Ms. Kiki Smith reports

ULTRA LITHIUM GRANTED VOLUNTARY MANAGEMENT CEASE TRADE ORDER

Ultra Lithium Inc. has been granted a voluntary management cease trade order in accordance with National Policy 12-203, effective Feb. 29, 2024, due to it not being able to file its annual financial statements, and management's discussion and analysis (MD&A) for the year ended Oct. 31, 2023, on SEDAR+ within 120 days of its financial year-end. The management cease trade order has been granted by the company's principal regulator, the British Columbia Securities Commission.

The company was not able to complete the year-end audit within the time period required by National Instrument 51-102 due to the delay in commencing the audit owning to insufficient funds. The company expects to obtain a loan financing in one week and commence the audit by mid-March. As a result, the company requires additional time to file its annual financial statements, and MD&A for the financial year ended Oct. 31, 2023.

The company expects to file its annual financial statements and MD&A for the year ended Oct. 31, 2023, as soon as they are available, but in any event no later than April 29, 2024, and will issue a news release once they have been filed. The company intends to satisfy the provisions of the alternative information guidelines of National Policy 12-203 by issuing biweekly default status reports, in the form of news releases, until the revocation of the management cease trade order. The company is not subject to any insolvency proceedings. The management cease trade order will prohibit the chief executive officer and the chief financial officer of the company from trading in securities of the company for so long as the annual financial statements, and MD&A are not filed. The issuance of the management cease trade order does not affect the ability of persons other than the chief executive officer and the chief financial officer of the company to trade in the company's securities.

About Ultra Lithium Inc.

Ultra Lithium is an exploration and development company, with a focus on the acquisition and development of lithium, gold and copper assets. The company holds a brine lithium property in Argentina, hard rock spodumene-type lithium properties at the Georgia Lake/Forgan Lake area in Northwestern Ontario, Canada, and a brine lithium property in the Big Smoky Valley, Nevada, United States. The company also holds other gold and base metals properties in Argentina.

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