Mr. Kirby Renton reports

ARCTIC FOX ANNOUNCES CLOSING OF FINAL TRANCHE OF NON-BROKERED PRIVATE PLACEMENT

Arctic Fox Lithium Corp., further to its news release dated March 24, 2026, has closed the final tranche of its non-brokered private placement for gross proceeds of $3-million.

The company issued 5,756,000 units at a price of 24 cents per unit. Each unit consists of one common share and one common share purchase warrant. Each warrant entitles the holder to acquire one additional share at a price of 31.5 cents until 5 p.m. Vancouver time on April 10, 2028.

The company will use the net proceeds from the offering for general working and administrative capital, and exploration expenditures in connection with the company's mineral properties.

In connection with the closing, the company paid an aggregate of $96,700.80 and issued 402,920 broker warrants to certain eligible finders. Each broker warrant entitles the holder thereof to acquire one additional share at a price of 31.5 cents until 5 p.m. Vancouver time on April 10, 2028.

The units were offered: (a) by way of private placement in all of the provinces of Canada pursuant to applicable exemptions from the prospectus requirements under applicable Canadian securities laws; (b) in the United States or to, or for the account or benefit of, U.S. persons, by way of private placement pursuant to the exemptions from the registration requirements provided for under the United States Securities Act of 1933, as amended; and (c) in jurisdictions outside of Canada and the United States on a private placement or equivalent basis, in each case in accordance with all applicable laws, provided that no prospectus, registration statement or other similar document is required to be filed in such jurisdiction. The securities issued pursuant to the offering to purchasers in Canada will be subject to a four-month-and-one-day hold period in Canada expiring on Aug. 11, 2026 pursuant to applicable Canadian securities laws. The units offered to purchasers outside of Canada pursuant to an exemption from the prospectus requirements in Canada available under OSC Rule 72-503, Distributions Outside Canada, and, accordingly, the securities issued pursuant to the offering to purchasers outside of Canada are not subject to a four-month-and-one-day hold period in Canada.

About Arctic Fox Lithium Corp.

Arctic Fox Lithium is a junior mineral exploration company focused on the acquisition and development of mineral properties containing battery and rare earth metals. The company's 2,756-hectare Pontax North lithium project is located 12 kilometres south of Allkem Ltd.'s James Bay lithium project and 12 kilometres north of Stria Lithium Inc.'s Pontax lithium project, located in Northern Quebec, approximately 130 kilometres east of the Eastmain Cree Nation's community. The company is currently planning a second-phase exploration program at Pontax North and continues to evaluate accretive opportunities across the rare earth element and broader critical minerals sectors to complement and expand its project portfolio.

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