Mr. Gregg Smith reports

GROUNDED LITHIUM REPORTS 2023 YEAR END FINANCIAL AND OPERATING RESULTS

Grounded Lithium Corp. has released its financial and operating results for the three- and 12-month period ended Dec. 31, 2023. Selected financial and operational information is set out below and should be read in conjunction with the company's Dec. 31, 2023, financial statements and the related management's discussion and analysis, which are available for review on SEDAR+ or the company's website.

2023 financial and operational highlights:

• On March 16, the company closed a strategic tuck-in acquisition of 33 sections (8,498 hectares) of lithium resource lands contiguous to existing acreage and important in the development of the early phases of the Kindersley lithium project (KLP). The tuck-in raised total inferred lithium carbonate equivalent (LCE) resources to 4.2 million tonnes.
• On May 25, the company announced the selection of Koch Technology Solutions' Li-Pro direct lithium extraction technology as the solution of choice for the KLP for the coming field pilot. This culminated an extensive process of screening all available choices in this area. Based on the brine chemistry associated with the KLP, the Li-Pro yielded the most encouraging results with 98-per-cent lithium extraction recovery rates and 99-per-cent rejection rates of unwanted ions.
• On July 26, the company announced the results of the KLP's maiden preliminary economic assessment (PEA). The PEA results represent some of the leading economics in the lithium from brine industry in North America, with an after-tax internal rate of return (IRR) of 48.5 per cent and an after-tax net present value, discounted at 8 per cent, of $1-billion (U.S.), all based on a realized sales price of $25,000 (U.S.)/tonne. Given the low operating and capital expense items of the KLP, the economics are resilient to sales price variability which at current prices the IRR and NPV8 for the KLP remains positive at 27 per cent and $406-million (U.S.), respectively.
• On Sept. 25, the company closed on an upsized non-brokered unit private placement for $765,000, of which a significant percentage came from insiders of the company. Proceeds have been used to meet continuing corporate commitments.
• On Oct. 24, the company announced an upgrade on 24 per cent of its total inferred LCE resource to a combination of measured mineral resource and indicated mineral resource (M&I), providing a higher degree of certainty on the resource base. This upgrade centered around the location of the initial first two phases of the KLP. Upgrade of resources to M&I represents a significant step in the preparation of certain project feasibility studies.
• While not an event during the fiscal 2023 period, Grounded Lithium executed a series of agreements with Denison Mines Corp. on Jan. 15, 2024, wherein Denison has the option to become a majority working interest owner in the KLP by financing project expenditures, in addition to cash payments directly to Grounded Lithium, over three distinct phases. Denison is a well-capitalized Saskatchewan-focused uranium development company. The agreements with Denison provide for the potential of significant development of the KLP without the need for Grounded Lithium to dilute interests either at the asset or corporate level.

Operational and corporate update

Two thousand twenty-three represented a year of significant progress operationally for the company and for the KLP specifically. Many of the third party reports filed through the various regulatory channels supported the company's original geologic and business model. With some of the more robust economics at the project level as compared with other lithium from brine operation in north America, it is no surprise that Grounded Lithium attracted the financial and operational interest of Denison. Its partnership with Koch Technology Solutions provides the basis of a potential commercially viable lithium extraction methodology. Further, subsequent to year-end, Koch, through one of its affiliates, supported the efforts of the company and the KLP by agreeing to take outstanding amounts owed to them in the company's stock. This represents a vote of confidence by a world-class entity. The evolving partnership with Denison sets the stage for continued advancement of a commercial lithium from brine operation. The financing at the end of Q3 2023, in addition to the financing provided through the transaction with Denison, affords the company some degree of financial stability in the midst of very volatile commodity and economic markets.

Looking ahead, the company is hard at work in continuing discussions and budget setting with representatives from Denison to determine the next best course of action for the KLP. Future communications will be provided once finalized.

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 NPV8 after-tax of $1-billion (U.S.) with an after-tax IRR of 48.5 per cent. Grounded Lithium's multifaceted business model involves the consolidation, delineation, exploitation and ultimately development of its 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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