Progress of The Rose Project - New Government Authorizations Obtained

MONTREAL, QC / ACCESSWIRE / February 20, 2024 / Critical Elements Lithium Corporation (TSX-V:CRE)(US OTCQX:CRECF)(FSE:F12) ("Critical Elements" or the "Corporation") is pleased to announce that it has been granted three industrial occupancy leases (storage and mining infrastructure) and tailings management facility leases, which are essential for the deployment of its unique Rose Lithium-Tantalum project (the "Rose Project" or the "Project") in Eeyou Istchee, Quebec. These leases are granted by the Ministère des Ressources naturelles et des Forêts (the "Ministère") under the Act respecting lands in the domain of the State (Québec) for a period of one year starting February 1^st, 2024 and automatically renewed every year, subject to the respective terms and conditions of the leases granted.

With the obtaining of the mining lease in September 2023 (see press release dated September 18, 2023) and the granting of these three leases, Critical Elements continues to move forward with the realization of the Rose Project by securing the occupancy rights necessary for the activities inherent to a future mining operation, which remains subject to the conclusion of a strategic partnership and project financing leading to a final investment decision. Critical Elements thus crystallizes its presence in the region and at the same time ensures that it has the necessary occupancy rights for the deployment of the Project.

Jean-Sébastien Lavallée, Chief Executive Officer of the Corporation, stated: "We are grateful to the Ministère for their continued support as we move the Rose Project towards a final investment decision. Despite the current negative sentiment around lithium equities, management remains confident in the quality of the Rose Project, the investment appeal of Québec as it develops its battery supply chain ecosystem for the future, and the future global growth of quality lithium demand. Our highly experienced lithium industry management team is well-positioned to pivot to meet the challenges of today's market and we are excited for the future of the Corporation."

About Critical Elements Lithium Corporation

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.