Mr. Killian Charles reports

BRUNSWICK EXPLORATION REPORTS PHASE 1 METALLURGICAL RESULTS AT MIRAGE WITH POTENTIAL FOR DMS-ONLY FLOWSHEET

Brunswick Exploration Inc. has released preliminary, phase 1, metallurgical results from testwork on drill core samples from the Mirage project. The test was conducted by SGS Canada Inc. in Lakefield, Ont., and comprised heavy liquid separation (HLS) testing and dense media separation (DMS) testing. The program was completed on a representative mineralized dike comprising material from MR-6, MR-3, MR-4 and a single dike in the stacked dike area.

Highlights include:

• Potential for best-in-class flow sheet consisting of crushing followed by dense media separation only with no need for flotation. Projects with similar flow sheet have consistently demonstrated lower milling operating cost to achieve industry standard concentrate grade of 5.5 per cent Li2O (lithium oxide).
• Preliminary recoveries of 76 per cent producing a spodumene concentrate grading 5.5 per cent Li2O for HLS testing and recoveries of 68.4 per cent producing a spodumene concentrate grading 5.7 per cent Li2O for DMS testing both at coarse grain size.
• Low iron concentration in both HLS and DMS concentrate indicative of high-quality spodumene with low impurities. Current testwork suggest no deleterious elements identified in either concentrate.
• Further testwork is planned in 2025 to build upon this initial set of results with opportunities to increase DMS recoveries already identified.

Killian Charles, president and chief executive officer of Brunswick, commented: "As we continue to advance Mirage, we are pleased to reveal that lithium extraction at Mirage could potentially utilize a DMS-only circuit without the need for higher cost flotation to increase recoveries to acceptable levels. The resulting concentrate is considered clean with low iron concentrations and low level of other impurities. Importantly, today's preliminary results are generally in line with high-quality projects such as Patriot Battery Metals' Shaakichiuwaanaan project or Winsome's Adina project. We will look to further characterize and potentially improve on these metallurgical results in 2025 as we continue to grow Mirage's value proposition."

Phase 1 metallurgical testwork

This first test program was planned, directed and completed with the support of BBA Consultants. The metallurgical testwork was undertaken at SGS Canada Inc. in Lakefield, Ont., using four representative composite drill core intersects (see Table 1). These intersections were chosen based on their representativity of the Mirage project to date and were blended to form one master composite sample upon which the test program was performed.

Following validation of the proportion and the assay grade of each intercept, the material was blended and subjected to master composite characterization and HLS sample preparation. No "ore dilution" with waste rock was applied in this phase 1 test program.

Two feed size options were prepared for HLS tests: 9.5 millimetres and 6.3 mm. Both samples were screened from 0.85 mm and the resulting fine fraction was removed to improve the efficiency of the separation process. Only the coarse fraction is subjected to HLS or DMS testing. Recoveries of the fine fraction combined with the middlings of the DMS is typically achieved through grinding, desliming and flotation and is in the flowsheet if economic recoveries cannot be achieved by coarse beneficiation only, such as DMS.

Based on preliminary HLS results (see Table 2), higher recoveries were observed when material was crushed to 6.3 mm. This sample was selected for further evaluation for DMS-only recovery with a concentrate grade target of approximately 5.5 per cent Li2O. The test was successful and achieved an above average concentrate grade of 5.7 per cent Li2O concentrate with an overall lithium recovery of 68.4 per cent from a feed sample with a head grade of 1.59 per cent Li2O. Iron concentration was evaluated at 0.65 per cent Fe2O3 with all deleterious elements well below penalty levels.

Next steps

Further work is planned for the Mirage project to advance metallurgical testing program. The company will focus on continuing drill exploration and to advance the project to reach a first mineral resource estimation. Following this milestone, the metallurgical testing program will be completed by testing the representative samples of the developed material by investigating the impact of ore dilution and identifying opportunities for further process optimization.

Process definitions

Heavy liquid separation (HLS): HLS tests involve repeated tests at multiple densities in synthetic heavy liquid solutions to determine the optimum SG for mineral separation. In this case, the heavy liquid comprised methylene iodide diluted with acetone to target various specific gravity (SG) cut points including 2.65, 2.70, 2.80, 2.85, 2.90, 2.95 and 3.00. The testwork is used to determine the susceptibility of ore to dense media separation process.

Dense media separation (DMS): Dense media separation tests are carried out to estimate the real life response of the ore to dense media separation and done by applying gravity separation at selected media densities (during HLS tests), which are prepared by mixing ferrosilicon and/or magnetite in water in this project.

Option grant

The company's board of directors have approved the grant of incentive stock options to directors, officers, employees and consultants to purchase up to an aggregate of 3.43 million common shares in the capital stock of the company. Grants are subject to a three-year vesting period and a five-year term at an exercise price of 14 cents per share.

QA/QC (quality assurance/quality control)

All drill core samples were collected under the supervision of Brunswick employees and contractors using HQ size for MR-24-91, MR-24-91, MR-24-94 and NQ size for MR-24-76. Samples were bagged and groups of samples were placed in larger bags, sealed with numbered tags, in order to maintain a chain of custody. Samples from HQ size core sample were split to use one-quarter for analytical analysis and half of the core were used for NQ size core sample. The sample bags were transported from the Brunswick contractor facility to the SGS Lakefield facility.

Qualified person

The scientific and technical information contained in this press release has been reviewed and approved by Simon T. Hebert, vice-president of development. He is a professional geologist registered in Quebec and is a qualified person as defined by National Instrument 43-101.

Brunswick relied on the expertise of Dr. Seref Girgin (senior metallurgist) and Vera Gella (PEng, QP) from BBA Consultants.

About Brunswick Exploration Inc.

Brunswick Exploration is a Montreal-based mineral exploration company listed on the TSX Venture Exchange under symbol BRW. The company is focused on grassroots exploration for lithium in Canada, a critical metal necessary to global decarbonization and energy transition. The company is rapidly advancing the most extensive grassroots lithium property portfolio in Canada and Greenland.

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