Mr. Vincent Metcalfe reports

COMET IDENTIFIES NEW LARGE IP ANOMALIES AT TROILUS EAST

Comet Lithium Corp. has successfully completed the induced polarization (IP) survey on its 100-per-cent-owned, 92-square-kilometre Troilus East property, situated in the Frotet Evans greenstone belt, approximately 130 kilometres north of Chibougamau, Que. Additionally, the review and reinterpretation of historical work programs have identified multiple lithium and gold priority targets. Building on the positive IP results and the newly identified targets from the historical program reviews, the corporation is planning a comprehensive property-wide exploration program. This coming program will include mapping, outcrop and/or boulder sampling, and a glacial till geochemical survey, targeting gold, copper and lithium, and is scheduled for early summer.

Highlights:

• The IP survey outlined three significant anomalies centred around a strong conductor with a northeast orientation.
• Thorough compilation and review of historical data have revealed additional lithium and copper-gold prospects.
• A comprehensive summer exploration program is being prepared, set to feature the property's first extensive mapping and glacial till geochemical survey.

Vincent Metcalfe, executive chair and chief executive officer of Comet Lithium, commented: "Our Troilus East property holds a significant and strategic land position within a highly active and established camp. Despite its historical underexplored land package, it teems with significant discovery potential. Our recent review has unveiled new, prospective areas that notably strengthen our exploration strategy. We are excited about these new targets, which we believe heralds the start of a promising new phase at Troilus East property, with potential for lithium, gold and copper discoveries."

IP survey program

The IP survey, conducted to the southwest of the Troilus East property, aimed to highlight the presence of structures rich in copper and gold. This survey utilized a 200-metre line spacing and covered a total of 15.70 line-kilometres across 13 lines of IP data. It extended over two unique grids from the southwest grid surveyed in 2021, centred on a strong conductor. This conductor coincides with a kilometric gold anomaly in humus and soil, alongside a polymetallic signature of copper, silver and tungsten identified during the 2020 fieldwork and partially examined in the 2021 IP survey.

Several anomalies were identified, centred on this strong conductor, coinciding with the aforementioned gold and polymetallic signature. Previous exploration efforts yielded Cu-Ag-W values from various lithologies along a regional mafic to felsic contact. Field observations noted alterations such as silicification, calc-silicates and biotite-rich assemblages, drawing parallels with the Troilus gold project located approximately three kilometres northwest of Comet Lithium's Troilus East property (see Comet Lithium's press releases dated Dec. 30, 2020, and March 15, 2021, available on the corporation's profile on SEDAR+).

The identified anomalies exhibit high chargeability and low resistivity with complex shapes, spanning apparent widths of 50 to 400 metres. These anomalies, centred on the strong conductor, extend over 900 metres in some areas along the strike. The grid was designed to examine the overlapping geochemical and geophysical anomalies around the 2021 IP survey's extension and vicinity.

Comet Lithium's IP coverage aimed to investigate a favourably oriented parallel trend, mirroring the northeast-southwest orientation of the nearby Troilus gold-copper project of Troilus Gold Corp., proximal to a regional fault and coinciding with magnetic anomalies.

Compilation and review of historical data on Troilus East

Over the past months, Comet Lithium has recompiled historical data on its Troilus East property, allowing the team to identify several highly prospective areas. The review of historical programs, which included mapping, till sampling in 2017 and 2020, drilling of eight holes totalling 1,560 metres, IP survey results from 2021 and 2023, and a high-resolution magnetic survey from 2018, identified multiple new priority target areas. The first target area is defined by samples with an elevated number of gold grains, several of which were classified as pristine. The second target area is marked by anomalous and coincident gold values in till. These targets are located along a northeast-southwest trend along the contact with the Parker intrusion. A detailed follow-up geochemical survey and prospecting effort covering both priority areas is planned for this summer. Additionally, a larger, property-wide survey is planned to fill in areas where no till sampling was previously conducted.

Lithium potential at Troilus East

Comet Lithium has 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 the corporation's profile on SEDAR+). The past exploration programs completed at Troilus East did not take lithium into consideration, but it succeeded in identifying lithium anomalies. A work program to be conducted during the summer will target these prospective areas.

