Mr. Rene Bharti reports

CONSOLIDATED LITHIUM ANNOUNCES VALLEE JV INTERSECTS 1.04% LI2O OVER 7.15 M

Consolidated Lithium Metals Inc. joint venture partner North American Lithium, Sayona Mining Inc.'s majority owned subsidiary (NAL), has released the final set of assay results from the last 40 holes of the 2023 summer drilling program at the Vallee joint venture (the Vallee JV) lithium project, located approximately 30 kilometres north of Val d'Or, Que., within the heart of the Vallee lithium corridor. The 2023 summer drilling program consisted of 58 holes totalling 15,607 metres. Consolidated Lithium Metals released the results of the first 18 holes in its news release dated Jan. 11, 2024, which is available under the company's SEDAR+ profile.

The company is also pleased to announce that analytical results have been received for the 29 drill holes completed and all surface channel samples from the outcrop stripping program, both parts of the 2023 summer exploration program at the company's 100-per-cent-owned Baillarge lithium project. Baillarge is located in the Abitibi greenstone belt approximately 21 km northwest of Val d'Or, Que.

Vallee JV 2023 drilling results

The 2023 summer drilling program succeeded at tracing lithium-bearing pegmatite mineralization associated with the adjacent NAL operating lithium mine across the entire width of the Vallee JV property from northwest to southeast. Thicker high-grade mineralized intersections were located along the northwestern and southeastern sections of the core pegmatite dike. The 2023 program extended the core pegmatite 700 m to the southeast from the area defined by Consolidated Lithium Metals's 2021 and 2022 drilling programs.

Highlights from the second set of results include a high-grade intersection in hole VAL-23-051 that averaged 1.04 per cent Li2O over 7.15 m from 157.15 to 164.30 m, an interval in VAL-23-051 of 17.60 m that averaged 0.55 per cent Li2O from 112.50 to 130.10 m that included a higher-grade subinterval of 1.25 per cent Li2O over 3.20 m from 112.50 to 115.70 m, and a wide intersection of 16.02 m from VAL-23-057 that averaged 0.50 per cent Li2O from 132.73 to 148.75 m that included a subinterval of 1.29 per cent Li2O over 2.36 m from 140.74 to 143.10 m. Two high-grade intersections were also discovered in VAL-23-042, located north of the core pegmatite trend. The first interval averaged 1.43 per cent Li2O over 3.60 m from 167.55 to 171.15 m within an interval of 0.60 per cent Li2O over 17.00 m from 163.00 to 180.00 m. The second interval averaged 0,68 per cent Li2O over 23.30 m from 215.50 to 238.80 m that included a subinterval of 0.95 per cent Li2O over 10.20 m from 216.55 to 226.75 m.

The extension of the core pegmatite to the eastern property boundary during the drill program is considered to be a very exciting development for Consolidated Lithium Metals. The company's East Vallee project is located immediately adjacent to the JV property. The company expects that the core pegmatite and adjacent spodumene-bearing dikes likely continue onto Consolidated Lithium Metals's 100-per-cent-owned property. The East Vallee project overlies an additional five km of the Vallee lithium trend that has never been drill tested for lithium. The tracing of the core pegmatite to the southeast end of the property, and the discovery of numerous additional lithium-bearing pegmatites defined during the 2023 summer Vallee JV drilling program immediately south of the core pegmatite in the same area has defined high-priority drill targets for the Vallee East project. The company is currently in the process of planning and permitting a drill program to follow up these results on the East Vallee project in the coming months.

Consolidated Lithium Metals also intends to review and interpret the 2023 results in collaboration with the 2021 to 2022 Consolidated Lithium Metals drill results in the northwest end of the core pegmatite trend immediately adjacent to the NAL lithium mine. The objective of the review will be to determine if sufficient drilling has been completed to establish a mineral resource in that area.

"The 2023 drilling helped support CLM's work over the previous two years to further refine the extension of the NAL mine pegmatites where they crossed onto the JV property. We are eager to work with our partner NAL to dig into these results to determine the potential to develop extensions or satellite lenses along the west boundary adjacent to their current mining operation.

"However, the company is also very excited about the possibilities on our 100-per-cent-owned East Vallee project. Now that the spodumene-bearing pegmatites have been extended right to the property boundary, the company is focused on continuing to trace the core pegmatite along strike to look for what we hope will be the next big pegmatite blowout somewhere along the five km trend that has yet to see any lithium drilling," said Richard Quesnel, executive chair, Consolidated Lithium Metals.

Baillarge 2023 exploration program results

In addition, the company is pleased to announce that analytical results have been received for the 29 drill holes completed and all surface channel samples from the outcrop stripping program, both parts of the 2023 summer exploration program at the company's 100-per-cent-owned Baillarge lithium project. Baillarge is located in the Abitibi greenstone belt approximately 21 km northwest of Val d'Or, Que.

The summer exploration program consisted of three key but separate components:

• A 29-hole, 4,747 m drilling program;
• An outcrop stripping and channel sampling program;
• A soil sampling program covering the area between the Baillarge Est showing and the Chubb showing, which is located 1.1 km southeast and along strike of the area that was the subject of the summer drilling program.

The completed summer drill program totalled 4,747 m of drilling in 29 holes which targeted the extensions of outcropping pegmatites at the Baillarge Estshowing, located just south of Lac Baillarge. Lithium mineralization was first found at Baillarge Est in 1955 by Amos Lithium Corp. Ltd.

The drill program was successful at extending the three known spodumene-bearing pegmatites at depth and along strike to the southeast. The program also discovered seven additional lithium-bearing pegmatites between and adjacent to the previously known dikes all within an area measuring 500 m by 450 m. All 10 dikes remain open for expansion along strike in both directions and at depth.

