Mr. Jonathan Buick reports

CHAMPION ELECTRIC EXPLORES POSSIBLE EXTENSION OF IRON CREEK TREND ONTO ITS TWIN PEAKS COBALT PROJECT IN IDAHO

Champion Electric Metals Inc. has received the final reports and fully processed data for the unmanned aerial vehicle-based aeromagnetic survey conducted by MWH Geo-Surveys (Reno) at the Twin Peaks project, Lemhi county, Idaho.

The principal findings from the survey support a possible southeasterly continuation along strike of the favourable rocks and structures that host known copper-cobalt mineralization at the Iron Creek project, which is located adjacent to the Twin Peaks project.

The new high-resolution magnetics data revealed a sharp discrimination between magnetite-bearing and magnetite-deficient metasedimentary strata in the western portion of the Twin Peaks project. This magnetic contrast approximates the contact of the coarse unit with the overlying banded unit of the Apple Creek formation. The lower portion of the banded unit is host to significant copper-cobalt mineralization at the adjacent Iron Creek project of Electra Battery Materials, including both the Iron Creek resource and the Ruby zone discovery. Superposition of UAV-based aeromagnetic data at the Twin Peaks project onto regional U.S. Geological Survey aeromagnetic coverage allows recognition of the stratigraphic interval at the Twin Peaks project that is inferred to have the greatest potential to host additional Iron Creek-style copper-cobalt mineralization.

"The apparent southeasterly continuation along strike of the Iron Creek trend adds to our excitement about the potential of the western portion of the Twin Peaks project," commented president and chief executive officer Jonathan Buick. "Results of our recently completed phase I program of stream sediment and rock sampling are eagerly anticipated and will likely generate more targets across the property for our phase II efforts," he added.

The survey comprises 630 kilometres of east-west flight lines and over 1.4 million readings at approximately one-half-metre spacing. Average sensor height was 32 m above ground level and flight line spacing was 50 m. The data have been examined for quality assurance and subjected to additional processing and interpretation by James Wright, Wright Geophysics (Spring Creek, Nev.).

In addition to aeromagnetic data, MWH Geo-Surveys completed aeroradiometric data acquisition over a 4.75 square km test area, providing coverages for potassium, uranium, thorium and total count. Drone-based radiometrics is a new technology that may lower the cost and increase the efficacy of this important mapping tool.

The Twin Peaks project comprises 2,761 hectares (6,820 acres) and includes both the historical Twin Peaks copper mine and the Badger basin prospect (refer to the Idaho Champion press release of March 23, 2023). The property is at an early stage of exploration but located approximately three kilometres southeast from Electra Battery Metals' advanced exploration-stage Iron Creek project, which boasts an indicated resource of 4.4 million tonnes* grading 0.19 per cent cobalt (Co) and 0.73 per cent copper (Cu) and 1.2 Mt* grading 0.08 per cent Co and 1.34 per cent Cu in the inferred category (National Instrument 43-101 technical report and mineral resource estimate for the Iron Creek cobalt-copper property, Lemhi county, Idaho, United States).

*The projects are at an early stage of exploration, and the company cautions that the qualified persons who have reviewed and approved this news release have not verified scientific or technical information produced by third parties.

Further, proximity to projects containing cobalt-copper resources offers no assurance that the rock types or resources reported by Electra, Jervois and others will extend onto the projects; nor should such proximity be assumed to imply similarity to mineralization and results reported by other companies in the district.

Corporate update

Champion Electric has also granted a total of six million restricted share units (RSUs) to its board of directors and CEO pursuant to the company's restricted share unit plan. All of the granted RSUs vest one-third over three years. Once vested, each RSU represents the right to receive one common share of Champion Electric or the equivalent cash value thereof at the company's discretion.

Qualified person

Patrick Highsmith, certified professional geologist (AIPG CPG No. 11702) and director of the company, is a qualified person as defined by National Instrument 43-101. Mr. Highsmith has helped prepare, reviewed and approved the technical information in this news release.

About Champion Electric Metals Inc.

Champion Electric is a discovery-focused exploration company that is committed to advancing its highly prospective lithium properties in Quebec, Canada, and cobalt properties in Idaho, United States. In addition, the company owns the Baner gold project in Idaho county and the Champagne polymetallic project in Butte county near Arco.

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