Mr. Rob Shewchuk reports

LITHIUMBANK CLOSES $2.25 MILLION PRIVATE PLACEMENT

LithiumBank Resources Corp. has closed a non-brokered private placement for gross proceeds of $2,250,462 through the issuance of 3,750,770 common shares of the company at an issue price of 60 cents per share.

The company intends to use the net proceeds of the private placement primarily for working capital and for general corporate purposes.

The shares issued pursuant to the private placement are subject to a four-month hold period from the closing date of the private placement under applicable Canadian securities laws, in addition to such other restrictions as may apply under applicable securities laws of jurisdictions outside Canada.

Multilateral Instrument 61-101

In connection with the private placement, Christopher Murray, a director of the company, participated in the private placement by purchasing 140,000 shares for $84,000 (representing approximately 3.7 per cent of the proceeds from the private placement), bringing his aggregate shareholdings in the company to 2,652,000 (representing approximately 3.9 per cent of the issued and outstanding shares postclosing). The insider subscription constituted a related party transaction within the meaning of Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions. Notwithstanding the foregoing, the directors of the company have determined that the interested party's participation in the private placement will be exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 in reliance on the exemptions set forth in sections 5.5(a) and 5.7(1)(a) of MI 61-101. A material change report was not filed more than 21 days prior to closing of the private placement because the details of the private placement and the insider subscription therein had not been confirmed at that time.

About LithiumBank Resources Corp.

LithiumBank Resources is a publicly traded lithium company that is focused on developing its two flagship projects, Boardwalk and Park Place, in Western Canada. These projects host some of the largest lithium brine resources in North America. The company holds 1,240,140 acres of brownfield brine hosted mineral licenses across three districts in Alberta and Saskatchewan. The company has pilot tested multiple mature direct lithium extraction (DLE) technologies and has signed a development agreement for the Boardwalk project. This agreement includes binding DLE licensing terms with a leading energy services and technology supplier to provide a cost-effective and commercially viable end-to-end solution. The company is now working toward establishing commercial lithium production using a modular scale-up approach.

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