Mr. Chris Cooper reports

SPOD LITHIUM CORP. EXECUTES OPTION AGREEMENT FOR ONTARIO BARBARA LAKE LITHIUM PROPERTY

Spod Lithium Corp. has entered into an option agreement, dated as of March 5, 2024, with Gravel Ridge Resources Ltd. and 1544230 Ontario Inc. (the optionors) under which Spod has the option to acquire a 100-per-cent interest in 80 unpatented mining claims known as the Barbara Li project located in Ontario. Each of the optionors is arm's-length to the company.

Chris Cooper, Spod's chief executive officer, commented: "The execution of the option agreement to acquire these claims complements our already existing presence in the Barbara Lake area and is centred on the historic Niemi lithium pegmatite occurrence, where we have built a substantial landholding with newly discovered lithium-bearing pegmatite boulders adjacent to historical showings. We are eager to get to work on the lands and build further on our already successful exploration in the area."

Under the option agreement, Spod can successfully exercise the option by making aggregate cash payments of $84,000 to the optionors ($12,000 on execution of the option agreement, $18,000 on March 5, 2025, $24,000 on March 5, 2026, and $30,000 on March 5, 2027) and by issuing an aggregate of 275,000 Class A common shares of Spod to the optionors within seven business days of the date of the option agreement. The shares, when issued, will be subject to a four-month hold period pursuant to applicable securities laws. On successful exercise of the option, Spod will also grant the optionors an aggregate 1.5-per-cent production royalty respecting the property. Spod will have the right to purchase 0.5 per cent of the royalty (leaving a 1-per-cent royalty) at any time by paying an aggregate sum of $500,000 to the optionors.

About Spod Lithium Corp.

Spod Lithium is a mineral exploration company focused on the acquisition and development of mineral properties containing battery, 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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