Mr. Scott Eldridge reports

UNITED LITHIUM DISCOVERS THREE NEW SPODUMENE PEGMATITES - DRILLING RETURNS 1.92% LI2O OVER 26.8 M AND 1.54% LI2O OVER 28 M AT BERGBY, SWEDEN

United Lithium Corp. has released the first set of diamond drilling results from its 2023 drill program at the Bergby lithium project. Prospecting and subsequent drilling during 2023 have discovered two new high-grade spodumene-bearing pegmatite bodies, pegmatites D and E, bringing the total drilled on the project to five. Bergby is a 100-per-cent-owned, district-scale, hard-rock lithium project covering 10,828 hectares (ha) near great infrastructure and the coast of the Gulf of Bothnia in central Sweden. The project hosts numerous LCT (lithium-cesium-tantalum enriched-type) granitic pegmatites, five of which have been drill confirmed. The 2023 drill program is continuing, with further results pending, and has been expanded from 4,000 metres to 6,000 m due to the encouraging results. The company will host a webinar on Nov. 29, 2023, at 1:15 p.m. PT.

Highlights:

• Five spodumene-bearing pegmatites drill confirmed at Bergby to date, with a collective strike length of 4,000 m and thickness up to 24 m;
• Drilling assay results for pegmatite D include:
  • 1.92 per cent Li2O over 26.80 m from 3.60 m depth downhole (hole BBY23132);
  • 1.54 per cent Li2O over 28.01 m from 9.12 m depth downhole (hole BBY23135);
  • 1.82 per cent Li2O over 12.97 m from 14.05 m depth downhole (hole BBY23138);
  • 1.96 per cent Li2O over 9.68 m from 38.87 m depth downhole (hole BBY23141).
• New discoveries pegmatite D and pegmatite E currently being drilled, and a sixth, pegmatite F, discovered in an outcrop, yet to be drilled;
• Fully financed drill program expanded by 50 per cent to 6,000 m, continuing into Q1 2024;
• Newly identified pegmatite outcrops and several unsourced spodumene-bearing pegmatite boulder trains remain to be further explored;
• Much of the district-scale project is yet to be explored.

"Today's results are very exciting, and with the diamond drilling ongoing at Bergby, we are encouraged at the prospect of further discoveries," stated Scott Eldridge, United's president and chief executive officer. "Bergby is encircled by world-class mining infrastructure, including highway, power, rail, port, and a nearby labour and logistics hub. Given the European Union's push to develop its own EV [electric vehicle]/battery industry and downstream battery metals supply chains, domestic lithium discoveries will prove valuable, and we look forward to further results as we attempt to unlock the blue-sky potential of Bergby and our other Scandinavian projects."

"This is a thrilling time for the team as we continue to make new discoveries at Bergby," stated Cathy Fitzgerald, United's executive vice-president, exploration. "In the last two months, we have expanded our technical team, all of whom are working hard to execute our strategic drilling program, and deliver on identifying and defining new spodumene-bearing pegmatites. We are looking forward to not only further drilling results at Bergby, but an exciting 2024 as we continue to explore the property."

Drill program details

The 2023 Bergby drill program commenced in April, 2023 (see news release dated April 20, 2023), with a plan to complete approximately 4,000 m of diamond drilling across a proposed 50 drill holes. The drill program is designed to test newly identified spodumene-bearing outcrops, and to further define spodumene-bearing bodies along strike, down dip and with infill holes. In conjunction with drilling, prospecting and surface sampling were undertaken to continue identifying new spodumene-bearing outcrops and boulders.

Based on the success of the 2023 drill program so far, drilling has been expanded to approximately 6,000 m and is expected to be completed in Q1 2024. To date, 4,291.50 m have been completed across 50 holes in newly discovered pegmatites D and E. Of these, 44 intercepted pegmatite and 38 holes have confirmed spodumene (visually identified). Results are reported here for 14 drill holes (refer to the table entitled "Bergby project Nov. 21, 2023, Li2O drill hole intercepts"), completed between mid-April and mid-June, 2023. Further assay results are pending for the remainder of pegmatite D and pegmatite E. The 2023 drill program is fully financed after completing a $7-million private placement earlier this year (see news release dated March 6, 2023).

