Snow Lake Lithium Chairman Provides Update on Thompson Brothers Lithium Project Fast Track Growth Strategy

WINNIPEG, MB / ACCESSWIRE / January 29, 2023 / Snow Lake Resources Ltd., d/b/a/ Snow Lake Lithium Ltd. (NASDAQ:LITM) ("Snow Lake" or the "Company") is pleased to provide a strategic update from the Chairman of the Board.

Dear Valued Shareholders,

Following the restructure of the board, I am writing to you to outline our growth and development strategy moving forward. We believe the Company is well positioned for success and we have exciting plans for 2023 and beyond.

Our new board has a well-balanced set of skills and has begun working in earnest to position the Company on a path to execute on its development strategy at the Thompson Brothers Lithium Project, in line with the key points outlined below.

Our strategy seeks to create value for shareholders through fast tracking our project development, expanding our resource, and investing in further growth through exploration and M&A.

Project Development

Our central focus is on creating a staged and responsible approach to project development, which shortens the overall production timeline. Specifically, a Preliminary Economic Assessment (PEA) which considers the possibility of Direct Shipping Ore (DSO) will be commissioned. This process may involve selectively mining and / or ore sorting. Beginning the development process through DSO will fast track the development of our project as it removes many of the permitting and capital spending hurdles whilst generating cash flow for the Company.

The inclusion of DSO into the Company's strategy offers additional assurance of supply to our potential offtake partners. Importantly, the PEA will also investigate a complete flow sheet which will include a DMS / concentrator operation, which we will look to fund through cash flows generated through DSO.

Project Growth

As recently announced, the Company has increased its land holdings to 59,587 acres of prospective lithium ground. The Company plans to conduct a field exploration campaign once the snow melts. The campaign's objective will be to identify additional lithium-bearing pegmatite swarms across the project.

The Company then plans to commence exploration drilling on any high priority targets generated through the campaign, with the objective of increasing its projects tonnage.

Finally, we plan to continue to evaluate M&A opportunities in the region as we work to grow our project portfolio via accretive acquisitions.

Corporate

We firmly believe that good people are key to the success of the Company moving forward. As such, the board is committed to the recruitment of a high calibre CEO who will drive the Company along this growth strategy.