REG-Cloudbreak Discovery Plc: Joint Development of the Piskanja Boron Project

Cloudbreak DiscoveryAnnouncement

22/06/2021 07:05

22 June 2021

Cloudbreak Discovery PLC

(“Cloudbreak” or the “Company”)

Formerly Imperial X PLC

Joint Development of the Piskanja Boron Project

Cloudbreak Discovery PLC (LSE: CDL), the natural resource project generator,
announces Temas Resources Corp. (CSE: TMAS, OTCQB: TMASF, FSE: 26P)
(“Temas” or “Temas Resources”), in which Cloudbreak has a 15.8 per
cent interest, and Erin Ventures Inc. (“Erin Ventures”) have entered into
a definitive option and joint venture agreement (the “Option Agreement”)
for the joint development of Erin Ventures’ Piskanja Borate Project located
in Serbia (the “Piskanja Project”).  

Pursuant to the Option Agreement, Temas Resources may earn a 50 per cent
interest in the Piskanja Project by (a) issuing to Erin Ventures 250,000
common shares and 250,000 Temas warrants (each exercisable to acquire a common
share for a period of 48 months from issuance, at an exercise price equal to
the market price of the common shares less the maximum allowable discount
pursuant to stock exchange policies) within five business days after the
effective date of the Option Agreement, and (b) incurring an aggregate of
€10,500,000 in expenditures on the Piskanja Project.

The Option Agreement may be terminated in certain circumstances, including by
Erin Ventures if certain milestones are not met in accordance with specified
timelines. Upon exercise of the option by Temas Resources, a joint venture
will be formed, and Erin Ventures and Temas Resources will become associated
as joint venturers to further advance the Piskanja Project.

Kyler Hardy, CEO of Cloudbreak Discovery, commented, “We are pleased to see
Temas’ progress on this joint development agreement and look forward to
seeing the commencement of the work programmes at the Piskanja Project as part
of the expenditure requirements. This news further supports our business
model, and we look forward to updating the market with further news in due
course.”

Michael Dehn, President and CEO of Temas Resources, states, “We are thrilled
to enter into this definitive option agreement with Erin Ventures. At Temas,
we are looking forward to furthering the development of the Piskanja Boron
Property in Serbia along-side Erin Ventures. We have jointly developed a very
robust exploration plan and anticipate announcing details in the coming
weeks.”

About the Piskanja Project

The Piskanja Project is Erin Ventures’ wholly owned boron deposit with an
indicated mineral resource of 7.8 million tonnes, averaging 31.0 per cent
boric oxide (B(2)O(3)), and an inferred resource of 3.4 million tonnes,
averaging 28.6 per cent B(2)O(3). Calculated in accordance with the Canadian
Institute of Mining Definition Standards on Mineral Resources and Reserves
(“CIM Standards”) as disclosed in Erin Ventures’ report titled
“Mineral Resource Estimate Update on the Piskanja Borate Project, Serbia,
October 2016 – Amended February 28, 2019” prepared by SRK Consulting (UK)
Ltd. Mineral resources that are not mineral reserves do not have demonstrated
economic viability. The responsible persons for the Updated Mineral Resource
Estimate are Dr. Mike Armitage (C.Eng., C.Geol.) and Dr. Mikhail Tsypukov who
are both full time employees of SRK and Qualified Persons in accordance with
the CIM Standards, both gentlemen are independent of Erin Ventures.

Boron is an essential mineral and is found in everything from eye drops, mild
antiseptics, a supplement for building stronger bones and muscles to boric
acid, which is used to toughen and increase heat resistance in Pyrex.

Rory Kutluoglu, B.Sc, P.Geo, is the Qualified Person as defined by NI 43-101
who has reviewed and approved the technical information contained within this
release.

This announcement contains information which, prior to its disclosure, was
inside information as stipulated under Regulation 11 of the Market Abuse
(Amendment) (EU Exit) Regulations 2019/310 (as amended).

For additional information please contact:

 Cloudbreak Discovery PLC                       Tel: +1 604 428 9480                                                        
                                                Kyler Hardy, CEO                           khardy@cloudbreakdiscovery.com   
                                                Kyle Hookey, Director                      khookey@cloudbreakdiscovery.com  
                                                                                                                            
 Novum Securities Financial Adviser and Broker  Tel: +44 7399 9400                                                          
                                                David Coffman / Lucy Bowden Colin Rowbury                                   
                                                                                                                            
 Blytheweigh  Financial PR/IR-London)           Tel: +44 207 138 3204                      Cloudbreak@blytheweigh.com       
                                                Tim Blythe                                                                  
                                                Megan Ray                                                                   
                                                Alice McLaren                                                               

About Cloudbreak

Cloudbreak Discovery PLC is a leading natural resource project generator,
working across a wide array of mineral assets that are being developed and
managed by an experienced team with a proven track record. Value accretion
within the projects being developed by Cloudbreak’s generative model enables
a multi asset approach to investing. Diversification within the mining sector
and amongst resource classes is key to withstanding the cycles of natural
resource investing.  

About Temas Resources

Temas Resources Corp. ("Temas Resources") (CSE: TMAS) (OTCQB: TMASF) (FSE:
26P) is focused on the advancement of mineral independence and the processes
in which minerals are extracted in an environmentally friendly manner. Temas
Resources invests in and works to apply green technology across its mining
portfolio to reduce the environmental impact and carbon footprint of metal
extraction through advanced processing and patented leaching technologies.
Temas Resources is advancing Fe-Ti-V projects in Quebec and soon expects to be
active on Boron Projects in Serbia.



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