Mr. Eric Allard reports

TANTALEX LITHIUM RESOURCES ANNOUNCES SECOND TRANCHE CLOSING OF PRIVATE PLACEMENT, DEBT SETTLEMENT, EARLY WARNING REPORT AND TECHNICAL UPDATE

Tantalex Lithium Resources Corp. has completed a second tranche closing of a non-brokered private placement for gross proceeds of $250,000 (U.S.) ($341,425). The corporation also has settled a debt transaction of an amount of $86,483.26 (U.S.) ($116,588.03) with Simon Collins, a director of the corporation, as previously announced on the press release dated Aug. 27, 2024.

The corporation has issued an aggregate of 13,086,088 common shares at a price of 3.5 cents per common share of the corporation. The common shares were issued based on an exchange rate of $1 (U.S.) equals $1.3657 for the private placement. The applicable exchange rate for the debt settlement is $1 (U.S.) equals $1.3481. The corporation did not pay any finders' fees on a portion of the private placement.

Simon Collins, a director of the corporation, acquired 13,086,088 common shares for total consideration of $458,013.03. The participation of Mr. Collins, an insider of the corporation, constitutes a related-party transaction within the meaning of Multilateral Instrument 61-101 (Protection of Minority Security Holders in Special Transactions). Notwithstanding the foregoing, the corporation has determined that the purchaser's participation in the private placement is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 in reliance on the exemptions set forth in sections 5.5(a) and 5.7(1)(a), respectively, of MI 61-101, as neither the fair market value of the common shares purchased, nor the consideration paid exceeds 25 per cent of the corporation's market capitalization. The corporation did not file a material change report more than 21 days before the expected closing of the private placement as the participation by the purchaser was not settled until shortly prior to closing and the corporation wished to close on an expedited basis for sound business reasons. The private placement was previously approved by the disinterested directors of the corporation. No special committee was established in connection with the private placement, and no materially contrary view was expressed or made by any director. Moreover, the board of directors has determined it is in the best interests of the corporation to settle the debt settlement by the issuance of common shares to preserve the corporation's cash for general working capital purposes.

The proceeds of the private placement will be used for project expenditures related to the optimization of the TiTan tin and tantalum plant and for general working capital. 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.

Early warning report

Immediately prior to the second tranche closing and the debt settlement, Mr. Collins owned 97,193,187 common shares of the corporation and 1.2 million restricted stock units. Immediately following the second tranche closing and the debt settlement, Mr. Collins will own 110,279,275 common shares, which represent 12.57 per cent of the issued and outstanding common shares on a non-diluted basis and 12.69 per cent on a partially diluted basis, assuming the 1.2 million restricted stock units are vested and converted to common shares.

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 Mr. Collins in connection with this private placement and debt settlement herein may obtain a copy of such reports from SEDAR+.

Technical update -- TiTan plant

The corporation is pleased to announce that the plant optimization works under way at its TiTan plant in the Democratic Republic of the Congo is progressing well. The installation of the new scrubber has been completed, and commissioning has commenced. The scrubber is functioning perfectly well with excellent recoveries through the wet plant circuit. Optimal throughput is planned to be achieved once the pumps and PVC pipes are installed to increase the water volumes through the plant. Equipment has been ordered and is currently transiting toward site.

The TiTan plant remains in commissioning phase with a gradual ramp-up over the next few months to reach optimal throughput of 130 tonnes per hour.

The corporation has also completed the installation of the dry cleaning and magnetic separation plant in the near vicinity of the wet processing plant, thereby reducing future logistics and export constraints.

The corporation expects to resume export of tin and tantalum concentrate shipments during fourth quarter 2024.

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 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.