Usha Resources Ltd. (TSXV:USHA) announced the spin-off of Formation Metals Inc. on May 10, 2022. Under the terms of the arrangement, USHA shareholders will be issued one share of FMC with respect to every five shares of USHA owned on the share distribution record date of March 24, 2023. As of March 15, 2023, The record date has been changed to April 12, 2023. Holders of USHA options and warrants, who exercise their options and/or warrants before the Share Distribution Record Date, will also be entitled to receive one share of FMC with respect to every five shares of USHA. Upon completion of the Arrangement, USHA shareholders will ultimately own shares in two public companies. Completion of the Arrangement is subject to a number of conditions, including the approval by the shareholders of USHA at a special general meeting, the approval of the Supreme Court of British Columbia and the acceptance of the arrangement by the TSX Venture Exchange. Computershare Investor Services Inc. acted as registrar to Usha Resources. The Interim Order, granted on November 14, 2022 was granted from the Supreme Court of British Columbia authorizing the holding of its special meeting (the "Meeting") and matters relating to the conduct of the Meeting for the proposed plan of Arrangement ("Arrangement") between USHA and Formation Metals Inc.("Formation Metals" or "FMI"), a wholly-owned subsidiary of USHA. If the USHA shareholders approve the Arrangement, the Company will apply to the Supreme Court of British Columbia for the final court order to approve the Arrangement. The hearing for the final court order to approve the Arrangement will be held on January 6, 2023 or as soon thereafter as the hearing of the Final Order can be heard or at such other date and time as the Court may direct. Usha (USHA) shareholders have approved the spin-out of subsidiary Formation Metals. Approval was supported by 99.76 per cent of votes cast. Each Usha shareholder will receive one Formation common share for every five Usha common shares held on the share distribution record date, which will be communicated upon the meeting of closing conditions. Completion of closing conditions, including final approval by the Supreme Court of British Columbia and the TSXV, will be undertaken in January 2023. As per the announcement of January 10, 2023, the transaction has obtained the final order from the Supreme Court of British Columbia. Transaction is accepted by the TSX Venture Exchange on April 5, 2023. As of March 30, 2023, arrangement is expected to become effective on April 12, 2023. Usha Resources would like to remind shareholders of the upcoming ex-distribution date of April 21, 2023, with respect to the plan of arrangement (the "Arrangement") among the Formation Metals Inc. ("Formation Metals" or "FMI") and the shareholders of the Company. The common shares of USHA ("USHA Share") are now trading with "due bills" attached during the "Due Bill Period". The "Due Bill Period" is from April 11, 2023 to April 20, 2023, inclusively. Trades that are executed during the "Due Bill Period" will be identified to ensure purchasers of the Company shares receive the distribution. USHA Shareholders must hold their USHA common shares ("USHA Share(s)") through the end of the "Due Bill Period" to receive their pro rata portion of the Formation Metals Shares (each a "Formation MetalsShare") being distributed pursuant to the Arrangement. In accordance with the Arrangement, Company shareholders who previously held one common share of Usha (the "Old Usha Shares") will be issued one new common share of Usha ("New Usha Shares") on a one for one basis. In conjunction with the closing of the Arrangement, the Old Usha Shares will be delisted from the Exchange. Accordingly, effective at the close of business on Monday, April 24, 2023, the Old Usha Shares will be delisted. The New Usha Shares will be listed on the Exchange at the market opening on Tuesday, April 25, 2023.

Usha Resources Ltd. (TSXV:USHA) completed the spin-off of Formation Metals Inc. on April 25, 2023. The CUSIP number for the common shares of Formation Metals is 34638F105 and ISIN is CA34638F1053. The board of directors of Formation Metals are Deepak Varshney, Navin Varshney and David Ellett. The officers of Formation Metals are Deepak Varshney, President, CEO and Corporate Secretary and Khalid Naeem, CFO.