Mr. Sandy MacDougall reports

NORAM PROVIDES UPDATE

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

"Noram is extremely proud of its progress to date. By defining the high-grade pit on the Zeus property, we are now more confident than ever that no commercial production will be done in the valley without Zeus being at the centre of it," stated Sandy MacDougall, director. "We are currently in some of the worst markets we have seen, but as with all cycles, this will change. Despite the challenging conditions, the last couple months saw a number of strategic deals being done in the space, and we expect to see more in the forthcoming months. The whole industry is ripe for consolidation. Noram has an extremely valuable asset that is well positioned in a still growing lithium market."

According to Allan Pedersen, principal analyst for lithium with Wood Mackenzie: "The metallurgy of extracting lithium from clay (sediments) is more complex and less proven than from brine or hardrock sources," Mr. Pedersen said, in an interview. "Despite their complexity and high [capital expenditures], these projects are crucial for ensuring a stable, secure supply of lithium, reducing dependency on foreign sources, and supporting the broader goals of national security and economic growth.

"The United States will consume about a million tonnes of lithium carbonate equivalent by early next decade," Ioneer managing director Bernard Rowe said in an interview.

"Ensuring a secure and stable domestic supply is not just about bringing more lithium into the market. It's about national security and maintaining a competitive edge in the global [electric vehicle] market."

Will Adams, head of base metal research at Fastmarkets, warned of the sector's precarious state in his presentation at the conference. "The lithium market is in a difficult space. Low prices are putting the brakes on development, when in reality, there is no time to waste," he said. In the long term, demand for lithium carbonate equivalent is set to increase to 2.5 million tonnes by 2030, a substantial difference from the 292,000 tonnes of demand recorded in 2020.

Recently, Noram engaged Fundamental Research Corp. to provide an updated report on Noram. This report and coverage are available on-line.

The company also announces the resignation of Greg McCunn from the position of chief executive officer and director.

About Noram Lithium Corp.

Noram is focusing on advancing its 100-per-cent-owned Zeus lithium project located in Clayton Valley, 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.

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 vice-president of exploration for Noram.

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