Mr. Killian Charles of Brunswick Exploration reports

BRUNSWICK EXPLORATION OPTIONS POTENTIAL EXTENSION TO ALLKEM'S JAMES BAY LITHIUM DEPOSIT

Brunswick Exploration Inc has signed an option agreement with Osisko Development Corp. to acquire a 90-per-cent interest in the Anatacau property located in the James Bay-Eeyou Istchee region of Quebec and which is host to lithium mineralization. Furthermore, one block of the Anatacau property is located just east of Allkem's James Bay lithium deposit (previously known as the Cyr deposit).

Killian Charles, president of Brunswick Exploration, commented: "The addition of the Anatacau property marks another exciting turning point for Brunswick Exploration. The property covers 370 square kilometres, of which the western block is located just east of one of Canada's largest hard-rock lithium reserves. The property may host an extension to the deposit as this area has never been drilled. Furthermore, Quebec government records indicate the presence of spodumene mineralization further east and south on the property in three distinct outcrop locations. Alongside the Hearst property in Ontario, BRW now has two projects where it plans to test drill targets in Q1 2023."

The large Anatacau property package contains a total of 704 claims, representing 37,058 hectares (370 square kilometres). The property is accessible year-round and is located near KM 381 on the Billy Diamond Highway (a camp managed by the Societe de developpement de la Baie-James) and the west block of the property is adjacent to Allkem's James Bay lithium deposit, which is host to a 40.3 million tonnes (Mt) indicated mineral resource estimate grading 1.4 per cent Li2O (lithium oxide) and reserves of 37.2 Mt grading 1.3 per cent Li2O. Drilling in 2018 by Galaxy Lithium intersected spodumene mineralization near the property boundary.

The property has historically never been explored for lithium mineralization. Quebec government public records also indicate the presence of three spodumene-bearing pegmatite outcrops on the main block of the property, one located approximately 22 kilometres east-southeast of the James Bay lithium deposit. The area will be prioritized for prospecting and trenching in summer 2023. Brunswick Exploration also expects to begin a drilling campaign in late Q1 2023 to test the potential for new lithium pegmatites along strike of those found on Allkem's property.

Osisko Development Anatacau option agreement

The option allows Brunswick Exploration to acquire a 90-per-cent interest in the property for a total consideration of four million shares over a two-year period, upon closing of the option agreement under the following terms:

• An initial payment of 500,000 shares, within five business days of the effective date of the agreement;
• A payment of 1.5 million shares, on or before the first year anniversary of the effective date of the agreement;
• A payment of two million shares, on or before the second year anniversary of the effective date of the agreement.

In order to exercise the option, Brunswick Exploration shall finance an aggregate amount of $3-million in work expenditures in accordance with the following schedule:

• An aggregate of $500,000 before the first year anniversary of the effective date;
• An aggregate of $1-million before the second year anniversary of the effective date;
• An aggregate of $2-million before the third year anniversary of the effective date;
• An aggregate of $3-million before the fourth year anniversary of the effective date.

Upon execution of the option, Brunswick Exploration will retain a right of first refusal on Osisko Development's 10-per-cent ownership. Furthermore, Osisko Development will not be expected to finance its pro rata share of the exploration budget following the exercise of the option until the construction of a mine.

Qualified person

The scientific and technical information contained in this press release has been reviewed and approved by Jeff Hussey, director of Brunswick Exploration. He is a professional geologist registered in Quebec.

About Brunswick Exploration Inc.

Brunswick Exploration is a Montreal-based mineral exploration company. The company is focused on grassroots exploration for lithium in Eastern Canada, a critical metal necessary to global decarbonization and energy transition. The company is rapidly advancing the most extensive grassroots lithium property portfolio in Eastern Canada with holdings in Quebec, Ontario, New Brunswick and Newfoundland.

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