ROVER METALS ANNOUNCES SECOND CLOSING OF $0.05 UNIT FINANCING

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Vancouver, British Columbia – (April 26, 2022) – Rover Metals Corp. (TSXV: ROVR) (OTCQB: ROVMF) (FSE:4XO) (“Rover” or the “Company”) further to its release of March 21, 2022, the Company is pleased to announce the second closing of its $0.05 Unit Financing for gross proceeds of $467,500.00 (“the Second Closing”).

$0.05 Unit Financing

The Second Closing of $467,500.00 is comprised of the sale of $0.05 units in the amount of $412,500.00 and the sale of $0.055 flow-through shares in the amount of $55,000.00. The Company has issued 8,250,000 common shares and 4,125,000 common share purchase warrants as a result of the sale of $0.05 units. The warrants have an exercise price of $0.075 and a useful life of three years. The Company has also issued 1,000,000 common shares from the sale of flow-through common shares. Finders’ commissions are being paid in connection with the Second Closing in the amount of cash commissions of $13,125.00 and finders’ warrants of 255,500. The finder’s warrants will have an exercise price of $0.075 and a useful life of three years. The common shares and warrants issued under the Second Closing will bear the minimum four-month regulatory hold period from the date of issuance.

Use of Proceeds

The use of proceeds from the Second Closing will be to finance Phase 3 Exploration at the Company’s 100% owned Cabin Gold Project. The Company now has plans to expand its Phase 3 Exploration Program to include:

  1. Metallurgical testing of its drill core to determine potential recovery rates from the Fortune Minerals’
    (TSX:FT) NICO test pilot processing facility, which will be located 40km northwest of the Cabin Gold
    Project.
  2. Re-sampling of the holes drilled at the Beaver Zone in 2021, using the metallic screen fire assay method. The metallic fire assay method is effective when sampling to determine coarse and fine gold.

Appointment of Advisors

Gary MacDonald has been appointed to the Company’s Advisory Board and will assist the Company with corporate development. Mr. MacDonald has more than 30 years of natural resource experience with an extensive background in mining. Mr. MacDonald currently serves on the board of several public and private companies and has operated projects internationally. Mr. MacDonald’s roles and involvement have been all-encompassing from field to boardroom consisting of initial assessment and diligence, financing, exploration through to development, operations, production, management, and negotiating asset /company buyouts. Mr. MacDonald will receive a grant of 400,000 incentive stock options from the Company’s rolling 10% stock option plan. The options have an exercise price of $0.06 and a life of four years.

Judson Culter, CEO at Rover, states “we are very fortunate to have such a well esteemed individual joining our team. Mr. MacDonald’s strong technical and capital markets background coupled with his extensive mining knowledge will be a major asset and benefit to Rover. Mr. MacDonald’s experience working in Nevada will bring added value to our development plans for the Tobin Gold Project, located in the Battle Mountain district of Nevada. Rover plans to launch a Phase 1 Exploration Program at the Tobin Gold Project later this year.”

The Company has also engaged marketing consultants in Switzerland to assist Rover with entering the Swiss market and reaching Swiss junior mining gold investors. Pursuant to these consulting agreements, the Company has granted 400,000 incentive stock options from the Company’s rolling 10% stock option plan. The options have an exercise price of $0.06 and a life of four years.

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