Mr. Kal Malhi reports

HERTZ LITHIUM: DISCOVERY OF MULTIPLE OUTCROPPING PEGMATITE DYKES IDENTIFIED AT AC/DC LITHIUM PROJECT - JAMES BAY, CANADA

Hertz Lithium Inc. has noted the completion of initial fieldwork by consulting geologist from Mercator Geological Services Ltd. This initial work has resulted in the discovery of several pegmatite outcrops on the property with strike lengths up to 100 metres.

Hertz Lithium chief executive officer and director Kal Malhi stated: "Hertz Lithium just closed the transaction to acquire Canuck Lithium and the AC/DC lithium project in James Bay on Oct. 25, 2023. With the help of Dahrouge Geological and Mercator Geological, we were able to assemble an exploration crew to rush onto the property during the final workdays of the exploration season. With only 3.5 workdays on the ground before the weather in James Bay turned adverse, we were able to target some very high-priority targets on the property and complete initial prospecting. The identification of multiple advanced pegmatites with lithium-associated minerals on the property is encouraging and provides our exploration teams strong confidence on the merits of the AC/DC project as well the adjoining Rio Tinto Kaanaayaa lithium project which hosts similar geology as the AC/DC lithium project. "

The AC/DC project encompasses 516 contiguous mineral claims spanning 265 square kilometres, located contiguous to Rio Tinto's Kaanaayaa lithium project as well as 26 km southeast of the Corvette lithium project owned by Patriot Battery Metals with an inferred mineral resource of 109.2 million tonnes at 1.4 per cent Li2O (lithium oxide) and 60 km west of Winsome Resources' Adina lithium property.

Work completed on AC/DC project in 2023

The Mercator Geological team was following up on targets generated from desktop research and hyperspectral surveys on the property that generated 12 highly prospective pegmatite targets by Dahrouge Geological. Of significance was target 7, where a 100-metre-long-by-10-metre-wide pegmatite was discovered within the host amphibolite. Pegmatite compositions include white to pink feldspar, grey quartz, trace biotite plus/minus red garnet.

In addition, the fieldwork positively identified tourmaline within pegmatite veins (up to 50 centimetres wide) hosted in strongly deformed biotite-schist within target 9. Composition of these veins included white feldspar, grey/purple quartz, common black tourmaline, trace red garnets and rare biotite. The presence of tourmaline in a pegmatite body could be indicative of an evolved melt source that may be related to the emplacement of LCT-type (lithium-cesium-tantalum) pegmatites in the area. Further detailed mapping and sampling is required to confirm the presence of an LCT-type pegmatite system within the property.

A total of 10 outcrop and rock samples were collected by Mercator geologist across the property during the initial three-day field visit. All samples have now been sent to ALS in Val d'Or, Que., for sodium peroxide borate fusion analysis. Results are expected in four to six weeks.

Property geology

The property encompasses amphibolized mafic volcanics of the Rouget and Corvette formations and plutons of the Vieux Comptoir intrusive suite, similar to the geological setting that hosts both the Cancet and Corvette lithium projects. Both Cancet and Corvette are hosted by amphibolite rocks of Guyer group, which is similar in age to the Rouget formation (Mesoarchean). The northwest-trending mafic volcanics of Rouget and Corvette formations and associated Vieux Comptoir suite continue northwest to the adjacent Rio Tino/Exploration Azimut Inc. and Rio Tinto/Exploration Midland Inc. project areas.

Mr. Malhi continues: "In James Bay, the Patriot Battery Metals' 109.2 Mt discovery launched a frenzy of activity in the region this past summer with the first ever focus on lithium exploration. However, a severe summer fire season in June delayed exploration until mid to late October. The theory that James Bay is a world-class lithium district is proving to be true with many new discoveries being announced around the Patriot Battery deposit. We are very pleased with exploration results from our AC/DC lithium project that Hertz acquired and congratulate the other companies and their discoveries shown."

Hertz Lithium exploration plans: engaged Dahrouge Geological Consulting Ltd.

