Nevada Lithium Announces Appointment of Gary Seabrooke to Board of Directors - Seite 2

Warrants
The Company is also pleased to announce that it will be amending certain warrants (the “Warrants”) governed by a warrant indenture entered into with Olympia Trust Company (the “Warrant Agent”), as warrant agent, dated effective November 30, 2021 (the “Original Warrant Indenture”). The Warrants will be amended such that the exercise price of the Warrants will be revised from $0.75 to $0.25 per common share of the Company (each, a “Common Share”) and the expiry date extended from November 30, 2023 to November 30, 2026. The terms of the Warrants will also be amended to include a revised mandatory acceleration provision (the "Acceleration Provision") as required under the policies of the Canadian Securities Exchange (the "CSE") pursuant to which, if for any ten consecutive trading days (the “Premium Trading Days”) following November 17, 2023, the closing price of the Common Shares on the CSE exceeds $0.3125, the expiry date of Warrants will be accelerated such that holders will have 30 calendar days to exercise the Warrants (if they have not first expired in the normal course). The Company will announce any acceleration of the expiry date by press release and the 30-day period will commence seven days after the last Premium Trading Day.

The Company will enter into a supplemental warrant indenture with the Warrant Agent dated effective November 17, 2023 in order to amend the Original Warrant Indenture such that it incorporates the amended provisions applicable to the Warrants noted above.

A director and officer (the “Related Party”) of the Company holds a portion of the Warrants. As a result, the amendments to the Warrants are considered to be a “related party transaction” as defined under Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The Company is relying on the exemptions from the formal valuation and minority approval requirements found in Sections 5.5(a) and 5.7(1)(a) of MI 61-101, as the fair market value of the amendments to the Warrants, insofar as they involve the Related Party, is not more than 25% of the Company’s market capitalization. The amendments to the Warrants were unanimously approved by the directors of the Company (with the Related Party abstaining), after the nature and extent of the Related Party’s interest in the amendments to the Warrants was disclosed. The Company did not file a material change report at least 21 days before the expected effective date of the amendments to the Warrants as the Company had not determined to proceed with the amendments until after such date.