Pegmatites D and E lie 2,600 m and 3,200 m north-northwest, respectively, from the first discovery, pegmatite A, which was first drilled in 2017 by a previous operator. Photos of spodumene-bearing drill core can be viewed on the company's website. All spodumene-bearing pegmatites drill tested at Bergby were identified by outcrop and boulder train mapping. The table entitled "Bergby project spodumene-bearing pegmatites and drill statuses as of Nov. 21, 2023," summarizes the pegmatite discoveries at the Bergby project and their drill progress to date. All pegmatites remain open to depth and along strike, and several outcrops and unsourced spodumene-bearing boulder trains warrant drill testing. Additionally, at least one-third of the property remains unexplored using the company's highly successful prospecting methods, highlighting the excellent potential at Bergby for further discovery.

Webinar

The company is pleased to invite all shareholders and interested parties to a webinar on Wednesday, Nov. 29, 2023, at 1:15 p.m. PT. Scott Eldridge, president and CEO, and Cathy Fitzgerald, executive vice-president of exploration, will facilitate the webinar. The webinar will focus on the Bergby project discoveries and the latest drilling results. After the presentation, the webinar will be open to presubmitted and live-chat questions. A recorded version of this webinar will be available at the company's website by Dec. 6, 2023. Interested parties are invited to submit their questions to info@unitedlithium.com. Register on-line.

Geology

The Bergby project is situated within the Hamrange synform in the west-central part of the Fennoscandian Shield. The stratigraphy in the area consists of mica schist overlain by 1.88-billion-year (Ga) old felsic and mafic volcanic rocks, followed by metaquartzite (less than 1.86 Ga) believed to have formed during an 1.86 Ga to 1.83 Ga intra-orogenic phase. Geological and isotopic data suggest an oceanic island arc signature of the metavolcanic rocks. The surrounding 1.86 Ga granitoids of the Ljusdal batholith is believed to have been formed in an active continental margin setting. When not covered by till (typically less than three m depth), extensive pegmatite boulders and outcrops have been found on the project. The strike of pegmatites follow the general trend of host rock foliation, north-northwest to south-southwest. All five drilled lithium-mineralized pegmatites at Bergby are spodumene bearing, with pegmatite A also containing petalite. Pegmatite A displays a shallow 20-degree dip to the west-northwest, whereas the other four bodies (B, C, D and E) are more subvertical (at approximately 65 degrees to 88 degrees).

Project history

Spodumene-bearing pegmatite boulders were first described in the area of the Bergby project in 2006 during a university field mapping course. In 2016, the project area was claimed by Leading Edge Materials Corp., which later identified an extensive lithium and tantalum mineralized pegmatite boulder field leading to several mineralized outcrops. Samples from some of these outcrops returned up to 4.65 per cent Li2O and up to 803 ppm Ta2O5 (tantalum oxide) (see Leading Edge's news release dated Dec. 1, 2016).

Pegmatite A was drill confirmed in 2017 by Leading Edge across two phases, with a total of 1,525 m completed in 33 holes, testing the body to 131 m depth and along 1,500 m strike length with the discovery hole returning 1.62 per cent Li2O over 10.45 m from 2.2 m depth downhole (hole BBY17005) (see Leading Edge's news releases dated April 25, 2017, and Nov. 17, 2017). The modelled maximum true width of pegmatite A is now 24 m, and it is drill defined down to 100 m below surface.

