Critical Elements Lithium receives land use lease for worker camp

Critical Elements Lithium has been granted the Industrial occupancy lease for its worker camp, which is essential for the development of its unique Rose Lithium-Tantalum project in Eeyou Istchee, Quebec. This lease is granted by the Ministere des Ressources naturelles et des Forets under the Act respecting lands in the domain of the State for a period of one year starting October 1st, 2024 and automatically renewed every year. Renewal is subject to the respective terms and conditions of the working camp lease, and the storage and mining infrastructure and tailing management facility leases. With the obtaining of the mining lease in September 2023 the granting of the storage and mining infrastructure and tailing management facility leases and the newly granted worker camp lease, Critical Elements continues to move toward the realization of the Rose Project by securing the occupancy rights necessary for the activities inherent to a future mining operation, which remains subject to the conclusion of a strategic partnership and project financing leading to a final investment decision. Critical Elements thus crystallizes its presence in the region and at the same time ensures that it has the necessary occupancy rights for the development of the Project. Critical Elements’ management and board of directors continue work in preparation for the completion of a financing package for the Project that allows for a final investment decision while maintaining an attractive capital structure and mitigating risk. Critical Elements is working to arrange a comprehensive financing package to fully fund the development of Rose. Shareholders will be updated as the financing package progresses and timelines will be updated as the project financing package is assembled. We would also like to congratulate Power Nickel on the exploration success on the Nisk property. Power Nickel has earned an 80% interest in the Nisk property and Critical Elements retains a 20% interest in the property, which is carried until such time as a definitive Feasibility Study regarding extraction and production activities on the Property is delivered to the Joint Venture. Critical Elements also holds approximately 13 million shares and warrants of Power Nickel.