Mr. Eric Allard reports

TANTALEX LITHIUM RESOURCES FILES NI 43-101 PRELIMINARY ECONOMIC ASSESSMENT REPORT FOR THE MANONO LITHIUM TAILINGS PROJECT

Tantalex Lithium Resources Corp. has filed its National Instrument 43-101 preliminary economic assessment (PEA) report for the Manono lithium tailings project, Manono, Democratic Republic of the Congo, with an effective date of Oct. 6, 2023.

As highlighted on the news release of Oct. 6, the results of the PEA are compelling and the company board has recommended the project to proceed to a feasibility study.

Key PEA highlights:

• Excellent project economics and financial returns:
  • Robust pretax NPV (net present value) at 10 per cent of approximately $764-million (U.S.) and 87.4-per-cent IRR (internal rate of return) on a nominal basis, and a pretax NPV at 10 per cent of approximately $638-million (U.S.) and 82.3-per-cent IRR on a real basis;
  • Rapid payback of one year after first production using a life-of-mine (LOM) spodumene concentrate price of $2,800 (U.S.) per tonne (t) SC5.5 (FOB, Africa) as forecast by Fastmarkets, an internationally recognized price reporting agency;
  • Project capital cost estimate (capex) of $147.7-million (U.S.), including contingencies;
  • LOM of six years with an estimated annual production of 112,000 t of spodumene concentrate;
• Low-risk plant operation and tailings reclamation:
  • Ready-to-use tailings dump resources to feed beneficiation plant with minimum cost of mining, crushing, grinding and processing;
  • Process plant nameplate capacity is 1.26 million tonnes per annum (Mpta) of run-of-mine (ROM) ore based on robust flowsheet using learnings from other lithium producers;
  • A number of opportunities have been identified to improve capital and operating costs and plant capacity. The exploration program is being finalized with a focus on increasing indicated resources and extending the life of the project.

The PEA was prepared by Sedgman Novopro, of Montreal, Canada, with mineral resource and mining contributions from MSA Group in accordance with National instrument 43-101, Standards of Disclosure for Mineral Projects.

Filing of report

The NI 43-101-compliant technical report has been filed on SEDAR+ and on the company website.

The qualified person for the mineral resource estimate is Rui Goncalves (BSc (honours), MSc (Eng), PrSciNat), who is a geologist with 13 years of experience in base and precious metals exploration, mining geology, and mineral resource estimation. He is a senior mineral resource consultant for the MSA Group (an independent consulting company), is registered with the South African Council for Natural Scientific Professions (SACNASP) and is a member of the Geological Society of South Africa (GSSA). Mr. Goncalves has the appropriate qualification and experience to be considered a qualified person for the style and type of mineralization and activity being undertaken as defined in NI 43-101, Standards of Disclosure of Mineral Projects.

Neither Mr. Goncalves nor any associates employed in the preparation of the mineral resource report have any beneficial interest in Tantalex Lithium.

The qualified person for the above-ground infrastructure and support systems is Jim Brebner (PEng), who is a mechanical engineer with 35 years of experience executing industrial projects, economic and feasibility studies, process development, and due diligence reviews, and has participated in multiple mining and processing projects in potash, lithium and light metals in Canada, the United States, Africa, South America and Australia. He is the engineering manager at Sedgman Novopro (an independent consulting company) and is registered with the Ordre des Ingenieurs du Quebec and the Professional Engineers and Geoscientists of Newfoundland and Labrador. Mr. Brebner has the appropriate qualifications and experience to be considered a qualified person for the style and type of processing plant and activity being undertaken as defined in NI 43-101, Standards of Disclosure of Mineral Projects.

Neither Mr. Brebner nor any associates employed in the preparation of the PEA report have any beneficial interest in Tantalex Lithium.

The qualified person for the mineral processing is Antoine Lefaivre (PEng), who is a process engineer with 15 years of experience executing industrial projects, economic and feasibility studies, process development, and due diligence reviews, and has participated in projects for potash, lithium, magnesium products, using both conventional and solution mining for ore recovery in Canada, the United States, Africa, South America and Australia. He is lead process engineer in Sedgman Novopro (an independent consulting company) and is registered with Order of Engineers of Quebec. Mr. Lefaivre has the appropriate qualification and experience to be considered a qualified person for the style and type of processing plant and activity being undertaken as defined in NI 43-101, Standards of Disclosure of Mineral Projects.

Neither Mr. Lefaivre nor any associates employed in the preparation of the PEA report have any beneficial interest in Tantalex Lithium.

These consultants are not insiders, associates or affiliates of Tantalex Lithium. The results of the report are not dependent upon any prior agreements concerning the conclusions to be reached, nor are there undisclosed understandings concerning any future business dealing between Tantalex Lithium and the consultants. The consultants are to be paid a fee for their work in accordance with normal professional consulting practices.

Qualified persons

Mr. Goncalves is a qualified person and has reviewed and approved this news release. The information in this news release that relates to the estimate of the mineral resources for the Manono tailings project is based upon, and fairly represents, information and supporting documentation compiled by Mr. Goncalves.

Mr. Brebner is a qualified person and has reviewed and approved this news release. The information in this news release that relates to the Manono tailings project PEA report is based upon, and fairly represents, information and supporting documentation compiled by Mr. Brebner.

Mr. Lefaivre is a qualified person and has reviewed and approved this news release. The information in this news release that relates to the Manono tailings project PEA report is based upon, and fairly represents, information and supporting documentation compiled by Mr. Goncalves.

About Tantalex Lithium Resources Corp.

Tantalex Lithium is an exploration-and-development-stage mining company engaged in the acquisition, exploration, development and distribution of lithium, tin, tantalum and other high-tech mineral properties in Africa.

It is currently focused on developing its lithium assets in the prolific Manono area in the DRC, the Manono lithium tailings project and the pegmatite corridor exploration program.

We seek Safe Harbor.