Mr. Patrick Morris reports

POWR LITHIUM ANNOUNCES CLOSING OF PRIVATE PLACEMENT

Powr Lithium Corp. has closed its non-brokered private placement, which consisted of 10 million units of the company at a price of 20 cents per unit for gross proceeds of $2-million.

Each Unit consists of one common share (each, a "Share") and one-half of one Share purchase warrant (each whole warrant, a "Warrant"). Each whole Warrant entitles the holder thereof to purchase one additional Share at an exercise price of $0.40 until September 27, 2025.

The company paid finder's fees to certain arms-length brokerage firms (collectively, the "Finders") in connection with the closing of the Private Placement, in the aggregate amount of $73,003. The company also issued the Finders an aggregate of 427,777 Share purchase warrants (each, a "Finders Warrant"), which Finders Warrants are exercisable on the same terms as the Warrants.

The gross proceeds of the Private Placement are expected to be used as follows:

There may be circumstances where, for sound business reasons, a reallocation of the funds may be necessary.

All securities issued pursuant to the Private Placement are subject to a statutory hold period expiring January 29, 2024, in accordance with applicable Canadian securities law.

Concurrently with the Private Placement, the company entered into certain debt settlement agreements (the "Debt Settlement Agreements") with certain consultants of the company, including Enermetal Ventures Inc. (a company controlled by Patrick Morris), whereby the company has settled aggregate indebtedness totalling $142,750 in consideration for 713,750 units (the "Debt Settlement Units"), which Debt Settlement Units were issued at a deemed price of $0.20 per Debt Settlement Unit on the same terms as the Units. These settlements will allow the company to allocate more of its resources towards operations.

The acquisition of the 196,875 Debt Settlement Units by Enermetal Ventures Inc., a holding company controlled by Patrick Morris, an officer of the company, is considered a "related party transaction" within the meaning of Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The company relied on the exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101 in respect of the issuance of the Debt Settlement Units to Enermetal Ventures Inc. due to the fair market value of the Debt Settlement Units being below 25% of the company's market capitalization for purposes of MI 61-101. The company will file a material change report in respect of the issuance of the Debt Settlement Units. However, the material change report will be filed less than 21 days prior to the issuance of the Debt Settlement Units, which is consistent with market practice and the company deemed reasonable in the circumstances.

The company has also granted an aggregate of 1,350,000 options to purchase Shares (each, an "Option") and 3,525,000 restricted share units (each, an "RSU") to certain consultants of the company, including 25,000 RSUs granted to Patrick Morris, an officer of the company. Each Option is exercisable to purchase one Share at a price of $0.23 for a period of two years from the date of grant. 3,275,000 of the RSUs are restricted for a period of four months from the date of grant, after which time each shall vest and be converted into one Share. 250,000 of the RSUs are restricted such that 20% shall vest six months after the date of grant, 40% shall vest 12 months following the date of grant, and 40% shall vest 18 months following the date of grant, after which time each shall be converted into one Share. The Options and RSUs are all subject to a statutory hold period expiring four months and one day after the date of grant.

About POWR Lithium Corp. (CSE: POWR) (FRA: 6JX / WKN: A3D6BS) (OTCQB: PWRLF)

POWR Lithium is an exploration and development company dedicated to the advancement of North American lithium deposits to support domestic demand. The company holds interests on the Halo and Eli properties in Nevada. The company is also focusing on the development of claystone extraction and processing technologies aimed at delivering scalable efficiencies across the value chain in a sustainable manner. Find out more visit www.powrlithium.com and watch our video.

POWR Lithium advises the public that as part of its disclosure obligations as a public issuer, all material and regulatory filings can be found on www.sedar.com. We also invite the public to visit our website at www.powrlithium.com and to sign up to our "news alerts" to be advised of future news releases and related company information. Please also ensure you watch our video which is now available on the website.

We seek Safe Harbor.