Mr. Vilhjalmur Vilhjalmsson reports

LITHIUM PILOT-PLANT SERVICE AGREEMENT EXECUTED

St-Georges Eco-Mining Corp. has executed a pilot plant service agreement with a Quebec-based, publicly financed laboratory.

The agreement allows the company to have access to a lithium metallurgical processing pilot plant and start operations of the pilot plant as soon as current testwork is completed.

St-Georges Metallurgy Corp., the metallurgical research and development arm of St-Georges Eco-Mining, now has access to a larger, exceptional and highly skilled team of scientists with experience and in-depth knowledge in chemical, mining, metallurgy and hydrometallurgy domains. The laboratory has, in the past, done lithium and magnesium pilot plant work.

The infrastructure now in place allows industrial-scale testing and enables the company to accelerate its contribution to its different partners' research. Consequently, St-Georges will provide the scientific data required for them to complete their respective feasibility or prefeasibility studies.

Shareholders should expect more details in a follow-up press release in the coming days.

St-Georges' lithium extraction technology is now being tested at scale at the refining stage. Current tests focus on the scalability of battery-grade purity material production. The company and its partners are currently planning additional efforts aimed at the production of lithium metals for the new generation of solid-state batteries. The overall research protocol to test the direct production of lithium hydroxide requires the acquisition and the adaptation of specialized industrial equipment that has already been identified and is in the process of being evaluated.

St-Georges has notified Iconic Minerals that it will now be ready to process its bulk material in short order. Both companies have initiated discussions to expand the scope of their original agreement in order to cover the new lithium metal research development segment.

Enrico Di Cesare, St-Georges Metallurgy, commented: "We are excited to complete this service agreement. In the truly short term, this agreement allows us to keep our focus and spend our energy on the reminder of the process development instead of planning and building facilities. While it also allows us to continue to work on the latest stages of the bench trials with Co:alia (formerly known as CTMP), meanwhile, in parallel, we are looking to reach the point of operating the pilot plant and producing samples for the industry as quickly as possible. We now have the ability to do trials at a smaller scale and larger scale."

The company would also like to disclose that it has agreed to take over, from a Quebec-based industrial partner, a Quebec government research grant, that will be used toward the lithium and nickel initiative research with Co:alia.

Other corporate matters

On July 8, 2020, the company has agreed to convert all advances, promissory notes and other debt in its favour owed by ZeU Crypto Networks Inc. into a new convertible debt instrument having priority on all other existing debts or debt instrument issued by the corporation. The conversion price is to be based on a volume-weighted average price of five previous days closing with a floor price of 25 cents. The company will also receive one warrant for every unit of 25 cents of debenture. The two-year warrants execution price is at 30 cents for the first year and 50 cents for the second year. The total consideration received is for $346,506.64.

About St-Georges Eco-Mining Corp.

St-Georges is developing new technologies to solve some of the most common environmental problems in the mining industry. The company controls all the active mineral tenures in Iceland. It also explores for nickel on the Julie nickel project and the Manicouagan palladium project on Quebec's north.