Strategic Investment in Fidelity Minerals

Metals One (AIM: MET1), a critical and precious metals exploration and development company, is pleased to announce a strategic investment of CA$500,000 in Fidelity Minerals Corp (TSXV: FMN) ("Fidelity"), a porphyry copper-gold focused junior that has assembled a portfolio of high development potential and large-scale appraisal projects.

The investment is being made by way of a subscription for a total of 5,000,000 common shares at C$0.10 each ("Units") in two tranches, as part of Fidelity's C$1,500,000 private placement ("the Placement") which will result in Metals One owning approximately 13.61% of Fidelity. The first tranche of 3,500,000 Units has settled resulting in Metals One owning an initial 9.93% of Fidelity with the second tranche for an additional 1,500,000 Units remaining subject to TSX-V approval. Attaching to each Unit is one-half transferable common share purchase warrant, with each full warrant exercisable at a price of CA$0.20 per share until 7 October 2027.

Metals One investee company Lions Bay Capital (Metals One: 19.1%1) also participated in the Placement and will own 36.66% of Fidelity on completion of the second tranche.

1 19.1% remains subject to TSX-V approval

Las Huaquillas Project

Fidelity's flagship asset, the Las Huaquillas Project, is an advanced-stage gold-copper-silver project located in northern Peru, approximately 14 km south of the Ecuador border. The Project lies within the prolific Cajamarca metallogenic belt, host to several world-class deposits. Fidelity benefits from strong in-country expertise and a management team with a proven track record of discovery, development and value creation.

Project Highlights

• Historical resource (non-NI 43-101 compliant2) of 6.57 Mt grading 2.12 g/t Au and 25.2 g/t Ag, for a total of 446,000 oz gold and 5.3 million oz silver
• The Epithermal gold-silver system at Los Socavones is open along strike and at depth
• Two confirmed porphyry systems - Cementerio and San Antonio - identified on the flanks of the epithermal zone
• Extensive historical work, including soil geochemistry, geophysics, and more than 5.7 km of diamond drilling across 26 holes, as well as 1.2 km of underground development on three levels
• Five mineralised zones defined to date, encompassing multiple styles of mineralisation - epithermal gold-silver, porphyry copper-gold, and associated polymetallic systems
• Significant historic intercepts include:

67 m (≈ 53 m true width) @ 2.7 g/t Au and 15.3 g/t Ag (LH97-08, Los Socavones)

99 m @ 0.47 % Cu, 0.11 g/t Au and 4.5 g/t Ag (LH97-04, Cementerio)

69 m @ 0.32 % Cu, 0.45 g/t Au and 3.0 g/t Ag (LH97-17, San Antonio)

The NI 43-101 Technical Report (Luc Pigeon, P.Geo, effective 18 Dec 2021) concludes that Las Huaquillas hosts a large-scale hydrothermal system with the potential to contain both epithermal gold-silver and porphyry copper-gold mineralisation. The Los Socavones Zone remains open both down-dip and along strike, with additional untested porphyry and epithermal targets identified nearby.

Fidelity intends to use the net proceeds of its private placement to advance its Peruvian exploration and community relation programmes, and for corporate working capital purposes. Fidelity is advancing a near-term exploration programme at Las Huaquillas that involves:

• Renewal of the mining land use agreement with the landowners
• Access to the Adit for sampling, assays, and verification of historical geological data, with grades in Adit S1 ranging from 15 Au-g/t to 70 Au-g/t, including mapping
• Conducting bulk industrial sampling with over 1 ton per sample
• Approval for production with mining permits allowing up to 350 tons per day (tpd)
• Evidence that Fidelity has obtained community acceptance for the Project and mining activities in the area
• Drill permits - potential to be approved within months (subject to standard Peruvian procedures)

Fidelity's Executive Chairman is John Byrne, the architect and former Executive Chairman of Western Canadian Coal, which had an initial market capitalisation of C$50m when he started, and was sold for over C$3 billion in 2010.

Dan Maling, Managing Director of Metals One, commented:

"It's rare to find opportunities with pre-money market valuations around CA$2 million which provide meaningful exposure to such large-scale copper-gold-silver epithermal and porphyry systems in proven regional settings. The opportunity for Fidelity - and therefore Metals One - lies in rapidly advancing the Las Huaquillas Project through a formal resource definition of gold, silver and copper in northern Peru, and progressing it towards production. We look forward to exploring further opportunities with the team at Lions Bay and unlocking the underlying project values across the wider Lions Bay portfolio."

2Note: The historical resource estimate was prepared by Gariepy & Vachon (1999) for Sulliden Exploration Inc. using the vertical longitudinal section method based on 17 drill intercepts, a specific gravity of 2.8 g/cm³ and a cut-off grade of 1.0 g/t Au over a minimum width of 3 m. A qualified person has not done sufficient work to classify the estimate as current, and Fidelity is not treating the historical estimate as a current mineral resource or reserve.

Map of Metals One projects/investments

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About Fidelity Minerals Corp.

Fidelity Minerals Corp. has assembled a portfolio of high-quality mining assets and is targeting large scale copper and gold and aims to delineate major deposits on these properties that could attract the interest of mid-tier and major mining companies. The company is focused on progressing its most advanced project, Las Huaquillas, which is a gold, copper and silver in Northern Peru. Fidelity is also looking to opportunistically expand its project portfolio with accretive acquisitions. The company is backed by an experienced management team with diverse technical, market, and commercial expertise and is supported by committed, and sophisticated investors focused on building long-term value.

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