Mr. Killian Charles reports

BRUNSWICK EXPLORATION GROWS LITHIUM PROPERTY PACKAGE IN QUEBEC WITH NEW CLAIMS NEAR JOHAN BEETZ

Brunswick Exploration Inc. has recently identified and acquired several major pegmatite fields on the north shore of Quebec located near Johan Beetz Bay, 56 kilometres east of the town of Havre St-Pierre. A total of 300 claims, separated into 12 blocks and totalling 16,121 hectares, were acquired or optioned and are collectively known as the North Shore lithium project. All claims are located within 28 kilometres north of the 138 paved highway. The claim package includes an option agreement with Kintavar Exploration Inc. for the BJB property.

Killian Charles, president of Brunswick Exploration, commented: "Our compilation work continues to rapidly identify highly prospective areas with strong potential for lithium-bearing pegmatites. Very few companies are actively advancing aggressive, hard-rock grassroots projects in the lithium space and I am very excited to expand into this region of Quebec, which benefits from good supportive infrastructure. Combined with our previously announced portfolio in the Maritimes alongside the newly expanded projects in Quebec, Brunswick Exploration is now well positioned to launch one of the largest grassroots lithium exploration programs in Canada."

North Shore lithium project overview

Brunswick Exploration has identified approximately 30 pegmatite dikes and sills on its North Shore lithium project that have minimum strike length of 1,200 metres, as well as dozens of smaller pegmatite dikes. The longest pegmatite identified through satellite imagery and geological compilation measures approximately 14 kilometres in strike length. None of the pegmatites on the North Shore lithium project have seen exploration for lithium and all consist of S-type pegmatites containing any combination of indicator minerals, including muscovite, garnet, tourmaline and beryl. Lithium-bearing LCT pegmatites are metal enriched S-type pegmatites that may also contain cesium, tantalum, beryllium and tin mineralization. Brunswick Exploration will begin a prospecting campaign in this area in late Q3 2022, first focusing its efforts on the previously-disclosed Pontiac lithium project.

Kintavar Exploration transaction

Brunswick Exploration has identified several pegmatite dikes and sills on Kintavar claims in the area, known as the BJB property. Neighbouring claims were staked by the company. Brunswick has signed a letter of intent (LOI) to enter into a four-year option agreement to acquire 100 per cent of the BJB property with the following terms:

• Total payment of $1.02-million over the four-year period:
  • Cash payment of $20,000 upon signing of the agreement;
  • Payment of $100,000 at the first-year anniversary;
  • Payment of $200,000 at the second-year anniversary;
  • Payment of $300,000 at the third-year anniversary;
  • Payment of $400,000 at the fourth-year anniversary;
  • Each anniversary payment will be a combination of cash and shares with a minimum 20 per cent in cash and up to a maximum of 80 per cent;
• Brunswick Exploration will commit to the following exploration expenditures totalling $2-million over the four-year period:
  • Expenditures of $150,000 at the first-year anniversary;
  • Expenditures of $250,000 at the second-year anniversary;
  • Expenditures of $400,000 at the third-year anniversary;
  • Expenditures of $1,200,000 at the fourth-year anniversary;
• 2-per-cent NSR royalty, of which the first 1 per cent can be bought back for $1-million. Brunswick Exploration will retain a right of first refusal on the second 1-per-cent tranche;
• Additional milestone payments:
  • Payment of $250,000 upon completion of a mineral resource estimate;
  • Payment of $750,000 upon completion of preliminary economic assessment;
  • Each milestone payment will be a mixture of cash and shares with a minimum 20 per cent in cash and up to a maximum of 80 per cent.

Qualified person

The scientific and technical information contained in this press release has been reviewed and approved by Mr. Wares, PGeo, chief executive officer and chairman of Brunswick Exploration.

About Brunswick Exploration Inc.

The company is a Montreal-based mineral exploration venture listed on the TSX Venture Exchange (TSX-V) under symbol BRW. The company is focused on grassroot exploration for metals necessary to decarbonization and energy transition with a particular focus on lithium, tin, nickel and copper. The company is focused on rapidly advancing the most extensive grassroot lithium exploration claim package in Eastern Canada.

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