Critical Elements Lithium Discovers New Lithium-Tantalum Showings With up to 2.08% Li(2)O and 708 ppm Ta(2)O(5)

MONTREAL, October 27, 2022 - Critical Elements Lithium Corp. (TSX-V:CRE)(OTCQX:CRECF)(FSE:F12) ("Critical Elements" or the "Corporation") is pleased to report the discovery of new Lithium-Tantalum pegmatite ("LCT pegmatite") trends with positive prospecting sampling results on the Duval (Table 1), Lemare (Table 2) and Rose Lithium-Tantalum ("Rose") properties (Table 3) and the results from the summer drilling program on the Lac Pivert pegmatite showing (Table 4) and JR showing (Table 5) on the Rose property.

Summer 2022 Prospecting Results

During summer 2022, Critical Elements conducted a prospecting program over several areas of the Corporation's Nemaska belt property portfolio. Prior to the prospecting campaign, EarthLabs, through its GoldSpot Discoveries division, generated and ranked LCT pegmatite targets using its in-house "SmartTarget" methodology that combines both expert-driven and machine-learning data-driven targeting approaches. The objective of the field program was the identification of new pegmatite bodies using systematic rock geochemical sampling of all pegmatite bodies to refine the geological interpretation of the properties for further exploration work.

A total of 817 rock samples were collected during the exploration campaign. The prospecting revealed a new two-kilometre-long trend of white pegmatite on the Corporation's 100% owned Duval property that hosts several lithium, cesium and tantalum anomalies, including 0.62% Li₂O, 0.17% Li₂O, 464 ppm Ta₂O₅, 321 ppm Cs in grab samples, and 2.08% Li₂O (Table 1) in an angular pegmatite boulder that may have been transported one kilometre from the main discoveries during glaciation (Table 1 and Figure 1). These mineralized pegmatites are spatially associated with mafic volcanics along an interpreted regional-scale shear zone that borders the Nemiscau Belt, in a similar geological setting that extends to the Whabouchi lithium deposit, three kilometres off the claims to the north-east (Figure 4). These results show the potential of the Corporation's Nemaska trend properties. The reader is cautioned that grab samples are selective by nature and may not represent average grades of the mineralization in the pegmatites.

Sample results confirming the extension of the LCT pegmatite trend on the Lemare property have also been received. These results extend the strike potential for future drilling on the Lemare property (Table 2 and Figure 2). The LCT pegmatite trend on the Lemare property now has a potential strike length of over 5 kilometres. Additional drilling on this potential strike extension is planned in early 2023.

On the Rose Property, the Corporation has identified a new LCT pegmatite body north of the Lac Pivert showing. This new LCT pegmatite had grab samples reporting 1.04% Li₂O and 244 ppm Ta₂0₅ and 0.92% Li₂0 and 269 ppm Ta₂O₅. (Table 3 and Figure 3).

Table 1: Selected Duval and Valiquette Sample results

Note: Grab samples are selective by nature and may not to represent average grades of the pegmatite.
All samples are grabs except E073321 which is an angular boulder.

Figure 1: Duval and Valiquette Projects Sample Location Map

Table 2: Selected Lemare Sample Results

Note: Grab samples are selective by nature and may not to represent average grades of the pegmatite.

Figure 2: Lemare Project Sample Location Map

Table 3: Rose Sample Results

Note: Grab samples are selective by nature and may not to represent average grades of the pegmatite.

Figure 3: Lac Pivert (Rose Property) Sample Location Map

Figure 4: Nemaska Belt Portfolio Sample Location Map with Sample Highlights

*2.08% Li₂O (Table 1) in an angular pegmatite boulder one kilometre glacial downstream from the main in-place discoveries.

Summer 2022 Diamond Drill Results - Lac Pivert (Rose Property)

The Lac Pivert pegmatite showing on the Rose property is located 3.5 kilometres North-West of the flagship Rose Lithium-Tantalum deposit. The Lac Pivert showing has a lateral extent of approximately 300 metres and remains open in all directions. Eight drill holes totaling 1,119 metres were completed during the summer exploration program. Seven of these holes intersected lithium-tantalum bearing pegmatite (Table 4 and Figure 5). The true thickness of the drill intersections is not known at this time.

Selected drill intersection highlights include:

• LP-22-05: 0.9 % Li₂O and 40 ppm Ta₂O₅ over 6.4 m
• LP-22-06: 0.6 % Li₂O and 49 ppm Ta₂O₅ over 8.5 m
• LP-22-07: 1.3 % Li₂O and 106 ppm Ta₂O₅ over 2.1 m, and

0.7 % Li₂O and 66 ppm Ta₂O₅ over 3.8 m

Table 4: Drill results Lac Pivert drilling

* Length along the core.

Figure 5: Drill results of Lac Pivert Area (Rose Property)

The JR showing is located approximately one kilometre North-East of the Rose deposit. A total of 11 diamond drill holes have been completed totaling 1,140 metres. Ten of these holes intersected lithium-tantalum bearing pegmatite all hosted by pegmatite dykes (Table 5 and Figure 6). The true thickness of the intersections is not known at this time.

