Mr. Rene Bharti reports

CONSOLIDATED LITHIUM METALS CLOSES FINAL TRANCHE OF FLOW-THROUGH PRIVATE PLACEMENT FINANCING

Consolidated Lithium Metals Inc. has closed the third and final tranche of a previously announced non-brokered private placement financing of common shares of the company, issued on a flow-through basis, at a price of eight cents per flow-through share, for proceeds of $1-million. In total, an aggregate of 21.25 million flow-through shares were issued by the company pursuant to the offering for proceeds of $1.7-million. For more information about the offering and the first tranche and second tranche closings, please see the company's news releases dated May 24, 2023, June 12, 2023, June 26, 2023, and July 20, 2023, which are available under the company's SEDAR profile.

Pursuant to the final tranche, Consolidated Lithium issued 12.5 million flow-through shares at a price of eight cents per share, each of which are subject to a statutory four-month hold period, which expires on Dec. 11, 2023. Completion of the offering (including the prior tranches) is subject to receipt of final approval of the TSX Venture Exchange.

In connection with the final tranche, Consolidated Lithium paid finders' fees of $80,000 in cash and issued one million non-transferable finders' warrants to Roche Securities Ltd. in accordance with TSX-V policies. Each finder's warrant entitles the holder thereof to acquire one common share of the company at a price of eight cents at any time prior to Aug. 10, 2025. The company intends to use the proceeds of the offering to finance exploration expenses on its Baillarge lithium mining property. The company may also use proceeds to finance exploration expenses at its other lithium mining properties located in close proximity to the North American Lithium mine, including its Preissac-La Corne and Vallee projects.

Option grant

The company also announces that it has granted 500,000 stock options to a director of the company pursuant to the company's omnibus incentive plan. The stock options vest in equal quarterly instalments over two years and may be exercised at a price of eight cents per option for a period of five years from the date of grant. This grant of options is subject to the approval of the TSX-V.

About Consolidated Lithium Metals Inc.

Consolidated Lithium (formerly known as Jourdan Resources Inc.) is a Canadian junior mining exploration with projects in Quebec. The company's properties are in Quebec, Canada, primarily in the spodumene-bearing pegmatites of the La Corne batholith, around North American Lithium's Quebec lithium mine.

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