bay, Québec from Jean-David Moore on June 27, 2023.