Mr. Gregg Smith reports

GROUNDED LITHIUM REPORTS FIRST QUARTER 2024 FINANCIAL AND OPERATING RESULTS

Grounded Lithium Corp. has released its financial and operating results for the three-month period ended March 31, 2024. Selected financial and operational information is set out below and should be read in conjunction with the company's March 31, 2024, financial statements and the related management's discussion and analysis, which are available for review on SEDAR+ or the company's website.

First quarter 2024 financial and operational highlights:

• On Jan. 16, 2024, the company announced the entering of a series of agreements with Denison Mines Corp., highlighted by the earn-in agreement. The agreement is expected to provide more than sufficient funding for a field pilot for the KLP which both the company and Denison plan to advance on a priority basis. Beyond the pilot, Denison may also provide further capital during the earn-in period to finance other activities as necessary to drive the overall KLP value such as further technical evaluations and studies, drilling, sampling, and expenditures to maintain the KLP lands in good standing.

About Grounded Lithium Corp.

Grounded Lithium is a publicly traded lithium brine exploration and development company that controls approximately one million metric tonnes of measured and indicated lithium carbonate equivalent mineral resource and approximately 3.2 million metric tonnes of inferred lithium carbonate equivalent resource over its focused landholdings in southwest Saskatchewan as per the company's updated preliminary economic assessment. The updated PEA, titled "NI 43-101 Technical Report: Preliminary Economic Assessment Kindersley Lithium Project -- Phase 1 Update," dated Nov. 7, 2023, and effective as of June 30, 2023, reports a phase 1 net present value (8 per cent) after-tax of $1-billion (U.S.) with an after-tax internal rate of return of 48.5 per cent. Grounded Lithium's multifaceted business model involves the consolidation, delineation, exploitation and ultimately development of its opportunity base to fulfill its vision to build a best-in-class, environmentally responsible, Canadian lithium producer supporting the global energy transition shift.

Qualified persons

Scientific and technical information contained in this press release has been prepared under the supervision of Doug Ashton, PEng, Alexey Romanov, PGeo, Meghan Klein, PEng, Dean Quirk, PEng, Jeffrey Weiss, PEng, Chad Hitchings, PL Eng, and Michael Munteanu, PEng, each of whom is a qualified person within the meaning of National Instrument 43-101.

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