Mr. Kal Malhi reports

HERTZ LITHIUM ANNOUNCES CLOSING OF NON-BROKERED PRIVATE PLACEMENT

Hertz Lithium Inc., further to its news release on Nov. 21, 2023, has closed its non-brokered private placement for aggregate gross proceeds of $2,537,400. The private placement consisted of the issuance of: 5,763,333 units (the non-flow-through (NFT) units) at a price of 18 cents per NFT unit for gross proceeds of $1,037,400, with each NFT unit consisting of one common share in the capital of the company and one share purchase warrant; and 3.75 million flow-through (FT) units (the charity FT units) at a price of 40 cents per charity FT unit, for gross proceeds of $1.5-million, with each charity FT unit consisting of one share, to be issued as a flow-through share within the meaning of the Income Tax Act (Canada), and one warrant.

Each warrant entitles the holder thereof to purchase one additional share for a period of 24 months from the closing date at an exercise price of 40 cents per warrant share. The warrants are subject to an accelerated expiry upon 30 business days notice from the company in the event the shares trade for 14 consecutive trading days any time after four months from closing of the private placement at a volume-weighted average price of at least 60 cents on the Canadian Securities Exchange.

The net proceeds from the sale of NFT units will be used for the advancement of the company's lithium extraction technology, exploration at its Lucky Mica project, consulting/management fees, marketing/IR (investor relations), and general and administrative matters. The gross proceeds from the issuance of the charity FT units will be used for Canadian exploration expenses within the meaning of the Income 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.

About Hertz Lithium Inc.

The company is a British Columbia-based mineral exploration company primarily engaged in the acquisition and exploration of mineral properties. The company's lithium exploration projects include the Lucky Mica project, which is located along the Arizona pegmatite belt in the Maricopa county of Arizona, U.S., and the Patriota lithium project, located along the eastern Brazilian pegmatite province in Brazil, and the AC/DC lithium project, located in James Bay, Que. 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.

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