Mr. Nader Vatanchi reports

SPEY RESOURCES CORP. OPTIONS NOVA SCOTIA PROPERTY

Spey Resources Corp. has entered into an option agreement with an arm's-length optionor, pursuant to which the company was granted an option to acquire a 100-per-cent interest in an exploration property located adjacent to and surrounding the past-producing West Gore antimony-gold mine in central Nova Scotia, Canada.

The property is composed of 191 mineral claims covering 3,092 hectares, approximately 45 kilometres north-northwest of the provincial capital of Halifax. Production from the historical West Gore antimony-gold mine dates from the early 1880s to 1917. The historical mine workings and subsequent evaluations include multiple shafts, eight underground levels and at least 70 drill holes. Details of the adjacent historical production and geology, although outside of the acquired property, are provided in a National Instrument 43-101 technical report dated May 25, 2021, revised July 5, 2022, and prepared by Mark King and Michael Corey. The company believes the proximity to the historical West Gore antimony-gold mine supports exploration for new targets in the property area although reference to nearby mines and projects is not necessarily indicative of mineralization on the property.

The company looks forward to commencing the first comprehensive exploration program on the property, which will include prospecting, surface sampling, high-resolution airborne geophysics and, if warranted, exploring potential drill targets by the summer of 2025.

The terms of the agreement

Pursuant to the agreement, the company may acquire a 100-per-cent interest in the property by making an aggregate cash payments of $50,000 and issuing an aggregate of 750,000 common shares of the company to the optionor over an eight-month period. In addition, the company granted the optionor a 2.0-per-cent net smelter return royalty on the property. All securities issued will be subject to a statutory four-month hold from the date of issuance in accordance with applicable securities laws.

The proposed transaction remains subject to the approval of the Canadian Securities Exchange (if required), and is expected to complete shortly. There are no guarantees that the proposed transaction will be completed as contemplated or at all.

Qualified person

Harrison Cookenboo, PhD, PGeo, an independent qualified person for the purpose of National Instrument 43-101, has reviewed and approved the scientific and technical information included in this news release.

About Spey Resources Corp.

Spey 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, Salta province, Argentina. Spey also holds a 100-per-cent interest in the Kaslo silver project, west of Kaslo, B.C.

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