Ms. Michelle DeCecco reports

MONUMENTAL ENERGY CLOSES OPTION ACQUISITION AGREEMENT FOR THE TRANSFER OF THE SALAR DE TURI PROJECT

Monumental Energy Corp. has closed its previously announced transaction (see news release dated April 11, 2024) pursuant to an arm's-length option acquisition agreement with Summit Nanotech Corp. dated April 11, 2024, whereby the company has transferred and assigned its rights and obligations under the Turi option agreement (as defined herein) to Summit. The company had previously entered into an option agreement with Lithium Chile Inc. and its wholly owned Chilean subsidiary, Compania Minera Kairos Ltd., dated Oct. 5, 2022, as amended Aug. 24, 2023 (the Turi option agreement), whereby Monumental was granted an option to acquire a 50.01-per-cent interest in the Salar de Turi project from Lithium Chile. The Turi project is located 120 kilometres northwest of the Salar de Laguna Blanca and 60 km northeast of the city of Calama, Chile.

Pursuant to the acquisition agreement, in consideration for the assignment and assumption of the Turi option agreement, Summit must, within five business days of the closing of the acquisition, pay to Monumental $725,000 in cash and granted to Monumental a 2-per-cent net smelter return royalty on Summit's share of any future lithium production from the Turi project (subject to the exercise of the option by Summit to acquire a 50.01-per-cent interest in the Turi project pursuant to the Turi option agreement), in accordance with the terms set out in a royalty agreement between Monumental and Summit. Lithium Chile agreed to the acquisition of the Turi option agreement by Summit pursuant to the terms and conditions of the acquisition agreement in accordance with a letter agreement between Summit and Lithium Chile.

Stock options

The company also announces the granting of incentive stock options to certain of its directors, officers and consultants to purchase up to an aggregate 1.7 million common shares of the company at an exercise price of 11 cents per optioned share for a period of three years from the date of grant. The options were issued pursuant to the terms of the company's stock option plan and vest immediately upon the date of grant.

About Monumental Energy Corp.

Monumental Energy is an exploration company focused on the acquisition, exploration and development of properties in the critical and clean energy sector. The company has an option to acquire a 75-per-cent interest and title to the Laguna cesium-lithium brine project located in Chile and a 50.01-per-cent interest in the Salar De Turi lithium project in Chile. The company has an option to acquire a 100-per-cent interest in the Jemi heavy rare earth element project located in Coahuila, Mexico, near the Texas, United States, border. The company owns securities of New Zealand Energy Corp.

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