Mr. Jason Gigliotti reports

SIENNA ENTERS INTO AN AGREEMENT FOR AN OPTION TO ACQUIRE 100% OF THE "ELKO LITHIUM PROJECT" IN ELKO COUNTY, NEVADA BORDERING SURGE BATTERY METALS

Sienna Resources Inc. has entered into an arm's-length property option agreement whereby it has been granted an option to acquire a 100-per-cent interest in the Elko lithium project in Elko county, Nevada. This project consists of approximately 1,200 contiguous acres directly bordering Surge Battery Metals' Nevada North lithium project in Elko county, Nevada. This agreement is subject to TSX Venture Exchange approval. The Nevada North lithium project has returned some of the highest grades for lithium in Nevada. According to Surge's website, "Drill hole NN2207 intersected the thickest intervals of lithium-rich claystone encountered to date; a total of 120.4 metres (395 feet) averaging 3,943 parts per million lithium in four zones." Plans are being formulated immediately for the first phase of work on this project. Sienna management cautions that past results or discoveries on properties in proximity to Sienna may not necessarily be indicative of the presence of mineralization on the company's properties.

Jason Gigliotti, president of Sienna, states: "This is one of the most exciting lithium regions in North America. The grades that were encountered by Surge are some of the highest grades attained in Nevada and having a project that is directly bordering this new lithium discovery holds tremendous promise for Sienna's shareholders. We plan to immediately commence plans for the first phase of work on this project. Not only do we have this new lithium project, but Sienna is one of the largest landholders in Clayton Valley, Nevada, through its other property interests. Sienna has adequate cash resources for anticipated exploration plans and we expect to very active on multiple fronts in the remainder of 2023. Management is very optimistic about the future and looks forward to what will happen in the ground on these projects."

Recently, the Bureau of Land Management (BLM) has given Sienna approval for up to four additional holes to be completed on the 100-per-cent-owned Blue Clay lithium project in Clayton Valley, Nevada. On March 25, 2022, Sienna revealed a new lithium discovery on the Blue Clay lithium project. Lithium values as high as 1,230 ppm Li were encountered. The Blue Clay lithium project consists of 150 contiguous claims totalling approximately 2,950 acres prospective for lithium right in the heart of the Clayton Valley in Nevada, which is currently home to the only producing lithium region in North America.

Terms of the agreement:

• Upon receipt of conditional approval from the exchange, the optionee has the exclusive right and option to earn a 100-per-cent legal and beneficial interest in the Elko lithium project from the owner by making cash payments totalling $92,000 and issuing stock totalling 16 million shares as set out below:
  • Paying the optionor $92,000 within five days of all applicable approvals (including receipt of conditional approval of the exchange);
  • Issuing the optionor 10 million common shares within five days of all applicable approvals (including receipt of conditional approval of the exchange);
  • Issuing the optionor three million common shares within 10 days of drilling a hole that returns drilling results evidencing at least 1,000 ppm lithium anywhere in the hole;
  • Issuing the optionor three million common shares within 10 days of receiving a technical report (in compliance with National Instrument 43-101) by an acceptable and accredited third party evidencing a minimum of one million LCE (lithium carbonate equivalent) with a 300 ppm cut-off.

The option agreement constitutes an expedited acquisition under the policies of the exchange. All common shares issuable under the option agreement will be issued with a restrictive period of four months and one day. There were no finder's fees payable in connection with the option agreement.

About Sienna Resources Inc.

Sienna is one of the larger landholders in Clayton Valley, Nevada. Sienna's Clayton Valley projects include the Blue Clay lithium project, the Silver Peak South project and the Clayton Valley Deep basin lithium project. The Clayton Valley is home to the only lithium production in North America, being Albemarle Corp.'s Silver Peak deposit. This project is also near Tesla Motors Inc.'s Gigafactory in Nevada. On March 18, 2021, Schlumberger New Energy Venture announced the development of a lithium extraction pilot plant through its new venture, NeoLith Energy, in a strategic partnership with Pure Energy. The deployment of the pilot plant will be in Clayton Valley, Nevada, United States. The NeoLith Energy sustainable approach uses a differentiated direct lithium extraction (DLE) process to enable the production of high-purity, battery-grade lithium material while reducing the production time from over a year to weeks. Results from this pilot plant are expected in 2023 and could have a significant impact on the brine prospects within Clayton Valley, Nevada. Sienna also has the Marathon North platinum-palladium property in Northern Ontario directly bordering Generation Mining's Marathon deposit.

Qualified person

Frank Bain, PGeo, a qualified person as defined by National Instrument 43-101, has reviewed and approved the scientific and technical disclosure contained within this news release.

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