Mjövattnet and Njuggsträskliden Nickel, Copper and Cobalt Projects Acquisition Completed

NEWS RELEASE

May 18, 2018

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MJÖVATTNET AND NJUGGSTRÄSKLIDEN NICKEL, COPPER AND COBALT

PROJECTS ACQUISITION COMPLETED

Vancouver, B.C., MAY 18, 2018. Boreal Metals Corp. (“Boreal” or the “Company”) (TSXV:BMX)

is pleased to announce the completion of the acquisition of the Mjövattnet and Njuggträskliden

nickel, copper, and cobalt projects (the “Projects”) from EMX Royalty Corporation (“EMX”) (NYSE

American: EMX, TSXV: EMX). Pursuant to the terms of the purchase and sale, Boreal has issued

to EMX 2,020,202 common shares of Boreal Energy Metals Corp. (“BEMC”), a subsidiary of

Boreal. This acquisition brings EMX’s equity ownership in BEMC to 9.9%. EMX will have the right

to maintain its 9.9% interest, at no additional cost to EMX, until BEMC has raised CDN$3,000,000

in equity. Thereafter, EMX will have the right to participate pro-rata in future financings at its

own cost to maintain its 9.9% interest in BEMC. The TSX Venture Exchange has approved the

transfer of the Mjövattnet and Njuggträskliden exploration licences from EMX to BEMC, subject

to customary final filings.

“Boreal is continuing to build its excellent foundation of base and energy metals exploration

projects in Scandinavia,” stated Karl Antonius, President and CEO. “The acquisition of Mjövattnet

and Njuggträskliden deliver significant benefits to Boreal’s shareholders and partners. Both

projects have excellent upside potential for additional discoveries of nickel, copper and cobalt, as

well as, PGE and gold. There are clear next steps in terms of exploration plans, and these nickel-

rich projects provide nice compliments to the cobalt-rich Modum and Guldgruvan projects in

Boreal’s portfolio.”

Mjövattnet and Njuggträskliden Highlights

The 9,000 hectare Njuggsträskliden and 6,400 hectare Mjövattnet licenses cover multiple drill

defined zones of nickel-rich sulfide mineralization. The Projects were recognized during a

nationwide reconnaissance exploration program for nickel conducted between 1968 and 1984

by the Swedish Geological Survey (“SGU“) and other government entities. This led to the

discovery of nickel mineralization at Mjövattnet in 1971, followed by the discovery of

Njuggträskliden in 1974. More than 80 nickel occurrences were identified during the

reconnaissance programs, with state funded drill programs defining multiple historic mineral

resources.

Over the course of 20 years, several hundred holes were drilled on the Projects, intersecting both

disseminated and massive styles of nickel-copper-cobalt sulfide mineralization associated with a

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suite of Proterozoic-aged mafic and ultramafic intrusions. The mineralization remains open at

depth, and possibly along strike in several cases. More recent work included geophysical surveys

and limited re-sampling of historic drill core for platinum group elements (PGEs) and gold. These

elements are shown to be enriched at Njuggträskliden and Mjövattnet, but their distribution is

not well understood at present, and represents additional upside potential.

The Projects are accessible year-round, with infrastructure including paved roads, water and

power, as well as skilled labour in nearby municipalities.

Given the limited shallow historic drilling (i.e., generally drilling <150 m) and untested targets at

depth and along strike, Boreal believes that there is excellent potential for new discoveries at the

Mjövattnet and Njuggträskliden properties.

About Boreal Metals Corp.

Boreal is a mineral exploration company focused on the discovery of Zinc, Copper, Silver, Gold,

Cobalt and Nickel deposits in exceptional, historical mining project areas spanning Sweden and

Norway. The Company aims to discover new economic mineral deposits in known mining

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districts that have seen little or no modern exploration techniques. The Company is led by an

experienced management team and technical team, with successful track records in mineral

discovery, mining development and financing.

Qualified Person

Daniel MacNeil, P.Geo, a Qualified Person as defined by National Instrument 43-101, has read

and approved all technical and scientific information related to the Modum project contained in

this news release. Mr. MacNeil is Vice President Exploration for Boreal Metals Corp.

On behalf of Boreal Metals Corporation

Karl Antonius, President

For more information on Boreal please visit the Company website at www.borealmetals.com or

contact Alexandra Woodyer Sherron at +1.604.922.8810 or [email protected].

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the

policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this

release.

Cautionary Note Regarding Forward-Looking Statements

This news release contains certain statements that may be deemed “forward-looking statements”. Forward-looking statements are statements

that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “ believes”, “intends”,

“estimates”, “projects”, “potential” and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur.

Although Boreal Metals Corp. believes the expectations expressed in such forward-looking statements are based on reasonable a ssumptions,

such statements are not guarantees of future performance, are subject to risks and uncertainties, and actual results or realities may differ

materially from those in the forward-looking statements. Such material risks and uncertainties include, but are not lim ited to, Boreal Metals

Corp.’s ability to raise sufficient capital to fund its obligations under its property option agreements, to maintain its min eral tenures and

concessions in good standing, to explore and develop its projects, to repay its debt and for general working capital purposes; changes in economic

conditions or financial markets; the ability of Boreal Metals Corp. to obtain the necessary permits and consents required to explore, drill and

develop the projects and if obtained, to obtain such permits and consents in a timely fashion relative to Boreal Metals Corp.’s plans and business

objectives for the projects; the general ability of Boreal Metals Corp. to drill test its projects and find mineral resources; if any mineral resources

are discovered or acquired, the Company’s ability to monetize any such mineral resources; and changes in environmental and other laws or

regulations that could have an impact on the Company’s operations. Forward-looking statements are based on the reasonable beliefs, estimates

and opinions of Boreal Metals Corp.’s management on the date the statements are made. Except as required by law, Boreal Metal s Corp.

undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other

factors, should change.