Mr. Vincent Metcalfe reports

COMET RECAPS 2023 EXPLORATION PROGRAM & PROVIDES ITS EXPLORATION PERSPECTIVE FOR 2024

Comet Lithium Corp. has provided a summary of the key exploration developments in 2023, as well as its exploration perspective for 2024.

As it enters 2024 and following the significant work completed by the corporation in 2023, Comet Lithium is well positioned to stand out as a significant explorer due to its extensive portfolio of assets within the very active James Bay region of Quebec.

Its key lithium assets include: (i) the Liberty property, a 19.5-square-kilometre property located in the Trieste formation greenstone belt; (ii) the Troilus East property, a 92-square-kilometre property located on the Frotet-Evans greenstone belt; (iii) the Pontax East and South blocks, two properties totalling 41 square kilometres located in the Pontax greenstone belt; (iv) the Galli property, a 20-square-kilometre property located 15 kilometres along strike with La Grande greenstone belt; and (v) the Triple lithium property, a 106-square-kilometre property located within the Rupert-Cabot structural corridor. The Comet Lithium portfolio of assets holds sizable prospective ground within the James Bay region, which continues to demonstrate excellent potential for discovery of new spodumene-bearing pegmatites and where several new major lithium discoveries were made in the past few years.

Key accomplishments in 2023

Liberty:

• Completed a gravity survey, which covered an area of approximately 2.5 square kilometres for a total of about 1,219 stations, which followed a 20-metre-by-100-metre grid pattern; the corporation will be using the collected data to better interpret the subsurface geology and structures of Liberty and detect potential pegmatite contacts in amphibolitized basalt; the data will enable drill target generation and assist in validating the possibility that Liberty and Winsome Resources Ltd.'s Adina project, together, may potentially be part of a similar corridor; data processing are continuing, and results and interpretation are pending;
• Identified numerous pegmatite veins in outcrop during a two-phase field exploration program on Liberty; the exploration team covered approximately 90 per cent of the ground and collected a total of 224 rock samples and 273 till samples, which were sent to the laboratory in September, 2023, for further analysis; assays and data interpretation are pending;
• Completed a lidar survey: the objective of the lidar survey was to obtain a ground image that ignores the vegetation masking effect to facilitate the interpretation of structures possibly related to pegmatite emplacement;
• Completed a high-resolution magnetic survey outlining a potential structural connection between Liberty and the Adina projects contiguous to the western border of Liberty; two trends were identified, an important 2.75-kilometre-long-(east-west)-by-500-metre-wide-(north-south) low magnetic corridor at Liberty is on strike with Adina's pegmatite system; the high-resolution magnetic survey also identified a second strong magnetic contrast extending for 6.5 kilometres in the northern half of Liberty; these two trend orientations clearly connect to the west with the Adina pegmatite system; the area is entirely covered by glacial glaciofluvial sediments;
• Submitted and received a drill permit for a potential program on the southwestern block of Liberty.

Troilus East:

• Completed an induced polarization survey on Troilus East; the IP survey was conducted on a 100-metre line spacing and totalled 16.7 line kilometres; the program covered three unique grids, which were centred on a strong conductor coincident with a kilometric gold-in-soil anomaly combined with a polymetallic copper, silver, scandium and tungsten signature identified during the 2020 fieldwork and partially covered during the 2021 IP survey; data processing is continuing, and results are pending;
• Identified five lithium target areas based on clusters of lithium values; all five targets follow a northeast alignment along the southeastern flank of the Parker granite intrusion over a strike length of about 20 kilometres; two targets are located inside the Parker granite, two others are located close to lenticular granitic intrusion-hosted mafic terrains; further, the targets generated from the historical results are based on a collection of samples that carried lithium values up to 248 parts per million (see Comet Lithium's press release dated Oct. 16, 2023, available on SEDAR+); the past exploration programs completed at Troilus East did not take lithium into consideration, but it succeeded in identifying lithium anomalies; a new work program, anticipated to be conducted in 2024, will target these prospective areas.

