Mr. Patrick Laperriere reports

CRITICAL ELEMENTS FILES NI-43-101 TECHNICAL REPORT FOR THE ROSE LITHIUM-TANTALUM FEASIBILITY STUDY

Critical Elements Lithium Corp. has filed on SEDAR-plus a National Instrument 43-101 (Standards of Disclosure for Mineral Projects) compliant technical report representing the qualifying report for the recently announced feasibility study at the Rose lithium-tantalum project located in James Bay, Quebec. For more information, please refer to Critical Elements' press release dated August 29, 2023. Highlights of the Feasibility Study are as follows:

HighlightsExpected 17-year mine lifeAverage production Year 2-17: 157,706 tonnes of chemical grade 5.56% spodumene concentrateAverage production Year 2-17: 46,059 tonnes of technical grade 6.16% spodumene concentrateAverage production Year 2-17: 580 tonnes of tantalum concentrateAverage operating costs: US$81,30 per tonne milled, US$587 per tonne of concentrate (all concentrate production combined)Estimated initial capital cost: US$471 million (before working capital)Average gross margin: 78.8%After-tax NPV8% of US$2,195 million, after-tax IRR of 65.7%Anticipated construction time: 21 months to start of productionAverage price assumptions of US$4,699 per tonne technical grade lithium concentrate, US$2,162 per tonne chemical grade lithium concentrate and US$150 per kg tantalum pentoxide (Ta2O5)

A copy of the technical report, which was filed on SEDAR on October 10, 2023, will be available on the Critical Elements' website at https://www.cecorp.ca/en/rose-43-101/.

Qualified Persons for NI 43-101 compliant report

The Feasibility Study was prepared in accordance to NI 43-101 by WSP Canada Inc (WSP), Bumigeme inc, and InnovExplo Inc. InnovExplo was responsible for the resource estimate and the mine plan, Bumigeme was responsible for the mineral processing, WSP was responsible for environmental study, project infrastructure, financial modelling, and report integration. Information regarding the outlook for lithium comes from a market study prepared by Mr. Gerrit Fuelling on behalf of the Corporation. Mr. Fuelling is an independent consultant specializing in the lithium market.

The qualified persons for the study are:

InnoExplo Inc.Carl Pelletier, P.Geo, GeologistSimon Boudreau, P.Eng, Mining Engineer

BumigemeFlorent Baril, P.Eng, Metallurgical Engineer

WSPEric Poirier, P.Eng, PMP, Project ManagerPaul Gauthier, P.Eng., Mining EngineerOlivier Joyal, P.Geo, Geologist

About Critical Elements Lithium Corporation

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-Tantalum project in Quebec, the Corporation's first lithium project to be advanced within a land portfolio of over 1,050 km2. On August 29, 2023, the Corporation announced results of a new Feasibility Study on Rose for the production of spodumene concentrate. The after-tax internal rate of return for the Project is estimated at 65.7%, with an estimated after-tax net present value of US$2.2B at an 8% discount rate. In the Corporation's view, Quebec is strategically well-positioned for US and EU markets and boasts good infrastructure including a low-cost, low-carbon power grid featuring 94% hydroelectricity. The project has received approval from the Federal Minister of Environment and Climate Change on the recommendation of the Joint Assessment Committee, comprised of representatives from the Impact Assessment Agency of Canada and the Cree Nation Government, 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, and the project mining lease from the Quebec Minister of Natural Resources and Forests under the Quebec Mining Act.

For further information, please contact:

Patrick LaperriereDirector of Investor Relations and Corporate Development514-817-1119plaperriere@cecorp.cawww.cecorp.ca

Jean-Sebastien Lavallee, P. Geo.Chief Executive Officer819-354-5146jslavallee@cecorp.cawww.cecorp.caNeither the TSX Venture Exchange nor its Regulation Services Provider (as that term is described in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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