Suvo Strategic Minerals Limited announced that the tenement purchase for 100% of exploration license application E70/4981, located in the Muchea region of Western Australia has now been completed. The Company confirms that all conditions precedent have been satisfied or waived for the purchase of the Muchea Silica Sand Project (previously referred to as White Hill Silica Sand Project). Key Terms of the Acquisition: In consideration for the Tenement Application, the Company agreed to issue or grant (as the case may be) the following royalty interest and deferred consideration to Mr. Aaron Banks, as set out in the Company's notice of meeting dated 14 September 2022 (Notice), approved by shareholders on 21 October 2022: a) Royalty: 4% of the proceeds of gross sales from Product derived from the Tenement Application; b) Deferred Consideration Shares: Subject to the following development milestones having first been satisfied, issue to the Vendor up to $1,550,000 Shares (Deferred Consideration Shares), in the following tranches: Grant of Mining License: Upon the grant of a mining license over any part of the Tenement Application, the number of Shares calculated by dividing $1,150,000 by the greater of: the 5 Day VWAP; and $0.15 Grant of Mining Permit: Upon the grant of all necessary mining permits over any part of the Tenement Application, necessary to commence production (including environmental permits, water licenses, project management plans and mine closure plans), the number of Shares calculated by dividing $400,000 by the greater of: the 5 Day VWAP; and $0.15.