Mr. Eric Allard reports

TANTALEX LITHIUM CLOSES DEBT SETTLEMENT WITH AFRIMET AND APPOINTS A NEW DIRECTOR

Tantalex Lithium Resources Corp., further to its news release dated March 7, 2024, has settled an outstanding debt in the amount of $1,084,915 (U.S.) with AfriMet Resources AG.

The corporation settled an outstanding debt with AfriMet. The parties entered into a loan agreement on June 30, 2022, whereby AfriMet loaned a principal amount of $7,213,006.56 (U.S.), bearing an interest rate of 10 per cent per annum. Pursuant to the terms of this agreement, the interest accrued is payable during the term of the loan. The corporation repaid the interest accrued as at Dec. 31, 2023, in the amount of $1,084,915 (U.S.) ($1,464,635.56 (Canadian)) into 29,292,711 common shares at a price of five cents per common share of the corporation.

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

This transaction constitutes a related party transaction under Multilateral Instrument 61-101, Protection of Minority Security Holders in Special Transactions, as AfriMet is a significant shareholder. Pursuant to MI 61-101, the corporation will file a material change report providing disclosure in relation to each related party transaction on SEDAR+ under the corporation's issuer profile. The corporation did not file the material change report more than 21 days before the expected closing date of the AfriMet debt settlement as the details of the agreement were not settled until shortly prior to the conclusion of the agreement and the corporation wished to sign the agreement on an expedited basis for sound business reasons. The corporation is relying on exemptions from the formal valuation and minority shareholder approval requirements available under MI 61-101. The corporation is exempt from the formal valuation requirement in Section 5.4 of MI 61-101 in reliance on sections 5.5(a) and (b) of MI 61-101 as the fair market value of the transaction, insofar as it involves the significant shareholder, is not more than the 25 per cent of the corporation's market capitalization, and no securities of the corporation are listed or quoted for trading on prescribed stock exchanges or stock markets. Additionally, the corporation is exempt from minority shareholder approval requirement in Section 5.6 of MI 61-101 in reliance on Section 5.7(1)(a) as the fair market value of the transaction, insofar as it involves the significant shareholder, is not more than the 25 per cent of the corporation's market capitalization. The AfriMet debt settlement was previously approved by the board of directors of the corporation, including disinterested directors. No special committee was established in connection with the transaction and no materially contrary view was expressed or made by any director.

The common shares to be issued pursuant to the AfriMet debt settlement will be subject to a hold period of four months and one day from the date of issuance.

Immediately prior to the AfriMet debt settlement, AfriMet owned 143,315,277 common shares of the corporation, which represented 19.91 per cent of the issued and outstanding common shares of the corporation on a non-diluted basis. Immediately following the AfriMet debt settlement, AfriMet owns 172,607,988 common shares of the corporation, which represent 23.05 per cent of the issued and outstanding common shares of the corporation on a non-diluted basis.

This news release is being issued pursuant to National Instrument 62-103; persons who wish to obtain a copy of the early warning report to be filed by AfriMet Resources AG in connection with this transaction herein may obtain a copy of such reports from SEDAR+ or by contacting the company.

Appointment of a new director

Tantalex is pleased to announce that Richard Creitzman has joined the board of directors, effective immediately. Experienced in spearheading business development initiatives and corporate finance strategies across various industries, Mr. Creitzman is dedicated to driving growth and innovation. With a record spanning over two decades, he has led successful ventures in sectors ranging from energy (oil and gas) to finance and media. His expertise lies in cross-border mergers and acquisitions, corporate development, and strategic negotiations, consistently delivering results in complex environments.

Eric Allard, the corporation's chief executive officer, comments: "We are pleased to announce that Richard has joined our board of directors. Richard brings to the corporation a wealth of expertise that will drive our business forward."

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 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.