Ms. Kiki Smith reports

ULTRA LITHIUM RECEIVES SECTION 244 NOTICE FROM POWER MINERALS LIMITED

Ultra Lithium Inc. has received a Section 244(1) notice under the Bankruptcy and Insolvency Act (Canada) from Power Minerals Ltd. Power Minerals intends to make a court application to appoint a receiver over Ultra Lithium's assets to enforce Power Mineral's security under a convertible loan agreement between the two companies. Ultra Lithium may file a notice of intention to make a proposal to restructure the company's debt within the 10-day notice period provided under the Section 244 notice.

The company and Power Minerals entered into the CLA on May 12, 2023. Under the CLA, Power Minerals advanced an interest-bearing loan of $1.13-million (Australian) to the company. On Oct. 25, 2023, the company prepaid the sum of $150,000 (Australian) to Power Minerals. The company entered into a general security agreement and a share pledge agreement with Power Minerals as security for amounts outstanding under the CLA.

The Section 244 notice provides that Power Minerals must give 10 days notice of its intention to enforce a security interest prior to taking any enforcement steps. Power Minerals may then make an application to the relevant court for orders to appoint a receiver. Ultra Lithium may file a notice of intention to make a proposal to restructure the company's debt with the 10-day notice period.

About Ultra Lithium Inc.

Ultra Lithium is an exploration and development company with a focus on the acquisition and development of lithium, gold and copper assets. The company holds a brine lithium property in Argentina, hardrock spodumene-type lithium properties at the Georgia Lake/Forgan Lake area in Northwestern Ontario, Canada, and a brine lithium property in the Big Smoky Valley, Nevada, United States. The company also holds other gold and base metal properties in Argentina.

We seek Safe Harbor.