Mr. Killian Charles reports

BRUNSWICK EXPLORATION OPTIONS LITHIUM-BEARING PEGMATITE IN ONTARIO

Brunswick Exploration Inc. has staked multiple claim groups near Hearst, Ont., totalling 60 claims and 26,318 hectares in an area that is highly prospective for lithium pegmatites. The company has also optioned a spodumene-bearing pegmatite adjacent to the new project (Decoy and Moskito pegmatites) that contains up to 5.15 per cent Li2O (lithium oxide) in historical chip samples. The entire Hearst portfolio includes 226 claims and covers 29,805 hectares.

Killian Charles, president of Brunswick Exploration, commented: "We are pleased to announce our first acquisition in Ontario that adds to our significant portfolio of properties in Quebec and the Atlantic provinces. Ontario is also very prospective for lithium exploration and we believe the Hearst area is a fantastic location with great access to infrastructure. We have now consolidated several high-priority targets centred around known mineralized LCT [lithium-cesium-tantalum] pegmatites. These pegmatites are poorly exposed but open in all directions, and there is high potential for additional discoveries in our newly consolidated package. Permits for trenching and drilling programs are in the works for a winter program. We look forward to developing this project and are very excited to explore our new land package while continuing to assess new opportunities to expand our holdings across Eastern Canada."

Hearst portfolio

The Hearst project comprises 1,418 cells and 226 claim blocks with a total surface area of 29,805 hectares, located roughly 15 kilometres south of Hearst, Ont., with easy access by forestry roads. The property package contains over 130 mapped/interpreted pegmatite dikes of which 25 are between 500 and 2,100 metres in strike length. Claims were staked based on preferred geologic environments and historical mapping and most of this area has seen little to no exploration. The project is located within the Quetico subprovince and contains a variety of evolved S-type granitoids and pegmatites hosted by metamorphosed sediments (paragneisses) and metavolcanics.

Lowther pegmatite option agreement

The Hearst package includes an option on the Lowther pegmatite property which contains 12 cells representing 251 hectares. The property is adjacent to the company's newly staked ground and was acquired to assess two known LCT pegmatites, the Decoy and Moskito pegmatites. The Decoy pegmatite contains both a spodumene and a lepidolite (lithium-rich mica) zone, and is exposed over 100 metres in strike length with a current true width of 23 metres. It remains open to the east with historical chip samples grading up to 5.15 per cent Li2O. The Moskito pegmatite is located 130 metres south of Decoy, is five metres wide and is exposed over a strike length of 33 metres, being open in both directions along strike. Neither pegmatite has ever been drilled for lithium evaluation.

The option allows Brunswick Exploration to acquire a 100-per-cent interest in the property, from a private prospector, for a total consideration of $700,000 in cash over a four-year period upon closing of the formal agreement, under the following terms:

• A cash payment of $35,000 within five business of the effective date of the agreement;
• A cash payment of $50,000, on or before the first-year anniversary of the effective date;
• A cash payment of $150,000, on or before the second-year anniversary of the effective date;
• A cash payment of $200,000, on or before the third-year anniversary of the effective date;
• A cash payment of $300,000, on or before the fourth-year anniversary of the effective date.

In order to exercise the option, Brunswick Exploration shall finance an aggregate amount of $1-million in work expenditures in accordance with the following schedule:

• An aggregate of $50,000, on or before the first-year anniversary of the effective date;
• An aggregate of $200,000, on or before the second-year anniversary of the effective date;
• An aggregate of $400,000, on or before the third-year anniversary of the effective date;
• An aggregate of $1-million, on or before the fourth-year anniversary of the effective date.

Brunswick Exploration will grant a 2-per-cent net smelter return of which half of the NSR may be repurchased by the company for $1-million. Following repurchase, the project would have a residual encumbrance of 1-per-cent NSR, and Brunswick Exploration will retain a right of first refusal on the disposal or sale of any portion of the residual NSR.

Lowther regional option agreement

Brunswick Exploration has concurrently optioned the Lowther II regional property from Last Resort Resources Ltd., containing 154 claims totalling 3,235 hectares. The property is adjacent to the Lowther pegmatite property and the newly staked Brunswick Exploration ground. Due to its proximity to the Decoy and Moskito pegmatites and its favourable geology, it is considered highly prospective for additional discoveries.

The option allows the company to acquire a 100-per-cent interest in the Lowther II regional property for a total consideration of $300,000 in cash over a two-year period upon closing of the formal agreement under the following terms:

• A cash payment of $100,000 within 10 business days of the agreement;
• A cash payment $100,000, on or before the first-year anniversary of the effective date;
• A cash payment of $100,000, on or before the second-year anniversary of the effective date.

Brunswick Exploration will grant Last Resort a 2-per-cent NSR on all mineral production from the property, of which half of the NSR may be repurchased by Brunswick Exploration for $1-million. The repurchase will remain valid for a period of five years following the exercise of the option. Brunswick Exploration will retain a further right to repurchase the remaining 1-per-cent NSR for $2-million for a period of two years following the initial repurchase.

Qualified person

The scientific and technical information contained in this press release has been reviewed and approved by Charles Kodors, manager, Atlantic Canada, of Brunswick Exploration. He is a professional geologist registered in Ontario, Quebec, New Brunswick, Nova Scotia and Newfoundland.

About Brunswick Exploration Inc.

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

We seek Safe Harbor.