Mr. Sandy MacDougall reports

NORAM LITHIUM PROVIDES UPDATE ON ZEUS LITHIUM PROJECT MINE PLAN OPTIMIZATION WORK

Noram Lithium Corp. is providing an update on its 100-per-cent-owned Zeus lithium project, located in Clayton Valley in Nevada.

In mid-March, the company produced an updated mineral resource estimate (MRE) for Zeus, which outlined a measured and indicated resource estimate of 5.2 million tonnes lithium carbonate equivalent (LCE) (1,034 million tonnes at 941 parts per million (ppm) lithium), and an additional inferred resource estimate of 1.1 million tonnes LCE (235 million tonnes at 871 ppm lithium) utilizing a cut-off (1) of 400 ppm lithium (Li). Following the updated MRE, the company initiated several project derisking initiatives, including engaging an independent consultant to optimize the Zeus mine plan, focusing on the high-grade core of the deposit.

Highlights of the mine plan optimization analysis work completed to date

This analysis was derived from the existing MRE using a variable cut-off grade stockpiling strategy. Preliminary results of the work are as follows:

• Higher-grade material (HGO) for direct feed to processing: 39 million tonnes at 1,450 ppm Li;
• Higher-grade material stockpiled for processing after HGO: 22 million tonnes at 1,360 ppm Li;
• Medium-grade material stockpiled for processing after HGO: seven million tonnes at 1,120 ppm Li;
• Lower-grade material stockpiled for potential processing: 37 million tonnes at 850 ppm Li;
• Waste material: 38 million tonnes;
• Implied strip ratio of 0.36 (waste:material for processing);
• Contained LCE of 668,000 tonnes, approximately 11 per cent of the overall mineral resources;
• 19 years of operations processing high-grade/medium-grade material plus a potential additional mine life of 11 years processing low-grade stockpile, at a nominal processing rate of 3.5 million tonnes per year.

"The mine optimization work based on our updated mineral resource estimate has been successful at delineating a significant amount of material at grades over 50 per cent higher than our resource grade," stated Greg McCunn, chief executive officer of Noram. "The high-grade feed to the processing plant allows a reduction in throughput and lower upfront capital, while maintaining meaningful levels of lithium carbonate production for the electric vehicle battery market.

"Drill core samples at the HGO grade of 1,450 ppm Li have been used for our current metallurgical testwork and process design work. We expect to receive key results from this ongoing testing in the coming weeks."

The high-grade core of the Zeus deposit outcrops at surface and consists of a layer of high-grade material approximately 60 metres thick, 1,200 metres wide and 3,000 metres long.

Further mine planning work is currently being undertaken to schedule the preliminary pit-constrained resource. The scheduled mine plan will be used as the basis for the upcoming economic study on the Zeus project. Results of the optimization study are subject to change in upcoming economic study on the Zeus project.

The results of the optimization analysis are shown in the attached table.

The analysis was derived from the existing MRE using a variable cut-off grade and stockpiling strategy from measured, indicated and inferred mineral resources. Mineral resources are not mineral reserves and do not have demonstrated economic viability. There is no certainty that any mineral resource will be converted into mineral reserves.

About Noram Lithium Corp.

Noram Lithium is focusing on advancing its 100-per-cent-owned Zeus lithium project, located in Clayton Valley in Nevada, an emerging lithium hub within the United States. With the upsurge in the electric vehicle and energy storage markets, the company aims to become a key participant in the domestic supply of lithium in the United States. The company is committed to creating shareholder value through the strategic allocation of capital.

(1) Refer to the report, entitled, "Updated Resource Estimate Zeus Lithium Project, Esmeralda County Nevada," with an effective date of March 17, 2023, and filed under the company's filings on SEDAR+.

Qualified person

The technical information contained in this news release has been reviewed and approved by Brad Peek, MSc, CPG, who is a qualified person as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects, and also vice-president of exploration for Noram.

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