Mr. Chris Cooper reports

SPOD LITHIUM COMPLETES PHASE 1 OF ITS EXPLORATION PROGRAM AT ITS LITHIUM GRANDE 4 AND MEGALI LITHIUM PROJECTS IN JAMES BAY QUEBEC

Spod Lithium Corp. has completed the first phase of its exploration program on its MegaLi (78 mineral claims covering a total area of 3,996.67 hectares (40 square kilometres)) and Lithium Grande 4 (41 mining claims covering 2,100 hectares (21 square kilometres)) projects located in James Bay, Quebec.

Highlights:

• Twenty-five days of fieldwork exploration were completed over both properties.
• A total of 229 rock-chip samples were taken over the two properties and have been sent to ALS Laboratories for alkaline fusion assaying, with results pending.
• An aeromagnetic, VLF (very low frequency) electromagnetic and radiometric survey was flown over the entire claim group.
• A ground microgravity survey was completed over 0.8-kilometre-to-1.2-kilometre lines totalling 488 stations.
• Several pegmatite outcrops have been identified and sampled. Observation shows the potential to identify large pegmatites on block C. Pegmatites are concentrated in 500-metre-wide swarms recognized over a kilometric strike length.
• Mineralogical and textural characteristics observed allow the company to link block C pegmatites to the LCT (lithium/cesium/tantalum) type.
• The MegaLi project shares its border with Patriot Battery Metals Inc.'s Corvette property and is located about three kilometres south from CV5 pegmatite system. The CV5 pegmatite contains 109.2 million tonnes of inferred resources at 1.42 per cent LiO2 contained in spodumene (Patriot Battery Metals corporate presentation; December, 2023).

In addition to ground fieldwork grab sampling over a 25-day period, the company also contracted ALS Goldspot Discoveries Ltd. and Prospectair to complete a series of airborne surveys over the James Bay properties. ALS Goldspot's M-Pass multiparameter platform consists of a triaxial magnetic gradient magnetic/VLF platform and a 2,048-channel radiometric sensor, along with a high-precision lidar sensor and high-resolution cameras capable of producing four-band imagery. Prospectair flew 1,209 kilometres of lines at 50-metre spacing.

The airborne survey aims to map the geology and identify structural trends on the property where the presence of pegmatites exists, which often correspond with magnetic lows often associated with a topographic expression.

Spod completed the work with the goal to further identify areas of potential suboutcropping pegmatites, which will be used to guide future exploration campaigns.

In addition, a ground gravity survey was completed by Geophysique TMC (based in Val d'Or, Que.) using a Scintrex CG-5HT and a Trimble R12I real-time GPS (Global Positioning System) receiver. The accuracy reported is 2.4 centimetres on the horizontal plane and 1.0 centimetre for the elevation reading.

The gravity survey aimed to evaluate the size of the block C pegmatite and identify parallel or satellite pegmatites covered by overburden. Approximately nine kilometres of lines covered the pegmatite target, split between three grids composed of 50-metre widely spaced lines from 880 metres to 1,280 metres in length. A total strike length of approximately 800 metres was covered with 488 measures.

TMC developed an inversion model based on the assumption that the block C pegmatite shows a similar composition as the outcropping section of Patriot Battery Metals' CV5 deposit (inferred resources of 109.2 million tonnes of 1.42 per cent Li2O).

The survey has already proved to be a success as a number of potential drill targets have been identified as a result of the survey. The potential drill targets will be further evaluated as part of the second phase of the 2024 exploration program.

The geophysics work done to date is a key determinant for progressing on Spod Lithium's block C pegmatite discovery previously announced on Oct. 4, 2023. Multiple large-pegmatite intrusions were identified following the northeast regional structural trend. Individual pegmatite ridges can be followed for about one kilometre along strike. Peripheric exploration and mapping of the geology indicated that potential thickness of these intrusions can be in the range of 10 metres to 50 metres. The distribution of outcrops suggests a 500-metre-wide swarm composed of stacked intrusions. Gravimetry lines show a clear low-gravity signature largely covering the position of pegmatites known at surface.

Chris Cooper, president and chief executive officer of Spod Lithium, stated: "Phase 1 of the exploration program was deemed a tremendous success based on the extensive geological and geophysical work undertaken by our team and working partners. The gravimetric survey aimed at a similar objective as the signature obtained by Winsome Resources on the Adina project, located about 90 kilometres to the southeast of block C. A similar methodology was applied with the search of a similar result. We think that this type of approach offers a strong possibility to trace favourable pegmatite trends within the overburden coverage."

Pegmatites identified show variable concentrations of potassic feldspar, albitic plagioclase, quartz and muscovite as main components. Locally, tourmaline (black and dark blue) and garnet appear as accessory phases. The crystallization texture can be locally very coarse grained when compared with average pegmatite, with individual crystals reaching locally 20 centimetres. Preliminary observations indicate the zoned internal structure of the block C pegmatite.

Qualified person

Martin Demers, PGeo, senior geologist and a consultant to Visible Gold Mines, is the qualified person for Visible Gold Mines' properties under National Instrument 43-101, Standards of Disclosure for Mineral Projects, responsible for the technical contents of this news release, and has approved the disclosure of the technical information contained herein.

About Spod Lithium Corp.

Spod Lithium is a mineral exploration company focused on the acquisition and development of mineral properties containing battery metals, base metals and precious metals. The company's flagship assets are its lithium properties located in the James Bay region of Quebec and the Nipigon and Niemi region of Ontario, Canada.

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