Mr. Phillip Thomas reports

SPEY RESOURCES CORP. ANNOUNCES 2023 EXPLORATION PLAN ESTIMATE OF RESOURCE AT INCAHUASI SALAR AND DECISION TO DEFER DRILLING AT POCITOS 2

Spey Resources Corp. intends to focus on its Incahuasi Salar property where five diamond drill holes (DDH) were drilled in 2021, and use this drilling data and geophysics to build a resource estimate. The company had previously proposed to drill at the company's 532-hectare Pocitos 2 property in November, 2022, but after delays in drill rig availability, the company has decided to focus on its Incahuasi Salar property.

Highlights:

• Five DDH wells were drilled at Candela II in 2021 -- hole 5 was pump tested and hole 4 recorded 173 parts per million (ppm) lithium (Li);
• Montgomery & Associates Consultores Ltda. produced a National Instrument 43-101 technical report, published on Aug. 8, 2022;
• The well's attributes have been assessed by a reserve engineer and the data declared suitable to produce an NI 43-101 inferred and indicated mineral resource;
• Additional geophysics work will be completed prior to the mineral resource report being completed;
• Spey, at this point in time, has decided not to buy out the 20-per-cent interest AIS Resources Ltd. holds in the project, but is in discussions with AIS regarding a potential joint venture arrangement, involving pro rata equity contributions toward further project development.

Candela II

The key features of Candela II exploration licence are as follows:

• The brine resource is hosted within two main hydrogeological units: halite (salt) and sand-gravel-halite (higher porosity);
• Lithium grades increase with depth, so there is potential to find values higher than 200 milligrams per litre (mg/L) on the eastern side of the licence area;
• The deeper clastic coarse-grain aquifer is the hydrogeological unit with the highest potential in terms of economics.

Further work in 2023

The following work needs to be done before an NI 43-101 mineral resource estimate can be completed:

• A long term pumping test in a new well to measure the hydraulic parameters of the aquifer, as well as to check the lithium grade trends;
• A new depth-specific sampling campaign using a bailer or electric wireline sampler in the wells to check lithium grades in the aquifer lithological units;
• Specific geophysics surveys, of which an audio-magnetotelluric (CSAMT) survey is proposed to increase the information regarding the distribution of the lithium grades vertically at depth and horizontally; and
• Preparation and drilling of a well on the easternmost side of the licence to reach the deeper portion of the clastic aquifer, possibly 300 m to 400 m depth, and simulate a pumping well based on the measured hydraulic parameters of the clastic aquifer.

Qualified person

The scientific and technical content of this news release has been reviewed and approved by Phillip Thomas, BSc, Geol, MBM, FAusIMM, MAIG, MAIMVA (CMV), who is a qualified person for the purposes of National Instrument 43-101.

Technical report

Scientific and technical information relating to the Incahuasi Salar property is supported by the technical report titled "Technical report for the Incahuasi Salar lithium concession, Salta province, Argentina," dated June 10, 2022, and prepared by Michael J. Rosko for Spey. Reference should be made to the full text of the technical report, which was prepared in accordance with NI 43-101 and is available electronically on SEDAR under the company's issuer profile, for a description of the company's data verification and quality assurance/quality control procedures.

About Spey Resources Corp.

Spey Resources is a Canadian lithium-focused mineral exploration company which holds two option agreements to acquire 100-per-cent interest in the Candela II, Pocitos I and II lithium brine projects located in the Salta province, Argentina. Spey also owns 100-per-cent of the mineral rights to four lithium exploration projects located in the James Bay region of Quebec, in proximity to a recent hard rock lithium discovery. Spey also holds an option to acquire a 100-per-cent interest in the Kaslo silver project, west of Kaslo, B.C.

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