Mr. Nader Vatanchi reports

SPEY RESOURCES CORP. CLOSES DEBT SETTLEMENT TRANSACTION

Further to Spey Resources Corp.'s news release dated Nov. 4, 2024, the company has closed a debt settlement transaction whereby the company has issued 1,475,000 common shares in the capital of the company to settle an aggregate of $143,500 of indebtedness (the debt settlement).

The company issued 400,000 shares at a deemed price of nine cents per share and 1,075,000 shares at a deemed price of 10 cents per share. All shares are subject to a hold period of four months and one day, in accordance with applicable securities laws.

As part of the debt settlement, certain related parties of the company have settled $27,500 worth of debt owed for unpaid management and corporate secretary services in consideration for 275,000 shares. The issuance of these 275,000 shares to the related parties, constitutes a related party transaction as defined under Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions (MI 61-101). The company is relying on the exemptions under Section 5.5(a) and Section 5.7(1)(a) from the formal valuation and minority shareholder approval requirements of MI 61-101, as the fair market value of the shares issued to the related party does not exceed 25 per cent of the company's market capitalization, as determined in accordance with MI 61-101. The company will not file a material change report 21 days prior to the debt settlement because the details of such debt settlement had not been confirmed at that time.

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, Salta province, Argentina. Spey also holds a 100-per-cent interest in the Kaslosilver project, west of Kaslo, B.C., and holds an option to acquire a 100-per-cent interest to certain mineral claims in Nova Scotia.

We seek Safe Harbor.