Critical Elements Lithium Continues to Expand Major Discovery at Rose West with Additional Multiple Wide Lithium-Rich Intercepts

Highlights:

• 1.39% Li₂O and 157 ppm Ta₂O₅ over 35.30 m, including 2.33% Li₂O and 152 ppm Ta₂O₅ over 9.00 m in hole RD-24-25A
• 1.29% Li₂O and 121 ppm Ta₂O₅ over 31.50 m, including 1.69% Li₂O and 127 ppm Ta₂O₅ over 13.50 m in hole RD-24-24
• 1.22% Li₂O and 250 ppm Ta₂O₅ over 20.50 m, including 1.60% Li₂O and 181 ppm Ta₂O₅ over 15.00 m in hole RD-24-17
• 1.27% Li₂O and 192 ppm Ta₂O₅ over 18.65 m in hole RD-24-27
• 1.59% Li₂O and 127 ppm Ta₂O₅ over 13.80 m in hole RD-24-18
• 1.75% Li₂O and 201 ppm Ta₂O₅ over 10.10 m in hole RD-24-19

MONTRÉAL, QC / ACCESSWIRE / April 22, 2024 / Critical Elements Lithium Corp. (TSX-V:CRE)(OTCQX:CRECF)(FSE:F12) ("Critical Elements" or the "Corporation") is pleased to announce the most recent results from the winter 31-hole, 3,670-meter drill program on its 100% owned Rose West Discovery with multiple wide intersections of lithium-rich pegmatites.

The Rose West Discovery ("Rose West") is situated within the Rose Lithium-Tantalum and Rose South property blocks (Figure 1), which constitute 395 km², or only 38% of the total 1,050 km² in the Corporation's highly prospective exploration portfolio in Québec.

The 2024 winter drill campaign successfully completed 3,670 meters of drilling in 31 holes on the spodumene-bearing pegmatite showings discovered during the 2023 summer prospecting campaign, herein referred to as Rose West. Drilling results to date have demonstrated the continuity of a mineralized pegmatite body, which thus far extends over 450 m strike, 370 m down dip and to a vertical depth of 140 m. In the west, the body is comprised of multiple near surface mineralized pegmatites that range up to an apparent thickness of 12.40 m individually. These bodies appear to coalesce into a more substantial spodumene-bearing pegmatite in the east with an apparent width of up to 40.40 m. The near surface pegmatites appear to strike northwesterly with a gentle dip of 15°, while the thicker pegmatite appears to strike easterly with a near-horizontal dip of 13°. The body is still open in all directions, while the greatest exploration potential appears to be to the east.

New assay results from the drill program have been received for fourteen new drillholes. Several of the new drillhole results returned wide high grade lithium assays, as highlighted:

• 1.39% Li₂O and 157 ppm Ta₂O₅ over 35.30 m, including 2.33% Li₂O and 152 ppm Ta₂O₅ over 9.00 m in hole RD-24-25A
• 1.29% Li₂O and 121 ppm Ta₂O₅ over 31.50 m, including 1.69% Li₂O and 127 ppm Ta₂O₅ over 13.50 m in hole RD-24-24
• 1.22% Li₂O and 250 ppm Ta₂O₅ over 20.50 m, including 1.60% Li₂O and 181 ppm Ta₂O₅ over 15.00 m in hole RD-24-17
• 1.27% Li₂O and 192 ppm Ta₂O₅ over 18.65 m in hole RD-24-27
• 1.59% Li₂O and 127 ppm Ta₂O₅ over 13.80 m in hole RD-24-18
• 1.75% Li₂O and 201 ppm Ta₂O₅ over 10.10 m in hole RD-24-19

A summary of the new assay results is presented in Table 1 and in Figures 2 to 7. A summary of the previously announced assay results is presented in Table 2 and in Figures 2 to 7.

"With the complete results of the Rose West winter program, we recognize the opportunity to add significantly to the Rose Project's resource inventory and, potentially, augment its mine life and already robust economic appeal," commented Chair of the Board Eric Zaunscherb. "As a reminder, the Rose Lithium-Tantalum Project Feasibility Study published in August 2023 (see press release dated August 23, 2023) returned an after-tax NPV8% of US$2.2B and an after-tax IRR of 65.7%. The next step is a second-round drill program, currently being planned, followed by an initial mineral resource estimate if warranted. In the interim, management sees no reduction in urgency on the part of lithium end-users to see quality spodumene concentrate sourced from a world-class jurisdiction flow into their supply chains. Québec, with its clean grid and exceptional regulatory standards, is well-regarded globally."

Table 1: New results from Rose West Discovery 2024 winter drill program

* Core length; the true thickness is between 80 to 95% of the core length.
** Hole abandoned before reaching target length.

Table 2: Previously reported results from Rose West Discovery 2024 winter drill program

* Core length; the true thickness is between 80 to 95% of the core length.
** Hole abandoned before reaching target length.

Figure 1: Location map of the Rose West Discovery.

Figure 2: Location map of drillholes from the winter 2024 campaign.

Figure 3: Cross section N5764200 view to the North.

Figure 4: Cross section N5764100 view to the North.

Figure 5: Cross section N5764000 view to the North.

Figure 6: Cross section N5763900 view to the North.

Figure 7: Cross section N5763800 view to the North.

Figure 8: Cross section N5763700 view to the North.

Quality assurance/quality control

Quality assurance and quality control procedures have been implemented to ensure best practices in sampling and analysis of the drill core samples. Standards, duplicate and blanks were regularly inserted into the sample stream. The drill core samples were delivered, in secure tagged bags to the ALS Minerals laboratory facility in Val-d'Or, Québec. 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 sodium peroxide fusion ME-MS-89L, with full analysis for 52 elements. Value over 25,000 ppm Li were re-assays using Li-ICP-82b and value over 2,500 ppm Ta₂O₅ were re-assays using Ta-XRF10.

Qualified persons

Sebastien Perreault, P. Eng., is the qualified persons that have reviewed and approved the technical contents of this news release on behalf of the Corporation.

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-Tantalum project in Québec, the Corporation's first lithium project to be advanced within a land portfolio of over 1,050 km². On August 29, 2023, the Corporation announced results of a new Feasibility Study on Rose for the production of spodumene concentrate. The after-tax internal rate of return for the Project is estimated at 65.7%, with an estimated after-tax net present value of US$2.2B 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 94% 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, received the Certificate of Authorization pursuant to section 164 of Québec's Environment Quality Act from the Québec Minister of the Environment, the Fight against Climate Change, Wildlife and Parks, and the project mining lease from the Québec Minister of Natural Resources and Forests under the Québec Mining Act.

For further information, please contact:

Jean-Sébastien Lavallée, P. Géo.
Chief Executive Officer
819-354-5146
jslavallee@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 2024 exploration program 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 2023-2024 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 November 30, 2023 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.