The Bergby project was acquired by the company in 2020 from Leading Edge, and drilling commenced on additional outcrop targets in late 2021. Between October, 2021, and the end of 2022, the company completed 9,511 m in 97 drill holes confirming two new pegmatites discoveries (pegmatites B and C) and undertook further drilling on pegmatite A. Highlights of drilling at pegmatite B included 1.34 per cent Li2O over 47.75 m from 2.25 m depth downhole (hole BBY21069, estimated true width of 10 m -- see news release dated Jan. 20, 2022). A highlight of drilling at pegmatite C includes 2.39 per cent Li2O over 2.03 m from 15 m depth downhole (hole BBY22128, estimated true width of 1.50 m -- see news release dated May 23, 2023).

To date, 15,393.10 m of drilling in 180 holes has been completed at the project.

Quality assurance and quality control

Core drilling is being undertaken by Ludvika Borr Teknik AB, of Sweden, using 49-millimetre (equivalent to NQ2)-diameter rods. United's field team log and sample all drill core samples in a secure core facility at the company's operations building in Norrsundet, about five kilometres from the project area. Core samples are cut in half longitudinally using a diamond cutting saw, and half cores submitted to ALS Ltd. facilities in Pitea, Sweden, for preparation (Prep-31 package) with each sample crushed to better than 70 per cent passing a two mm (Tyler 9 mesh, United States standard No. 10) screen. A split of up to 250 grams is taken and pulverized to better than 85 per cent passing a 75-micron (Tyler 200 mesh, U.S. standard No. 200) screen. The samples are then forwarded to the ALS facilities in Loughrea, Ireland, an accredited mineral analytical laboratory (ISO/IEC 17025:2017 and ISO 9001:2015), for analysis using the ME-MS89L method (sodium peroxide fusion and HCl (hydrochloric acid) leach followed by ICP-AES (inductively coupled plasma atomic emission spectroscopy) and ICP-MS (inductively coupled plasma mass spectrometry)) with lithium (Li) reportable range between two parts per million and 25,000 ppm. This method analyzes for 53 elements and is considered appropriate for lithium-mineralized pegmatites.

Certified reference standards, duplicate and blanks are routinely inserted into the sample stream as part of United's quality control/quality assurance program (QA/QC). No QA/QC issues were noted with the results reported herein. The company's qualified person is of the opinion that the sample preparation, analytical and security procedures followed are sufficient and reliable. The company is not aware of any drilling, sampling, recovery or other factors that could materially affect the accuracy or reliability of the data reported herein. All drill intercepts reported are downhole core lengths.

About the Bergby project

The Bergby lithium project consists of eight exploration licences covering 10,828 hectares located near the coast of the Gulf of Bothnia in central Sweden. The project is approximately 200 km north of Stockholm via Highway E4 and 25 km north of the city of Gavle, within an area of significant infrastructure, including highway and road access, railway, power and the port of Norrsundet. Gavle is a proximal labour and supply hub. Furthermore, Bergby is 570 km south of the new Northvolt lithium battery gigafactory located in Sweden, and 440 km across the Gulf of Bothnia from Kelber Lithium's hydroxide plant, currently under construction.

Barbara Lake lithium property

The company also announces that it has allowed its option on the Barbara Lake lithium project to expire after choosing not to incur the required amount of expenditure on the Barbara Lake property prior to the anniversary date of the agreement. As a result, the company no longer holds the rights to explore the Barbara Lake property and intends to focus on its other projects in Sweden, Finland and the United States.

Qualified person

The scientific and technical data contained in this news release were reviewed and approved by Ms. Fitzgerald, MSc, PGeo, United's executive vice-president of exploration and director. Ms. Fitzgerald is a registered professional geologist in British Columbia and a qualified person as defined by National Instrument 43-101 -- Standards of Disclosure for Minerals Projects. Ms. Fitzgerald is not independent of the company.

About United Lithium Corp.

United Lithium is an exploration and development company energized by the global demand for lithium. The company is targeting lithium projects in politically safe jurisdictions with advanced infrastructure that allows for rapid and cost-effective exploration, development and production opportunities.

The company's consolidated financial statements, and related management's discussion and analysis are available on the company's website or under its profile on SEDAR+.

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