Cullinan Metals Acquires Wakeman Lake Lithium Property

VANCOUVER, British Columbia, June 19, 2023 (GLOBE NEWSWIRE) -- Cullinan Metals Corp. (CSE: CMT) (OTCQB: CMTNF) (FWB: 7KO) ("Cullinan" or the "Company") is excited to announce the signing of an option agreement (the "Agreement") to acquire a 100% interest in the highly prospective Wakeman Lake lithium property (the "Property") located in Northwestern Ontario. The Property comprises 8 mineral claims covering approximately 7,900 acres.

Situated approximately 100 km east of Red Lake, in the Red Lake Mining Division of Northwestern Ontario, the Property is underlain by the Allison Lake Batholith, the largest known fertile, peraluminous granite mass in Northwestern Ontario. Notably, a sample taken at Wakeman Lake has shown the presence of spessartine, a garnet type that serves as an indicator for LCT pegmatites. The sample, taken by F.W. Breaks, J.B. Selway, A.G. Tindal, is referenced in open file report 6099 by the Ontario Geological Survey. Access to the Property is facilitated by multiple forestry roads across the region.

Under the terms of the Agreement, Cullinan has the right to acquire a 100% interest in the Property through aggregate cash payments of $110,000 and the issuance of 210,000 shares of Cullinan over a two-year period. Additionally, the Company will grant the Optionors a 1.5% net smelter returns ("NSR") royalty. Cullinan retains the right to purchase 0.5% of the NSR royalty for $500,000.

The scientific and technical information contained in this news release has been reviewed and approved by Mike Kilbourne, P.Geo., a Qualified Person as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects.

The Agreement is an arm's length transaction and is subject to customary closing conditions, including the receipt of all necessary approvals, notably the approval of the CSE. All securities issued in connection with the Agreement will be subject to the applicable statutory hold period of four months and one day from the date of issuance.

On Behalf of the Company,
CULLINAN METALS CORP.

Marc Enright-Morin
CEO
[phone]

About Cullinan Metals Corp.

Cullinan Metals Corp. is a Canadian mining and exploration company focused on the development of energy metals. With a strong emphasis on key energy resources such as copper, graphite, and lithium assets, Cullinan is dedicated to unlocking the potential of these resources globally.

Forward-looking statements
This news release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. Statements contained in this news release that are not historic facts are forward-looking information that involves known and unknown risks and uncertainties. Forward-looking statements in this news release include, but are not limited to, the potential future exercise of the Agreement. In certain cases, forward-looking statements can be identified by the use of words such as "plans", "has proven", "expects" or "does not expect", "is expected", "potential", "appears", "budget", "scheduled", "estimates", "forecasts", "at least", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "should", "might" or "will be taken", "occur" or "be achieved".