An anonymous director reports

GROUNDED LITHIUM CLOSES EARN-IN AGREEMENT WITH DENISON MINES

Grounded Lithium Corp. has obtained consents, from shareholders holding over 50 per cent of the outstanding shares of the company, in respect of the previously announced definitive agreement with Denison Mines Corp. The company has also received final approval from the TSX Venture Exchange to close the transaction.

With all approvals obtained, the earn-in option granted by the agreement is effective as of Jan. 24, 2024. As communicated in the Jan. 16, 2024, press release, the 5-per-cent gross over riding royalty (GORR) sold to Denison is now reduced to 2 per cent. The GORR will be eliminated in its entirety on the earlier of: (i) the date that Denison completes the first earn-in option under the agreement; and (ii) the date that is 15 months after date of the agreement unless Denison elects to forfeit its rights to exercise an earn-in option prior thereto.

Conference call playback details

The company recorded a conference call on Jan. 16, 2024, describing the transaction, a playback of which can be found on-line.

About Denison Mines Corp.

Denison is a uranium exploration and development company with interests focused in the Athabasca basin region of Northern Saskatchewan, Canada. The company has an effective 95-per-cent interest in its flagship Wheeler River uranium project, which is the largest undeveloped uranium project in the infrastructure-rich eastern portion of the Athabasca basin region of Northern Saskatchewan. In mid-2023, a feasibility study was completed for Wheeler River's Phoenix deposit as an in situ recovery mining operation, and an update to the previously prepared prefeasibility study was completed for Wheeler River's Gryphon deposit as a conventional underground mining operation. Based on the respective studies, both deposits have the potential to be competitive with the lowest-cost uranium mining operations in the world. Permitting efforts for the planned Phoenix ISR operation commenced in 2019 and have advanced significantly, with licensing in progress and a draft environmental impact statement submitted for regulatory and public review in October, 2022.

Denison's interests in Saskatchewan also include a 22.5-per-cent ownership interest in the McClean Lake joint venture, which owns several uranium deposits, and the McClean Lake uranium mill, contracted to process the ore from the Cigar Lake mine under a toll milling agreement, plus a 25.17-per-cent interest in the Midwest Main and Midwest A deposits and a 67.41-per-cent interest in the THT and Huskie deposits on the Waterbury Lake property. The Midwest Main, Midwest A, THT and Huskie deposits are located within 20 kilometres of the McClean Lake mill.

Through its 50-per-cent ownership of JCU (Canada) Exploration Company Ltd., Denison holds additional interests in various uranium project joint ventures in Canada, including the Millennium project (JCU, 30.099 per cent), the Kiggavik project (JCU, 33.8118 per cent) and Christie Lake (JCU, 34.4508 per cent).

Denison's exploration portfolio includes further interests in properties covering approximately 285,000 hectares in the Athabasca basin region.

About Grounded Lithium Corp.

Grounded Lithium is a publicly traded lithium brine exploration and development company that controls approximately one million metric tonnes of measured and indicated lithium carbonate equivalent mineral resource and approximately 3.2 million metric tonnes of inferred lithium carbonate equivalent resource over its focused landholdings in southwest Saskatchewan as per the company's updated preliminary economic assessment. The updated PEA, titled "NI 43-101 Technical Report: Preliminary Economic Assessment Kindersley Lithium Project -- Phase 1 Update," dated Nov. 7, 2023, and effective as of June 30, 2023, reports a phase 1 net present value (8 per cent) after tax of $1-billion (U.S.) with an after-tax internal rate of return of 48.5 per cent. Grounded Lithium's multifaceted business model involves the consolidation, delineation, exploitation and ultimately development of its opportunity base to fulfill its vision to build a best-in-class, environmentally responsible, Canadian lithium producer supporting the global energy transition shift.

Qualified persons

Scientific and technical information contained in this press release has been prepared under the supervision of Doug Ashton, PEng, Alexey Romanov, PGeo, Meghan Klein, PEng, Dean Quirk, PEng, Jeffrey Weiss, PEng, Chad Hitchings, PLEng, and Michael Munteanu, PEng, each of whom is a qualified person within the meaning of National Instrument 43-101.

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