Selected drill intersections include:

• JR-22-10: 0.9 % Li₂O and 147 ppm Ta₂O₅ over 6.0 m, and 0.3 % Li₂O and 144 ppm Ta₂O₅ over 3.8 m
• JR-22-11: 0.2 % Li₂O and 109 ppm Ta₂O₅ over 10.0 m

Table 5: Drill results of JR area

* Length along the core

Figure 6: JR Showing Drill results

Quality assurance/quality control

Quality assurance and quality control procedures have been implemented to ensure best practices in sampling and analysis of the core samples. The drill core was logged and then split, with one-half sent for assay and the other retained in the core box as a witness sample. Duplicates, standards and blanks were regularly inserted into the sample stream. The core and chip rock samples were delivered, in secure tagged bags, directly to the ALS Minerals laboratory facility in Val-d'Or, Quebec. The samples are weighed and identified prior to sample preparation. The samples are crushed to 70% minus 2 mm, then separated and pulverized to 85% passing 75 μm. All samples are analyzed using four acid ICP-MS-61, with full analysis for 47 elements. Value over 10,000 ppm Li were re-assays using Li-OG-63 (ore grade Li) and value over 100 ppm Ta₂O₅ were re-assays using Ta-XRF05 (Ta trace level XRF analysis).

Qualified persons

François Gagnon, P. Geo., Senior Exploration Geologist of the Corporation, and Qualified Person under NI 43-101 on standards of disclosure for mineral projects, has prepared and reviewed the content of this press release.

Corporate update

At its annual and special meeting of shareholders held on September 13, 2022, the shareholders of the Corporation, by a disinterested shareholders' vote, approved a new equity incentive compensation plan (the "Omnibus Plan") to replace the Corporation's prior stock option plan. The Omnibus Plan provides Critical Elements with a variety of security-related mechanisms to attract, retain, and motivate qualified directors, officers, employees, management company employees (as such term is defined in the Omnibus Plan) and consultants. The purpose of the Omnibus Plan is to align the interests of directors, officers, employees, management company employees, and consultants with the interests of shareholders and the long-term goals and success of the Corporation. The Omnibus Plan will enable and encourage such directors, officers, employees, management company employees and consultants to acquire common shares as long-term investments and proprietary interests in Critical Elements.

The Omnibus Plan includes a fixed plan permitting 41,462,480 common shares to be reserved for grants of stock options, restricted share units, performance share units and deferred share units. This represents 20% of the issued and outstanding shares of the Corporation at the time of the effective date of the Omnibus Plan. The Omnibus Plan is subject to the TSX Venture Exchange's final approval.

A summary of the Omnibus Plan can be found in the management information circular dated August 9, 2022 (the "Circular"), filed under Critical Elements' profile on SEDAR at www.sedar.com. The Omnibus Plan, in its entirety, is also attached as Schedule "B" to the Circular.

About Critical Elements Lithium Corp.

Critical Elements aspires to become a large, responsible supplier of lithium to the flourishing electric vehicle and energy storage system industries. To this end, Critical Elements is advancing the wholly owned, high purity Rose lithium project in Québec. Rose is the Corporation's first lithium project to be advanced within a land portfolio of over 700 square kilometers. On June 13^th, 2022, the Corporation announced results of a feasibility study on Rose for the production of spodumene concentrate. The after-tax internal rate of return for the Project is estimated at 82.4%, with an estimated after-tax net present value of US$1.9 B at an 8% discount rate. In the Corporation's view, Québec is strategically well-positioned for US and EU markets and boasts good infrastructure including a low-cost, low-carbon power grid featuring 93% hydroelectricity. The project has received approval from the Federal Minister of Environment and Climate Change on the recommendation of the Joint Assessment Committee, comprised of representatives from the Impact Assessment Agency of Canada and the Cree Nation Government; The Corporation is working to obtain similar approval under the Québec environmental assessment process. The Corporation also has a good, formalized relationship with the Cree Nation.

Patrick Laperrière
Director of Investor Relations and Corporate Development
514-817-1119
plaperriere@cecorp.ca
www.cecorp.ca

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is described in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary statement concerning forward-looking statements

This news release contains "forward-looking information" within the meaning of Canadian Securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "scheduled", "anticipates", "expects" or "does not expect", "is expected", "scheduled", "targeted", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information contained herein include, without limitation, statements relating to the results and completion of the 2022 exploration program (including the potential of the Corporation's Nemaska trend properties) and its related objectives. Forward-looking information is based on assumptions management believes to be reasonable at the time such statements are made. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information.

Although Critical Elements has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Factors that may cause actual results to differ materially from expected results described in forward-looking information include, but are not limited to: final and complete results of the Corporation's 2022 exploration program and effects on the Corporation's stated objectives, as well as those risk factors set out in the Corporation's Management Discussion and Analysis for its most recent quarter ended May 31, 2022 and other disclosure documents available under the Corporation's SEDAR profile. Forward-looking information contained herein is made as of the date of this news release and Critical Elements disclaims any obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise, except as required by applicable securities laws.

SOURCE: Critical Elements Lithium Corp.