Gold potential at Troilus East

The review of historical programs has highlighted that 72 out of 78 till samples tested positive for gold grains. The number of gold grains varied from one to 13 per 10-kilogram sample, totalling 283 gold grains. Remarkably, 71 of these gold grains were classified as pristine, indicating that the till samples containing these grains are likely located less than 500 metres from their source. These findings stem from the 78 samples collected during the 2017 till sampling program see Comet Lithium's press releases dated Nov. 23, 2017, and June 13, 2018, available on the corporation's profile on SEDAR+).

In the summer of 2020, to complement the initial program, five additional grids with spacings between 100 and 150 metres were completed to infill the 2017 till sampling effort. Some of these samples revealed gold anomalies exceeding 0.001 ppm.

These analyses led to the identification of multiple gold prospects concentrated along a northeast trend, which correlates with findings from the 2018 magnetic survey. Notably, these prospects align with the geological contact of the Parker intrusion, mirroring the configuration observed at the Troilus gold-copper project of Troilus Gold which is located on the site of the former Troilus gold mine.

Copper potential at Troilus East

Following the 2021 drilling campaign and preliminary survey, initial explorations at Troilus East property unveiled a new trend of disseminated copper mineralization situated three kilometres east of the Troilus gold-copper project of Troilus Gold (see Comet Lithium's press release dated Oct. 19, 2021, available on the corporation' s profile on SEDAR+). Several diamond drill holes from 2021 exhibited copper enrichment ranging from 0.1 per cent to 0.3 per cent across metric intervals reaching up to seven metres. Notably, some of these intercepts align with the strong IP anomaly detected on the southwest grid in 2021. The drilling campaign in 2021 encompassed eight holes, covering a total of 1,560 metres.

Troilus East property adjacent to the Troilus gold-copper project

The Troilus East property is adjacent to the Troilus gold-copper project, owned by Troilus Gold, which is located on the site of the former-producing Troilus gold mine. This Canadian mining company, in its feasibility stage, is working toward bringing the historic Troilus mine, rich in gold and copper, back into production. Located within the Frotet-Evans greenstone belt, this area is not only known for the Troilus gold-copper project but also for the Regnault gold system -- a greenfield discovery by Kenorland and Sumitomo Metal Mining Canada Ltd. in 2020 as well as the Moblan lithium project, a joint venture between Sayona Quebec (60 per cent) and SOQUEM (40 per cent), and has recently concluded a positive definitive feasibility study.

Between 1996 and 2010, the Troilus mine generated over two million ounces of gold and nearly 70,000 tonnes of copper. Since acquiring the project in 2017, Troilus Gold has highlighted the extensive gold system on the Troilus gold-copper project. Presently, the Troilus gold-copper project holds 11.21 million ounces of gold equivalent (AuEq) in the indicated mineral resource category (508.3 million tonnes at an average grade of 0.69 gram per tonne AuEq) and 1.80 million ounces of AuEq in the inferred mineral resource category (80.5 million tonnes at an average grade of 0.69 g/t AuEq), establishing it as Canada's largest undeveloped gold-copper deposit (the TGC MRE).

For comprehensive details on the key parameters, assumptions, risks, and other technical and scientific information regarding these TGC MRE, please consult the "Technical Report and Mineral Resource Estimate on the Troilus Gold-Copper Project Quebec, Canada Mineral Resources," dated Oct. 2, 2023, available on Troilus Gold's profile on SEDAR+.

Readers are also cautioned that mineral resources are not economic mineral reserves and that the economic viability of resources that are not mineral reserves has not been demonstrated. The estimate of mineral resources may be materially affected by geology, environmental, permitting, legal, title, socio-political, marketing or other relevant issues. Under National Instrument 43-101, estimates of inferred mineral resources may not form the basis of feasibility or prefeasibility studies or economic studies except for a preliminary economic assessment as defined under NI 43-101. Readers are cautioned not to assume that further work on the stated resources will lead to mineral reserves on Troilus gold-copper project that can be mined economically. An inferred mineral resource has a lower level of confidence than that applying to an indicated mineral resource and must not be converted to a mineral reserve.

Qualified person

Vincent Cardin-Tremblay, PGeo (OGQ No. 1386, 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 lithium deposit, a growing high-grade lithium discovery. Comet Lithium is advancing its Liberty property to first-ever drilling.

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