Mr. Vincent Metcalfe reports

GRAVITY SURVEY IDENTIFIES LARGE LITHIUM TARGETS AT COMET LITHIUM'S LIBERTY PROPERTY

Comet Lithium Corp. has provided results from the gravity field survey completed in 2023 on its 100-per-cent-owned flagship lithium Liberty property. Comet Lithium has identified multiple high-priority drill targets in the southwestern corner of the Liberty property.

Vincent Metcalfe, executive chair and chief executive officer of Comet Lithium, commented: "Our 2023 gravity survey yielded monumental results, revealing a target akin to the Jamar pegmatite, and setting the stage for our 2024 drill program. We are extremely pleased with this milestone, especially since several high-priority areas remain to be surveyed in the near-term and could yield further positive results."

Data acquisition and interpretation were completed under the supervision of Geophysique TMC and NewGen Geo, which both specialize in the application of geophysics to pegmatite exploration. The survey covered areas on trend with the neighbouring Adina lithium deposit owned by Winsome Resources Ltd., where pegmatites have been identified and tested, and where several identified and untested pegmatite targets are adjacent to the Liberty property border. The outcome of the survey suggests that new pegmatite dikes could extend well beyond those structures, onto the Liberty property.

The gravity processing delineates pegmatites and suggests the main Adina property-Far East pegmatite corridor could extend beyond the existing drilling to the east. A significant 900-metre-long target analogous to the main Jamar pegmatite lies approximately 50 metres east of the southwestern border and likely under shallow cover. A second 500-metre-long target has been identified along the same trend farther to the east.

Gravity geophysics has proven to be an effective tool in delineating these structures, which remain open along strike to the east and to the north of the existing and completed survey. Planning is under way to potentially extend survey areas to the east and north of the Liberty property.

Highlights from gravity survey results:

• Two significant, high-priority, drill-ready lithium targets identified;
• Largest target spans 900 m long and adjacent to the Adina property-Far East pegmatite corridor;
• Secondary target, 500 m long, has been identified along the same trend;
• A total of 21 low-density anomalous structures have been interpreted, which are mostly included within the confines of weakly magnetic horizons/beds and in the probable eastern continuity of the Adina property's prospective pegmatite corridor.

Two thousand twenty-three gravity survey program outline

The ground gravity survey covered an area of approximately 2.5 square kilometres for a total of about 1,217 stations, which followed a 20 m by 100 m grid pattern. The fieldwork took place between Nov. 18 and Dec. 16, 2023. The gravity survey was completed to the southwest of the Liberty property in the interpreted eastern continuity of Winsome Resources' Adina property's pegmatite corridor. The maiden program was not fully completed due to multiple weather delays. Multiple survey stations to the east and north of the completed grid remain to be surveyed.

The gravity method measures spatial variations in the Earth's gravity field caused by contrasts in rock density. The intrusion of an elongated mineralized pegmatite swarm into mafic and ultramafic basement rocks at the Liberty property is anticipated to be expressed as a detectable, subdued gravity response.

The corporation will be using the collected and processed data to better interpret the subsurface geology and structures of the Liberty property, and detect potential pegmatite contacts in amphibolitized basalt. The gravity survey data will help direct the 2024 planned fieldwork program, and will enable drill target generation and assist validating the possibility that the Liberty property and Adina property together may potentially be part of a similar corridor. Over all, 21 low-density anomalous structures have been interpreted, which are mostly included within the confines of weakly magnetic horizons/beds and in the probable eastern continuity of the Adina property prospective pegmatite corridor. The recommended follow-up works on the Liberty property include ground controls/trenching and/or drilling to ascertain the geological origin of seven distinct anomalies.

Sourcing of raw lithium becoming highly strategic

Sourcing raw lithium material is becoming highly strategic, especially as the demand for electric vehicles (EVs) and renewable energy storage solutions continues to rise globally. The province of Quebec, in particular, is emerging as a significant player in the North American lithium market, thanks to its abundant lithium resources and strategic initiatives to capitalize on this demand.

Quebec will become a primary source of lithium for the North American market. This development is crucial for supporting the clean energy transition and the growing EV market, aligning with global efforts to reduce carbon emissions and reliance on fossil fuels.

Comet Lithium looks to play a larger role in the movement toward establishing Quebec as a primary source of lithium, catering to the growing demand for this critical battery metal in North America and beyond. The corporation's activities and investments in the region reflect the global shift toward electrification, and the need for sustainable, locally sourced raw materials for battery production.

Shareholder information

Comet Lithium's investor presentation is available on-line.

Qualified person

Vincent Cardin-Tremblay, PGeo (OGQ No. 1386, PGO No. 3347), registered in the provinces of Quebec and Ontario, is vice-president of exploration to Comet Lithium, and 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 lithium deposit, a growing high-grade lithium discovery. Comet Lithium is advancing its Liberty property to first-ever drilling.

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