Mr. Adrian Hobkirk reports

LITHIUM SOUTH ANNOUNCES PROPOSED OPTION REPRICING

Lithium South Development Corp. has applied to the TSX Venture Exchange to reprice an aggregate of 6,145,000 incentive stock options previously granted to directors, officers and consultants as follows:

• 450,000 options granted on April 9, 2020, from 30.5 cents to 25 cents;
• 1.02 million options granted on Feb. 4, 2021, from 70 cents to 25 cents;
• One million options granted on March 24, 2021, from 80 cents to 25 cents;
• 450,000 options granted on Oct. 26, 2021, from 68 cents to 25 cents;
• 750,000 options granted on Jan. 28, 2022, from 75 cents to 25 cents;
• 900,000 options granted on Sept. 6, 2022, from 45.5 cents to 25 cents;
• 125,000 options granted on Sept. 29, 2022, from 49 cents to 25 cents;
• One million options granted on Aug. 4, 2023, from 46.5 cents to 25 cents;
• 450,000 options granted on Nov. 21, 2023, from 32.5 cents to 25 cents.

The option repricing is subject to the approval of the exchange. In addition, the company will seek approval from the disinterested shareholders of the company for the options held by insiders of the company at the annual general meeting of the shareholders of the company scheduled for Aug. 30, 2024.

About Lithium South Development Corp.

Lithium South owns 100 per cent of the HMN (Hombre Muerto North) lithium project located in Salta and Catamarca provinces, Argentina, in the heart of the lithium triangle. The Salar del Hombre Muerto has a history of lithium production, with Arcadium Lithium (as a result of the Alkem and Livent merger) in operation for over 25 years in an area just south of the HMN lithium project. The HMN lithium project is surrounded by a $4-billion (U.S.) lithium development under construction by POSCO (Korea) and the Sal de Vida project under development by Arcadium. Exploration work to date has delineated a National Instrument 43-101 compliant 1,583,200-tonne lithium carbonate equivalent (LCE) resource on the Alba Sabrina, Natalia Maria and Tramo claim blocks, three of five non-contiguous blocks that make up the HMN lithium project. A recent preliminary economic assessment announced on March 4, 2024, and with a report to follow, delineates the exciting potential of the 15,600-tonne-per-year lithium carbonate project. With pumping well installation under way, Lithium South is transitioning from being a lithium explorer to becoming a lithium developer.