Resolution Minerals Ltd. executed an Option, Earn-in and Joint Venture (JV) agreement on 17 October 2019 as Northern Cobalt Ltd. (former company name of Resolution Minerals Ltd) with Millrock Resources Inc. On 9 February 2021 Resolution and Millrock revised the terms of the exploration and earn-in Agreement for the 64North Project. The pertinent terms of the Joint Venture agreement are as follows. The management is to be by committee with voting according to % interest earned, with the party with the largest interest holding the right to be Manager and appoint the Operator ­ in this case, Resolution Minerals 51%.

Non-contributing parties will be diluted according to an industry-standard formula (using a two-times dilution rate). If any party is diluted to less than a 10% equity ownership interest, their interest will revert to a 1.0% Net Smelter Return (NSR) royalty. During the term of the JV agreement, the Joint-Venture must keep the retained tenements (claims) in good standing, including payment of annual rentals and meeting statutory exploration expenditure (annual labour commitments).

First Right of Refusal: Resolution holds a first right of refusal to purchase Millrock's interest in the 64North Project should it wish to divest itself of the project. Millrock must offer RML 30 days to indicate RML's intention to match a bona-fide offer. Royalties: A maximum 1.5% NSR, after buy downs, exists over much of the 64North Project to third parties.