Mr. Robin Dunbar reports

GRID METALS CORP. ADDS ORDINARY FLOW-THROUGH SHARES TO FINANCING

Grid Metals Corp. is amending the terms of its non-brokered financing previously announced in its press release dated Nov. 29, 2023. The company is amending the financing to also include ordinary flow-through common shares as well as the previously announced special (charity) flow-through shares. The offering in total will be for a maximum of 30 million common shares which is unchanged. However, the offering will now consist of any combination of special flow-through shares and ordinary flow-through shares of the company. The ordinary flow-through shares will be priced at 14 cents per share and the special flow-through shares will be priced at 18 cents per share for aggregate proceeds of up to $5.4-million.

Each ordinary flow-through share and each special flow-through share will be issued as a flow-through share within the meaning of the Income Tax Act (Canada). The exact number of ordinary flow-through shares and special (charity) flow-through shares sold will be determined prior to the closing of the offering.

The financing will enable qualified investors to participate in the critical metals flow-through financing to finance the exploration of the company's 75-per-cent-owned Donner Lake lithium property and the company's 100-per-cent-owned Falcon West lithium property for which the company recently received an exploration drill permit.

The proceeds from the issuance of the ordinary flow-through shares and the special flow-through shares will be used for exploration of the company's property portfolio in Manitoba and will be used to incur Canadian exploration expenses (qualifying expenditures) as defined in Subsection 66.1(6) of the Income Tax Act. The ordinary flow-through shares and special flow-through shares will be eligible for the 30 per cent Manitoba mineral exploration tax credit and will also qualify for the federal 30 per cent critical mineral exploration tax credit announced in the federal budget on April 7, 2022. All proceeds will be renounced in favour of the subscribers with an effective date not later than Dec. 31, 2023, in the aggregate amount of not less than the total amount of gross proceeds raised from the issue of the ordinary flow-through shares and the special flow-through shares.

About Grid Metals Corp.

Grid Metals is focused on its Donner Lake lithium project located in the Bird River greenstone belt in southeastern Manitoba, approximately 150 kilometres northeast of Winnipeg, Man. Grid has a 75-per-cent project interest in Donner Lake and is the project operator subject to a joint venture agreement with a fund controlled by Waratah Capital Advisors. Grid has a lease agreement on the True North mill where it plans to process feed from the Donner Lake property. Grid also has a memorandum of understanding with Tantalum Mining Corp. of Canada Ltd. which operates the nearby producing Tanco mine which is one of only two lithium-producing mines in Canada. In addition to the 100-per-cent-owned Falcon West lithium project, the company controls the preliminary economic assessment-stage Makwa-Mayville nickel-copper-platinum-group-metal-cobalt project. Grid's southeast Manitoba properties are located in the traditional territory of the Sagkeeng First Nation.

We seek Safe Harbor.