An anonymous director reports

CRITICAL ELEMENTS LITHIUM IDENTIFIES NEW LCT PEGMATITE TARGETS AND ANNOUNCES A SURFACE EXPLORATION PROGRAM IN THE NEMASKA BELT PORTFOLIO

Critical Elements Lithium Corp. has identified new lithium-cesium-tantalum pegmatite (LCT pegmatite) trends following advanced geochemical interpretations made by ALS GoldSpot Discoveries Ltd., and will begin a surface exploration program at Duval, Lemare, Valiquette, Arques, Caumont, Dumoulon, New Block 1 to 6, Rose and Rose Nord properties.

Critical Elements has actively explored its Nemaska belt properties since 2021, which led to the discovery in 2022 of new multikilometre-long LCT pegmatite prospective trends on the company's 100-per-cent-owned Lemare and Duval properties (see press release dated Oct. 27, 2022). Following the 2022 field program, the company mandated ALS GoldSpot to conduct a geochemical interpretation of the company's multielement rock sample data, along with legacy geochemical data, for exploration vectoring.

Geochemical vectoring

A total of 3,900 surface rock samples were collected in 2021 and 2022, and then prepared by four-acid digestion and analyzed by ICP-MS61 for 47 elements at ALS Laboratory in Val d'Or. Geochemical vectoring effectively isolated fertile pegmatite suites from unprospective rock samples.

ALS GoldSpot applied a signal enhancement and denoising technique coupled with a density-based clustering method on selective immobile elements -- lithium, cesium, tantalum elements were not included -- to characterize geochemical populations. This approach isolated a unique geochemical signal associated with mineralized LCT pegmatite without considering lithium, cesium or tantalum as input elements, and resulted in the identification of 162 pegmatite samples.

The distribution of fertile LCT pegmatite environments is consistent with interpreted major southwest-northeast structures that span the company's Nemaska belt properties. The geochemical approach offers a new outlook on the multielements geochemical database to orient early lithium exploration.

2023 surface exploration program

The company announces a surface exploration program focused on prospecting the identified fertile pegmatite environments. Starting early June, the 12-week program will consist of prospecting, mapping and trenching. The company has mandated ALS GoldSpot to manage the 2023 exploration program, in collaboration with the company's teams. Following the surface exploration program, the results will inform a drill program designed to confirm in three dimensions the discovery of new spodumene-bearing pegmatite bodies.

Qualified persons

Ludovic Bigot, PGeo, senior project manager at ALS GoldSpot Discoveries Ltd., and qualified person under National Instrument 43-101 on standards of disclosure for mineral projects, has prepared and reviewed the content of this press release.

About Critical Elements Lithium Corp.

Critical Elements aspires to become a large, responsible supplier of lithium to the flourishing electric vehicle and energy storage system industries. To this end, Critical Elements is advancing the wholly owned, high-purity Rose lithium project in Quebec, the corporation's first lithium project to be advanced within a land portfolio of over 1,000 square kilometres. On June 13, 2022, the corporation announced results of a feasibility study on Rose for the production of spodumene concentrate. The after-tax internal rate of return for the project is estimated at 82.4 per cent, with an estimated after-tax net present value of $1.9-billion (U.S.) at an 8-per-cent discount rate. In the corporation's view, Quebec is strategically well positioned for United States and European Union markets and boasts good infrastructure including a low-cost, low-carbon power grid featuring 94 per cent hydroelectricity. The project has received approval from the Federal Minister of Environment and Climate Change on the recommendation of the joint assessment committee, comprising representatives from the Impact Assessment Agency of Canada and the Cree Nation government, and also received the certificate of authorization pursuant to Section 164 of Quebec's Environment Quality Act from the Quebec Minister of the Environment, the Fight against Climate Change, Wildlife and Parks.

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