Discovery Lithium Inc. Enters into Definitive Agreement to Acquire Group of Claims in Northern Québec - Seite 2

The original acquisition of the Sakami Property was on the basis of government airborne magnetic results where the 1^st vertical derivate confirms the significant strike length of greenstones present, as well as a clear ‘bend' in the greenstone belt within the central part of the Sakami Property which is believed to have created accommodation space for the emplacement of lithium bearing pegmatites, similar to what is found at the Corvette Lithium Project. Similarly, the Raddison East Property covers extended strike length extensions of magnetic low structures with intrusive geological units mapped across the Property.

Discovery Lithium CEO Mike Hodge comments: "The acquisition of these new properties significantly enhances our exposure to greenstone structures, a crucial component in lithium exploration. With these promising assets, we are well-positioned to take advantage of Quebec's rich mineral landscape."

Terms of the Acquisition

Pursuant to a sale agreement dated July 24, 2024, among the Company and the Vendor (the "Vendor"), the Company has agreed to acquire a 100% interest in the Claims for consideration of an aggregate of 2,000,000 common shares in the capital of the Company ("Discovery Shares"), 50% to be issued 6 months from closing and the remaining 50% to be issued 12 months from closing. the Company will grant to the Vendor a 2% net smelter returns royalty interest in the future minerals produced from the Claims upon achieving commercial production.

The completion of the Acquisition is subject to the acceptance of the Canadian Securities Exchange (the "CSE"). The Discovery Shares to be issued on Closing will be subject to a hold period expiring four months and one day following Closing.

Qualified Person

The technical content of this news release has been reviewed and approved by Mike Kilbourne, P. Geo., (OGQ # 1971) who is an independent Qualified Person (QP) as defined in National Instrument 43-101, Standards of Disclosure for Mineral Projects.

For more information please visit: www.discoverylithium.com.

On behalf of the Board of Directors,

Mike Hodge
Chief Executive Officer

About Discovery Lithium (CSE:DCLI)(OTCQB:DCLIF)(FRA:Q3Q0)(WKN:A3EFKA)

Discovery Lithium Inc. is a Canadian exploration company focused on advancing mineral resource projects in North America. The Company holds a 100% interest in 1,675 mineral claims in Serindac Lake and 2,113 mineral claims in Vaubert Lake for a combined total of approximately 164,283 hectares (~405,952 acres) located in the Nunavik region of Northern Quebec, and with a further total of 303 mineral claims comprising approximately 16,392 hectares (~40,505.5 acres) identified as the Route De Nord, Lac Belanger, Lac Ferland and Lac Roberston properties located across the northern and eastern regions of Québec including the prolific lithium district of the James Bay region. Additionally, the Company is actively advancing its ESN Project for gold exploration in Nevada and evaluating the Koster Dam Project in Central British Columbia through a joint venture with Cariboo Rose Resources. Find out more at: www.discoverylithium.com and follow us on X (formerly twitter), Facebook, and LinkedIn.