Mr. Robin Dunbar reports

GRID METALS CORP ANNOUNCES STRONG SECOND WAVE OF RESULTS FROM THE MAIN DYKE LITHIUM DRILLING

Grid Metals Corp. has released results from an additional five holes at its Donner Lake lithium property located in the Bird River greenstone belt of southeastern Manitoba. The holes are part of an continuing resource delineation drilling program at the Main dike. All delineation holes from the current campaign have intercepted significant, high-grade lithium values in the Main dike and, locally, in at least three proximal subparallel dikes that were not previously known. Donner Lake is currently a 75 per cent/25 per cent joint venture with Lithium Royalty Corp. Grid has an MOU (memorandum of understanding) in place with Tantalum Mining Corp. of Canada Ltd. focused on creating a toll milling operation to process spodumene-bearing pegmatites from Grid's Donner Lake property.

Highlights from the five new drill holes at the Main dike are shown in the associated table.

The associated table shows length-weighted average LiO2 (lithium dioxide) concentrations for drill holes GDL22-25 to GDL22-30 drilled on the Main dike (assays are still pending for GDL22-26). Interval lengths are estimated to represent between 50 per cent and 80 per cent of the true width of the spodumene-rich pegmatite intersections reported.

"We are pleased to see continued high-grade lithium values from our resource drilling at the Main dike, which is successfully tracing the Main dike to significant depth," said Robin Dunbar, president and chief executive officer of Grid. "The Main dike to date has been very consistent in the core approximately 800-metre resource drilling area. While we have many more exploration targets at Donner Lake, we are currently focused on delineating an initial resource for the property from both the Main and Northwest dikes," he added.

The area to the south of the Diorite unit at the Main dike is considered highly prospective as a follow-up exploration target. The white polygons represent the current focus for the initial resource delineation drilling. The area between the Main and Northwest dikes is also considered prospective for discovery of further pegmatites. Areas of low resistivity are known to be associated with prospective host mafic rocks such as basalt and gabbro.

Discussion and analysis

This news release is reporting on holes GDL22-25 to GDL22-30 (assays are still pending for GDL22-26). Grid has now drilled 19 drill holes as part of the resource delineation drilling at the Main dike. Several other exploration holes have been completed to attempt to extend the strike extent of the Main dike and to provide an initial test of the mapped area occupied by the nearby Southwest dikes.

Key findings to date include

• Thus far, the Main dike is showing excellent continuity of visible spodumene content within a core zone representing approximately 800 metres of strike length.
• Drilling is also locally encountering one or more narrower spodumene-rich pegmatites in the immediate (that is, within under 50 m) hangingwall and footwall to the Main dike.
• Mineralization consists coarse-grained spodumene blades and lesser quartz-spodumene (SQUI) intergrowths.

Program plans

Over the next approximately two months, the company plans to complete the initial resource delineation drilling program at the Main dike and the Northwest dike. The resource drilling at the Northwest dike will include infill and extension holes to augment results obtained from the 15 holes completed during the previous winter drilling campaign. A number of exploration targets proximal to the Main dike and Northwest dike are also being assessed and could also be drilled before the conclusion of the current campaign. In particular, the southwest extension of the Main dike (south of diorite unit shown on the map, above) and the major gap area between the Main and Northwest dikes -- which is low-lying, bog-covered and poorly exposed, are considered as immediate priorities for exploration drilling.

Other work currently being conducted in relation to the Donner Lake property includes:

• A metallurgical test program at the XPS laboratory in Sudbury, which is nearing completion;
• A drone magnetic geophysical survey to guide future exploration;
• Integration of the 2022 field program lithogeochemical sampling results with geophysical data to help guide future exploration activities.

Preparation of an Advanced Exploration Permit (AEP) application and associated environmental studies are continuing with the application near completion. Approval of the AEP application would enable the company to complete a bulk sampling program at Donner Lake. The bulk sample materials would be sent for processing at the nearby Tanco spodumene concentrator, as contemplated in the recently signed MOU with Tanco. The Tanco mine is located approximately 50 kilometres by road from the Donner Lake property and is currently Canada's only producer of spodumene concentrate.

QA/QC (quality assurance/quality control)

The exploration program at Donner Lake is being supervised by Carey Galeschuk, PGeo, who is an experienced lithium geologist with nearly three decades of exploration experience in the Bird River Belt with Grid Metals, Tantalum Mining Corp. of Canada and other companies. Grid Metals applies best practice quality assurance and quality control protocols on all its 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, one-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 plus rare metal certified reference materials (CRM), 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 kilometres northeast of Winnipeg, Man. 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.