Sterling Metals Provides Update on its Acquisition of the Copper Road Project in Ontario

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NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE

UNITED STATES

Sterling Metals Provides Update on its Acquisition of the Copper Road Project in

Ontario

February 27, 2024 – Toronto, Ontario – Sterling Metals Corp. (TSXV: SAG, OTCQB: SAGGF) (“Sterling” or

the “ Company”) is pleased to announce that the common shares (each, a “ Common Share ”) of the

Company will resume trading on the TSX Venture Exchange (the “TSXV”) effective market open on or

about March 1, 2024 . The Common Shares were halted at the request of the TSXV upon the Company

announcing the proposed acquisition of the Copper Road Project (the “ Project”), pursuant to which

Sterling entered into a definitive share purchase agreement (the “ Agreement”), with Copper Road

Resources Inc. (the "Vendor") and its wholly-owned subsidiary, 100797918 Ontario Inc. (the "Subsidiary")

to acquire 100% interest in the Project (the “Transaction”) (see press release dated February 14, 2024).

Copper Road – Phase 1 Exploration Plans

The Project covers a large area ( approximately 25,000 hectares) and has both an extensive history of

mining and exploration as well as numerous copper showings at surface (Figure 1) . Since 2017, a n

aggregate of approximately 4250m of drilling has been completed by the Vendor. Drilling was focused

primarily on extending known mineral occurrences at the past producing Tribag Mine and then at the JR

Zone, discovered by Phelps Dodge in the 1960s. Results were set out in press releases by the Vendor on

October 13, 2022, and November 30, 2023.

The recent drilling results have confirmed the presence of breccia and porphyry -hosted copper and

molybdenum mineralization, underlining the Project’s significant potential. Given the extensive history of

exploration and mining, as well as numerous surface copper showings, a property wide systematic and

optimized approach is crucial for advancing the understanding and refining exploration targets for any

successful future drilling campaigns. As such , Sterling’s Phase 1 exploration plans will focus on the work

program below, with further details to be released upon completion of the Transaction.

• Reconnaissance work to confirm available historical drill core and to visit key outcrop sites to

review geology in areas of exploration interest

• Thorough data compilation and validation of drill holes and other key exploration data items

• Digitizing all important exploration data only in paper copy

• Completion of high resolution airborne magnetic survey to refine regional geology map and Lidar

for structural geology mapping and interpretation

• Focused outcrop sampling and trenching to advance and build up confidence in targeting for

future drilling

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• Construction of logging and sampling facilities in the project area

Figure 1: Mineralization at the Copper Road Project*1,2

Transaction Update

Pursuant to the terms of the Agreement, Sterling will acquire the Subsidiary, which will hold the Project

immediately prior to the completion of the Transaction, in consideration for the issuance to the Vendor

of such number of Common Shares (the “Consideration Shares”) that will be equal to 49% of the issued

and outstanding Common Shares immediately prior to the closing of the Transaction. Following the

completion of the Transaction, the Vendor will distribute at least 90.1% of the Consideration Shares that

it is to receive to its shareholders on pro rata basis. Additional considerations include cash payments of

$460,000 to the Vendor, comprised of $200,000 payable on execution of the Agreement and $260,000

upon closing of the Transaction.

Completion of the Transaction is subject to customary conditions including, but not limited to: (i) the

approval of shareholders of Copper Road of certain matters related to Transaction; (ii) receipt of all

required consents; and (iii) the approval of the Transaction by the TSXV.

1 Independent Technical Report entitled “Coppercorp Property, Sault Ste. Marie, Ontario”, dated December 5, 2017, prepared

by Trevor Boyd, PhD., P.Geo. for CR Capital Corp.

2 K.I. Hymas, P.Eng, August 23, 1966. Teck Corporation Limited. Report on Feasibility of Economic Production at the Tribag

Mine.

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The parties intend to structure the Transaction to allow that the Consideration Shares to be distributed

to the shareholders of the Vendor will be distributed upon the closing of the Transaction or , in the

alternative, Sterling will obtain the required shareholders' approval for the creation of a new control

person and the Vendor will distribute the Consideration S hares at a latter date, following the closing of

the Transaction.

Qualified Person

Kelly Malcolm, P.Geo., an Independent Qualified Person as such term is defined by National Instrument

43-101 - Standards of Disclosure for Mineral Projects , has reviewed and approved the geological

information reported in this news release.

About Sterling Metals

Sterling Metals (TSXV: SAG and OTCQB: SAGGF) is a mineral exploration company focused on large scale

and high -grade Canadian exploration opportunities. The Company is advancing the 29,000 -hectare

Adeline Project in Labrador which covers an entire sediment -hosted copper belt, with demonstrated

potential for important new copper discoveries with significant silver credits, and the Sail Pond Project in

Newfoundland.

About Copper Road Resources

Copper Road Resources (TSXV: CRD) is a Canadian based explorer engaged in the acquisition, exploration

and evaluation of properties for the mining of precious and base metals. The Company is exploring for

large copper/gold deposits on the 24,000-hectare Batchewana Bay Project, 80km north of Sault St. Marie,

Ontario, Canada.

For more information, please contact:

Sterling Metals Corp.

Mathew Wilson, CEO and Director

Tel: (416) 643-3887

Email: [email protected]

Website: www.sterlingmetals.ca

Neither the 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 information” within the meaning of applicable

securities laws. Forward looking information is frequently characterized by words such as “plan”, “expect”,

“project”, “intend”, “believe”, “anticipate”, “est imate”, “may”, “will”, “would”, “potential”, “proposed”

and other similar words, or statements that certain events or conditions “may” or “will” occur. These

statements are only predictions. Forward -looking information is based on the opinions and estimate s of

management at the date the information is provided and is subject to a variety of risks and uncertainties

and other factors that could cause actual events or results to differ materially from those projected in the

forward-looking information. For a description of the risks and uncertainties facing the Company and its

business and affairs, readers should refer to the Company’s Management’s Discussion and Analysis. The

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Company undertakes no obligation to update forward- looking information if circumstances or

management’s estimates or opinions should change, unless required by law. The reader is cautioned not

to place undue reliance on forward-looking information.