Mr. Jonathan Buick reports

CHAMPION ELECTRIC LAUNCHES GRAVITY SURVEY TO IDENTIFY SOURCE OF SPODUMENE IN TILL SAMPLES AT ITS JAMES BAY, QUEBEC, LITHIUM PROPERTY

Champion Electric Metals Inc. has initiated a gravity survey to pinpoint the pegmatite source rock of the spodumene (a primary lithium-bearing mineral) boulder and hundreds of spodumene rock fragments found in the till sampling from the company's initial regional exploration at the western part of its more than 500-square-kilometre James Bay lithium property in Eeyou Istchee, Que. The pristine nature of the spodumene boulder and the delicate crystal fragments discovered in shallow till sampling suggests that they did not travel great distances from their source.

The western end of the property abuts Winsome Resources' property, on which a large lithium resource discovery called Cancet has been announced. To the east, the company's property abuts Patriot Battery Metals' property which also announced a large lithium discovery. The same greenstone belt that hosts these large lithium discoveries runs on the company's property (cautionary note: lithium mineralization on adjacent properties is not indicative of mineralization on Champion's property).

The details of the company's initial important lithium discovery on the property are described in the company's news release in December, 2023.

The recent spodumene discovery made during surface rock and till sampling will be the focus of a high-resolution ground gravity survey, which Champion Electric's technical team has already commenced. Gravity has been shown to be an effective tool to map buried pegmatites with no surface showings, and applied at this scale, it is targeted to yield definitive drill targets.

The survey encompasses the sample site that yielded the spodumene (lithium-rich) boulder and hundreds of spodumene fragments and extends up ice (the opposite direction of glacial ice movement) for more than 1.5 kilometres. Ground gravity readings will be collected on a 20-metre-by-80-metre grid pattern along the Trans-Taiga Road and covering an area of approximately 1.35 square km. The company engaged local geophysical provider Abitibi Geophysics to complete the two-week-long program under the supervision of NewGen Geo, a consultancy specializing in the latest geophysical techniques in pegmatite exploration.

Jonathan Buick, president and chief executive officer, comments:

"Based on our initial work, we are very excited by the lithium discovery on just one small part of this large property. We are kicking off the next phase of exploration for 2024 by targeting this area with a high-resolution gravity survey to outline the buried source rock of the spodumene. A successful gravity survey should quickly lead to high-quality drill targets during the first quarter. Combining specialized geophysical surveying with focused till sampling is the key to unlocking the significant hard-rock lithium potential of this vast property, which is mostly covered by glacial and alluvial deposits. As a method for exploring beneath overburden, this type of survey is much lower impact than mechanical excavation or closely spaced drilling. Winter is also a good time to acquire gravity data. Access in the target area is excellent, so we expect to move quickly to complete the survey and prepare for our maiden drill program."

About high-resolution gravity and subsequent drilling

The gravity method is a low-impact technique that measures spatial variations in the Earth's gravitational field caused by contrasts in rock density. The intrusion of a mineralized pegmatite into metamorphosed basalt basement rocks is expected to produce a detectable gravity response even through snow and shallow transported glacial cover. Detailed ground gravity surveying has a proven successful record for Li-bearing pegmatite exploration in the region.

Results from the gravity survey are expected to be available at the beginning of February. Gravity anomalies indicative of a possible pegmatite body will be considered high-priority targets for imminent drill testing. The team already has selected drill permits in place and is currently considering drilling contractors. Drilling at the Western prospect can be done from the Trans-Taiga Road and could be scheduled as early as mid- to late March.

About the project

The company's lithium properties cover the northern extension of the Lac Guyer greenstone belt which hosts neighbouring Patriot Battery Metals' Corvette and Winsome Resources' Cancet advanced projects in the prolific James Bay region of Quebec.

Qualified person

Dr. Eric Hebert, PGeo, senior geological consultant, is a member (No. 0842) of the Ordre des Geologues du Quebec (OGQ) and a qualified person within the meaning of National Instrument 43-101, and has reviewed and approved the technical information contained in this press 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.

We seek Safe Harbor.