BLACK TUSK CLOSES ACQUISITION OF PEGALITH PROJECT

Mr. Richard Penn reports

BLACK TUSK RESOURCES INC. CLOSES AGREEMENT TO ACQUIRE PEGALITH LITHIUM PROJECT GATINEAU REGION, QUEBEC

Black Tusk Resources Inc. has closed its previously announced share purchase agreement to acquire 1396427 B.C. Ltd. (427 B.C.) (see press release dated Feb. 6, 2023). 427 B.C. is the beneficial holder of the PegaLith project claims that cover 636 hectares in 11 contiguous claims located within 25 kilometers north of Gatineau, Quebec.

THE TRANSACTION

The Company entered into a share purchase agreement dated Feb. 2, 2023, among the Company, 1396427 B.C. Ltd and the shareholders of 427 B.C. pursuant to which the Company has agreed to acquire all of the issued and outstanding shares of 427 B.C. from the 427 B.C. shareholders. As consideration under the agreement, The Company has made an initial aggregate cash payment of $16,000 to the 427 B.C. shareholders and has agreed to issue 4,600,000 units of the Company (the "Units") to the 427 B.C. shareholders at a deemed price of $0.075 per Unit, representing an aggregate value for the securities of $345,000. Each Unit consists of one common share and one share purchase warrant exercisable at a price of $0.10 per share for a period of two years from the date of issuance.

The securities issued under this transaction are subject to resale restrictions for a period ending four months and one day from the date of issuance.

The transaction is subject to the approval of the Canadian Securities Exchange. The transaction is an arm's-length transaction for the Company and does not constitute a fundamental change or result in a change of control of the Company, within the meaning of the policies of the CSE.

We seek Safe Harbor.