Crest Improves Acquisition Terms at Leigh Creek

CREST RESOURCES INC.

Suite 3043 - 595 Burrard Street, Vancouver, BC V7X 1J1

T 778-819-2709

NEWS RELEASE

CREST IMPROVES ACQUISITION TERMS AT LEIGH CREEK

Vancouver, B.C. – November 11, 2022‐ Crest Resources Inc. (CSE: CRES) (the “Company” or “Crest”) is

pleased to announce amended terms regarding the acquisition of a majority interest in the Leigh Creek

magnesite project in South Australia, further the Company’s news release dated June 2, 2022.

Under an Amended LOI, cash and in-kind consideration reduces from a total $8.5 million (upon achieving

full feasibility) to $2.5 million, while the Crest equity component increases by 10 million shares.

Under the terms of the Amended LOI, Crest will:

• Pay an additional $1.5 million (for a total of $2.5 million), payable in cash or equivalent value of

portfolio shares on signing of the Amended LOI.

• Issue 30 million Crest shares from treasury to 1323398 BC Ltd., versus 20 million Crest shares,

upon receipt of necessary approvals and execution of a Definitive Agreement.

• Maintain the granting of a 2% Net-Smelter-Royalty to the vendor

• Be subject to no further payments versus a $7.5 million cash payment payable on the completion

of a Feasibility Study.

Jason Cubitt, Crest’s CEO commented: “I’m confident that the Leigh Cree k asset will be foundational to

Crest’s growth and I’m very pleased that we were able to reduce the cash component of the acquisition,

particularly given uncertainties in the macro -economic and funding environments. Eliminating the $7.5

million cash obligation is an important step to de-risking in the current market.”

The closing of the transaction remains subject to the satisfaction of customary closing conditions including

acceptance by the Canadian Securities Exchange and the support of a majority of disinterested shareholders

at the Company’s upcoming Annual General Meeting. The transaction will be a related party transaction

under Exchange policies.

FOR FURTHER INFORMATION CONTACT:

Jason Cubitt

Chief Executive Officer

Telephone: 778 819 2709

Contact: [email protected]

Neither the Canadian Securities Exchange nor its Regulation Service Provider (as the term is defined in

the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy of accuracy of

this news release.