Norseman completes acquisition of Caribou Property, executes royalty agreement

LONDON, UK: Cloudbreak Discovery Plc (LSE: CDL), a leading natural resources project generator with a particular focus on commodities key to the energy transition, announced that Norseman Silver Inc has fulfilled the obligations under the option agreement it entered into with Cloudbreak on 2 June 2020 and completed the royalty assignment agreement, ratifying Cloudbreak a 2% net smelter royalty (“NSR”) covering the Caribou property.

Caribou Option Agreement Highlights

· Norseman has made payments in aggregate of CAD $80,000 to Cloudbreak;

· Issued 2,750,000 common shares to Cloudbreak; and

· Has made an aggregate of CAD $225,000 expenditure on the property.

The work on the property was conducted by Hardline Exploration Corp. in 2021 and the results of the work was released by Norseman on 22 February 2022 titled “Exploration Results on Norseman’s Caribou Copper-Silver Project, British Columbia”.

Kyler Hardy, President and CEO of Cloudbreak Discovery, commented, “It is great to see our model working successfully and have one of our partners complete their option. This project exemplifies how Cloudbreak can generate interesting ideas with significant exploration upside for our partners and demonstrates to our shareholders how our model is designed to work. The royalty and share position that Cloudbreak retains will continue to provide exposure to the future upside of the property and allow us to pursue new ideas as we generate them.”

The Caribou Project is located 23 kilometers southwest of Smithers, British Columbia, Canada. The property is underlain by unmetamorphosed flows and tuffs of the Hazelton Group. The area is divided into fault blocks which have locally moved horizontally as well as vertically to one another. These fault blocks have also been rotated. Mineralization observed to date as vein and veinlets which include bornite, malachite, azurite, chalcopyrite, pyrite, chalcocite and digenite, with results including 45 rock samples on the property have yielded assay results greater than 1% copper.

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