Mr. Andrew Bowering reports

UNITED LITHIUM ACQUIRES SWEDISH MINERALS AB EXPANDING ITS NORDIC CRITICAL MINERALS PLATFORM TO INCLUDE URANIUM AND RARE EARTH ELEMENTS

United Lithium Corp. has acquired all of the issued and outstanding shares of Swedish Minerals AB, an arm's-length Swedish corporation, for total consideration of approximately $3,600,500, in accordance with the share exchange agreement dated Dec. 10, 2025, among United, SM and the shareholders of SM. The acquisition significantly expands United's Nordic strategic metals platform through the addition of a large uranium and rare-earth exploration portfolio in Finland and Sweden.

Transaction summary

Pursuant to the terms of the agreement, on closing of the transaction:

• Consideration: United paid a total purchase price of $3,600,500 to the SM shareholders, $427,500 of which was paid in cash ($100,000 was previously paid as a non-refundable deposit) and $3,173,000 through the issuance of 15,865,000 common shares in the capital of United at a deemed price of 20 cents per share.
• Leadership and board: The board of directors of United was reconstituted to comprise five members. Iain Scarr, Henrik Lundin and Michael Kobler remained as directors of the company, and Robert Schafer and Scott Eldridge departed the board. Jonathon Franklin and Sebastian Bergenwall were appointed to the board as nominees of the SM shareholders. In addition, Jonathon Franklin was appointed president of the company.
• Royalty: United entered into a royalty agreement with Scandinavian Resources AB, an arm's-length party to United, pursuant to which United granted Scandinavian Resources a 1.75-per-cent net smelter return royalty on the SM properties (as defined herein) on industry-standard terms, not subject to dilution or reduction.
• Finder's fee: A transaction finder's fee was paid to a third party finder consisting of 835,000 shares at a deemed price of 20 cents per share and $22,500 in cash. The finder is an arm's-length party to United and SM.

"Closing the acquisition of Swedish Minerals is a major milestone for United Lithium and significantly expands our footprint in Northern Europe. With this transaction, we've added a large, high-quality uranium and rare-earth exploration portfolio to complement our lithium development assets, positioning the company to participate in both the clean energy transition and the growing focus on nuclear power in Europe," commented Andrew Bowering, interim chief executive officer of United. "I'd like to welcome Jonathan Franklin and Sebastian Bergenwall to the board and congratulate Jonathon on his appointment as president. I also want to thank Scott Eldridge and Robert Schafer for their contributions as we move into this next phase of growth."

Management and board appointments

Mr. Franklin is an economic geologist with over seven years of experience across Australia, Sweden and Finland. He has strong project management experience, having executed exploration programs ranging from early stage mapping through to resource definition drilling. Mr. Franklin previously served as chief executive officer for Swedish Minerals.

Mr. Bergenwall is a Swedish entrepreneur and the co-founder of Swedish Minerals. Mr. Bergenwall also co-founded and serves as executive vice-president and director of Scandinavian Resources, a privately held, royalty-focused company with a prospect generator model. Furthermore, Mr. Bergenwall co-founded Quantum Mining Tech AB, a Sweden-based software technology company integrating AI with traditional analytics to improve accuracy and performance of data gathering and big data management in exploration activities. In addition, Mr. Bergenwall is a co-founder of Decouple Solutions AB, a software development company that has developed an automated layer-based testing tool for C and C++ code. Mr. Bergenwall has been instrumental in building and scaling businesses from the ground up and brings extensive expertise in business development, project generation, permitting and mining regulatory frameworks.

Strategic rationale

The transaction unites United's lithium development portfolio with SM's high-grade uranium and rare-earth assets, spanning Finland and Sweden -- two of Europe's most mining-friendly and energy-independent jurisdictions. The combined company is positioned as a leading Nordic-based explorer supporting Europe's accelerating clean energy transition and nuclear power resurgence.

SM's uranium division controls one of the largest privately held uranium portfolios in the European Union, including the following properties (collectively, the SM properties):

• Riutta project (Finland): A 100-per-cent-owned, 999-hectare exploration-stage property located in southeast-central Finland near the town of Eno, within an established mining region. The project benefits from road access, nearby infrastructure and proximity to the Terrafame mining operation, providing a strategic location for future development.
• Duobblon deposit (Sweden): A 100-per-cent-owned, 630-hectare exploration-stage property situated in Sweden's established Gold Line Belt near Sorsele. The property enjoys excellent access to road, power and other regional infrastructure within a proven mining district, making it highly prospective for uranium and rare-earth exploration.
• Norr Dottern project (Sweden): A 100-per-cent-owned, 2,900-hectare exploration-stage property located near Arvidsjaur in north-central Sweden. The project lies within a well-known mineral belt and is accessible year-round by existing road and power infrastructure, offering significant exploration potential.
• Marrviken project (Sweden): A 100-per-cent-owned, 2,710-hectare exploration-stage property near Ange in central Sweden. The project is supported by nearby road and power infrastructure and is located within a well-established mineral belt.
• Flistjarn project (Sweden): A 100-per-cent-owned, 7,552-hectare exploration-stage property near Jarpen in west-central Sweden. The project comprises multiple mineral claims, and is considered prospective for uranium and rare-earth elements.
• Asento project (Finland): A 100-per-cent-owned, 1,203-hectare exploration-stage property located near Ruonakoski in northern Finland, offering additional exploration upside.
• Kovela project (Finland): A 100-per-cent-owned, 216-hectare exploration-stage property near Nummi in southern Finland.
• Kitka project (Finland): A 100-per-cent-owned, 3,258-hectare exploration-stage property near Ruka in northeastern Finland.
• Project H (Finland): A 100-per-cent-owned, 3,644-hectare exploration-stage property near Oulankajoki in northeastern Finland.

The SM properties are strategically located in regions with established infrastructure and mining activity, providing a strong foundation for future exploration and development.

About United Lithium Corp.

United Lithium is an exploration and development company focused on the global demand for lithium, uranium and rare-earth elements. The company is targeting lithium, uranium and rare-earth element projects in politically safe jurisdictions with advanced infrastructure that allows for rapid and cost-effective exploration, development, and potential production opportunities.

The company's consolidated financial statements and related management's discussion and analysis are available on the company's website or under its profile on SEDAR+.

We seek Safe Harbor.