Mr. Nathan Rotstein reports

EDISON LITHIUM ANNOUNCES REGULATORY APPROVAL TO COMPLETE PROPOSED SPIN-OUT OF COBALT ASSETS

Edison Lithium Corp. has received conditional approval from the TSX Venture Exchange for the proposed plan of arrangement and spinout of its cobalt assets in Northeastern Ontario, referred to as the Kittson cobalt property.

The spinout will be achieved pursuant to an arrangement agreement to be executed between the company and Edison Cobalt Corp. (SpinCo), a wholly owned subsidiary of the company. Subject to the terms of the arrangement agreement, approval of shareholders at a meeting of Edison shareholders, approval of the British Columbia Supreme Court and final acceptance of the exchange, the company will spin out SpinCo to its shareholders and the company's Kittson cobalt property will be transferred to SpinCo in exchange for shares in the capital of SpinCo. The SpinCo shares will be distributed to the company's shareholders on a pro rata one-for-one share basis. The transaction will be completed by way of statutory plan of arrangement provisions of the Business Corporations Act (British Columbia).

There will be no change in Edison shareholders' holdings in the company as a result of the spinout and, if the spinout is completed, shareholders will own shares in both companies, Edison and SpinCo. The company expects the spinout will increase shareholder value by allowing capital markets to ascribe value to the Kittson cobalt property independent of the company's lithium properties.

In connection with the transaction, the company intends to seek a listing of the SpinCo shares on the exchange, however no assurance can be provided that such a listing will be obtained. Listing will be subject to SpinCo fulfilling all of the requirements of the exchange.

SpinCo intends to undertake a private placement financing in order to raise gross proceeds of up to $1.5-million at a price of five cents per security with terms to be determined at a later dated based on prevailing market conditions.

Nathan Rotstein, Edison's chief executive officer, commented, "We are pleased with this news which advances the process of our being able to provide two 'pure play' vehicles in the important battery metals space."

Further details of the spinout, private placement and timing of the meeting of Edison shareholders 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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