Update On The Acquisition Of Zanzui Nickel Project

VANCOUVER - Archer Exploration Corp. reported on the acquisition of the Zanzui Nickel Project in Northern Tanzania. The Company entered into a securities exchange agreement with Echelon Minerals Ltd. and the shareholders of Echelon, pursuant to which it will acquire all of the issued and outstanding shares of Echelon. Echelon, through its subsidiaries, holds the Zanzui Nickel Project in Northern Tanzania and related mining and technical data.

The Company and Echelon continue to work together to obtain all required regulatory approvals. The Company expects to close the Echelon Transaction in the second quarter of 2022.

Keith Bodnarchuk, Archer's CEO, said, "The nickel space is in the midst of a significant bull market driven by increasing demand for battery metals and jurisdictional risks around large sources of supply. The M&A market is heating up, and Archer is positioning itself to benefit through the acquisition of the Zanzui Nickel Project. Archer remains focused on not only closing the Zanzui transaction but building a significant landholding of high upside nickel sulphide properties."