Mr. C. Tucker Barrie reports

UPDATED RESOURCE ESTIMATE SIGNIFICANTLY EXPANDS NORAM'S ZEUS LITHIUM DEPOSIT, CLAYTON VALLEY, NEVADA

Noram Ventures Inc. has released a new inferred resource estimate for the Zeus lithium property, which is adjacent to Albemarle's lithium brine producer in Clayton Valley, Nevada. At a 900-part-per-million-lithium cut-off, the new inferred resource is 145 million tonnes at a grade of 1,145 ppm lithium, more than 8.5 times the previously reported estimate.

In 2018, Noram completed two additional phases of drilling (the phase 2 and phase 3 drill programs), which are newly incorporated into the new inferred resource calculation. In total, 60 drill holes have been included within the resource area. The new inferred resource estimate is 145 million tonnes at a grade of 1,145 ppm lithium, at a cut-off grade of 900 ppm Li (see attached table). Sensitivity analysis at a 300-part-per-million-lithium cut-off and 600-part-per-million-lithium cut-off is also given in the attached table. While the updated National Instrument 43-101 report is not yet finalized, it is expected within the next 45 days and the company's qualified person (Bradley C. Peek) feels sufficiently certain that these preliminary calculated values are reasonable and will not vary significantly from the final National Instrument 43-101 report values.

  
              INFERRED RESOURCES FOR THE ZEUS LITHIUM DEPOSIT, CLAYTON VALLEY, NEVADA

                                                      Cut-off grade
                                                                                                       
                                300 ppm Li --              600 ppm Li --                 900 ppm Li --
                         sensitivity analysis       sensitivity analysis     mineral resource estimate

Tonnes (000s)                         330,670                    251,526                       145,168
Grade (ppm)                               858                        984                          1145
Contained Li (kg)                 283,796,297                247,569,218                   166,238,452

This expanded resource estimate for the Zeus lithium deposit is 8.5 times the tonnage of the previous resource reported in 2017 and at a higher grade (the previous inferred resource reported 17 million tonnes at 1,060 ppm Li: see the Noram press release dated Nov. 21, 2017; and Peek and Spanjers, 2017). At a cut-off grade of 900 ppm, the grade of 1,145 ppm lithium corresponds to a lithium carbonate equivalent grade of 0.61-weighted-percentage Li2CO3, and the contained lithium corresponds to 880,000 tonnes lithium carbonate equivalent (one kilogram lithium equals 5.323 kilograms Li2CO3). Current lithium carbonate (99.5-per-cent purity) prices in China are $12,500 to $14,500 per tonne (as of Feb. 9, 2019: the Metals Bulletin website).

The inferred resource reported herein is considered an update of the inferred resource reported in Peek and Spanjers (2017) and was estimated using a block model and the inverse distance squared method for the calculations.

The deposit is within playa lake clays of the Miocene-Pliocene (23 -- 2.5 million years old) Esmeralda formation. Initial mineralogy studies on the clays at surface and in drill core indicate the following favourable features: (1) 35 per cent to 65 per cent of the material is detrital gravel and sand, and can be separated from the clay minerals during processing using sieves and cyclones. Separating this material effectively increases the grade twofold before leach treatment of the clays; (2) the clay minerals are non-refractory and can be treated with sulphuric acid to extract lithium (see Barrie et al., 2018); (3) approximately 5 per cent of the material is calcium carbonate and may be separated along with the other coarse-grained material. This can significantly reduce the amount of acid necessary to extract lithium during processing.

Two other favourable indicators come from the assay ICP geochemical data, as follows: (1) there is marked sodium enrichment within 10 metres of the surface, which is believed to reflect residual salts and suggests that some of the lithium resource may be soluble in water alone, as is the case elsewhere in the Esmeralda formation; (2) there is a notable enrichment in rubidium at the hundreds of ppm level. Rubidium, like lithium, is an alkali element and may be recoverable during processing.

In the coming months, Noram intends to conduct a preliminary economic assessment study aimed at a detailed understanding of the geological and mineralogical controls on mineralization to determine the most cost-effective, efficient and environmentally friendly methods of lithium extraction, with the goal of producing a marketable lithium carbonate or lithium hydroxide product.

The Noram management team commented: If you want to develop a lithium deposit, Clayton Valley is high on the list of places to do so, with Albemarle's Silver Peak lithium brine operations next door. We note that the Tesla lithium battery Gigafactory is 220 kilometres down the road and is one of at least 10 lithium battery factories recently built or under construction for the global auto sector. We aim to work with our neighbours in Clayton Valley, under the guidance of the U.S. Bureau of Land Management and the Nevada Bureau of Mines, to develop these lithium resources to support the future of green energy."

The mineral resource estimates in this press release use the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Standards on Mineral Resources and Reserves, Definitions, and Guidelines. According to the CIM definitions, a mineral resource must be potentially economic in that it must be in such form and quantity and of such grade or quality that it has reasonable prospects for eventual economic extraction."

The technical information contained in this news release has been reviewed and approved by Bradley C. Peek, MSc, a certified professional geologist who is independent of Noram Ventures and is a qualified person with respect to Noram's Clayton Valley lithium project as defined under National Instrument 43-101.

References

C.T. Barrie, B. Peek and P. Whittaker, 2018, Lithium Clay Deposits of the Zeus Property, Eastern Clayton Valley, Nevada: American Geophysical Union annual meeting, Washington, D.C., extended abstract, six pages.

B.C. Peek and R.P. Spanjers, 2017, NI 43-101 Technical Report, Lithium Inferred Mineral Resource Estimate, Clayton Valley, Esmeralda county, Nevada, United States, for Noram Ventures, 67 pages.

About Noram Ventures Inc.

Noram Ventures is a Canadian-based junior exploration company, with a goal of developing lithium deposits and becoming a low-cost supplier. The company's primary business focus since formation has been the exploration of mineral projects. Noram's long-term strategy is to build a multinational lithium mineral company to produce and sell lithium into the markets of Europe, North America and Asia.

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