The company is working with Dahrouge Geological Consulting and Mercator Geolgoical Services to further advance the project. With the confidence generated from the current surface exploration, Hertz is undertaking a flow-through financing to finance an aggressive exploration program at the project.

Immediate plans are to complete an aerial light detection and ranging (lidar) survey and high-resolution ortho imagery for an enhanced understanding of the AC/DC project's lithology and further confirmation of the priority targets prior to undertaking ground exploration programs. The survey is designed to produce a submetric-scale topographic model of the ground surface and high-resolution imagery with less than 20 cm pixel resolution. Pegmatite structures occur as elongated bodies, often relatively more resistant to erosion than their surrounding wall-rock, and can form subtle elongated ridge-like features. These discrete topographic highs and other geological features of interest can be identified through analysis of the high-resolution remote sensing data sets even in areas of thick vegetation.

Non-brokered private placement of units

Additionally, the company is pleased to announce a non-brokered private placement for gross proceeds of up to $2-million.

The private placement will consist of the issuance of up to 5,263,158 flow-through units at a price of 38 cents per charity FT unit for gross proceeds of up to $2-million. Each charity FT unit will comprise one common share in the capital of the company, to be issued as a flow-through share in the capital of the company within the meaning of the Income Tax Act (Canada) that will be issued as part of a charity arrangement, and one share purchase warrant. Each warrant will entitle the holder to purchase one additional non flow-through share for a period of 24 months from the closing date at an exercise price of 40 cents per warrant share. The warrants will contain an accelerated option clause that states that if the shares close at or above 60 cents for a period of 14 consecutive trading days on the Canadian Securities Exchange, then the company may accelerate the expiry date of the warrants by issuing a news release announced the reduced warrant term, pursuant to which the warrants will expire on the 30th calendar day after the date of such news release.

The gross proceeds from the issuance of the charity FT units will be used for Canadian exploration expenses within the meaning of the tax act, which will be incurred on or before Dec. 31, 2024, and renounced with an effective date no later than Dec. 31, 2023, to the initial purchasers of the charity FT units in an aggregate amount not less than the gross proceeds raised from the issue of charity FT units.

The private placement may close on one or more dates as the company may determine.

All securities issued in connection with the private placement will be subject to a statutory hold period of four months and one day following the date of issuance in accordance with applicable Canadian securities laws.

"This strategic financing will garner the required funds to ensure a robust exploration program in James Bay, Quebec, through the charity flow-through as well as additional funds for our projects in the Americas. We'd like to thank Mercator's team for their efforts in the challenging conditions they faced. Once again, these results confirm the merits of the AC/DC project and we look forward to spending much more time on the property next field season," said Mr. Malhi.

About Hertz Lithium Inc.

Hertz Lithium is a British Columbia-based junior exploration company primarily engaged in the acquisition and exploration of mineral properties. The company's lithium exploration projects include the Lucky Mica lithium project, the AC/DC lithium project and the Patriota lithium projection. The Lucky Mica project is 939 hectares located within the Arizona pegmatite belt in the Maricopa county of Arizona, United States. The AC/DC project is 26,500 hectares located in the renowned James Bay lithium district in Quebec, Canada, just 26 km southeast of the Covette lithium project owned by Patriot Battery Metals and is contiguous to Rio Tinto's Kaanaayaa project claims. The Patriota lithium project is 2,963 hectares located within the eastern Brazilian pegmatite province in Minas Gerais, Brazil, and host to similar geology as Sigma's green lithium mine. The company is also working with Penn State University's College of Earth and Mineral Science department to develop a novel patent-pending hard-rock lithium extraction technology that utilizes a process for extracting lithium directly from alpha-spodumene.

The scientific and technical information contained in this news release has been reviewed and approved by Matthew Harrington, PGeo, OGQ, president of Mercator Geological Services, a qualified person within the context of Canadian Securities Administrators' National Instrument 43-101 -- Standards of Disclosure for Mineral Projects.

We seek Safe Harbor.