LICHEN BASE METAL PROJECT

MOSAIC ACQUIRES 100% OF THE LICHEN EXPLORATION PROJECT

POSTED ON MAY 19, 2021 BY PASCAL GERMAIN

19

May

Montreal Quebec, May 19, 2021. The management of Mosaic Minerals Corporation (“Mosaic”) (CSE:

MOC) announces that it has executed an earn-in option agreement with Bullion Gold Resources (“Bullion”)

to acquire 100% of their Lichen base metal project located in the Chapais-Chibougamau area of northern

Quebec

The Lichen property, comprised of 178 cells totaling approximately 9,968 hectares, is accessible yearround by a set of forest roads maintained by forestry companies working in the sector

The property is underlain by the volcanic rocks of the Obatogamau formation intruded by stocks and

plutons of intermediate composition. The volcanic belt is parallel to two known gold bearing volcanic belt,

the Bachelor Lake gold area to the west and the Osisko-Windfall gold area to the south. The Nelligan Gold

project and The Monster Lake Gold project are located at the eastern extremity of the volcanic belt.

Numerous gold and copper showings are also found to the east and to the west of the property.

A similar geological environment to the Doré Lake Anorthosite Complex is also present within the

property. In the Chibougamau mining camp, many of the copper-gold mines are in close proximity with

the Doré Lake Anorthosite Complex. The volcanic belt is in direct contact with the Opawica River

Anorthosite Complex and copper showing are present just to the northwest of the property. Many copper

intercepts up 900 ppm Cu and up to 2.05 m were reported in close proximity with the contact the

anorthosite complex.

Mosaic is planning to compile all historical exploration work done on the Lichen Property and its

surrounding area, and conduct a helicopter-borne, very high-resolution magnetic survey.

The acquisition of exploration projects focused on base metals is part of Mosaic’s new development

strategy. Other projects with potential targeting primarily base metals are under consideration. We want

to assemble a quality portfolio with projects offering good exploration targets

emphasized Mosaic CEO,

Mr. Guy Morissette.

Lichen OptionPursuant to the May 18, 2021 Lichen Option Mosaic can up to an 100% interest in the Lichen Property by:

• (a) issuing to Bullion 3,000,000 shares of Mosaic, within seven (7) days following the receipt of Canadian Securities Exchange approval;
• (b) incurring One Hundred Thousand ($100,000) dollars of exploration expenditures on or before May 31, 2022; and
• (c) incurring Three Hundred Fifty Thousand ($350,000) dollars of exploration expenditures

on or before May 31, 2024.

Exploration expenditures may be accelerated at any time by Mosaic.

Bullion has retained a 2% NSR royalty of which Mosaic can buy back 50% any time for $500,000. Mosaic

has a first right of refusal to acquire Bullion’s remaining 1% NSR.

The technical content of this press release has been reviewed and approved by Gilles Laverdière, P.Geo.,

an independent consultant and a Qualified Person as defined in NI 43-101.