Mr. Eric Allard reports

TANTALEX LITHIUM ANNOUNCES DEBT SETTLEMENT TRANSACTIONS

Tantalex Lithium Resources Corp. intends to settle outstanding debts with various creditors at arm's length.

The corporation will settle its outstanding debt with International Cobalt Corp. in the amount of $5,324,275.30 (Canadian) by issuing an aggregate of 106,485,506 common shares in the capital of the corporation at a price of five cents per common share, as well as by issuing 50 million common shares purchase warrants, exercisable into 50 million common shares at a price of 10 cents for a period of 30 months from issuance. This debt stems from multiple unsecured convertible debentures of principal amounts of $2.1-million (U.S.) and $800,000 (Canadian) entered into between the parties in 2018 and in 2020 bearing an interest rate of 4 per cent and originally convertible at a price of five cents per common share that became due in November of 2022.

The proposed issuance will result in a new insider of the corporation. The debt settlement transaction would preclude the creditor, together with any other voting or equity securities beneficially owned by the creditor, its associates and affiliates, directly or indirectly, from owning, or having control or direction over, 20 per cent or more of the issued and outstanding voting securities of the corporation on a non-diluted basis.

Moreover, the corporation intends to settle its outstanding debt of a principal amount of $81,021 (Canadian), upsized by 10 per cent as an incentive to convert the debt into securities for a total of $89,123.10 (Canadian) for digital marketing and targeting services rendered by a specialized company by issuing 1,782,462 common shares at a price of five cents per common share. This proposed issuance will not result in a new insider of the corporation.

Also, the corporation intends to settle its outstanding debt of $113,000 (Canadian) for consulting services rendered by a capital market consultant by issuing 2.26 million common shares at a price of five cents per common share. This proposed issuance will not result in a new insider of the corporation.

The board of directors has determined it is in the best interests of the corporation to settle the outstanding debt by the issuance of common shares and warrants to preserve the corporation's cash for general working capital purposes.

Closing of the debt settlement transactions is subject to customary closing conditions, and the corporation intends to close as soon as practicable. Upon closing, the corporation will make all necessary filings, including the filing of early warning reports, as required. The common shares and common shares underlying the warrants to be issued pursuant to the debt settlement transactions will be subject to a hold period of four months and one day from the date of issuance.

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.

It is currently focused on operating its TiTan tin and tantalum concentrate plant and developing its lithium assets in the prolific Manono area in the Democratic Republic of the Congo, the Manono lithium tailings project and the pegmatite corridor exploration program.

We seek Safe Harbor.