An anonymous director reports

GROUNDED LITHIUM REPORTS THIRD QUARTER 2023 FINANCIAL AND OPERATING RESULTS

Grounded Lithium Corp. has released its financial and operating results for the three-month period and nine-month period ended Sept. 30, 2023. Selected financial and operational information is set out herein and should be read in conjunction with the company's Sept. 30, 2023, financial statements and the related management discussion and analysis, which are available for review on SEDAR+ or the company's website.

Third quarter 2023 financial and operational highlights:

• On July 26, 2023, the company announced the economic results of its maiden preliminary economic assessment (PEA). These results represent arguably top-decile results for a lithium-from-brine operation on a per-tonne basis. At a realized sales price of $25,000 (U.S.) per tonne of lithium hydroxide monohydrate (LHM), the after-tax internal rate of return on the first 11,000-tonne-lithium-hydroxide-monohydrate-per-year phase of the Kindersley lithium project (KLP) equates to 48.5 per cent while the after-tax net present value using an 8-per-cent discount rate is $1.3-billion, or $1-billion (U.S.). The strong economics directly speak to the extensive geological analysis conducted at the inception of the company -- resource plays with the lowest cost structure should rank at or near the top compared with similar operations.
• At the end of the quarter, the company closed a $765,000 non-brokered private placement, with a large percentage subscribed for by insiders of the company. Proceeds from the offering are being allocated to general corporate purposes. The offering was a unit offering comprising one Class A common share at a price of 11 cents together with a one-half warrant, where a full warrant can be exercised into a common share at a price of 18 cents for a period of two years.

Operational and corporate update

The company's go-forward business plan is robust; however, it relies on external sources of capital to progress. The company continues to evaluate a number of alternative strategies to allow it to execute on its stated business goals. In addition to traditional methods of raising capital in which insiders will continue to participate, the company actively pursues strategies, which include:

• Seeking funds under various government programs, which could defray the cost of both drilling and field pilot operations;
• Seeking funding and partnerships with one or more strategic partners; a strategic partner provides multiple benefits, including experience in either responsible resource development or technologies related to the company's emerging industry, an interest in realizing the robust value identified in its PEA, and/or a desire to support energy transition; the company maintains current dialogue with a number of qualifying strategic partners.

About Grounded Lithium Corp.

Grounded Lithium is a publicly traded lithium brine exploration and development company that controls approximately one million metric tonnes of measured and indicated lithium carbonate equivalent mineral resource and approximately 3.2 million metric tonnes of inferred lithium carbonate equivalent resource over its focused landholdings in southwest Saskatchewan as per the company's updated PEA. The updated PEA, titled "NI 43-101 Technical Report: Preliminary Economic Assessment Kindersley Lithium Project -- Phase 1 Update," dated Nov. 7, 2023, and effective as of June 30, 2023, reports a phase 1 after-tax net present value (discounted at 8 per cent) of $1-billion (U.S.) with an after-tax internal rate of return of 48.5 per cent. Grounded Lithium's multifaceted business model involves the consolidation, delineation, exploitation and ultimately development of the company's opportunity base to fulfill its vision to build a best-in-class, environmentally responsible, Canadian lithium producer supporting the global energy transition shift.

Qualified persons

Scientific and technical information contained in this press release has been prepared under the supervision of Doug Ashton, PEng, Alexey Romanov, PGeo, Meghan Klein, PEng, Dean Quirk, PEng, Jeffrey Weiss, PEng, Chad Hitchings, PL Eng, and Michael Munteanu, PEng, each of whom is a qualified person within the meaning of National Instrument 43-101.

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