Virya Resources Ltd Executes Management and Strategic Partnership Agreement with Magma Capital Resources Pte. Ltd.

Virya Resources Limited has executed a Management and Strategic Partnership Agreement with Magma Capital Resources Pte. Ltd., the holding company of Virya Resources Ltd. The agreement grants management and operational rights to the Company over specified MCR Group businesses for a period of 3 years, extendable by mutual consent. The Company will act as Lead Manager for the identified businesses and will be entitled to 51% of the Net Operating Margin (NOM) from the Managed Businesses. The agreement does not involve any transfer of ownership or voting rights. This agreement is a Related Party Transaction, since MCR is the holding company, and has been approved by the Audit Committee and the Board of Directors. This partnership is expected to support the Company’s strategic expansion and business development plans.