Mr. Stephen Rentschler reports

INDEPENDENT ANALYSIS SUPPORTS HYDRAULIC BOREHOLE MINING METHOD APPLICABILITY FOR BONNIE CLAIRE LITHIUM PROJECT

Nevada Lithium Resources Inc. has released the results of an independent technical due diligence review conducted by WSP U.K. Ltd. on the hydraulic borehole mining method (HBHM) at its 100-per-cent-owned Bonnie Claire lithium project, located in Nye county, Nevada.

Nevada Lithium's chief executive officer, Stephen Rentschler, commented: "We are pleased to announce the results of a technical assessment by WSP U.K. Ltd., a subsidiary of WSP Global Inc., one of the world's foremost engineering and design firms. With significant in-house hydraulic borehole mining experience to validate its recommendations, WSP has assessed the viable application of the hydraulic borehole mining method (HBHM) to access Bonnie Claire's high-grade mineralization at depth. Currently, this mineralization includes recoverable lithium, boron, cesium and rubidium, with the potential recovery of additional critical minerals such as rare earth elements.

"Importantly, this independent technical assessment does not recommend an in-field test of HBHM for the company's upcoming preliminary feasibility study (PFS). WSP has advised Nevada Lithium that additional bench-scale testing and modelling would be sufficient for the mining section of the PFS. This recommendation is expected to significantly reduce the cost associated with completion of the PFS.

"In addition to its technical assessment of HBHM, WSP also identified alternative mining methods with potential viability at the Bonnie Claire deposit. These methods would be the subject of additional trade-off studies during the PFS process, such as those currently planned for the recovery of additional critical minerals from Bonnie Claire's high-grade mineralization.

"In a world of increasing lithium demand and constraints on supply, lithium prices have continued to rise and have recently traded at levels above those modelled in the company's recent preliminary economic assessment (PEA). We continue to work diligently to unlock shareholder value from our 100-per-cent-owned Bonnie Claire lithium project."

Highlights of independent analysis:

• Potential HBHM amenability confirmed: HBHM is applicable to the Bonnie Claire deposit and is a reasonable method for recovery of the deeper mineralized zones at Bonnie Claire. Additional bench-scale testing and modelling are required.
• Testing and modelling required to support PFS: This will involve bench-scale geotechnical laboratory testing of a representative Lower Claystone section, together with caving and subsidence behaviour simulation of that section. If the bench-scale testing is positive, then field testing of HBHM will be considered not required for the PFS.
• Pilot test and field validation required to support feasibility study (FS): Field testing of a representative Lower Claystone section to determine HBHM effectiveness and design parameters is recommended going into the FS.
• Alternative mining methods identified: High-level evaluation identified block caving and sublevel caving as alternative mining methods for assessment in trade-off studies within the overall PFS process. Alternative mining methods may require additional testing, including drilling, to confirm the deposit's amenability to these mining methods.

Technical due diligence

The company retained WSP to undertake a high-level desktop review to evaluate the suitability of the HBHM method, which was identified as the preferred mining method in the company's 2025 PEA.

The due diligence included a review of the available geotechnical information on the deposit to help evaluate HBHM in this environment, and a review of the process and pumping modelling incorporated into the PEA study. WSP used benchmarking against existing borehole recovery operations in Northern Saskatchewan to assess the validity of the assumptions regarding the amenability of HBHM on the Bonnie Claire deposit for mining and process methodologies.

The technical review undertaken by WSP also included a high-level evaluation of alternative mining methods to evaluate amenability to these mining methods at the Bonnie Claire deposit.

Summary and recommendations

WSP believes that hydraulic borehole mining is applicable to the Bonnie Claire deposit and is a potentially viable method for recovery of the deeper mineralized zones at the Bonnie Claire site. This assessment is subject to the successful completion of additional bench-scale testing and modelling. WSP recommends that the following work be undertaken going into the PFS:

1. Geotechnical laboratory testing across the full HBHM target interval (1,500 to 2,500 feet) to confirm the minerology and fabric, mechanical properties and the potential for plastic deformation and material susceptibility to breaking down under saturation or wetting;
2. Caving and subsidence behaviour simulation, incorporating lithology, structural, mechanical and stress data.

Following the recommendations above, going into the FS, WSP recommends HBHM pilot testing and field validation. This pilot test would involve the mining of a representative section of the Lower Claystone (including a 2,000-to-2,500-foot interval) to determine the effectiveness and design parameters of the HBHM method. Jetting efficiency, slurry consistency, particle size distribution and pumping performance would also be evaluated.

Results of recent PEA.

The company recently filed a PEA on the Bonnie Claire lithium project. The PEA has an effective date of March 31, 2025, and presents a $6,829-million after-tax net present value (NPV) at an 8-per-cent discount rate, based on $24,000 per tonne Li2CO3 (lithium carbonate) and $950 per tonne boric acid, together with a 32.3-per-cent after-tax internal rate of return (IRR). Results of the PEA were announced in the company's news release dated Aug. 6, 2025. The PEA is preliminary in nature and includes inferred mineral resources that are too speculative geologically to be classified as mineral reserves. There is no certainty that the results of the PEA will be realized.

Qualified person disclosure

The technical information in the above disclosure has been reviewed and approved by Dr. Jeff Wilson, PhD, FGC, PGeo, vice-president of exploration for Nevada Lithium, who is a qualified person as defined in National Instrument 43-101, Standards of Disclosure for Mineral Projects, and is not independent of the company as defined by Section 1.5 of NI 43-101. Dr. Wilson has reviewed and verified the scientific and technical information disclosed herein, in respect of the company's summary of WSP's work, through review of WSP's report and discussions with WSP. The results described in this news release are a summary of a due diligence project completed by WSP.

The technical information in the above disclosure has also been reviewed and approved by Bill Bagnell, PEng, a qualified person. Mr. Bagnell is technical director, mine engineering and stability, with WSP and considered to be independent of the company under Section 1.5 of NI 43-101.

About Nevada Lithium Resources Inc.

Nevada Lithium Resources is a mineral exploration and development company focused on shareholder value creation through its core asset, the Bonnie Claire lithium project, located in Nye county, Nevada, where it holds a 100-per-cent interest.

The company recently filed a PEA on the Bonnie Claire lithium project. The PEA has an effective date of March 31, 2025, and presents a $6,829-million after-tax NPV at an 8-per-cent discount rate, based on $24,000 per tonne Li2CO3 and $950 per tonne boric acid, together with a 32.3-per-cent after-tax IRR. Results of the PEA were announced in the company's news release dated Aug. 6, 2025. The PEA is preliminary in nature and includes inferred mineral resources that are too speculative geologically to be classified as mineral reserves. There is no certainty that the results of the PEA will be realized.

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