Mr. Phillip Thomas reports

SPEY RESOURCES CORP. 2023 EXPLORATION PLAN UPDATE AT INCAHUASI SALAR

Further to its Jan. 16, 2023 news release, Spey Resources Corp. has provided an update on the progress of the exploration plan and diamond hole drilling (DDH) work in respect of its Incahuasi salar property, Candela II, where five DDH wells were drilled in 2021. The company aims to utilize information gathered from this work, together with geophysics data (please see first bullet as follows), toward building a potential resource estimate study.

Highlights:

• Noting that there is presently significant demand for geophysics work in the Puna region in Argentina, the company has secured a contractor to commence work at Candela II in April, 2023, to complete a magnetotelluric (MT) survey.
• The company has designed a request-for-proposal system for bidders to respond with price and service parameter submissions for an award to prepare a potential resource estimate study for Candela II. The company expects to begin receiving responses from bidders soon.
• Five DDH wells were drilled at Candela II in 2021; hole 5 was pump tested and hole 4 recorded 173 parts per million lithium.
• Montgomery & Associates Consultores Ltda. produced a National Instrument 43-101 technical report, published on Aug. 8, 2022.
• The wells' attributes have been assessed by a reserve engineer and the data have been declared suitable for inclusion in a future potential resource estimate study.

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 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.

Qualified person

The scientific and technical content of this news release has been reviewed and approved by Phillip Thomas, BSc (geology), 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 has an 80-per-cent interest in the Candela II lithium brine project located in the Incahuasi salar in 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.

We seek Safe Harbor.