Mr. Howie Honeyman reports

FORWARD WATER TECHNOLOGIES AND A LEADING LITHIUM RESOURCE DEVELOPER SIGN HEADS OF AGREEMENT

Forward Water Technologies Corp. has signed a heads of agreement with a leading developer of battery-grade lithium sourced from aquifers using direct lithium extraction (DLE) technology. This is a clear milestone toward completing a definitive agreement for the utilization of on-site forward osmosis equipment via a lease-to-own model.

The heads of agreement outlines the key terms and conditions of the proposed transaction between Forward Water and the lithium developer and forms the framework needed to complete the definitive agreement. The heads of agreement sets out the specific commercial terms that aim to achieve mutual growth and success in the sustainable aquafer-based lithium sector. The proposed lease-to-own model presents an innovative solution designed to address water reusability, and foster long-term sustainability and value for all stakeholders.

"We are delighted to have received approval for the heads of agreement with the lithium developer," comments Forward Water's chief executive officer and president, C. Howie Honeyman. "Reaching a mutually acceptable set of commercial terms represents a strategic step forward for both organizations and potentially opens up new opportunities for us to expand our market presence and deliver enhanced value to our stakeholders."

By formalizing the heads of agreement, both parties express their commitment to furthering the collaborative efforts, engaging in comprehensive discussions and conducting due diligence to shape the forthcoming definitive agreement. This definitive agreement will define the complete and binding terms, responsibilities and benefits of leveraging the lease-to-own delivery model.

The proposed definitive agreement will be subject to receipt of all necessary approvals, completion of due diligence and agreement on definitive terms. Forward Water and the lithium developer are determined to undertake these processes with diligence, aiming for a swift finalization in the near future.

About Forward Water Technologies Corp.

Forward Water Technologies is a publicly traded Canadian company dedicated to saving the Earth's water supply using its patented Forward Osmosis technology. The company was founded by GreenCentre Canada, a leading technology innovation centre supported by the government of Canada. The company's technology allows for the reduction of challenging waste streams while simultaneously returning fresh water for reuse or surface release. The company's mandate is to focus on the large-scale implementation of its technology in multiple sectors, including industrial waste water, oil and gas, mining, agriculture, and, ultimately, municipal water supply and reuse market sectors. In addition, the company has initiated early-stage research and development for the treatment of food and beverage process streams.

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