Mr. Gregg Smith reports

GROUNDED LITHIUM ANNOUNCES PRIVATE PLACEMENT OF $500,000 WITH INSIDER COMMITMENT OF $250,000

Grounded Lithium Corp. has arranged a non-brokered private placement for a minimum of $500,000 with commitments from certain insiders of $250,000. The private placement will comprise a unit offering with the underlying Class A common share priced at 11 cents per share, with a one-half common share purchase warrant attached to each unit. Each whole warrant may be exercised into a common share at a strike price of 18 cents for up to 24 months. The warrants also have a forced acceleration clause wherein, if the trading price of the common shares trades at a 50-per-cent premium to the warrant strike price (27 cents per share) for 20 consecutive trading days, the company can elect to force conversion on 30 days of notice. The common shares will be subject to a four-month hold period pursuant to securities regulations. Should the company close on the minimum financing which is expected to be on or around Sept. 20, 2023, insider ownership of the company will be approximately 16 per cent.

The proceeds will be used for general corporate purposes and advancing the engineering design on the company's field pilot.

"With a recently filed independent preliminary economic assessment of the Kindersley lithium project, phase 1, concluding an after-tax net present value of greater than $1-billion (U.S.), we are excited to move the company forward by executing on the business plan and begin to capture this intrinsic value in our public valuation," commented Greg Phaneuf, senior vice-president, corporate development and chief financial officer. "This financing is a continued show of support and conviction that GLC has the potential to become a significant lithium resource developer in Western Canada. This capital will be used to fund ongoing development and corporate expenses as the company continues to evaluate other capital raising strategies, as communicated in our Q2 2023 earnings release on Aug. 28, 2023."

About Grounded Lithium Corp.

Grounded is a publicly traded lithium brine exploration and development company that controls approximately 4.2 million metric tonnes of lithium carbonate equivalent of inferred resource over its focused landholdings in southwest Saskatchewan as of the effective date of the PEA.

We seek Safe Harbor.