Discovery Lithium Inc. Closes Acquisition of the Eagle Lake and Whitefish Lake Mining Claims in Northwestern Ontario

VANCOUVER, BC / ACCESSWIRE / September 17, 2024 / Discovery Lithium Inc. (CSE:DCLI)(OTCQB:DCLIF)(FRA:Q3Q0)(WKN:A3EFKA) (the "Company" or "Discovery Lithium"), a Canadian exploration company focused on advancing domestic energy freedom through regional lithium discovery, is pleased to announce that, further to its press release dated July 16, 2024, it has closed its previously announced acquisition of two separate packages of mining claims generally known as the Eagle Lake claims and the Whitefish Lake claims, respectively (together, the "Claims"), located approximately 350 km northwest of Thunder Bay, Ontario (the "Acquisition"). The Claims are comprised of 2,923 mineral claims covering approximately 61,093 hectares (~150,964 acres) in Northwestern Ontario.

Terms of the Acquisition

Pursuant to the sale agreement dated July 15, 2024 among the Company and Zimtu Capital Corp. (the "Vendor"), the Company acquired a 100% interest in the Claims for the following consideration:

• an aggregate of 2,000,000 common shares in the capital of the Company that were issued to the Vendor upon closing of the Acquisition ("Closing"); and

• a cash payment of $432,778.50 that will be paid to the Vendor within 180 days following Closing.

As additional consideration for the Acquisition, the Company granted to the Vendor a 1% net smelter returns royalty interest in the future minerals produced from the Claims upon achieving commercial production and assumed the Vendor's obligation with respect to certain payments owed to a third party in connection with the Vendor's acquisition of the Claims on July 12, 2023.

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

On behalf of the Board of Directors,

Mike Hodge

President & 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.