Galli:

• Completed a preliminary field program on Galli and collected 39 samples; samples were sent to the laboratory in September, 2023, for further analysis; assays and data interpretation are pending.

Pontax South and Pontax East:

• Completed a high-resolution magnetic survey of its Pontax South and Pontax East properties, located in the west-central James Bay; results and interpretation are pending.

2024 exploration perspectives

The Trieste formation greenstone belt is one of the most active exploration areas within the James Bay region of Quebec and an emerging lithium district. Several companies, including Winsome, Azimut Exploration Inc., Rio Tinto, Midland Exploration Inc. and Loyal Lithium Ltd., have extensive continuing exploration programs on neighbouring properties of its Liberty lithium property, which are supporting its substantial data collection and analysis. Data processing, and pending results from Comet Lithium's 2023 exploration program, combined with the continuing results from the neighbouring properties, is contributing greatly to increasing its knowledge and understanding of the corporation's Liberty lithium property and its context within the Trieste formation, which will ultimately support a future comprehensive drilling program.

"We are incredibly excited for the year ahead. The Trieste formation is rapidly emerging as a significant lithium spodumene region in Canada and witnessing considerable work from key operators. Liberty is strategically positioned to benefit from those developments and work programs, aligning with Comet Lithium's extensive exploration program," commented Vincent Metcalfe, chair and chief executive officer of the corporation. "Simultaneously, we are working hard on bringing the entire portfolio to the forefront, with multiple properties slated for work programs in 2024. The Troilus camp is experiencing increased activity, and Comet Lithium's 2024 anticipated field program will be exciting to follow as we get boots on the ground to support our commitment to this highly prospective area, where, in addition to the very prospective gold-copper targets, the lithium potential has simply never been a focus of exploration until recently. Building a robust pipeline of future prospective assets is also a key focus for 2024, prompting planned exploration programs for properties such as Galli, Pontax and Triple Lithium. We aim to compile and analyze the existing data and pending results to further enhance the corporation's exploration initiatives on those assets," added Mr. Metcalfe.

North American lithium market perspectives

While the current lithium market may be experiencing a softer phase, the imperative to increase supply, particularly through expanded spodumene production, remains unchanged in shaping the future dynamics of North America's lithium industry. As the region endeavours to enhance its role in the global lithium supply chain, recent developments, such as the noteworthy support from the Quebec and Canadian governments in facilitating the construction of battery plants, exemplify the collaborative efforts between governments and industry stakeholders. Investments, technological advancements and strategic government initiatives will collectively contribute to shaping the trajectory of the lithium industry, ensuring a more robust and sustainable supply chain in North America.

Strengthening the executive management team

In 2023, the corporation saw Mr. Metcalfe and Vincent Cardin-Tremblay join the executive team, respectively, in the roles of executive chair and chief executive officer and vice-president, exploration, bringing to Comet Lithium a depth of experience and knowledge in all areas of exploration and mining, project management and development, investor engagement, and mergers and acquisitions, from which Comet Lithium and its shareholders will greatly benefit.

Coming events and conferences:

• Senior management will be present at the coming 2024 Vancouver Resource Investment Conference in Vancouver on Jan. 21 and Jan. 22, 2024.
• The corporation will be participating in BMO Capital Markets' 33rd Global Metals, Mining & Critical Minerals Conference from Feb. 25 to Feb. 28, 2024, in Hollywood, Fla.

Additional events and conferences are planned for 2024.

Qualified person

Vincent Cardin-Tremblay, PGeo (ogq No. 1386 and PGO No. 3347), registered in the provinces of Quebec and Ontario, is vice-president, exploration, to Comet Lithium, is a qualified person under National Instrument 43-101 (Standards of Disclosure for Mineral Projects). He has reviewed the technical contents of this news release and has approved the disclosure of the technical information contained herein.

About Comet Lithium Corp.

Comet Lithium is a dynamic lithium-focused exploration company active in the prolific James Bay district of Quebec. Comet Lithium's flagship asset is its 100-per-cent-owned Liberty property contiguous to Winsome Resources' Adina deposit, a growing high-grade lithium discovery. Comet Lithium is advancing Liberty to first ever drilling.

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