Mr. Richard Kern reports

ICONIC FILES UPDATED TECHNICAL REPORTS ON SMITH CREEK AND GRASS VALLEY LITHIUM PROJECTS

Iconic Minerals Ltd. has filed amended National Instrument 43-101 -- Standards of Disclosure for Mineral Projects technical reports for the Smith Creek project located 24 miles (40 kilometres) south-southwest of Austin, Nev., and the Grass Valley project located 55 miles (88 km) south-southwest of Battle Mountain, Nev.

The NI 43-101 technical reports entitled "Geological Report and Summary of Field Examination, Smith Creek Property, Lander County Nevada" and the NI 43-101 technical report entitled "Geological Report and Summary of Field Examination, Grass Valley Property, Lander County, Nevada" are both dated effective Oct. 19, 2023. The updated technical reports were prepared pursuant to NI 43-101 by a qualified person, Robert A. Lunceford. The updated technical reports are available on the company's SEDAR+ profile and on the company's website.

Smith Creek lithium property

Extensive exposures of Tertiary siliceous ash flow tuff units, which are recognized source rocks for lithium, surround the Smith Creek property both on the east and west. Lithium was eroded and deposited in the closed basin. On the west side of the property, hot geothermal springs occur along major faults. Limited geochemical surficial sampling of sediments surrounding the hot springs conducted by Iconic 470 parts per million Li, considered to be strongly anomalous. Two magnetotelluric (MT) surveys have identified a low resistivity horizon averaging 650 feet (200 metres) in thickness. This lithium brine target MT anomaly occurs 650 feet (200 m) to over 3,000 feet (one km) below the surface. The fault related lithium anomaly and the low MT resistivity indicate a possibly significant target.

Grass Valley lithium property

At Grass Valley tertiary siliceous volcanic units occur on the western side of the basin and provide a critical source for lithium-rich sediments or brines. The basin is flanked by hot geothermal springs which are believed to enhance the solubility of lithium and lower the pH of the brine to reduce the precipitation of lithium ions out of solution. To determine brine potential a single, north-south MT (magneto telluric) survey line was conducted. The survey indicated that a significant low resistivity zone possibly indicating brine occurred within the alluvial sequence. The depth to the low resistivity target ranges from 2,500 feet (760 m) to more than 3,300 feet (1,000 m) beneath the surface. Limited surface sampling confirmed that lithium in sediments assayed up to 310 ppm Li which is considered to be significantly anomalous.

Qualified person

Richard Kern, certified professional geologist, a qualified person as defined by Canadian National Instrument 43-101, has reviewed and approved the technical information contained in this news release. Mr. Kern is not independent of the company as he is the chief executive officer of Iconic.

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