Ultra Lithium Assays Up to 417 ppm Lithium in Drill Hole at the Laguna Verde Brine Lithium Project in Argentina

VANCOUVER, Feb. 28, 2023 - Ultra Lithium Inc. (TSX-V:ULT, OTCQB: ULTXF and Frankfurt: QFB) ("Ultra Lithium" or "the Company") is pleased to announce the brine sampling results from a drill hole at its 100% owned Laguna Verde brine lithium project in Catamarca Province, Argentina. Drill hole LV22-04 assayed up to 417 parts per million ("ppm" or "mg/L") lithium (Li) from two rounds of sampling completed in January - February 2023. Earlier, the geophysical study of the first well LV22-01 indicated the presence of a continuous single brine aquifer comprising of mainly clastic sediments from 14 meters to 205 meters depth with a marked hydrothermal presence towards the deeper section. The Laguna Verde project is the flagship project of the Company and one of the Company's 100% owned brine lithium projects in Argentina.

Results Highlights:

• The hole was drilled down to 227 meters. The brine aquafer was still open to the depth.
• The first round of sampling was completed on January 18, 2023, where a total of seven samples were collected at various depths down to 112 m below surface. The second round of sampling was completed on January 25, 2023, and a total of six samples (2 samples at every 12 hours interval) were collected at a depth of 120 m below surface.
• Conductivity shows an increase with depth, which is interpreted to achieve better lithium concentrations through pumping and more cleaning of the well.
• Overall concentration of ions and metals indicate a single unconfined aquifer down the sampling depth of 120 m.

Round 1 Assays

• Lithium (Li) values are in the range of 386 ppm to 417 ppm with an average of 398 ppm.
• Magnesium (Mg) is in the range 851 ppm to 2215 ppm with average 1,902 ppm. Mg to Li ratio is in the range of 2.2 to 5.7 with an average of 4.8.
• Boron is in the range of 289 ppm to 392 ppm with average 343 ppm.
• Overall pH is generally neutral with an average value of 7.
• Average sulphate is 10,479 ppm, chloride 60,872 ppm.
  

Round 2 Assays

• Lithium (Li) values are in the range of 256 ppm to 354 ppm with an average of 324 ppm. The lower Li value of Round 2 was mainly due to the high precipitation during the period of time between Round 1 and Round 2 samplings.
• Magnesium (Mg) is in the range 1153 ppm to 2007 ppm with average 1773 ppm. Mg to Li ratio is in the range of 4.5 to 5.7 with an average of 5.5.
• Boron is in the range of 188 ppm to 344 ppm with average 294 ppm.
• Overall pH is generally neutral with an average value of 7.
• Average sulphate is 9,698 ppm, chloride 58,630 ppm.
  

Dr. Weiguo Lang, CEO of Ultra Lithium, stated, "The assay results from Laguna Verde indicate great potential for the project interpreted as a single brine aquifer showing consistent values of lithium and other parameters down to an open depth of 227 meters. The Company is in the process of carrying out pumping tests to determine the capacity of the aquifer and will be carrying out more sampling during the process for the hole LV22-04 while preparing for more and deeper drill holes in the near future."

Sampling Procedures

The drill hole LV22-04 was drilled at location: S 25° 18' 51,3"; W 67° 57' 55,7"; at elevation 4034 MASL down to a depth of 220 meters with a six-inch diameter using a rotary drill machine. The well was then reamed to a diameter of 9 7/8 inches. Brine sampling was carried out using a bailing device which was opened at the required depth of sampling. Field parameters of the samples such as pH, dissolved oxygen, and conductivity were noted. The samples were collected in the laboratory supplied bottles and were shipped to SGS laboratories in Salta, Argentina which is an independent accredited global laboratory. The samples were analyzed using codes mentioned in Tables 1 and 2.

Highlights of Laguna Verde Brine Lithium Project

Laguna Verde is a new brine lithium discovery where exploratory sampling conducted by the Company has shown lithium values in the range of 34 to 1,270 milligrams per liter (mg/L) - (see ULT press release dated February 2, 2018). The Company's previous exploration work from 2017-2021 included surface brine sampling, ground geophysical surveys and bench scale evaporation testwork. The Laguna Verde mineralized brines are marked by low magnesium to lithium ratios, in the range of zero to 10 which can result in lower production costs.

In 2018, the Company also completed a 39.2-line- kilometers of ground geophysical survey. The survey results indicate high value brine lithium exploration targets in a salar core area of 3.4 square kilometers within a 23 square kilometre, 100- to 150-meter-thick sedimentary basin with the potential to host lithium-brines. Interpretation of gravity survey data show a major fault system exists to the east of the Laguna Verde Salar and also indicates the presence of a 2.4-kilometer-thick Cenozoic basin, which requires further exploration.

In 2018, a bench scale evaporation test of approximately 4,000 litres of brine sample from Laguna Verde was carried out in Ultra Argentina laboratories located in Salta. The density of the original brine sample was 1156 and its lithium concentration was 391 ppm. Two types of evaporation tests were conducted. The first test included evaporating 179 litres of brine sample in an external pool located outside to match natural evaporation conditions. The results indicate that in a period of five months, the brine volume was reduced from 16 cubic metres (m³) to 3 m³ and lithium concentration increased from 391 to 6,760 ppm. Major salts produced during this process were Halite, Felsobanyaite, Silvite, Lithium Sulfate and Potassium, Carnalite, Kainite and Gypsum. The second test was conducted inside in controlled conditions. The results indicated that the original brine volume of 2,326 m³ was reduced to 85.06 m³ and the lithium concentration increased from 391 to 7,370 ppm (see ULT press release dated September 24, 2021).

Qualified Person

The technical information contained in this news release has been reviewed and approved by Afzaal Pirzada, P.Geo., a qualified person, as defined by NI 43-101 who works as Vice President Exploration of the Company.

ON BEHALF OF THE BOARD OF DIRECTORS

"Kiki Smith"

Kiki Smith, CFO

About Ultra Lithium Inc.
Ultra Lithium is a mineral exploration and development company with a focus on the acquisition and development of lithium, gold, and copper assets. The Company holds brine lithium properties in Argentina, hard rock spodumene type lithium properties in the Georgia Lake / Forgan Lake areas in northwestern Ontario, Canada, and a brine lithium property in the Big Smoky Valley, Nevada, USA. The Company also holds gold and base metals properties in Argentina.

ON BEHALF OF THE BOARD OF DIRECTORS

"Kiki Smith"

Kiki Smith, CFO

For further information, please contact the Company at:
Attention: Kiki Smith
Telephone: 778 968-1176
Email: kiki@ultralithium.com
Website: www.ultralithium.com
or view the Company's filings at www.SEDAR.com.

Cautionary Statement Regarding "Forward-Looking" Information
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Table 1: Round 1 sample results

Table 2: Round 2 sampling results