Critical Resources Limited advised that it has satisfied the Condition Precedent for the binding Purchase and Sale Agreement with TSX-V listed Power Metals Corp. to acquire Power Metals' Gullwing-Tot Lakes property. Property Details: The Gullwing-Tot Lakes property, along with the Mavis Lake Lithium Project and recently staked ground, will form an enlarged contiguous project area of approximately 30 km long and 9.5 km wide, with a total area of 22,984 hectares.

Gullwing-Tot Lakes is located in Drope and Webb townships, 30km northeast of Dryden, Ontario, and approximately 5.5km northeast of the Mavis Lake `Main Zone' where the Company has been successfully drilling for lithium since April 2022. Historical exploration completed by Power Metals centered on two outcropping pegmatites (Gullwing Lake and Tot Lake), delivering results up to 6.78% Li2O, historical exploration has also discovered high-grade results for tantalum and cesium. With its location, the Gullwing-Tot Lakes property, like Mavis Lake, has excellent and immediate access to national level road and rail infrastructure, hydro-power and support services from the town of Dryden.

Purchase and Sale Key Terms: The Purchase and Sale Agreement executed between the Company and Power Metals on 16 December 2022 is binding on both parties. The agreement was subject to completion of due diligence requirements to the satisfaction of the Company, which has now been completed. The Company will now administer the cash and share payment requirements to acquire a 100% interest in the mining claims, being: A cash payment of CAD$600,000 (~AUD$656,000) made to Power Metals (or nominee); and Issue of CAD$600,000 (~AUD$656,000) of deemed value 1 in the Company's securities to Power Metals (or nominee).

The Company will also grant Power Metals a 1% Gross Margin Royalty for mineral production within the mining claims acquired by the Company.