STW.V · 2023-04-19 12:00:00

Rover Metals Receives Exploration Drill Permit for Nevada Lithium Project

Permits & Approvals

VANCOUVER, British Columbia, April 19, 2023 -- Rover Metals Corp. (TSXV: ROVR) (OTCQB: ROVMF) (FSE:4XO)

(“Rover” or the “Company”) is pleased to announce that it has it received its exploration drill permit from the Bureau of Land

Management (“BLM”) to further exploration at its Let’s Go Lithium (“LGL”) project, NV, USA.

Let’s Go Lithium Project

The LGL project is located on approximately 6,000 acres of BLM land within the prolific southwest Nevada claystone lithium

jurisdiction. The BLM permit allows for up to 30 drill holes to a depth of up to 90 meters per hole. The LGL project is located 12

km east-northeast of the historic Franklin Wells hectorite mine. The project includes green energy infrastructure of hydro

power lines on site, direct road access, and a nearby town with a readily available work force. The Company is planning an RC

drill program to follow-up on the high-grade lithium surface samples (see Phase 1 Exploration below) taken on the project in

2022.

LGL Property Map

Phase 1 Exploration at LGL - 2022

In H2-2022, the Company, through the vendor of the LGL project, and through ALS Laboratories, verified high-grade lithium

surface samples at the project. Highlights of these surface grab samples processed by ALS Laboratories include: Sample#

AMZ-8 of 780ppm Li, Sample# AMZ-26 of 910ppm Li, and Sample# AMZ-28 of 710ppm Li . The Company has pulled

additional surface grab samples from the project and analysed them with a Handheld Laser Induced Breakdown Spectroscopy

(“HH LIBS”). Highlights of the HH LIBS include: 1,218 ppm Li, 778 ppm Li, 724 ppm Li, and 707 ppm Li . Historic water well

drill logs spread across the LGL project suggest an average thickness of the clay beds to be approximately 105 meters.

Regional Geology

LGL is located just 12 km away from the historic Franklin Wells hectorite (a rare lithium smectite mineral) deposit. Mining at

Franklin Wells dates back to the 1920’s. The regional geology of the Amargosa Valley is a basin-and-range structure with the

Greenwater Range and Funeral Mountains to the west and the Amargosa Desert to the east. The Greenwater/Funeral

mountains are fault-controlled with narrow interior valleys and are bounded by broad, coalescing alluvial fans. The

Greenwater/Funeral mountains are composed of lower Paleozoic marine and metamorphic rocks. LGL is located in a large

basin of clay rich Tertiary lakebed sediments, the major host rock for the other lithium claystone deposits in the southwest

Nevada lithium jurisdiction.

Later-stage company comparable claystone lithium projects in southwest Nevada include Century Lithium Corp.’s Clayton

Valley project; American Lithium’s TLC project; Spearmint Resources’ McGee project; Noram Lithium’s Zeus project, and

Nevada Lithium’s Bonnie Claire project. All of the aforementioned companies are later-stage mining companies, with a NI 43-

101 resource calculation.

Technical information has been approved by David White, P.Geo., QP for the purposes of NI 43-101. ALS Laboratories is

ISO/IEC 17025:2017 and ISO 9001:2015 certified.

Judson Culter, CEO at Rover Metals, states, “It’s been a great start to the year for Nevada claystone lithium projects. In Jan-

2023, the Rhyolite Ridge project received a USD700MM conditional loan from U.S. Department of Energy Loan Programs

Office. In Jan-2023, American Lithium announced a successful pilot plant processing of Lithium Carbonate from its TLC

project. In Feb-2023, General Motors announced its intent to invest USD65MM into the Thacker Pass project. Reno, NV, also

happens to be home to the Tesla battery factory. Management at Rover Metals believes that the LGL project is a well-timed,

low cost exploration development project in the right area code. Management is currently reviewing proposals from drilling

companies as we plan on embarking on our maiden drill program at the LGL project, now that we have our permit. Exact start

dates will be the subject of a future news release.”

Advisor Appointments and Stock Option Grants

The Company has appointed John Zimmerman and Don Merrick to its advisory board. John and Don will help lead the

technical team in Nevada and provide continued business development for new lithium opportunities in the U.S.

John Zimmerman has an BS in Geology from the University of California at Davis and an MS in Geology from the University of

Arizona, and has been active in western US mineral exploration for over 40 years. He was the co-discoverer of the Chimney

Creek (Twin Creeks) Mine, a 20 million oz. gold deposit, and as a result has an enviable reputation in the Industry. He is an

expert in western US gold and lithium exploration and has been a consistent generator of quality exploration opportunities in in

the US exploration and elsewhere. Mr. Zimmerman has been active in all phases of mineral exploration including strategy,

planning, budgeting, property evaluation, and project generation. He has contributed to the success of several prosperous

explorers including Newmont, Goldfields Mining, and Meridian Gold. Most recently, he directed all Great Basin gold

exploration of BHP Minerals International. In addition to Nevada, he has worked in China and South America. Merrick and

Zimmerman were the co-owners of Genesis Gold Corporation and built it into a success which they sold for several million

dollars in 2020.

