GLIOF - Lithium Lion Enters into Option Agreement to Acquire The Boulder Creek Uranium Property in Alaska

(TheNewswire)

Vancouver, British Columbia -TheNewswire – April 15 , 2024- Lithium Lion Metals Inc. (“ Lithium Lion ” orthe “ Company ”) (CSE:LLM) (OTC:GLIOF) (FWB:2BC) is pleased to announce,that further to the Company’s press release on February 12, 2024,the Company has, through its wholly-owned subsidiary, Panther Minerals(AK) Inc., entered into an option to purchase agreement (the“ Option Agreement ”) withTubutulik Mining Company LLC (the “ Vendor ”) to acquire100% interest in the Boulder Creek uranium property located innorthwestern Alaska (the “ Property ”).

Under the terms of the Option Agreement, in order toexercise the option in full and thereby acquire undivided 100%ownership interest in the Property (the “ Option Closing ”),the Company shall make the following cash payments (the“ Option Payments ”) to the Vendor:

• US$5,000 upon signing of the letter of intent asbetween the Company and the Vendor (paid);

• US$25,000 upon signing the Option Agreement (the Effective Date ”) (paid);

• US$50,000 on the first anniversary of the EffectiveDate; and

• US$100,000 on the 2 nd through tothe10 th anniversaries of the Effective Date.

The Company may accelerate the Option Payments, in itssole discretion, at any time during the term of the Agreement.

Pursuant to the Option Agreement, the Company has alsoagreed to grant, that at the Option Closing, grant the Vendor a 2% netsmelter royalty (the “ NSR ”) on the Property, subject to a buy-downright (the “ Buy-DownRight ”) in its sole direction to repurchase 1%of the NSR from the Vendor for $1million, if the Buy-Down Right isexercised before the Option Closing or $2 million, if the Buy-DownRights is exercised after the Option Closing and until the10 th anniversary of the Option Closing. Furthermore, commencing on thefirst anniversary of the Effective Date following the Option Closing,the Company will be required to pay to the Vendor $100,000 per year,for a period of 10 years, as an advance towards the royalty paymentspursuant to the NSR (the “ Advanced Royalty Payments ”).

About the Boulder Creek Uranium Property

The Property is located on Alaska’s Seward Peninsulain northwestern Alaska and hosts the Boulder Creek uranium depositwithin Tertiary-aged sandstones peripheral to a Late Cretaceousalkalic quartz monzonite intrusion.

Drilling between 1979 and 1981 by Houston Oil andMinerals (“ HOM ”) outlined a historical “reserve” estimate of1,000,000 pounds of U3O8 at an average grade of 0.27% U3O8 and averagethickness of 3 metres, with depths of mineralization from the surfaceto 120 metres (Source: Economic Geology, Volume 82, 1987 pp.1558-1574). This estimate was based on data from 52 diamond drillholes totalling over 3,350 meters (about 20 of these holes encounteredmineralization) and 21 surficial split-tube sample holes totallingabout 60 meters by HOM. HOM also did extensive prospect-level geologicmapping and prospecting, soil and biogeochemical surveying, and groundgeophysical surveying. They also conducted some baseline environmentalwork.

The foregoing is a historical estimate made prior tothe implementation of National Instrument 43-101 – Standards of Disclosure for MineralProjects (“ NI 43-101 ”) and wasnot prepared in accordance with the requirements of NI 43-101 , nor does it use thecategories of mineral resources set forth in NI 43-101; however, withthe limited information available to the Company at this time, it isnot able to provide an explanation of thedifferences. While the Company considers the historic estimate toprovide information as to the historical exploration on the Property,the Company has not completed the work necessary to verify theclassification of the resource and is not treating the historicalestimate as compliant with NI 43-101. The historical estimate shouldnot be relied upon.

A qualified person has not done sufficient work toclassify the historical estimate as current mineral resources ormineral reserves and the Company is not treating the historicalestimate as current mineral resources or mineral reserves.

More recent exploration on the Property was completedbetween 2005 and 2008 by Triex Mineral Corp. (“ Triex ”) which wascomprised of soil and biogeochemical surveys, an airborne radiometricand magnetic survey, geological mapping, prospecting and groundscintillometer surveys, and limited diamond drilling comprising 22holes and 2,217 metres, (Source: Triex – Management’s Discussion& Analysis for the 1 st quarter of Fiscal 2008, reported onStockwatch dated December 21, 2007). The Company is collecting andcompiling the available information from these exploration activitiesavailable from public sources and as supplied by the Vendor. TheCompany expects to utilize such information in planning a summer 2024exploration program.

