Mr. Richard Quesnel reports

CONSOLIDATED LITHIUM METALS PROVIDES UPDATE ON KWYJIBO RARE EARTH PROJECT

Consolidated Lithium Metals Inc. has entered into an amendment effective Feb. 4, 2026, to the previously announced definitive agreement dated Nov. 17, 2025, between the company and Soquem Inc., a wholly owned subsidiary of Investissement Quebec, pursuant to which the company has acquired an option to earn, subject to the satisfaction of certain conditions, an undivided interest of up to 80 per cent in the Kwyjibo rare earth project located 125 kilometres northeast of the city of Sept-Iles, in the Cote-Nord region of Quebec. The purpose of the amendment is to clarify certain provisions with respect to the mechanism of issuing common shares of the company to Soquem as consideration pursuant to the transaction, further to the review of the transaction by the TSX Venture Exchange.

Pursuant to the amendment: The number of consideration shares issuable to Soquem as consideration to earn a 60 per cent and an additional 20-per-cent undivided interest in the project is limited to no more than an aggregate of 110 million and 90 million common shares, respectively; no consideration shares shall be issued to Soquem if, as a result of such issuance, Soquem's undiluted holding of CLM's common shares would represent 10 per cent or more of the issued and outstanding common shares, or if Soquem would otherwise become an insider of CLM, in which case CLM shall have the right to pay the applicable milestone amount to Soquem in cash in lieu of issuing consideration shares.

Soquem undertook not to acquire common shares without approval of the TSX-V if, as a result of such acquisition, Soquem's undiluted holding of common shares would represent 10 per cent or more of the issued and outstanding common shares; and no consideration shares shall be issued to Soquem if the applicable closing price of common shares on the TSX-V is less than five cents, in which case CLM will pay the applicable milestone amount to Soquem in cash in lieu of issuing consideration shares.

In addition, the company notes that the project remains subject to a 1.5-per-cent net smelter return royalty in favor of Iron Ore Company of Canada. For more information about the transaction, please see the company's press release dated Nov. 18, 2025, which is available under the company's SEDAR+ profile.

Richard Quesnel, president and chief executive officer of CLM, stated, "This amendment aligns the option structure with regulatory requirements, while maintaining our ability to advance the project, and underscores our focus on responsible growth, capital discipline and long-term value creation as we continue to advance the rare earth opportunity."

About Consolidated Lithium Metals Inc.

Consolidated Lithium Metals is a Canadian junior mining exploration company that is focused on the exploration and development of critical mineral projects in stable jurisdictions. The company is committed to supporting the energy transition through the responsible development of critical mineral supply chains.

We seek Safe Harbor.