July 9, 2020 – Strategic Metals Ltd. (TSX-V: SMD) ("Strategic") announces that it has disposed of ownership of and control over 2,140,000 common shares of Precipitate Gold Corp. ("Precipitate") over the period from May 7, 2020 to July 8, 2020 by way of ordinary market transactions through the facilities of the TSX Venture Exchange.

Immediately prior to the disposition of these shares, Strategic had ownership of and control over 22,892,827 common shares of Precipitate, representing 21.64% of the common shares of Precipitate then issued and outstanding.  Following the disposition of these shares, Strategic currently has ownership of and control over 20,752,827 shares of Precipitate, representing 19.62% of the common shares of Precipitate currently issued and outstanding.

The securities of Precipitate disclosed herein are held by Strategic for investment purposes.  Strategic may increase or decrease its ownership of securities of Precipitate in the future, depending upon market conditions.  There are no persons acting jointly or in concert with Strategic with respect to its security holdings in Precipitate, nor has it entered into any agreements with respect to its security holdings in Precipitate with any other person or persons.

A copy of Strategic's Early Warning Report required to be filed by Strategic in connection with its disposition of these 2,140,000 shares of Precipitate will be available on SEDAR at www.sedar.com and may be obtained from Strategic at the address set forth below:

Strategic Metals Ltd.
Suite 1016 – 510 West Hastings Street
Vancouver, B.C. V6B 1L8

This news release is being issued pursuant to National Instrument 62-103, which also requires that Strategic file the Early Warning Report with each of the British Columbia and Alberta Securities Commissions containing information with respect to its security holdings in Precipitate.

ON BEHALF OF THE BOARD

"W. Douglas Eaton"

President and Chief Executive Officer

For further information concerning Strategic or its various exploration projects please visit our website at www.strategicmetalsltd.com or contact:

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.

This news release may contain forward looking statements based on assumptions and judgments of management regarding future events or results that may prove to be inaccurate as a result of exploration and other risk factors beyond its control, and actual results may differ materially from the expected results.

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