Mr. Phillip Thomas reports

SPEY RESOURCES NI 43-101 CANDELA II INFERRED MINERAL RESOURCE 48KT LCE FROM 86KT OF CONTAINED LITHIUM METAL

Spey Resources Corp.'s National Instrument 43-101 mineral resource estimate (MRE) has been completed on the Candela II lithium brine project located in the Incahuasi Salar, Salta province, Argentina, by WSP Australia Pty. Ltd., which is estimated to contain lithium metal of 86,000 tonnes which equates to 457,520 tonnes of in situ lithium carbonate equivalent (LCE) and a lithium yield of 48,000 tonnes of LCE from 9,000 tonnes of lithium metal. The calculations assume no losses from lithium metal. The board considers the project to continue to be viable and, using the current estimates, building a 5,000-tonne Ekosolve plant at the current lithium carbonate price of $30,000 per tonne would provide the basis for a scoping study analysis given the plant would have a 9.5-year mine life assuming the resource is not expanded through subsequent work as recommended by WSP.

Mineral resource estimate

The MRE for the project is reported in accordance with NI 43-101 and has been estimated in conformity with generally accepted Canadian Institute of Mining, Metallurgy and Petroleum estimation of mineral resource and mineral reserves best practices guidelines. The effective date of the MRE is Sept. 18, 2023.

Average specific yield values, per domain, were applied to the total metal tonnages to obtain the yield from the available brine. The LCE is calculated from the ratio of lithium carbonate (Li2CO3) to Li (5.32:1). The calculations assume no process losses.

The mineral resources presented herein are not mineral reserves, and do not reflect demonstrated economic viability. The reported inferred mineral resources are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves. There is no certainty that all or any part of the mineral resource will be converted into a mineral reserve. All figures are rounded to reflect the relative accuracy of the estimates, and totals may not add correctly.

Recommended exploration activities

WSP further commented: "Based on the results of exploration work conducted to date, additional exploration activities are justified to better characterize the subsurface brine within the concession. To date, the upper part of the aquifer has been drilled and tested. Additional drilling and testing will allow for expansion of the resource laterally, throughout the concession area, and deeper to basement.

"Due to the fact that exploration well INCA-21-05R was terminated in permeable sediments, it is recommended that three additional diamond cored exploration wells be drilled to a depth of at least 250 metres below land surface (mbls), and potentially deeper if favourable aquifer conditions are encountered at this depth.

"It is recommended that two pumpable wells be drilled and constructed to depths to be determined based on results of the proposed diamond cored exploration wells. Pumping tests should be conducted in the two pumpable wells to demonstrate bore yields, and aquifer hydraulic parameters (hydraulic conductivity and storativity), which are critical parameters for the development of a future numerical groundwater model, and also play a vital role in determining the number of production bores required.

"For the proposed three-cored-exploration-well program, and two-pumpable-well program, costs (excluding tax, in U.S. dollars) can be summarized as follows:

• "Roads and drilling platforms -- $170,000;
• "Environmental studies -- $40,000;
• "Drilling and testing -- $1.9-million;
• "Field monitoring and supervision -- $240,000;
• "Reporting -- $70,000.

"Total estimated cost of approximately $2.42-million(U.S.) (plus taxes), or $3,265,00 (plus taxes), for the proposed three-cored-exploration-well, and two-pumpable-well exploration program.

"If the results of the proposed exploration program are favourable and support feasibility of a lithium extraction project, additional studies should include the following:

• "Freshwater study to identify a potential sustainable freshwater supply;
• "Further development of the existing hydrogeological model, including additional refinement of hydrogeological units critical to aquifer definition;
• "Additional studies in support of the development of a preliminary economic assessment (PEA) study;
• "Additional studies in support of a prefeasibility study (PFS), or feasibility study (FS) to support the estimation and reporting of an initial mineral reserve for the project."

Joint venture agreement

Spey Resources SA (SRS") is finalizing the shareholder agreement between AIS Resources SA (AISSA) and SRS for the development of the Candela II concession. SRS holds an 80-per-cent interest in the Candela II concession and AISSA, a 20-per-cent interest. Spey's next milestone will be a production well and two exploration wells to conduct a brine release test and specific yield test. AISSA will have the right to financially contribute to the drill program to retain its equity percentage pursuant to the shareholder agreement.

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 National Instrument 43-101.

Technical report

Scientific and technical information relating to the Incahuasi Salar property is supported by the technical report titled "NI 43-101 Technical Report Candela II, Salta Province, Argentina," dated Sept. 18, 2023, and prepared by Aaron Radonich, Jason Van den Akker and Ian Unsworth of WSP, 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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