Mich Resources Ltd. announced that it has entered a binding Letter of Intent (the LOI) with Pavey Ark Minerals Inc. (Pavey) whereby the Company has an option to purchase a 100% interest in Pavey's Chrome-Puddy Property (Chrome-Puddy, the Property, or the Acquisition Target). Acquisition Target Summary: Chrome-Puddy is located in the Thunder Bay Mining Division, of Ontario, Canada approximately 85 kilometers (km) north of Lac des Iles Palladium Mine, measures 1,450 hectares (ha) in size, and covers over 90% of the 6.5 km strike length of the Chrome Puddy Ultramafic Intrusion within the region. The Property is comprised of historically identified Nickel (Ni), Copper (Cu), Cobalt (Co) and Platinum Group Metals (PGM) sulphide targets that can be rapidly advanced to drill stage with drill permits pending.

The Property also has a bulk tonnage historical resource (non 43-101 compliant) with Ni-Co-Fe oxide mineralization, and encompasses the past-producing high-grade Chrome Lake Mine, the only chromium producer in Ontario to date. Historical Exploration Highlights: Grab samples analyzed by the Thunder Bay Resident Geologist office report values including 5.02% Cu, 2.1% Ni, 0.42 g/t gold (Au), 1.5 g/t Platinum (Pt) and 3.75 g/t Palladium (Pd); Grab sample assays of serpentinite with magnetite veins by Pavey Ark included 1.39 % Ni, 0.45g/t Pt+Pd, 0.65 g/t Au; Multiple untested airborne Dighem, ground MaxMinEM and VLF-EM conductors remaining; Ni-rich magnetite zone with historical drill intersections included 48 m assaying 0.36% Ni, 0.17% Cu, 9.1% recoverable iron (Fe); Historical resource of 30 M tons grading 0.27% Ni, 7.2% recoverable Fe, and 0.02 Co to a depth of 400 ft (Commerce Nickel Mines Ltd. Annual Report 1966); Chrome-Puddy currently has an approved Ontario Junior Exploration Program (OJEP) grant in the amount of $63,800 for 2022 exploration activities . Additional Pavey Property: Also included in the terms of the LOI, is the transfer of a 100% interest in Pavey's Danby Triangle Property (Danby, or the Additional Property).

Danby is a 1,504 ha Magmatic Sulphide Ni-Cu-PGM target located within the Thunder Bay Mining District approximately 122 km north of the city of Thunder Bay, and within 40km of the Lac des Iles Palladium Mine. The Additional Property is comprised of seven contiguous staked claims, covering a total of 94 claim units. Historical drilling at the Additional Property has intersected anomalous Chromium (Cr), Ni, Cu, Pt+Pd+Au in gabbro/metapyroxenite with values up to 511 ppm Cr, 428 ppm Ni, 405 ppm Cu and 165 ppb Pt+Pd+Au.

Terms of the Acquisition: As consideration for a 100% interest in the Property, as well as the Additional Property, the LOI contemplates the following cash payments, share issuances and agreed upon terms to be honoured by MICH: a one-time cash payment to Pavey of $200,000; the issuance of 5,000,000 MICH shares to Pavey; a 1.5% NSR afforded to Pavey; $150,000 to Pavey on each of the 2nd,3rd and 4th anniversaries of the closing of the Transaction; share issuances valued at $250,000 on each of the 2nd, 3rd and 4th anniversaries of the closing of the Transaction. work program funding to advance the project as follows: Year 1 of $550,000 minimum, and Years 2 and 3 of $700,00 per year minimum. Completion of the acquisition of Chrome-Puddy remains subject to several conditions, including the satisfactory completion of due diligence, receipt of any regulatory approvals, the negotiation of definitive documentation, including an option agreement and a share purchase agreement, among other documents, and the completion of a minimum $1 million in financing concurrent with the closing of the Transaction.

In addition, completion of the acquisition of Chrome-Puddy will be considered a fundamental change which will require CSE and shareholder approval.