Mr. Deepak Varshney reports

USHA RESOURCES EXPANDS STRIKE OF THE WHITE WILLOW PROJECT TO 44 KILOMETRES, ACQUIRES ABIWIN PEGMATITE GROUP

Usha Resources Ltd., subject to the approval of the TSX Venture Exchange, has executed an option for the right to purchase an undivided 100-per-cent interest in the Abiwin lithium pegmatite property composed of 38 mineral claims to the northeast of its flagship White Willow lithium pegmatite project located 170 kilometres west of Thunder Bay, Ont.

Abiwin property highlights:

• Preliminary prospecting resulted in the discovery of 29 pegmatite dikes;
• Muscovite geochemistry in these pegmatites indicates a highly fractionated signature;
• LIBS (laser-induced breakdown spectroscopy) analyses return up to 6,700 parts per million (ppm) rubidium (Rb) and a K (potassium)/Rb ratio of approximately 13 -- indicative of spodumene-subtype pegmatites;
• Extends strike length of the White Willow LCT (lithium-cesium-tantalum) pegmatite field to approximately 44 kilometres;
• Adds additional target pegmatites to the existing 10 targets identified for Usha's planned maiden drill program;
• Hosts ultramafic Quetico intrusions from which historic assessment work reports up to 33 grams per tonne (g/t) platinum plus palladium (Pt+Pd) and 3 per cent copper (Cu) in grab samples, and up to 0.72 per cent zinc (Zn) over two metres in chip samples.

Deepak Varshney, chief executive officer of Usha Resources, commented: "The Abiwin claims are an exciting addition to our growing portfolio of critical metal assets in Ontario, and the preliminary results from the pegmatites highlight the potential for new discoveries within this rapidly expanding White Willow LCT pegmatite district. The claims are located within an excellent setting for spodumene-type pegmatites, situated within the metasedimentary rocks of the Quetico subprovince and only three kilometres from the district-scale Quetico fault, and have a tremendous exploration upside for not only lithium, but a wide range of critical metals."

Mr. Varshney continued: "With almost 22,000 hectares now secured, Usha controls a significant portion of a new lithium district where we and many others have continued to find success. With phase 4 of our field program under way, we look forward to sharing updates as we build-up to our maiden drill program at White Willow."

The Abiwin mining claims are geologically similar to the White Willow property and situated along trend from the Maple Leaf pegmatite, as well as the corridor of fractionated pegmatite identified on the White Willow property (see Usha Resources press release dated Apr. 1, 2024). Preliminary mapping on the Abiwin claims documented 29 pegmatites dikes, and LIBS analyses of muscovite from these dikes returned up to 6,700 ppm Rb, 527 ppm tin (Sn) and K/Rb ratios as low as 13, indicating a high degree of fractionation in the pegmatites. K/Rb is a key tool in identifying potentially spodumene-bearing dikes. Values below 30 are indicative of rare-earth pegmatites, 20 of spodumene-subtype pegmatites and those below 10 are often associated with economic spodumene pegmatites.

The fractionated pegmatites of the Abiwin claims are approximately 44 kilometres from the western-most rare-element pegmatites identified to date on the White Willow property (the Bingo pegmatite swarm), and extend the already immense strike length of the pegmatite field. The Abiwin claims are accessible via Crooked Pine Lake Road.

The Abiwin claims are also host to the ultramafic Quetico intrusions, which are the target of Ni-Cu-PGE (nickel-copper-platinum group element) exploration efforts on Rio Tinto's adjacent JR property. Historic grab samples from these intrusions on the Abiwin claims are reported to return up to 33 g/t Pt+Pd and 3 per cent Cu, and historic surface trenching yielded chip strings of up to 0.72 per cent Zn over two m (Puumula, 1992). The company intends to prioritize expenditures on the exploration for spodumene-bearing pegmatites, however, the claims remain highly prospective for base and precious metal mineralization.

Pursuant to the option agreement, the company may acquire a 100-per-cent interest in the property by paying the vendors a total of $100,000 and issuing an aggregate of 600,000 common shares in the capital of the company as indicated in the associated table.

The company has granted a 2-per-cent net smelter returns royalty (NSR) to the vendor. The company may purchase one-half of the net-smelter returns royalty from the vendor at any time for consideration of $1-million.

The transaction contemplated, including the issuance of the shares, is subject to the final approval of the exchange. The shares will be subject to the applicable hold periods in accordance with securities laws in Canada and exchange policies.

The company is also pleased to announce that it has made the first anniversary payments for the eight mineral claims (Nym) that comprise part of the White Willow project. A total of $20,000 and 150,000 shares have been issued to the vendors. The shares are subject to a hold period of four months and one day from the date of issuance.

The company announces that, further to its news release of March 25, 2024, has issued 15 million common shares of the company to the vendors of the option agreements entered into on March 23, 2024, with respect to the Bingo East and Bingo West properties. The shares are subject to a hold period of four months and one day from the date of issuance.

Qualified person

The technical content of this news release has been reviewed and approved by Adrian Smith, PGeo, a qualified person as defined by National Instrument 43-101. Historical reports provided by the optionors of the mineral claims were reviewed by the qualified person. The information provided has not been verified and is being treated as historic non-compliant intercepts.

About Usha Resources Ltd.

Usha Resources is a North American mineral acquisition and exploration company focused on the development of quality lithium metal properties that are drill ready with high upside and expansion potential. Based in Vancouver, B.C., Usha's portfolio of strategic properties provides target-rich diversification and includes Jackpot Lake, a lithium brine project in Nevada, and White Willow, a lithium pegmatite project in Ontario that is the flagship among its growing portfolio of hard-rock lithium assets. Usha trades on the TSX Venture Exchange under the symbol USHA, the OTCQB Exchange under the symbol USHAF and the Frankfurt Stock Exchange under the symbol JO0.

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