Mich Resources Ltd. announced, further to its news release dated November 14, 2022, that it has entered into a definitive agreement (the "Definitive Agreement") with Pavey Ark Minerals Inc. (Pavey), in connection with the acquisition (the "Acquisition") of an option to purchase a 100% interest in Pavey's Chrome-Puddy Property and Danby Triangle Property (collectively, the "Property"). It is anticipated that the Acquisition will close (the "Closing") in the second quarter of 2023. Terms of the Acquisition: As consideration for a 100% interest in the Property, the Definitive Agreement contemplates the following cash payments, share issuances and agreed upon terms to be honoured by the Company: a one-time cash payment to Pavey of $200,000 on signature of the Definitive Agreement; the issuance of 5,000,000 MICH shares to Pavey on Closing; a 1.5% NSR afforded to Pavey on Closing; $150,000 to Pavey on each of the 2nd,3rd and 4th anniversaries of Closing; share issuances valued at $250,000 on each of the 2nd, 3rd and 4th anniversaries of Closing; work program funding to advance the project as follows: a. Year 1 of $550,000 minimum, and b. Years 2 and 3 of $700,00 per year minimum.

Completion of the Acquisition remains subject to several conditions, including receipt of Canadian Securities Exchange approval, who has indicated the Acquisition could constitute a fundamental change of the Company as the Company does not currently have any assets aside from cash, shareholder approval, and the completion of a minimum $1 million in financing.