Mr. Gregg Smith of Grounded Lithium reports

GROUNDED LITHIUM ANNOUNCES COMPLETION OF 2024 FIELD PROGRAM ON THE KINDERSLEY LITHIUM PROJECT AND PROVIDES PFS PROGRESS UPDATE

Grounded Lithium Corp. has completed the 2024 field program and provided an update on the continuing prefeasibility study (PFS) for the Kindersley lithium project.

The company, together with its strategic partner, Denison Mines Corp., completed a field drill program at the Kindersley lithium project's original 4-15-33-23W3 well (the 4-15 well), successfully re-entering and extending the well and achieving several defined objectives. Further, as part of the PFS preparation, the company and Denison commenced extensive metallurgical testing and a depletion modelling exercise. These efforts provide a deliberate, planned and methodical approach to further refine the commercial confidence level in the pending independently written PFS by Stantec Inc. planned for completion in mid-2025.

"We are very pleased with the timely completion of the 2024 field program," commented Gregg Smith, president and chief executive officer. "The detailed information gained from this program greatly assists in the understanding of the Duperow formation and our systematic progression to the completion of a PFS with its technical studies."

4-15 field program results

The 4-15 well was re-entered and deepened by 100 metres and subsequently tested for lithium concentrations and flow rates at a number of specific intervals across the entire Duperow formation, including newly accessible lower horizons. Previous test work focused on a single 178-metre-thick interval considered to provide the greatest deliverability of lithium-rich brine. These recent activities confirmed many of the preliminary understandings but, more importantly, allowed the company and Denison to identify additional deliverability and extract large brine volumes from the formation for planned metallurgical testing.

Key technical highlights of the field program include:

• Eighty-three cubic metres or 525 barrels of bulk brine samples were collected.
• Eleven intervals across the Duperow formation were tested for flow capabilities and lithium concentrations, with samples sent to three independent labs for confirmation of lithium and ion concentrations.
• Test results confirmed lithium concentrations from zones previously tested at 76.5 milligrams per litre.
• Tests of the newly drilled lower zone, in the base of the Duperow formation, demonstrated high additional deliverability with lithium brine concentrations at 66 milligrams per litre, which has the potential to contribute to the overall deliverability of the Kindersley lithium project.
• Direct lithium extraction test work has commenced using the brines recovered from the field program. Evaluations are under way at three independent extraction technology labs and two governmental research labs for respective lab pilot testing to ultimately support facility design.
• The 3-D reservoir depletion modelling under way benefits from the additional data for brine flow rates, pressures and brine concentrations, which will support the development of production models and the associated well patterns and site infrastructure designs.

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 (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 after-tax net present value (discounted at 8 per cent) of $1-billion (U.S.) with an after-tax 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 Kindersley lithium project 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 National Instrument 43-101.

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