Mr. Harry Chew reports

ARCTIC FOX LITHIUM CORP. ANNOUNCES PROPOSED ISSUANCE OF COMMON SHARES

Arctic Fox Lithium Corp. has entered into debt settlement agreements with certain of its creditors. In accordance with those agreements, the company proposes to issue an aggregate of 1,055,833 common shares in the capital of the company to such creditors in exchange for outstanding accounts payable totalling $63,350 owing to the creditors, at a price of six cents per common share. The creditors include certain related parties of the company, including Harry Chew, the chief executive officer and a director of the company, and certain corporate entities controlled by either Mr. Chew or Sonny Chew, the chief financial officer of the Company. It is anticipated that the related parties will receive an aggregate of 805,833 common shares. Every other creditor is an arm's-length party.

The company also wishes to announce it intends to issue an aggregate of 833,333 common shares, at a price of six cents per common share, pursuant to a property option agreement entered into in April, 2023, which is further described in the company's press release dated April 19, 2023.

All of the common shares described above will be subject to a four-month-plus-one-day hold period pursuant to the policies of the Canadian Securities Exchange.

The issuance of common shares to the related parties will constitute a related party transaction as such term is defined by Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions. The company intends to rely on the exemption from the MI 61-101 valuation and minority approval requirements for related party transactions under sections 5.5(a) and 5.7(1)(a) of MI 61-101 as neither the fair market value (as determined under MI 61-101) of the subject matter of, nor the fair market value of the consideration for, the issuance of common shares to related parties, will exceed 25 per cent of the company's market capitalization (as determined under MI 61-101).

About Arctic Fox Lithium Corp.

Established in Vancouver, B.C., Arctic Fox is a Canadian junior mining exploration company founded by an experienced management team to assess and grow its portfolio into a leading company in lithium and copper. Through targeted exploration and intentional research, Arctic Fox is bringing a trustworthy lens to the development of sought-after resources from multiple projects in Canada, beginning with properties in the mining-friendly province of Quebec.

We seek Safe Harbor.