Mr. Carlos Vicens reports

FULL CIRCLE LITHIUM ADVANCING DEMO LITHIUM PLANT, LITHIUM BATTERY FIRE SUPPRESSANT, AND PROGRESSING ON OTHER FRONTS

Full Circle Lithium Corp. has provided a corporate update on its activities.

Modular demonstration plant ramp-up

The company's specialized modular demonstration lithium extraction and processing plant utilizing its proprietary extraction and processing technology (LEP technology) has been installed at the client's U.S. chemical facility. This type of modular plant is designed to be easily installed at clients' sites and extract and purify lithium from clients' lost lithium-rich effluents. Initial extraction and purification of lithium at the demo plant have been positive and have verified that Full Circle's LEP is able to recover high levels of lithium and reduce impurities to the client's specifications. Full Circle is now in the process of ramping up the demo plant to full capacity. Upon successful ramp-up and verification by the client that the product meets its specifications, and subject to a definitive agreement with the client, Full Circle will enlarge the demo plant to a commercial-scale plant with an annual capacity of 500 tonnes of lithium per year.

Progress with specialty lithium fire suppressant solution

The company is testing its specialty lithium-ion battery fire suppressant solution (FSS) with a United States-based third party testing facility to verify the internal positive results of its FSS in fighting lithium battery fires. The FSS was initially developed by the company, using its extensive lithium experience, to safely recycle batteries. Additional details to follow once the proposed live testing is confirmed. The company continues its patent protection work concerning its FSS invention.

Lithium carbonate plant and facilities

Full Circle's Georgia facility has been fully refurbished, including employee offices and other operating facilities. The company is awaiting long-lead-time equipment to finalize its on-site laboratory for product testing and R&D (research and development) work.

The Georgia facility has been qualified for a stated capacity of up to approximately 2,000 tonnes per year and is currently being retrofitted with an enhanced dryer system to improve heat and drying efficiency.

In addition, the company has built a commercial-scale system to produce its proprietary lithium sorbent, which is a critical component of the company's LEP technology. The company continues its patent protection work concerning its LEP technology.

Full Circle's battery recycling unit has now safely processed over 500 lithium-iron-phosphate (LFP) large-format battery cells and is working to retrofit the current plant infrastructure to create a more robust and efficient battery processing system to produce battery-grade lithium carbonate before year-end.

Other corporate matters

The company is pleased to announce that Gareth Bowra has joined the company as chief financial officer, replacing Omar Gonzalez. The company would like to thank Mr. Gonzales for his valuable service and to wish him the very best in his future endeavours. Mr. Bowra is a chartered professional accountant with over 10 years of public and private company experience, and holds a bachelor of commerce degree from Mount Allison University. Mr. Bowra began his career with BDO Canada LLP working in assurance for over four years before transitioning into an industry role as a controller followed by a financial controller role with a global environmental consulting firm. Since 2021, Mr. Bowra has been manager of financial reporting and advisory services at Treewalk (formerly ACM Management Inc.), working with a variety of publicly listed companies trading on the TSX Venture Exchange, the Canadian Securities Exchange and the OTC (over-the-counter) market along with private companies looking to go public.

In addition, the company has added extensive investor relations and capital markets expertise through its engagement of TLG Growth Capital and its principal, John Rathwell, a very experienced capital markets executive, as its investor relations adviser. The engagement will continue until terminated in accordance with the terms and provisions of the agreement between TLG and Full Circle. Pursuant to the agreement, TLG has a monthly $5,000 retainer and the company has granted 500,000 share options, subject to vesting, to the principal of TLG. The options will be exercisable at a price of 70 cents per share. TLG's mandate will focus on developing and expanding the network of investors, analysts and financial intermediaries. The TLG agreement is subject to the approval of the TSX Venture Exchange.

About Full Circle Lithium Corp.

With a fully permitted lithium processing plant in Georgia and a complement of seasoned lithium experts, Full Circle is a lithium processor focused on lithium and battery materials reintegration to meet the demand for crucial battery-grade raw materials, utilizing proprietary technology and know-how. Full Circle is focused on three complementary battery material processing divisions: battery recycling from end-of-life lithium-ion batteries; lithium mid-stream recycling from industrial and chemical feedstock; and lithium refinery from upstream feedstock.

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