Mr. Gregg Smith of Grounded Lithium reports

GROUNDED LITHIUM ANNOUNCES COMMENCEMENT OF 2024 FIELD PROGRAM AND SELECTION OF STANTEC AS LEAD AUTHOR FOR PRE-FEASIBILITY STUDY

Grounded Lithium Corp. has commenced the 2024 field program, together with initiation of the prefeasibility study, written by Stantec Inc., a leading global engineering and consulting firm, as lead author for the Kindersley lithium project (KLP) in accordance with Canadian Securities Administrators National Instrument 43-101.

"We are excited to begin executing renewed activity on the KLP stemming from the recently announced project budget approved by Denison Mines Corp.," commented Gregg Smith, president and chief executive officer. "The budget is fully funded by Denison and dedicates $4.5-million to various key activities, including advancing detailed analysis on the reservoir through a rigorous field program supporting a future PFS to meaningfully advance the evaluation of the KLP."

The 2024 KLP field program is highlighted by the following:

• Re-entry of dedicated lithium well:
  • Originally drilled in 2022 as a dedicated lithium well 20 kilometres north of Kindersley, Sask., the 4-15 well was reopened and will be deepened by approximately 100 metres;
  • Extensive production evaluation testing is planned to be conducted over 11 separate 20-metre stratigraphic intervals within the Duperow formation to determine flow capacity and brine analysis for lithium and ion concentrations for the individual zones;
  • A significant volume of brine is expected to be captured to support several planned lithium extraction technology lab pilot tests (discussed as follows);
• Depletion model data collection:
  • Interval testing is intended to collect pressure data, among other factors, critical in developing a fulsome depletion model to guide future efforts related to well placement, reservoir maintenance and general field operations for the KLP;
• Lab pilot performance test work:
  • Brine samples are planned to be delivered to a number of leading lithium extraction and processing companies to perform extensive lab pilots to evaluate optimal metallurgical design and performance;
  • The evaluation of new lithium extraction technologies with encouraging bench-scale results is expected to be included in this process, along with established technologies;
  • The PFS is expected to base its economic and commercial conclusions on the recommended technology determined from this assessment.

Initiation of PFS

The combined efforts from the fieldwork and technology assessments are expected to support the completion of a future PFS in accordance with National Instrument 43-101. Denison assumed the lead in the selection of the parties to prepare the PFS and the company is pleased to announce that Stantec has been awarded that contract. Stantec is a global leader in sustainable engineering, architecture and environmental consulting that brings a breadth of expertise from its mining, minerals and metals team to the KLP. Subject to the successful completion of the planned field and lab programs, the PFS is currently targeted for completion in mid-2025.

About Grounded Lithium Corp.

Grounded Lithium is a publicly traded lithium brine exploration and development company that owns 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 the company's focused landholdings in southwestern Saskatchewan, as per the company's updated PEA. 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 NPV8 (net present value discounted at 8 per cent) after tax of $1-billion (U.S.) with an after-tax IRR (internal rate of return) of 48.5 per cent. In January, 2024, Grounded Lithium entered into an agreement with Denison, whereby Denison has the option to earn up to a 75-per-cent working interest in the KLP by financing in aggregate up to $15.15-million, comprising both cash payments to Grounded Lithium of up to $3.15-million and financing project expenditures of up to $12-million through a structured earn-in option.

Grounded Lithium's multifaceted business model involves the consolidation, delineation, exploitation and, ultimately, development of the company's opportunity base to fulfill its vision to build a best-in-class, environmentally responsible, Canadian lithium producer supporting the global energy transition shift. U.S. investors can find current financial disclosure and real-time Level 2 quotes for the company on the OTC Markets website.

Qualified person

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, PLEng, and Michael Munteanu, PEng, each of whom is a qualified person within the meaning of NI 43-101.

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