Some of the exploration information presented herein,includes historical data developed by previous operators of theProperty. The Company is providing this historical data forinformational purposes only and gives no assurance as to itsreliability and relevance to the Company’s proposed explorationprogram at the Property. A qualified person has not verified thehistorical data. The Company has not completed any quality assuranceprogram or applied quality control measures to the historical data. Accordingly, the historical data should not be relied upon.

The acquisition of the Property reflects theCompany’s ongoing intention of pursuing advanced, highly qualityprospective uranium projects that can be readily worked andefficiently explored in a timely manner.

David Beck, Interim Chief Executive Officer of theCompany stated: “ We arevery pleased to have finalized this Option Agreement with the Vendor.With a historic uranium resource and multiple targets, the Propertyconstitutes an initial, high-value uranium asset for our Company. Pastexploration by HOM in the 1980’s and Triex in the mid-2000s,represents a significant database that will allow us to fast-trackidentification of drill targets .”

Qualified Person

The scientific and technical information in this newsrelease has been reviewed and approved for disclosure by Mr. GaryClark, P.Geo. Mr. Clark is a Qualified Person within the meaning ofNational Instrument 43-101– Standards of Disclosure for Mineral Projects and is a consultant for the Company.

About Lithium Lion Metals Inc.

Lithium Lion Metals is a mineral exploration companyactively involved in the exploration of its North American projectportfolio. For more information please visit: https://www.lithuimlion.ca/ .

ON BEHALF OF THE BOARD OFDIRECTORS

David Beck        Interim Chief ExecutiveOfficer

Head Office        Suite 600-1090 West GeorgiaStreet, Vancouver, BC V6E 3V7

Telephone        +1 (604) 416 0569

Website        www.LithiumLion.ca

Email                info@LithiumLion.ca

The CSE and Information ServiceProvider have not reviewed and does not accept responsibility for theaccuracy or adequacy of this release.

Forward-Looking Statements

This news releasecontains “forward-looking information” within the meaning ofapplicable Canadian securities legislation. Often, but not always,forward-looking information and information can be identified by theuse of words such as “plans”, “expects” or “does notexpect”, “is expected”, “estimates”, “intends”,“anticipates” or “does not anticipate”, or “believes”, orvariations of such words and phrases or state that certain actions,events or results “may”, “could”, “would”, “might” or“will” be taken, occur or be achieved. Actual future results maydiffer materially. In particular, this news release containsforward-looking information relating to the exercise of the option topurchase a 100% interest in the Property, including the timingthereof, if at all; the payment of the NSR and the Advanced RoyaltyPayments, and the Buy-Down Right including the timing thereof, if atall; and the Company's expected benefits and opportunities which willarise from the acquisition of the Property and results of operations,and the expected financial performance of the Company. Theforward-looking information reflects management's current expectationsbased on information currently available and are subject to a numberof risks and uncertainties that may cause outcomes to differmaterially from those discussed in the forward-looking information.Such risk factors may include, among others, but are not limited to:general economic conditions in Canada and globally; industryconditions, including governmental regulation and environmentalregulation; the availability of capital on acceptable terms; the needto obtain required approvals from regulatory authorities; stock marketvolatility; competition for, among other things, skilled personnel andsupplies; incorrect assessments of the value of acquisitions;geological, technical, processing and transportation problems; changesin tax laws and incentive programs; failure to realize the anticipatedbenefits of acquisitions and dispositions; and the other factors.Although the Company believes that the assumptions and factors used inpreparing the forward-looking information are reasonable, unduereliance should not be placed on such information and no assurance canbe given that such events will occur in the disclosed time frames orat all. Factors that could cause actual results or events to differmaterially from current expectations include: (i) adverse marketconditions; and (ii) other factors beyond the control of the Company.New risk factors emerge from time to time, and it is impossible forthe Company’s management to predict all risk factors, nor can theCompany assess the impact of all factors on Company’s business orthe extent to which any factor, or combination of factors, may causeactual results to differ from those contained in any forward-lookinginformation. The forward-looking information included in this newsrelease are made as of the date of this news release and the Companyexpressly disclaims any intention or obligation to update or reviseany forward-looking information whether as a result of newinformation, future events or otherwise, except as required byapplicable law. Additional information identifying risks anduncertainties that could affect financial results is contained in theCompany’s filings with Canadian securities regulators, which areavailable on the Company’s profile at www.sedarplus.ca .

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