Kuniko Limited and its newly formed 100% owned subsidiary, Kuniko Resources Canada Ltd. have entered into three individual option agreements with 1Minerals Corp. for the Fraser, Mia North and Nemaska South lithium projects. 1Minerals currently hold the claims for each of the projects, whereby the option agreements enable Kuniko to acquire a 100% interest in the claims of each project under the following terms: Fraser Lithium Project: Kuniko (through its wholly owned subsidiary Kuniko Resources Canada Ltd.) will acquire the Fraser Lithium Project from 1Minerals for total consideration of an aggregate of CAD 1,250,000 cash consideration and CAD 1,250,000 worth of ordinary shares in Kuniko, in accordance with the following: On signing of the option agreement pay CAD 200,000 in cash and issue CAD 200,000 of Kuniko shares; Pay CAD 350,000 in cash and issue CAD 350,000 of Kuniko shares within one year following signing; Pay CAD 350,000 in cash and issue CAD 350,000 of Kuniko shares within two years following signing; and Pay CAD 350,000 in cash and issue CAD 350,000 of Kuniko shares within three years of signing.

Kuniko has the right to accelerate payments to acquire a 100% in the project. No minimum expenditure requirements (other than obligaion to maintain the project licences in good standing while the option remains on foot). 1Minerals will retain a 2.0% net smelter return royalty ("NSR") with Kuniko having a buyback option for 1.5% of the NSR, for CAD 2,000,000.

In the event test drilling yields results above 1% Li2O intercept of length at ten (10) meters or more, Kuniko will make a bonus payment to 1Minerals of CAD 1,000,000. Mia North Lithium Project: Kuniko (through its wholly owned subsidiary Kuniko Resources Canada Ltd.) will acquire the Mia North Lithium Project from 1Minerals for total consideration of an aggregate of CAD 500,000 cash consideration and CAD 3,500,000 worth of ordinary shares in Kuniko, in accordance with the following: Nemaska South Lithium Project Kuniko (through its wholly owned subsidiary Kuniko Resources Canada Ltd.) will acquire the Nemaksa South Lithium Project from 1Minerals for total consideration of an aggregate of CAD 375,000 cash consideration and CAD 375,000 worth of ordinary shares in Kuniko, in accordance with the following: On signing of the option agreement pay CAD 55,000 in cash and issue CAD 55,000 of Kuniko shares; Pay CAD 80,000 in cash and issue CAD 80,000 of Kuniko shares within one year following the Effective date; Pay CAD 120,000 in cash and issue CAD 120,000 of Kuniko shares within two years following the Effective date; and Pay CAD 120,000 in cash and issue CAD 120,000 of Kuniko shares within three years of the Effective date. Kuniko has the right to accelerate payments to acquire a 100% in the project.

No minimum expenditure requirements (other than obligaion to maintain the project licences in good standing while the option remains on foot). 1Minerals will retain a 2.0% net smelter return royalty ("NSR") with Kuniko having a buyback option for 1.5% of the NSR, for CAD 2,000,000. In the event test drilling yields results above 1% Li2O at intercept of length at ten (10) meters or more, Kuniko will make a bonus payment to 1Minerals of CAD 1,000,000.

The number of shares issued will be determined by the volume weighted average price for shares for the period of 20 consecutive trading days up to and including the trading day prior to the relevant issue date and prevailing CAD /AUD exchange rate as published on the website of the Reserve Bank of Australia. Kuniko has the right To elect to pay the cash equivalent value in lieu of issueing shares. Kuniko intends to issue the initial shares out of available placement capacity, with subsequent share issues to be issued subject to Kuniko shareholder approval under Listing Rule 7.1. If shareholder approval is not obtained prior to the relevant issue date, Kuniko may elect to pay the equivalent cash amount to 1Minerals.

ASX has confirmed that it will not apply Listing Rule 11.1.2 or 11.1.3 to Kuniko's entry into the option agreements, meaning that shareholder approval under Listing Rule 11.1.2 is not required. On signing of the option agreement pay CAD 100,000 in cash and issue CAD 100,000 of Kuniko shares; Pay CAD 100,000 in cash and issue CAD 1,000,000 of Kuniko shares within one year following signing; Pay CAD 150,000 in cash and issue CAD 1,000,000 of Kuniko shares within two years following signing; and Pay CAD 150,000 in cash and issue CAD 1,400,000 of Kuniko shares within three years of signing. Kuniko has the right to accelerate payments to acquire a 100% in the project.

No minimum expenditure requirements(other than obligaion to maintain the project licences in good standing while the option remains on foot). 1Minerals will retain a 2.0% net smelter return royalty ("NSR") with Kuniko having a buyback option for 1.5% of the NSR, for CAD 2,000,000. In the event test drilling yields results above 1% Li2O intercept of length ten (10) meters or more, Kuniko will make a bonus payment to 1Minerals of CAD 1,000,000.

The option agreements grant Kuniko full rights to carry out exploration activities on the project areas during the option terms. Kuniko can elect to terminate its option over any of the projects at any time during the three year option period, in which case: full ownership of the relevant project would revert to 1 Minerals Corp.; and Kuniko would not be required to make any further payments or Share issues in relation to that project. Kuniko will issue a total of 823,043 shares to 1Minerals Corp. as the initial share issuances under the three option agreements, which will increase total shares on issue to 67,036,542.

Further shares will be issued should Kuniko elect to keep the options on foot by paying the subject option amounts within 1 year, 2 years and 3 years from signing.