Mr. Nathan Rotstein reports

EDISON LITHIUM ANNOUNCES PROPOSED SHARE CONSOLIDATION

Edison Lithium Corp. intends to complete a consolidation of its issued and outstanding common shares on the basis of one new common share for every eight currently outstanding common shares.

Consolidation

It is anticipated the consolidation will reduce the number of outstanding shares of the company from 115,181,311 common shares to approximately 14,397,664 postconsolidation shares, subject to adjustment for rounding. The consolidation is subject to approval by the TSX Venture Exchange.

No fractional postconsolidation shares will be issued. If, as a result of the consolidation, a shareholder would otherwise be entitled to a fraction of a postconsolidation share, each fractional share following conversion that is at least one-half of a postconsolidation share will be rounded up to the nearest whole number and each fractional share that is less than one-half of a postconsolidation share will be cancelled. No cash consideration will be paid in respect of fractional shares.

In addition, the exercise price and number of postconsolidation shares of the company, issuable upon the exercise of outstanding securities convertible into postconsolidation shares, will be proportionally adjusted upon the implementation of the proposed consolidation in accordance with the terms thereof.

The company does not intend to change its name or its current trading symbol in connection with the proposed consolidation. The effective date and further details of the consolidation, subject to approval of the exchange, will be announced in a subsequent news release.

Pursuant to the provisions of the Business Corporations Act (British Columbia) and the articles of the company, the consolidation was approved by way of resolutions passed by the board of directors of the company.

Spinout update

By way of update regarding the proposed spinout of the company's cobalt assets in Northeastern Ontario, referred to as the Kittson cobalt property, into a newly incorporated subsidiary (SpinCo), to be carried out by way of statutory plan of arrangement pursuant to the Business Corporations Act (British Columbia) (see the company's news release of March 28, 2023), the common shares of SpinCo will now be distributed to the shareholders of Edison on the basis of one SpinCo share for every one postconsolidation share of Edison held. If the spinout is completed, shareholders will own shares in both companies, Edison and SpinCo.

The proposed spinout will be subject to the terms of an arrangement agreement to be entered into between Edison and SpinCo, approval of shareholders at a meeting of Edison shareholders, approval of the British Columbia Supreme Court, and approval of the exchange. The particulars of the spinout are not yet final, and shareholders are cautioned that there can be no assurance that the spinout will be completed on the terms described herein or at all. Further details of the spinout will be announced in a subsequent news release.

Stock option cancellation

The company also intends, subject to the voluntary forfeiture of stock options by the holders of such stock options, to cancel up to 100 per cent of its 8.3 million outstanding stock options. Further details of the cancellation of stock options will be announced in a subsequent news release.

About Edison Lithium Corp.

Edison Lithium is a Canadian-based junior mining exploration company focused on the procurement, exploration and development of cobalt, lithium and other energy metal properties. The company's acquisition strategy is based on acquiring affordable, cost-effective and highly regarded mineral properties in areas with proven geological potential. Edison is building a portfolio of quality assets capable of supplying critical materials to the battery industry, and intends to capitalize on and have its shareholders benefit from the renewed interest in the battery metals space.

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