Mr. Robin Dunbar reports

GRID METALS CORP ANNOUNCES INITIAL DRILL RESULTS AT DONNER LAKE LITHIUM PROPERTY, SE MANITOBA

Grid Metals Corp. has released the results for the initial six holes of a continuing exploration and resource delineation drilling program at its Donner Lake lithium property, located in the Bird River greenstone belt of southeastern Manitoba, 150 kilometres from Winnipeg. The holes targeted the Main dike pegmatite and included intersections of 9.5 metres of 1.4 per cent Li2O (lithium oxide), 4.3 metres of 1.6 per cent Li2O and 3.4 metres of 1.7 per cent Li2O. Drilling has now covered a strike length exceeding 800 metres and to a vertical depth of up to 250 metres. Donner Lake is a 75-per-cent/25-per-cent joint venture with Lithium Royalty Corp.

Highlights:

• 29 drill holes completed to date at approximately 70 m to 90 m stepout spacing to an approximately 250 m vertical depth on the Main dike and along over 800 m of strike length;
• Spodumene has been noted in all 29 drill holes completed to date;
• The Main dike is showing excellent continuity of visible spodumene content and lithium grades and is maintaining a near-vertical orientation;
• Drilling is also locally encountering one or more spodumene-rich pegmatites in the immediate hangingwall and footwall to the Main dike, such that the Main dike is now interpreted as a system of mineralogically similar LCT-type (lithium/cesium/tantalum) pegmatite bodies.

Robin Dunbar, president and chief executive officer of Grid Metals, commented: "The current phase of exploration is off to an excellent start. Our focus in the current program is delineate the Main and Northwest dikes in order to establish an initial resource at the project. We will also be testing new exploration targets in the project area. We are looking to establish a low-footprint/high ESG [environmental, social and governance] credential resource amenable to toll milling at the operating Tanco mine -- Canada's only lithium-producing mine, which is located 35 kilometres to the south of Donner Lake."

Results to date

To date, a total of 29 drill holes have now been completed and six of those holes are reported herein. Assays are pending for the other drill holes. The new drilling, combined with the shallow holes completed in 2018 and previously reported by the company, covers more than 800 m strike length of the Main dike to an average vertical depth of approximately 200 to 250 m.

An important initial result from the resource drilling along the Main dike trend is the recognition of multiple, subparallel pegmatite dikes. Drilling to date has intersected three distinct lithium-enriched pegmatites, including the Upper Main dike, which ranges from 1.00 m to 9.93 m width; the Main dike, which ranges from 1.00 m to 7.58 m in width; and the Lower Main dike, which ranges from 1.08 m to 3.71 m in width. Note that these widths represent the measured core length of the dikes and do not represent true widths.

Drilling plans

Two rigs are currently drilling at the property and will focus on the following objectives:

• Completing the initial phase of resource delineation;
• Exploration drilling along the interpreted strike extensions of both the Main and Northwest dikes;
• Initial testing of selected, historic lithogeochemical anomalies (see discussion herein) on the property;
• Exploration drilling of other mapped lithium-bearing pegmatites that were identified in the 2022 field program, including the Southwest dikes.

The company anticipates completing in excess of an additional 10,000 metres in the current drill campaign.

Lithogeochemical program

Most of the currently proposed exploration drill holes are designed to test the southwest extension of the Main dike system, which is in part modeled from the results of a 1980's lithogeochemical survey conducted by the Tantalum Mining Corporation (Tanco) [MB assessment report file #92397]. As shown there is a good correlation of the contoured lithium lithogeochemical anomalies and the known strike extent of the Main dike. Lithium enrichment in the host rocks to LCT-type pegmatites is interpreted to occur during pegmatite emplacement and involves metasomatic alteration that can extend for tens of metres to >100 metres away from the dike margins. Lithogeochemistry is a preferred exploration tool for rare element-enriched pegmatites. Accordingly, Grid completed a much larger lithogeochemical survey at the Property during summer and fall of 2022. The results from that survey are currently being evaluated and will be used to help guide future exploration at the Property over an expanded area.

Summary of the Donner Lake Lithium Property

• The property is currently a 75% Grid / 25% Lithium Royalty Corp joint venture.
• Grid has signed an MOU with Tantalum Mining Corporation of Canada Limited (Tanco) with the purpose of establishing a toll milling operation (i.e., Grid mineralized material to be processed at the Tanco Mine).
• A metallurgical study is in process on samples from both the Main dike and Northwest Dyke.
• Year 1 baseline environmental field data collection has been completed.
• An Advanced Exploration Permit from the Manitoba government to enable bulk samples to be collected is expected be submitted during this quarter.
• A drone magnetic survey is currently being flown over the Donner Lake Property to assist in generating new exploration targets.
• Continuous engagement is occurring with the Sagkeeng First Nation on whose traditional lands the project is situated on.

QAQC

The exploration program at Donner Lake is being supervised by Carey Galeschuk, P.Geo., who is an experienced lithium geologist with nearly three decades of exploration experience in the Bird River Belt with Grid Metals, Tantalum Mining Corporation of Canada and other companies. Grid Metals applies best practice quality assurance and quality control ("QAQC") protocols on all it's exploration programs. For the Donner Lake Lithium Project drilling program, core was logged and sampled at the Company's core facility located on the Makwa Property. Generally, 1.0 metre sample lengths were used. Samples were bagged and tagged and then transported by secure carrier to the Actlabs (Thunder Bay) laboratory for sample preparation and analysis for lithium, cesium, tantalum and selected major and trace element abundances using a sodium peroxide fusion total digestion method followed by ICP-OES and ICP-MS analysis. The Company is using two lithium + rare metal certified reference materials ("CRMs") and an analytical blank for the program to monitor analytical accuracy and check for cross contamination between samples.

Mr. Galeschuk has reviewed and approved the contents of this press release with respect to NI 43-101 reporting guidelines.

About Grid Metals Corp.

Grid Metals is focused on both lithium and Ni-Cu-PGM in the Bird River area approximately 150 km north east of Winnipeg Manitoba. In addition to activity at Donner Lake the Company has a PEA stage Ni-Cu-PGM-Co project (Makwa-Mayville) undergoing exploration and development activity.

We seek Safe Harbor.