An anonymous director reports

FIRST LITHIUM MINERALS ANNOUNCES CLOSING OF FIRST TRANCHE OF LIFE OFFERING AND PRIVATE PLACEMENT

First Lithium Minerals Corp. has closed the first tranche of its non-brokered private placement financing as previously announced in its news release dated July 9, 2026.

The first tranche closing of the LIFE offering consisted of the issuance of an aggregate of: (i) 8,865,000 NFT (non-flow-through) units at a price of 11 cents per NFT unit. Each NFT unit consists of one common share and one-half of one common share purchase warrant. Each whole warrant will entitle the holder thereof to acquire one additional common share in the capital of the company at a price of 18 cents for a period of three years from the closing of the offering; and (ii) 975,000 (FT) (flow-through) units at a price of 15 cents per FT unit. Each FT unit comprises one common share of the company that qualifies as a flow-through share within the meaning of Subsection 66(15) of the Income Tax Act (Canada) and one-half of one warrant.

The company relied on the listed issuer financing exemption under Part 5A of National Instrument 45-106, Prospectus Exemptions, in connection with the distribution of the free trading 8,865,000 NFT units and 975,000 FT units under tranche one of the LIFE offering for proceeds of $1,121,400. The company paid $89,712 in finders' fees and issued 787,200 finders' warrants in connection with this tranche of the LIFE offering. Each finder's warrant will be exercisable for one additional NFT unit at a price of 11 cents for a period of three years from the closing of the first tranche of the LIFE offering.

Concurrent with closing of the LIFE offering, the company closed a private placement (PP) of up to 6,004,982 units at a price of 11 cents per PP unit for aggregate gross proceeds of $660,548. Each PP unit consists of one common share of the company and one-half of one common share purchase warrant of the company. Each PP warrant will be exercisable to acquire an additional common share at a price of 18 cents for a period of three years. The PP shares, PP warrants and any PP warrant shares issued upon exercise of the PP warrants will be subject to a statutory hold period in Canada ending on the date that is four months plus one day from the closing of the concurrent private placement.

The company paid $40,843.28 in finders' fees and issued 371,303 finders' warrants in connection with the concurrent private placement. Each finder's warrant will be exercisable for one additional NFT unit at a price of 11 cents for a period of three years from the closing of the first tranche of the LIFE offering.

The issuance of 1,363,700 PP units, in aggregate, to certain insiders of the company constitutes a related party transaction as such term is defined in Multilateral Instrument 61-101. Pursuant to sections 5.5(b) and 5.7(1)(a) of MI 61-101, the company intends to rely on exemptions from the formal valuation and minority shareholder approval requirements, respectively, as the common shares trade on the Canadian Securities Exchange, and neither the fair market value of the PP units nor the consideration for such PP units, insofar as it involves the insiders, exceeds 25 per cent of the company's market capitalization. The company did not file a material change report more than 21 days before the expected closing of the offering, as the details and amounts of the related party participation were not finalized until closer to the closing and the company wished to close the transaction as soon as practicable for sound business reasons.

There is an offering document related to the offering and the use by the company of the listed issuer financing exemption that can be accessed under the company's profile on SEDAR+ and on the company's website. Prospective investors should read this offering document before making an investment decision.

The company will continue to engage in further raising efforts in order to maximize investment in the NFT units and FT units, and to attempt to fully subscribe the LIFE offering. The company intends to use the net proceeds of the LIFE offering, as more specifically described in the offering document, and for exploration activities, general corporate and working capital purposes.

About First Lithium Minerals Corp.

First Lithium Minerals is a Canadian mineral exploration and development company. The company is exploring for lithium and alkali metals at its 100-per-cent-owned Ascotan project, comprising approximately 1,775 hectares of mineral exploration concessions at the Salar de Ascotan in the Antofagasta region of northern Chile. Two property-wide geophysical surveys identified priority exploration drill targets for potential brine mineralization. The company is currently planning its inaugural drilling program pending obtaining required permits, licences and agreements. The company is also exploring for gold and critical metals at its 100-per-cent-owned Lidstone project, comprising 10,674 hectares of mining claims in Northwestern Ontario, Canada.

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