Myanmar Metals Limited announced that it has executed a Binding Agreement to acquire, through a phased settlement structure, a 100% interest in two Integrated Exploration Licences ("IEL") in the Sagaing Region, Myanmar. Under the Agreement, MYL will pay to the shareholders of Myanmar Reserves Development Company Limited ("MRD" or "Vendors") a total consideration of AUD 4 million, comprised of AUD 0.4 million in cash and AUD 3.6 million worth of ordinary shares in MYL, to be issued at MYL's 10 day volume weighted average price upon the date of executing the Agreement ("MYL Shares"). MYL will issue 51% of the MYL Shares in reciprocation for 51% of the Vendors shares on satisfactory completion of due diligence and other customary conditions precedent. A second phase settlement will occur on 1 September 2021 where the remaining 49% of the Vendors shares, held on trust on behalf of MYL, will be acquired in reciprocation for the issuance of the remaining 49% of MYL Shares. MYL Shares issued will be subject to a 6 month escrow period from the date of issue. The Vendors will be entitled to a 1% net smelter return ("NSR") in respect of future mineral products produced from the Wuntho Project, subject to a cap of USD 15 million. MYL will retain pre-emptive rights in relation to a disposal of the NSR. A deposit of AUD 200,000 will be paid within 5 days. Half of this amount will be non-refundable after the completion of due diligence.