Critical Elements Files NI-43-101 Technical Report for the Rose Lithium-Tantalum Feasibility Study

MONTREAL, QC / ACCESSWIRE / October 11, 2023 / Critical Elements Lithium Corporation (TSX-V:CRE)(US OTCQX:CRECF)(FSE:F12) ("Critical Elements" or the "Corporation")is pleased to announce the filing on SEDAR+ of a National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") compliant technical report representing the qualifying report for the recently-announced Feasibility Study at the Rose Lithium-Tantalum Project located in James Bay, Québec. For more information, please refer to Critical Elements' press release dated August 29, 2023. Highlights of the Feasibility Study are as follows:

Highlights

• Expected 17-year mine life
• Average production Year 2-17: 157,706 tonnes of chemical grade 5.56% spodumene concentrate
• Average production Year 2-17: 46,059 tonnes of technical grade 6.16% spodumene concentrate
• Average production Year 2-17: 580 tonnes of tantalum concentrate
• Average operating costs: US$81,30 per tonne milled, US$587 per tonne of concentrate (all concentrate production combined)
• Estimated initial capital cost: US$471 million (before working capital)
• Average gross margin: 78.8%
• After-tax NPV_8% of US$2,195 million, after-tax IRR of 65.7%
• Anticipated construction time: 21 months to start of production
• Average price assumptions of US$4,699 per tonne technical grade lithium concentrate, US$2,162 per tonne chemical grade lithium concentrate and US$150 per kg tantalum pentoxide (Ta₂O₅)

A copy of the technical report, which was filed on SEDAR on October 10, 2023, will be available on the Critical Elements' website at https://www.cecorp.ca/en/rose-43-101/.

Qualified Persons for NI 43-101 compliant report

The Feasibility Study was prepared in accordance to NI 43-101 by WSP Canada Inc (WSP), Bumigeme inc, and InnovExplo Inc. InnovExplo was responsible for the resource estimate and the mine plan, Bumigeme was responsible for the mineral processing, WSP was responsible for environmental study, project infrastructure, financial modelling, and report integration. Information regarding the outlook for lithium comes from a market study prepared by Mr. Gerrit Fuelling on behalf of the Corporation. Mr. Fuelling is an independent consultant specializing in the lithium market.