Investments

Xtierra Inc.

Buchans holds 30 million shares in Xtierra Inc. (TSXV-XAG), representing an approximate 18.4% interest and 13,000,000 share purchase warrants entitling Buchans to purchase one common share for $0.05 until April 30, 2021. The market value of the Xtierra shares at December 15, 2020 based on the market price of Xtierra shares on the TSX Venture Exchange was $3,000,000. Xtierra holds the Bilbao polymetallic sulphide and oxide replacement silver-lead-zinc-copper property, located in the Central Mineral Belt of Mexico, in the southeastern part of the State of Zacatecas, approximately 500 km northwest of Mexico City and is also pursuing new opportunities, including mineral exploration and development projects, and the potential acquisition of new mineral and other royalties.

For more information on Xtierra Inc., please visit www.xtierra.ca

Minco Exploration

Buchans holds an 8% interest in Minco Exploration, a company that holds zinc-lead exploration licences in the Republic of Ireland operated by its wholly owned subsidiaries, either alone or in joint venture with Boliden Tara Mines. Minco is participating at 20% in a joint venture with Boliden Tara Mines at 80% on Licence 1440R, which lies immediately adjacent to Boliden’s large 130 million tonnes Tara zinc-lead mine at Navan.

Minco Exploration is also participating in a joint venture with Boliden Tara Mines on Licence 3373, contiguous to the west with Licence 1440R, where Minco Exploration can earn up to a 75% interest, and in a joint venture with Boliden Tara Mines on twelve Prospecting Licences in County Galway where Minco Exploration can earn up to a 50% interest. Minco Exploration also holds two prospecting licences at Moate, County Westmeath.

For more information on Minco Exploration, please visit www.MincoExploration.com.

Canadian Manganese

Canadian Manganese was incorporated under the Canada Business Corporations Act on June 13, 2011 for the purpose of acquiring the Woodstock manganese property in New Brunswick and to pursue the exploration and development of the project to produce specialty manganese metals. Canadian Manganese’s business objective is to advance the development of its Woodstock project to become a supplier of High Purity Manganese (Mn) metals for the lithium-ion battery industry.

Canadian Manganese was a wholly-owned subsidiary of Buchans Resources Limited (“Buchans”) and its predecessor Buchans Minerals Corporation, until December 31, 2019, at which time it became a reporting issuer in the provinces of British Columbia, Alberta, Nova Scotia and Newfoundland and Labrador, with 59,868,716 common shares issued and outstanding, held by an estimated 1,200 beneficial shareholders.

Manganese has been defined by the Canadian and US governments as a strategic metal that is essential for national defense, aerospace, technology, and energy that is highly susceptible to supply interruptions due to the
lack of domestic production. The US has included manganese at number 19 on its list of 35 critical minerals.

Currently there is no primary manganese mine production in the USA or Canada and 100% of the electrolytic manganese metal that is consumed in North America and Europe is imported from other countries, most notably
from China, which controls over 95% of the global supply, and from South Africa—the only other producer outside of China.

For more information on Canadian Manganese, please visit www.CandianManganese.com.