Mr. Andrew Bowering reports

UNITED LITHIUM ENTERS INTO DEFINITIVE AGREEMENT TO ACQUIRE SWEDISH MINERALS AB, ADVANCING NORDIC STRATEGIC METALS PLATFORM

Further to the news release dated Oct. 17, 2025, United Lithium Corp. has entered into a definitive share exchange agreement with Swedish Minerals AB, an arm's-length Swedish corporation, and the shareholders of SM, pursuant to which United will acquire all of the issued and outstanding shares of SM.

Transaction summary

Pursuant to the terms of the agreement:

• Acquisition: United will acquire 100 per cent of the issued and outstanding shares of SM.
• Consideration: In consideration for all of the SM shares, the SM shareholders will receive an aggregate of 15,865,000 common shares in the capital of United (on a preconsolidation basis) at a deemed price of 20 cents per share, and $427,500 in cash, payable as a $50,000 non-refundable deposit upon execution of the letter of intent (paid), an additional $50,000 deposit (paid) and the remaining $327,500 at closing, all on a pro rata basis. All shares issued will be subject to applicable resale restrictions and Canadian Securities Exchange approval.
• Leadership and board: Upon closing: (a) the board of directors of United will be reconstituted to comprise five members, with three directors nominated by United and two directors nominated by SM; and (b) Jonathon Franklin will be appointed president of the company.
• Royalty: Upon closing, United will grant a 1.75-per-cent net smelter return royalty on all current SM properties to Scandinavian Resources AB, an arm's-length party to United, on industry standard terms, not subject to dilution or reduction.

A transaction finder's fee will be payable to a third party finder consisting of the lesser of 835,000 shares (preconsolidation) and the maximum number permitted under Canadian Securities Exchange policies, at a deemed price of 20 cents per share, and $22,500 in cash, subject to completion of the transaction and delivery of customary documentation. The finder is at arm's length to United and SM.

Strategic rationale

The transaction seeks to unite United's lithium development portfolio with SM's high-grade uranium and rare earth assets, spanning Finland and Sweden -- two of Europe's most mining-friendly and energy-independent jurisdictions. The combined company will be positioned as a leading Nordic-based explorer supporting Europe's accelerating clean energy transition and nuclear power resurgence.

SM's uranium division controls one of the largest privately held uranium portfolios in the European Union, including:

• Riutta project (Finland): a 100-per-cent-owned, 999-hectare exploration-stage property located in southeast-central Finland near the town of Eno, within an established mining region; the project benefits from road access, nearby infrastructure and proximity to the Terrafame mining operation, providing a strategic location for future development;
• Duobblon deposit (Sweden): a 100-per-cent-owned, 630-hectare exploration-stage property situated in Sweden's established Gold Line belt near Sorsele; the property enjoys excellent access to road, power and other regional infrastructure within a proven mining district, making it highly prospective for uranium and rare earth exploration;
• Norr Dottern project (Sweden): a 100-per-cent-owned, 2,900-hectare exploration-stage property located near Arvidsjaur in north-central Sweden; the project lies within a mineral belt and is accessible year-round by existing road and power infrastructure, offering significant exploration potential;
• Marrviken project (Sweden): a 100-per-cent-owned, 2,710-hectare exploration-stage property near Ange in central Sweden; the project is supported by nearby road and power infrastructure, and is located within a well-established mineral belt;
• Flistjarn project (Sweden): a 100-per-cent-owned, 7,552-hectare exploration-stage property near Jarpen in west-central Sweden; the project comprises multiple mineral claims and is considered prospective for uranium and rare earth elements;
• Asento project (Finland): a 100-per-cent-owned, 1,203-hectare exploration-stage property located near Ruonakoski in northern Finland, offering additional exploration upside;
• Kovela project (Finland): a 100-per-cent-owned, 216-hectare exploration-stage property near Nummi in southern Finland;
• Kitka project (Finland): a 100-per-cent-owned, 3,258-hectare exploration-stage property near Ruka in northeastern Finland;
• Project H (Finland): a 100-per-cent-owned, 3,644-hectare exploration-stage property near Oulankajoki in northeastern Finland.

The properties are strategically located in regions with established infrastructure and mining activity, providing a strong foundation for future exploration and development.

Closing conditions

The transaction is subject to customary conditions, including satisfactory due diligence, board and management appointments, execution of the royalty agreement, and receipt of all necessary regulatory and CSE approvals. There can be no assurance that the transaction will be completed as contemplated or at all.

About United Lithium Corp.

United Lithium is an exploration & 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.

We seek Safe Harbor.