Goat Industries Acquires Mining Claims in Quebec

Goat Industries Ltd., (the “Company or “GOAT”) GOAT is pleased to announce that further to the Company’s press release dated March 10, 2023, the Company has completed the acquisition of certain claim blocks located in Quebec, Canada (the “Lacana-Doran Property”).

The Company now holds a 100% interest in the Lacana-Doran Property which consists of 1,925 hectares of land located west of Aguanish, 100 km east of Havre St. Pierre and 320 km east of Sept Iles in Quebec, Canada. The Lacana-Doran Property encompasses five Quebec-designated occurrences: Lacana-Doran; DMC-R01; MZX-TR-18; Ech L6-L10; and Ech CS06-G1, as well as three (3) designated rock samples with historic reported Lithium values, and a part of another occurrence designated as the “Area C” of the occurrence known as Riv. Nabisipi with Uranium and rare earth Bastnaesite.

The Lacana-Doran Property includes expressions of uranium, lithium and pegmatite mineral values, and provides a broad target area for detailed follow-up geochemical sampling, geophysical surveying and ultimately drilling. The incidence of Bastnaesite is encouraging in a Uraniferous environment. The Lacana-Doran Property holds potential for not only Uranium, but also for LCT Pegmatite deposits.

Aligned with the Company’s investment policy, GOAT does not intend to develop the Lacana-Doran Property—rather, the Company will look to maximize the value of the property, and the corresponding return to shareholders, by positioning them for divestiture to mining companies that may have an interest in advancing the Lacana-Doran Property.

Dr. Stewart A Jackson, P.Geo. is the Company’s independent Qualified Person under National Instrument 43-101 – Standards of Disclosure for Mineral Projects who has reviewed and approved the scientific and technical content of this news release.

Transaction Details

The Company acquired the Lacana-Doran Claim Blocks from certain arm’s length parties pursuant to two separate asset purchase agreements dated March 8, 2023 (the “Asset Purchase Agreements”). Pursuant to the Asset Purchase Agreements, the Company acquired a 100% interest in the Lacana-Doran Claim Block by issuing an aggregate of 80,000,000 common shares (the “Consideration Shares”) at a deemed issue price of $0.011 per share for a purchase price of approximately $880,000.

The Consideration Shares are subject to a four month-and-one-day hold period which will expire on July 24, 2023. The acquisition of the Lacana-Doran Property did not constitute a fundamental change, nor a change of business for the Company, nor was there a change of control of the Company within the meaning of applicable securities laws and the policies of the Canadian Securities Exchange. No finders’ fees or commissions were paid in connection with the acquisition of the Lacana-Doran Property.