Stria Lithium Grants Cygnus Metals a Two-Year Extension on Pontax Earn-In Agreement

(TheNewswire)

Ottawa, ON – TheNewswire - May 23, 2025 - Stria Lithium Inc.(TSXV:SRA) (OTC:SRCAF) (“ Stria ” or the “ Company ”) is pleased to announce that it has reached amutual agreement with its partner, Cygnus Metals Limited (ASX: CY5,TSXV: CYG, OTCQB: CYGGF) to extend the timeline of the second stage ofCygnus’s earn-in agreement on the Pontax Lithium Project, located inthe James Bay region of Quebec (“Pontax”).

In July 2023, Cygnus successfully completed the firststage of the earn-in, acquiring a 51% interest in Pontax by investingC$4 million in exploration expenditures and issuing 9,129,825 fullypaid ordinary shares to Stria.

Reflecting the collaborative and constructiverelationship between Stria and Cygnus, both parties have agreed toextend the timeline for the second stage of the earn-in by anadditional 24 months. This extension provides Cygnus with increasedflexibility and a stronger runway to continue its exploration effortsand earn a further 19% interest, bringing its potential totalownership of the project to 70%.

Under the revised terms, Cygnus will now haveuntil October 2027 to invest an additional C$2 million inexploration activities at Pontax and make a C$3 million cashpayment to Stria.

As consideration for the extension, and subject toapproval from the TSX Venture Exchange, Cygnus will issue 300,000ordinary shares to Stria at a deemed price of A$0.105 pershare (based on the ASX closing price on April 1, 2025). These shareswill be voluntarily escrowed for a period of 12 months followingissuance.

“This extension demonstrates ourstrong and aligned commitment with Cygnus Metals to unlock thelong-term value of the Pontax Lithium Project,” said Dean Hanisch, CEO of Stria Lithium. “We look forward to continuedcollaboration and to advancing the potential of Pontax as astrategically significant lithium asset in Quebec.”

About Stria Lithium

Stria Lithium (TSX-V:SRA) is an emerging resource exploration companydeveloping Canadian lithium reserves to meet legislated demand forelectric vehicles and their rechargeable lithium-ion batteries. TheCompany is committed to growth through responsible and efficientexploration and development of its mining assets.

Stria’s Central Pontax Lithium Project covers 36 squarekilometres, including 8 km of strike along the prospective ChamboisGreenstone Belt. The region, known as the Canadian “LithiumTriangle,” is one of only a few known sources of lithium availablefor hard rock mining in North America. Stria’s Pontax Central Project Joint Venture with Cygnus Metalsnow has a maiden JORC-compliant inferred mineral resource estimate(MRE) of 10.1Mt at 1.04% Li 2 O based on the central area of the knownmineralisation.

This JORC estimate establishes Pontax Central as a significantoccurrence in the emerging James Bay lithium region. Cygnus Metals,being an ASX issuer, adhered to Australian JORC Code 2012 guidelines,meaning that such mineral resource estimate is not necessarilycompliant with CIM and National Instrument NI 43-101 standards and theCompany is not considering them as such at this time.

Cygnus Metals is committed to fully funding andmanaging the current two-stage exploration and drilling program to amaximum of $10 million at Stria’s Pontax property and will also payStria up to $6 million in cash. In return, Cygnus may acquire up to a70% interest in the property. Cygnus has fulfilled its stage 1requirements within the agreement and has now earned its 51% interestin the property.

As momentum builds for the green energy revolution andthe shift to electric vehicles, governments in Canada and the U.S. areaggressively supporting the North American lithium industry,presenting the industry and its investors with a rare, if notunprecedented, opportunity for growth and prosperity well into thenext decade and beyond.

Stria is committed to exceeding the industry’senvironmental, social and governance standards. A critical part ofthat commitment is forging meaningful, enduring and mutuallybeneficial relationships with local communities and stake-holders, andengaging openly and respectfully as neighboursand collaborators in this exciting project that has the potential tocreate lasting jobs and prosperity.

The scientific and technical content disclosed hereinwas reviewed and approved by Réjean Girard, P.Geo and president ofIOS Services Geoscientifiques Inc, a qualified person as defined underNational Instrument 43-101 Standards of Disclosure for MineralProjects.

Reference:

• JORC Mineral Resource Estimate of Pontax Project, JamesBay Quebec, Brian Wolfe; Duncan Grieve, August 14, 2023.

For more information about Stria Lithium and the PontaxLithium project, please visit https://strialithium.com

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For more information on Stria LithiumInc., please contact:

Dean Hanisch

CEO Stria Lithium

dhanisch@strialithium.com

+1(613) 612-6060

Investors Relations, Stria Lithium Inc.

info@strialithium.com

Neither TSX Venture Exchange nor itsRegulation Services Provider (as that term is defined in the policiesof the TSX Venture Exchange) accepts responsibility for the accuracyor adequacy of this release.

Cautionary Note RegardingForward-Looking Information

Except for statements of historicalfact, this news release contains certain “forward-lookinginformation” within the meaning of applicable securities law.Forward-looking information is frequently characterized by words suchas “plan”, “expect”, “project”, “intend”,“believe”, “anticipate”, “estimate” and other similarwords, or statements that certain events or conditions “may” or“will” occur. Although we believe that the expectations reflectedin the forward-looking information are reasonable, there can be noassurance that such expectations will prove to be correct. We cannotguarantee future results, performance or achievements. Consequently,there is no representation that the actual results achieved will bethe same, in whole or in part, as those set out in the forward-lookinginformation.

Forward-looking information is basedon the opinions and estimates of management at the date the statementsare made and are subject to a variety of risks and uncertainties andother factors that could cause actual events or results to differmaterially from those anticipated in the forward-looking information.Please refer to the risk factors disclosed under our profile on SEDARat www.sedar.com. Readers are cautioned that this list of risk factorsshould not be construed as exhaustive.

The forward-looking informationcontained in this news release is expressly qualified by thiscautionary statement. We undertake no duty to update any of theforward-looking information to conform such information to actualresults or to changes in our expectations except as otherwise requiredby applicable securities legislation. Readers are cautioned not toplace undue reliance on forward-looking information.

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