SPEY RESOURCES CORP. OPTIONS CANDELLA II LITHIUM BRINE PROJECT

Vancouver, British Columbia, March 04, 2024 (GLOBE NEWSWIRE) -- Spey Resources Corp. (CSE: SPEY) (OTC: SPEYF) (FRA: 2JS) ("Spey” or the "Company") is pleased to announce that it has signed an option agreement (the “Agreement”) with American Salars Lithium Inc. (CSE: USLI) (“American Salars”), whereby the Company has granted American Salars the option to acquire the Company’s 80% interest in the Candela II Lithium Brine Project located in the Incahuasi Salar, Salta Province, Argentina (the “Property”).

Under the terms of the Agreement made between the Company, Amercian Salars and A.I.S. Resources Ltd. (“AIS”), the Company and AIS shall sell their proportion of shares held in Spey Resources Argentina SA (the “Subsidiary”), which holds a 100% interest in and to the Property. In consideration of the Company optioning its 80% interest in the Subsidiary to American Salars, the Company will receive cash payments totaling CAD$1,958,000 and 5,268,000 common shares in the capital of American Salars (the “Shares”) at a deemed price of $0.30 per Share as follows:

DATE FOR COMPLETION	Cash		Shares
Within 60 days of the signing of the Agreement	$110,000		1,317,000(1)
On or before the first anniversary of the signing of the Agreement	$176,000		1,317,000(1)
On or before the second anniversary of the signing of the Agreement	$352,000		1,317,000(1)
On or before the third anniversary of the signing of the Agreement	$440,000		1,317,000(1)
On or before the fourth anniversary of the signing of the Agreement	$440,000
On or before the fifth anniversary of the signing of the Agreement	$440,000
TOTAL	$1,958,000		5,268,000

(1) Subject to a statutory hold period of four months and one day from issuance, after which upon expiry, the Company agrees to sell no more than 11,000 Shares per business day or cumulatively no more than 55,000 Shares in a five-business day week.

Upon American Salars’ completion of the earn-in on the Property, the Company shall retain a 12% Net Smelter Royalty on the Property (the “NSR”), of which American Salars may purchase at any time for a cash payment of $6,600,000. The NSR supersedes and cancels all previously held royalties on the Property.