Mr. Eric Allard reports

TANTALEX LITHIUM RESOURCES CLOSES PRIVATE PLACEMENT

Tantalex Lithium Resources Corp. has closed the final tranche of a non-brokered private placement for gross proceeds of $697,424.

The corporation has issued 8,717,800 common shares at a price of eight cents per common share of the corporation. The corporation completed an initial first tranche closing on Aug. 9, 2022, by the issuance of 6,512,500 common shares for gross proceeds of $521,000.

Simon Collins, a director of the corporation, subscribed for 3,225,000 common shares in the first tranche. Michel Lebeuf, the corporate secretary, has subscribed for 342,050 shares in the final tranche. These shares were issued to related parties (within the meaning of Multilateral Instrument 61-101 (Protection of Minority Security Holders in Special Transactions)), and such issuances are considered related-party transactions for the purposes of MI 61-101. Such related-party transactions are exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as neither the fair market value of the securities being issued to the related parties, nor the consideration being paid by the related parties exceeded 25 per cent of the corporation's market capitalization at the date of issuance. The recipients of the common shares and the extent of such participation were not finalized until shortly prior to the completion of the issuance described herein. Accordingly, it was not possible to publicly disclose details of the nature and extent of related-party participation in the transactions contemplated hereby pursuant to a material change report filed at least 21 days prior to the completion of such transactions. All of the common shares were issued pursuant to an exemption from the prospectus requirement of applicable securities laws.

The proceeds of the offering will be used for general working capital purposes. All securities issued pursuant to the private placement will be subject to a four-month-and-one-day statutory hold period in accordance with applicable securities law.

About Tantalex Lithium Resources Corp.

Tantalex is an exploration- and development-stage mining company engaged in the acquisition, exploration, development and distribution of lithium, tin, tantalum and other high-technology mineral properties in Africa. The corporation is listed on the Canadian Stock Exchange (symbol: TTX), the Frankfurt Stock Exchange (symbol: DW8) and the OTCQB Venture Market (symbol TTLXF).

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