Morien Announces Results of Annual and Special Meeting

May 18, 2022 – Halifax, Nova Scotia – Morien Resources Corp. (“Morien” or the “Company”) (TSXV:MOX) is pleased to announce that its shareholders voted in favour of all items of business brought before them at the Company’s Virtual Annual and Special Meeting of Shareholders (“AGM”) held on May 17, 2022. Details of the AGM results are provided below.

Election of Directors

The number of directors was set by the Company’s board of directors (“Board”) at five, with John Budreski, Dawson Brisco, John Byrne, Charles Pitcher and Mary Ritchie elected to the Company’s Board for the ensuing year.

Following the AGM, the Board confirmed the appointment of Morien’s executive officers, namely: Executive Chairman – John Budreski; President and Chief Executive Officer – Dawson Brisco; Chief Financial Officer – Susanne Willett; and Corporate Secretary – Suzan Frazer.

Appointment of Auditor

KPMG LLP was re-appointed as the Company’s auditor to hold office until the next annual meeting of shareholders or until its successor is duly appointed, at a remuneration to be fixed by the Board.

Approval of Stock Option Plan

Shareholders approved the renewal of the Company’s 10% rolling incentive stock option plan in accordance with the rules and policies of the TSX Venture Exchange (“TSX-V”).

Continuance of Shareholder Rights Plan

Shareholders approved the reconfirmation and continuance of the Company’s shareholder rights plan (“Rights Plan”), originally approved by shareholders in 2019. Under the terms of the Rights Plan, shareholders must affirm the Rights Plan every three years. The purpose of the Rights Plan is to provide the Board and shareholders with sufficient time to properly consider any future take-over bids made for the Company. The Rights Plan will mitigate undue pressure on the Board and shareholders, allow time for competing bids and alternative proposals to emerge, and ensure that all shareholders will be treated fairly and equally in any potential take-over bid made for the Company. The Rights Plan was not adopted, nor reconfirmed, in response to any proposal to acquire control of the Company.

About Morien

Morien is a Canada-based, mining development company that holds royalty interests in two tidewater accessed projects. Before going on care and maintenance, the Donkin Coal Mine commenced production in 2017, and the Black Point Aggregate Project, permitted in 2016, is awaiting a development decision and is paying advanced minimum royalties to Morien. Morien’s management team exercises ruthless discipline in managing both the assets and liabilities of the Company. The Company’s management and its Board consider shareholder returns to be paramount over corporate size, number or scale of assets and industry recognition. The Company has 50,586,114 issued and outstanding common shares and a fully diluted position of 54,811,114. Further information is available at www.MorienRes.com.

Forward-Looking Statements

Some of the statements in this news release may constitute “forward-looking information” as defined under applicable securities laws. These statements reflect Morien’s current expectations of future revenues and business prospects and opportunities and are based on information currently available to Morien. Morien cautions that actual performance will be affected by a number of factors, many of which are beyond its control, and that future events and results may vary substantially from what Morien currently foresees. Factors that could cause actual results to differ materially from those in forward-looking statements include risks and uncertainties described in documents filed by Morien with the Canadian securities regulators on SEDAR (www.sedar.com) from time to time. Morien cautions that its royalty revenue will be based on production by third party property owners and operators who will be responsible for determining the manner and timing for the properties forming part of Morien’s royalty portfolio. These third party owners and operators are also subject to risk factors that could cause actual results to differ materially from those predicted herein including: volatility in financial markets or general economic conditions; capital requirements and the need for additional financing; fluctuations in the rates of exchange for the currencies of Canada and the United States; prices for commodities including coal and aggregate; unanticipated changes in production, mineral reserves and mineral resources, metallurgical recoveries and/or exploration results; changes in regulations and unpredictable political or economic developments; loss of key personnel; labour disputes; and ineffective title to mineral claims or property. There are other business risks and hazards associated with mineral exploration, development and mining. Although Morien believes that the forward-looking information contained herein is based on reasonable assumptions (including assumptions relating to economic, market and political conditions, the Company’s working capital requirements and the accuracy of information supplied by the operators of the properties in which the Company has a royalty interest), readers cannot be assured that actual results will be consistent with such statements. Morien expressly disclaims any intention or obligation to update or revise any forward-looking information in this news release, whether as a result of new information, events or otherwise, except in accordance with applicable securities laws. All dollar values discussed herein are in Canadian dollars. Any financial outlook or future-oriented financial information in this news release, as defined by applicable securities laws, has been approved by management of Morien as of the date of this news release. Such financial outlook or future-oriented financial information is provided for the purpose of providing information about management’s current expectations and plans relating to the future. Readers are cautioned that such outlook or information should not be used for purposes other than for which it is disclosed in this news release.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

For more information, please contact:
Dawson Brisco, President & CEO
Phone: (902) 403-3149
dbrisco@MorienRes.com
or
John P.A. Budreski, Executive Chairman
Phone: (416) 930-0914
www.MorienRes.com