Madoro Amends Option Agreement to Acquire 100% of the First Green Lithium Project in Quebec
Suite 1450 – 789 West Pender Street, Vancouver, BC, Canada V6C 1H2
Tel.: (604) 681-1568, Fax: (604) 681-8240, TF: 1-877-377-6222
www.madorometals.com
TSXV: MDM | OTC: MSTXF
WKN: A2QQ1X
Madoro Amends Option Agreement to Acquire 100% of the First Green Lithium
Project in Quebec
FOR RELEASE: JANUARY 23, 2024
VANCOUVER, British Columbia – Madoro Metals Corp. (“Madoro” or the “Company”) is pleased to report that
it has amended the option agreement dated January 31, 2023 (the “Option Agreement”), whereby the Company
was granted the option to acquire a 100% interest in the 213 claim, 12,325 hectare First Green Lithium Project
(the “Property”) located in the emerging Cadillac-Pontiac l ithium camp in the Abitibi Témiscamingue region,
approximately 75 kilometres southwest of Val-d’Or, Québec (the “Property”).
Under the terms of the am endment agreement (the “Amendment Agreement”), the parties have agreed to amend
certain terms of the Option Agreement as follows:
• Half of the cash payment, being $18,000, due on January 31, 2024 is extended to July 31, 2024.
• $150,000 of the exploration expenditures due on the Property by January 31, 2024, is extended to :
$75,000 by January 31, 2025 and $ 75,000 by January 31, 2026. The $1,000,000 staged work
expenditure is now as follows:
(1) $50,000 on or before Januray 31, 2024 (completed);
(2) $375,000 on or before Januray 31, 2025; and
(3) $575,000 on or before Januray 31,2026.
• In consideration of the Optionors agreeing to the amendments, the Company shall issue the Optionors
600,000 common shares of the Company.
The Amendment Agreement remains subject to the approval of the TSX Venture Exchange. Al l shares issued
pursuant to the Amendment Agreement shall be subject to a statu tory hold period of four months and one day
from issuance.
As reported by the Company in the news release d ated September 26, 2023, the initial prospecting and sampling
program on its 213-claim, 12,325-ha First Green Lith ium property (the “Property”) has resulted in the discovery
of a potential swarm of lithium-bearing pegmatite dykes. A dyke swarm was discovered on the last day of the fall
exploration work program in an area of dense moss and tree cover , so only five (5) grab samples were collec ted
over a 1,500m by 250m area in the central part of the Property. Further surface work is required to better expose
bedrock in this area. Geochemical analysis of the five grab samples showed elevated levels of lithium, as well as
rubidium, cesium, beryllium and tantalum - all good pathfinder elements.
The Property is located within an emerging lithium belt where large mineral claim holdings have been assembled
by Brunswick Exploration Inc., Narrow River Resources Pty. Ltd., Sayona Québec Inc., Renforth Resources Inc.,
Vison Lithium Inc. and Winsome Resources Inc. Madoro’s First Green Property lies west and north of the Tansim
project held by Sayona Mining (see Figure 1).
Figure 1: First Green Lithium Property Location within Cadillac-Pontiac Lithium Camp
Companies alread y exploring for l ithium-cesium-tantalum ( “LCT”) pegmatites in the Cadillac -Pontiac camp
include Sayona Mining, Vision Lithium, Brunswick Exploration, Winsome Resources and High Tide Resources.
Corporate Update
As reported previously, in 2018 the Company entered into option agreements for three Mexican properties - Rama
de Oro, Yautepec and Magdalena (the "Option Agreements''). As reported in the news release dated January 26,
2023, the Company filed a Notice of Civil Claim in the Supreme Court of British Columbia (the “Claim”) against
the optionors (the "Defendants"), seeking to enforce the Company’s rights under the Option Agreements,
including specific performance of the Option Agreements, damages, costs, and other relief. The Company has
incurred substantial acquisition and exploration expenses, for which it did not receive the benefits to which it was
entitled under the Option Agreements. Subsequently, the Company filed a Notice of Application in the Supreme
Court of British Columbia (the “Application”), seeking an order for damages for breach of contract and
misrepresentation rather than for specific performance of the option agreements, as well as for the cost of
the Application and pre-judgment interest.
The Company is pleased to announce that it has received a favorable Court Order, issuing a judgment against the
Defendants, as requested in the Application. The Option Agreements having been terminated and, as a result, t he
Company is now taking steps to act on the judgment. Further information will be provided in due course.
About Madoro
Madoro Metals Corp . ( MDM | TSX V enture Exchange; MSTXF | OTC) is an emerging resource company
engaged in the evaluation, acquisition, and exploration of mineral properties in Mexico and Canada. Madoro also
owns a 100% interest in the Cerro Minas Property in Oaxaca, Mexico and a 50% interest in the Ralleau mineral
property in the Urban Barry District, Le bel-sur-Quévillon area of Quebec. For further information, investors and
shareholders are invited to visit the Company ’s website at www.madorometals.com, call the office at 1-604-681-
1568, toll free at 1-877-377-6222, or send an email to [email protected]
QAQC and Qualified Person
The scientific and technical information that form s the basis for parts of this press release w ere reviewed and
approved by John Langton (P.Geo.), who is a Qualified Person (QP) as defined by National Instrument 43-101.
ON BEHALF OF THE BOARD OF DIRECTORS
“DUŠAN BERKA”
Dušan Berka, P. Eng., President & CEO
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.
This news release contains certain "forward-looking s tatements" within the meaning of Ca nadian sec urities
legislation. Forward-looking statements are statements that are not historical facts, and by their n ature, refer to
future events. The Company caut ions th at f orward-looking statements are based on the beliefs, estimates and
opinions of the Company's m anagement on the date the statements are made, and they involve a number of risks
and uncertainties, including the possibility the Company may not be successfu l in its legal action to enfor ce the
performance of the option agreements.
There can be no assurance th at such statements will prove to be accurate, as actual results and future events
could differ mate rially from those anticipated in such statement s. Accordingly, readers should not pl ace undue
reliance on forward -looking statements. The Company discl aims any intention or obligation to update or revise
any forward-looking statements, whether as a result of new infor mation, future events or otherwise, except as
required by law or the pol icies of the TSX Venture Ex change. Readers are encouraged to review the Company’s
complete public disclosure record on SEDAR at www.sedar.com.