Mr. Scott Eldridge reports

UNITED LITHIUM INTERSECTS 1.05% LI2O OVER 33 M INCLUDING 2.42% LI2O OVER 7 M, COMBINED STRIKE LENGTH NOW EXCEEDS 4,000 M AT BERGBY PROJECT, SWEDEN

United Lithium Corp. has released further assay results from the 2023 drill program at the Bergby lithium project in Sweden. Bergby is a 100-per-cent-owned, district-scale, hard-rock lithium project covering approximately 8,000 hectares (ha) near infrastructure and the coast of the Gulf of Bothnia in Central Sweden. The project hosts numerous LCT (lithium-cesium-tantalum) granitic pegmatites, five of which have been drill confirmed. The drill program is continuing and further results are pending.

Highlights:

• New drilling assay results for the newly discovered fourth pegmatite, D, include:
  • 1.05 per cent Li2O (lithium oxide) over 32.75 metres from 75.95 m depth downhole (hole BBY23155), including:
    • 2.42 Li2O over 7.04 m from 97.72 m depth.
• 1.01 per cent Li2O over 8.01 m from 22.89 m depth downhole (hole BBY23150);
• 0.86 per cent Li2O over 14.45 m from 35.23 m depth downhole (hole BBY23152);
• 0.84 per cent Li2O over 11.87 m from 83.06 m depth downhole (hole BBY23154), including:
  • 1.86 per cent Li2O over 5.08 m from 83.06 m depth downhole.

"These additional results on the recently discovered fourth lithium-bearing pegmatite D at Bergby further demonstrate the attractive grades and thicknesses we are seeing near surface on multiple pegmatites. Pegmatite D has now demonstrated a strike length of over 700 metres and remains open -- the combined strike of the pegmatites now exceeds four kilometres. We anticipate further results on 35 more drill holes pending assay results from both pegmatites D and E, where both had never been drill tested prior to the current program," stated Scott Eldridge, United's president and chief executive officer.

"Our exploration team continues to deliver highly encouraging results as we unlock the potential of the project. Bergby is encompassed by world-class mining infrastructure contributing to efficient exploration costs. We look forward to releasing the next batch of results once we receive assays back from the lab."

Two thousand twenty-three Bergby drill program details

The drill program commenced in April, 2023 (see news release dated April 20, 2023). Utilizing two diamond drill rigs, a total of 5,600 metres of diamond drilling has been completed in 60 holes. Six spodumene-bearing pegmatites have been discovered to date at Bergby, five of which have been drilled (pegmatites A through E), and one (pegmatite F) that remains to be drilled as part of the current program. United released the first set of assay results on 14 drill holes in November, 2023 (see news release dated Nov. 21, 2023).

Results are reported here for 10 drill holes (refer to the table entitled "Bergby project drill results, Jan. 11, 2024") completed across the north-northeast-striking pegmatite D. Pegmatite D has been drill tested along a strike length of 730 m and to a depth of 120 m below surface, and has an estimated maximum width of 22 m. Notable intersections in the current results include 1.05 per cent Li2O over 32.75 m, from 75.95 m depth downhole (estimated true width of 16.67 m) in hole BBY23155. This includes a high-grade interval of 2.42 per cent Li2O over 7.04 m from 97.72 m depth downhole (estimated true width of 3.58 m).

Pegmatite E has been drill tested along a strike length of 440 m, to a depth of 150 m depth below surface, and has an estimated maximum true width of 15 m. Further assay results are pending for the remainder of mineralized intersections encountered in pegmatite D and all intervals for pegmatite E.

The table entitled "Bergby project spodumene-bearing pegmatites and drill status, Jan. 11, 2024," summarizes the pegmatite discoveries at Bergby and the drill progress to date. All pegmatites remain open to depth and along strike, and several outcrops and unsourced spodumene-bearing boulder trains warrant further drill testing.

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 are 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).

Quality assurance/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-millimetre (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. Both types of 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)) in the case of core samples, 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. Hammer samples were analyzed using ME-MS61 method (ultratrace-level four-acid digestion with ICP-MS/ICP-AES finish), with Li reportable range between 0.2 ppm and 10,000 ppm. This method analyzes 48 elements and is considered appropriate for pegmatite exploration.

Certified reference standards, duplicates 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 project is 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. The project now comprises five drill-confirmed spodumene-bearing pegmatites (pegmatites A to E), with a combined strike length of more than 4,000 m. There are unexplained spodumene-bearing boulder trains and much of the property remains unexplored, highlighting the excellent potential at Bergby for further discovery.

Qualified person

The scientific and technical data contained in this news release was reviewed and approved by Isabelle Lepine, MSc, PGeo, United's director, mineral resources. Ms. Lepine is a registered professional geologist in British Columbia and a qualified person as defined by National Instrument 43-101 -- Standards of Disclosure for Mineral Projects.

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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