Don Merrick has been active in Great Basin gold exploration for over 40 years and has been involved in several successful

exploration efforts. For 12 years, Mr. Merrick was the primary project generator and evaluator for BHP Minerals International in

the Great Basin. Since leaving BHP, he has done grubstake generative work for Gold Fields and Kennecott, optioning

properties to Gold Fields, Western Mining, and MK Gold. Most recently, he helped found Gateway Gold Corp., where as VP

Exploration he discovered over 2.4 million ounces of gold. As a prospect generator, he has generated quality prospects for

numerous other mining companies, including: Newmont, Barrick, Asarco, Plexus, Santa Fe Gold, Euro-Nevada, Gold Fields,

Metalla Royalty and EMX Royalty. In addition to Nevada, he has work in Central America, China, and Russia.

Pursuant to the Zimmerman and Merrick advisory appointments, each will receive a stock option grant of 350,000 stock

options with an exercise price of $0.12 under the standard terms of the Company’s stock option plan, which provides for a four-

year life.

Re-pricing of Insider Stock Options

On March 28, 2023, the Company held its annual general and special meeting of its shareholders. Included in the agenda for

the meeting was the re-pricing of issued and outstanding Insider stock options, on a post-consolidation basis, as a result of

the Company’s six-for-one share consolidation that was effective October 28, 2022. Pursuant to the Toronto Venture

Exchange’s (the “TSXV”) policies, the Company did receive majority approval from disinterested shareholders to re-price

Insider stock options. As a result, the Company will be applying to the TSXV for final approval of the stock option re-pricings.

The following is a table of the proposed stock option re-pricings:

Role Grant Date Number of Options Original Exercise

Price

Amended Exercise

Price

Director July 29, 2020 133,333 $0.45 $0.15

Director January 6, 2021 66,666 $0.72 $0.15

Director April 26, 2022 66,666 $0.36 $0.15

CFO September 24, 2020 50,000 $0.51 $0.15

Investor Relations January 1, 2021 14,583

14,583

$0.75

$0.90

$1.05

$1.20

$0.15

$0.20

Investor Relations August 4, 2021 29,166

29,166

$0.75

$0.90

$1.05

$1.20

$0.15

$0.20

Investor Relations February 14, 2022 33,333

33,333

$0.36

$0.45

$0.54

$0.15

$0.20

About Rover Metals

Rover is a publicly traded junior mining company that trades on the TSXV under symbol ROVR, on the OTCQB under symbol

ROVMF, and on the FSE under symbol 4XO. Rover is currently focussed on the development of a claystone lithium

project in southwest Nevada, USA . Plans for 2023 include a reverse circulation drill program at the Let’s Go Lithium project.

The Company has a diverse portfolio of mining resource development projects with varying exploration timelines. Its critical

mineral projects include lithium, zinc, and copper. Its precious metals projects include gold and silver. The Company is

exclusive to the mining jurisdictions of Canada and the U.S.

You can follow Rover on its social media channels:

Twitter: https://twitter.com/rovermetals

LinkedIn: https://www.linkedin.com/company/rover-metals/

Facebook: https://www.facebook.com/RoverMetals/

for daily company updates and industry news, and

YouTube: https://www.youtube.com/channel/UCJsHsfag1GFyp4aLW5Ye-YQ?view_as=subscriber

for corporate videos.

Website: https://www.rovermetals.com/

ON BEHALF OF THE BOARD OF DIRECTORS

“Judson Culter”

Chief Executive Officer and Director

For further information, please contact:

Email: [email protected]

Phone: +1 (778) 754-2855

Statement Regarding Forward-Looking Information

This news release contains statements that constitute "forward-looking statements." Such forward-looking statements involve

known and unknown risks, uncertainties and other factors that may cause Rover's actual results, performance or

achievements, or developments in the industry to differ materially from the anticipated results, performance or achievements

expressed or implied by such 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. There can be no assurance that such statements prove to be accurate. Actual results and future events could

differ materially from those anticipated in such statements, and readers are cautioned not to place undue reliance on these

forward-looking statements. Any factor could cause actual results to differ materially from Rover’s expectations. Rover

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

opinions, or other factors, should change.

THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS NEWS RELEASE REPRESENTS THE EXPECTATIONS

OF THE COMPANY AS OF THE DATE OF THIS NEWS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE

AFTER SUCH DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION

AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE THE COMPANY MAY ELECT

TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME EXCEPT AS REQUIRED

IN ACCORDANCE WITH APPLICABLE LAWS.

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION PROVIDER (AS THAT TERM IS DEFINED IN THE

POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OF THIS

RELEASE.

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