Seven holes intersected lithium mineralization exceeding 0.20 per cent Li2O. Six anomalous intersections were obtained from the D7 pegmatite, and one each from the D1, D2, D3, D5 and D7 pegmatites. Assay results from the D7 pegmatite are closely spaced to areas proximal to higher lithium concentrations from the channel sampling program and to the historical drill results.

The 2022 outcrop stripping campaign was expanded in 2023 to extend the stripped areas north of dikes 3 and 7. Stripping was also done under the BE lithium soil anomaly (see Consolidated Lithium news release dated July 10, 2023) which led to the discovery of dike 5. Channel samples were collected along lines spaced at five m to 10 m intervals along the new dike discoveries and along the extended stripped areas at D3 and D7.

Four different lines containing significant channel sample anomalies were discovered at the north end of the D3 stripping area, immediately overlying and within 10 m of the up-dip projection of the D3 intersection of hole B23-16.

Channel R5 returned 0.83 per cent Li2O over 8.16 m and had a peak sample of 2.15 per cent Li2O over 1.02 m. Channel R7, located five m south of R5, averaged 0.86 per cent Li2O over 5.37 m including a single sample of 2.10 per cent Li2O over 1.00 m. The highlights of the results of the channel sampling program are included in the attached table.

Channel R23 was located on the newly discovered dike 5 immediately under the BE lithium anomaly that averaged 0.38 per cent Li2O over 1.96 m.

About the Vallee JV

The JV property is located immediately adjacent to, and along strike of NAL's operations, the largest lithium operation in North America. The JV property is majority owned by CLM, with NAL having an option to earn up to a 51-per-cent interest therein (see the company's news releases dated Nov. 14, 2022, Dec. 19, 2022, and Jan. 11, 2024, each of which are also available under the company's SEDAR+ profile). NAL earned its initial 25-per-cent interest in the JV property pursuant to its first option in late 2023. NAL has a second option to spend an additional $6-million by Nov. 14, 2024, to earn a cumulative 50-per-cent interest.

Analytical procedures -- Vallee JV project

Sayona Mining Inc., as the project operator, selected samples from the drill core using visual identification of lithium-bearing minerals in the drill core with the assistance of a laser induced breakdown spectrometer (LIBS) handheld analyzer. Core samples were sawn into two halves, with one-half being submitted for analysis and the other half retained and returned to the core tray and stored for future reference.

All samples were analyzed at ALS Laboratories, Vancouver, an independent accredited laboratory. The samples were crushed and pulverized. Excess crushed and pulverized material not used in the analysis have been retained for future reference. All samples were analyzed by ME-MS589L sodium peroxide fusion and ICP-MS finish using a 0.2 g aliquot of pulverised material.

Assay sample of certified reference material (CRM), half core duplicate sampling and insertion of blanks into the sample sequence has been undertaken to ensure QA/QC (quality assurance/quality control). Protocols include systematic insertion of CRM standards at approximately one in every 25 samples and alternating blank samples of quartz and core duplicate samples for every one in 25 samples. The CRM material used for monitoring lithium values are OREAS 750, OREAS 752 and OREAS 753. Occasionally, a CRM for Zn (OREAS 630B) has been used to validate other metals. These standards have been selected to reflect the target mineralization. Assays of quality control samples were compared with reference samples in database and verified as acceptable prior to use of data from analyzed batches.

The company believes that the sampling, assaying and laboratory procedures are representative of the drilled material and appropriate for the project.

Analytical procedures -- Baillarge project

Consolidated Lithium geologists selected samples from the drill core using visual identification of lithium-bearing minerals in the drill core. Core samples were sawn into two halves, with one-half being submitted for analysis and the other half retained and returned to the core tray and stored for future reference.

All samples were analysed at SGS Laboratories, Burnaby, an independent accredited laboratory. The samples were crushed and pulverized at the SGS preparatory facility in Val d'Or, Que. Excess crushed and pulverized material not used in the analysis have been retained for future reference. All samples were analyzed by GE-ICP91A50 sodium peroxide fusion and ICP-OES finish using an aliquot of pulverized material.

Assay sample of CRM, half core duplicate sampling and insertion of blanks into the sample sequence has been undertaken to ensure QA/QC. Protocols include systematic insertion of CRM standards at approximately one in every 20 samples and alternating blank samples of quartz and core duplicate samples for every one in 20 samples. The CRM material used for monitoring lithium values are OREAS 47, OREAS 147, OREAS 553, OREAS 750 and OREAS 753. Assays of quality control samples were compared with reference samples in database and verified as acceptable prior to use of data from analyzed batches.

It is believed the sampling, assaying and laboratory procedures are representative of the drilled material and appropriate for the project. There are no known drilling, sampling, recovery or other factors that could materially affect the accuracy or reliability of the data presented herein.

Qualified person

The scientific and technical information contained herein has been reviewed and approved by Roger Lemaitre, PEng, PGeo, the company's senior vice-president and head of mining who is a qualified person as defined in National Instrument 43-101 -- Standards of Disclosure for Mineral Projects.

About Consolidated Lithium Metals Inc.

Consolidated Lithium Metals (formerly known as Jourdan Resources Inc.) is a Canadian junior mining exploration company trading under the symbol CLM on the TSX Venture Exchange and Z36 on the Frankfurt Stock Exchange. The company is focused on the acquisition, exploration, production and development of mining properties. The company's properties are in Quebec, Canada, primarily in the spodumene-bearing pegmatites of the La Corne batholith, around NAL's Quebec lithium mine.

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