Mr. Eric Zaunscherb reports

CRITICAL ELEMENTS LITHIUM CONTINUES TO EXPAND MAJOR DISCOVERY AT ROSE WEST WITH ADDITIONAL MULTIPLE WIDE LITHIUM-RICH INTERCEPTS

Critical Elements Lithium Corp. has released the most-recent results from the 31-hole, 3,670-metre winter drill program on its 100-per-cent-owned Rose West discovery, with multiple wide intersections of lithium-rich pegmatites.

The Rose West discovery is situated within the Rose lithium-tantalum and Rose South property blocks, which constitute 395 square kilometres, or only 38 per cent of the total 1,050 square kilometres in the corporation's highly prospective exploration portfolio in Quebec.

The 2024 winter drill campaign successfully completed 3,670 metres of drilling in 31 holes on the spodumene-bearing pegmatite showings discovered during the 2023 summer prospecting campaign, herein referred to as Rose West. Drilling results to date have demonstrated the continuity of a mineralized pegmatite body, which thus far extends over 450 m strike, 370 m down dip and to a vertical depth of 140 m. In the west, the body comprises multiple near-surface, mineralized pegmatites that range up to an apparent thickness of 12.40 m individually. These bodies appear to coalesce into a more-substantial spodumene-bearing pegmatite in the east with an apparent width of up to 40.40 m. The near-surface pegmatites appear to strike northwesterly with a gentle dip of 15 degrees, while the thicker pegmatite appears to strike easterly with a near-horizontal dip of 13 degrees. The body is still open in all directions, while the greatest exploration potential appears to be to the east.

New assay results from the drill program have been received for 14 new drill holes. Several of the new drill hole results returned wide, high-grade lithium assays, as highlighted:

• 1.39 per cent lithium oxide and 157 parts per million tantalum pentoxide over 35.30 m, including 2.33 per cent Li2O and 152 ppm Ta2O5 over nine m, in hole RD-24-25A;
• 1.29 per cent Li2O and 121 ppm Ta2O5 over 31.50 m, including 1.69 per cent Li2O and 127 ppm Ta2O5 over 13.50 m, in hole RD-24-24;
• 1.22 per cent Li2O and 250 ppm Ta2O5 over 20.50 m, including 1.60 per cent Li2O and 181 ppm Ta2O5 over 15 m, in hole RD-24-17;
• 1.27 per cent Li2O and 192 ppm Ta2O5 over 18.65 m in hole RD-24-27;
• 1.59 per cent Li2O and 127 ppm Ta2O5 over 13.80 m in hole RD-24-18;
• 1.75 per cent Li2O and 201 ppm Ta2O5 over 10.10 m in hole RD-24-19.

A summary of the new assay results is presented in an attached table.

"With the complete results of the Rose West winter program, we recognize the opportunity to add significantly to the Rose project's resource inventory and, potentially, augment its mine life and already-robust economic appeal," commented chair of the board Eric Zaunscherb. "As a reminder, the Rose lithium-tantalum project feasibility study published in August, 2023 (see press release dated Aug. 23, 2023), returned an after-tax NPV8 [net present value at an 8-per-cent discount] of $2.2-billion (U.S.) and an after-tax IRR [internal rate of return] of 65.7 per cent. The next step is a second-round drill program, currently being planned, followed by an initial mineral resource estimate, if warranted. In the interim, management sees no reduction in urgency on the part of lithium end-users to see quality spodumene concentrate sourced from a world-class jurisdiction flow into their supply chains. Quebec, with its clean grid and exceptional regulatory standards, is well regarded globally."

Quality assurance/quality control

Quality assurance/quality control procedures have been implemented to ensure best practices in sampling and analysis of the drill core samples. Standards, duplicates and blanks were regularly inserted into the sample stream. The drill core samples were delivered in secure tagged bags to the ALS Minerals laboratory facility in Val d'Or, Que. The samples are weighed and identified prior to sample preparation. The samples are crushed to 70 per cent passing minus-two millimetres, then separated and pulverized to 85 per cent passing 75 micrometres. All samples are analyzed using sodium peroxide fusion ME-MS-89L, with full analysis for 52 elements. Value over 25,000 ppm Li were reassayed using Li-ICP-82b, and values over 2,500 ppm Ta2O5 were reassayed using Ta-XRF10.

Qualified person

Sebastien Perreault, PEng, is the qualified person that has reviewed and approved the technical contents of this news release on behalf of the corporation.

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-tantalum project in Quebec, the corporation's first lithium project to be advanced within a land portfolio of over 1,050 square kilometres. On Aug. 29, 2023, the corporation released the 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 per cent, with an estimated after-tax net present value of $2.2-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; the certificate of authorization, pursuant to Section 164 of Quebec's Environment Quality Act, from the Quebec Minister of the Environment; and the project mining lease from the Quebec Minister of Natural Resources and Forests under the Quebec Mining Act.

We seek Safe Harbor.