Mr. Phillip Thomas reports

SPEY RESOURCES CORP. COMPLETES MAGNETOTELLERIC GEOPHYSICS SURVEY - SHOWS THICK, LOW RESISTIVITY UNIT - CONTAINING LITHIUM BRINES NEAR SURFACE

Spey Resources Corp. has summarized its geophysics results at the Incahuasi Salar property, Candela II, where five DDH (diamond drill hole) wells were drilled in 2021. Lithium brine values of 153 parts per million and 174 ppm were assayed (please refer to the company's National Instrument 43-101 technical report titled "Technical Report for the Incahuasi Salar Lithium Concession, Salta Province, Argentina," dated June 10, 2022) from DDH4 and DDH5.

Highlights:

• Southern Rock Geophysics has completed the 1-D and 2-D inversions of the magnetotelleric (MT) survey on three lines. The results show a low-resistivity zone that extends to the eastern border of Candela II and extends from line L7312200 to line L7309700, a distance of approximately 2.5 kilometres. The survey penetrated to 4,000 metres depth.
• The conductive lithology units show a unit approximately 300 m in thickness about 50 m below the surface which is the aquifer intercepted.

The interpretation of the deeper geophysics shows approximately 300 m thick lithological units which were coarse sands in the upper sequences that were drilled to 200 m in 2021. The company anticipates its next drill program will be down to 350 m for one or more holes to access these units.

The interpretation of the 2-D inversion model shows a centre highly conductive intrusion, with basement rocks at 3,000 m ABSL, that have higher resistivity. No low-resistivity units exist below 3,250 m ABSL.

Between 643500E and 644400E there appears to be a slight anticlinal fold followed by a syncline fold that may control the depth of the aquifer to the east. The company expects to have a detailed report from Southern Rock Geophysics in the next few weeks.

Candela II National Instrument 43-101 resource statement

Ian Unsworth of WSP Australia completed a visit to the project from May 19, 2023, to May 23, 2023. Mr. Unsworth visited the five drill holes previously drilled and reviewed the brine flows from the Ganfeng spring 10 kilometres away. WSP is currently working on the mineral estimation.

Qualified person

The scientific and technical content of this news release has been reviewed and approved by Phillip Thomas, BSc, geology, MBM, FAusIMM, MAIG, MAIMVA (CMV), who is a qualified person for the purposes of NI 43-101.

Technical report

Scientific and technical information relating to the Incahuasi Salar property is supported by the technical report titled "Technical Report for the Incahuasi Salar Lithium Concession, Salta Province, Argentina," dated June 10, 2022, and prepared by Michael J. Rosko for Spey. Reference should be made to the full text of the technical report, which was prepared in accordance with NI 43-101 and is available electronically on SEDAR under the company's issuer profile, for a description of the company's data verification and quality assurance/quality control procedures.

About Spey Resources Corp.

Spey Resources is a Canadian lithium focused mineral exploration company which has an 80-per-cent interest in the Candela II lithium brine project located in the Incahuasi Salar, Salta province, Argentina. Spey also holds an option to acquire a 100-per-cent interest in the Kaslo silver project, west of Kaslo, B.C.

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