Tantalex Lithium Announces Closing of Debt Settlement

(TheNewswire)

Toronto, Ontario , April 17,2025 – TheNewswire - Tantalex Lithium Resources Corp. (CSE: TTX – FSE: DW8 – OTCQB: TTLXF)( “ Tantalex ” or the “ Corporation ” ) is pleased to announcethat further to its news release dated April 14, 2025, it has settledoutstanding bona fide debts in the aggregate amount of CDN$700,610with Mr. Simon Collins, Vanomet Holding AG (“ Vanomet ”) andLebeuf Legal Inc. (“ LebeufLegal ”) through the issuance ofsecurities (the “ DebtSettlement ”).

The Debt Settlement with Mr. Collins and Vanomet was pursuant to cash advances (the“ Cash Advances ”) received in exchange for being issued common shares ofthe Corporation (each a “ Common Share ”). The Common Shares wereissued at a deemed price of CDN$ 0.025 per CommonShare. The Cash Advances were unsecured and do not bear any interest.Pursuant to the terms of the Debt Settlement, the Corporation issued17,501,400 Common Shares to Mr. Collins for the Cash Advance ofCDN$437,535 (USD$315,000) and 9,723,000 Common Shares to Vanomet forthe Cash Advance of CDN$243,075 (USD$175,000). The applicable exchange rate for the Debt Settlement is USD$1.00 =CDN$1.3890.

The Debt Settlement with Lebeuf Legal is pursuant to the settlement ofCDN$20,000 of payables owed to Lebeuf Legal for legal servicesrendered by Lebeuf Legal. The Corporation issued 800,000 Common Sharesto Lebeuf Legal at a deemed price of $0.025 per Common Share. TheCorporation has decided to settle the debts by issuing an aggregate28,024,400 Common Shares in order to preserve its cash for otherobligations.

This Debt Settlement transaction constitutes a “related partytransaction” under Multilateral Instrument 61-101 Protection of Minority Security Holders inSpecial Transactions (“ MI61-101 ”), as Mr. Collins is a director and a significantshareholder, Vanomet is a significant shareholder and Lebeuf Legal isa legal services provider to the Corporation controlled by MichelLebeuf who is the corporate secretary of the Corporation. Pursuant toMI 61-101, the Corporation will file a material change reportproviding disclosure in relation to each "related partytransaction" on SEDAR+ under the Corporation’s issuer profileat www.sedarplus.ca . The Corporation did not file thematerial change report more than 21 days before the expected closingdate of the Debt Settlement as the details of the Debt Settlement werenot settled until shortly prior to the conclusion of the DebtSettlement, and the Corporation wished to complete the Debt Settlementon an expedited basis for sound business reasons. The Corporation isrelying on exemptions from the formal valuation and minorityshareholder approval requirements available under MI 61-101. TheCorporation is exempt from the formal valuation requirement in section5.4 of MI 61-101 in reliance on sections 5.5(a) and (b) of MI 61-101as the fair market value of the transaction, insofar as it involveseach of the significant shareholders, is not more than 25% of theCorporation’s market capitalization. Additionally, the Corporationis exempt from minority shareholder approval requirement in section5.6 of MI 61-101 in reliance on section 5.7(1)(a) as the fair marketvalue of the transaction, insofar as it involves each of thesignificant shareholders, is not more than 25% of the Corporation’smarket capitalization. The Debt Settlement was previously approved bythe board of directors of the Corporation, including disinteresteddirectors. No special committee was established in connection with thetransaction, and no materially contrary view was expressed or made byany director.

The Common Shares issued pursuant to the DebtSettlement are subject to a hold period of four (4) months and one (1)day from the date of issuance.

The securities being referred to in this news releasehave not been, nor will they be, registered under the United States(U.S.) Securities Act of 1933, as amended, and may not be offered orsold in the U.S. or to, or for the account or benefit of, U.S. personsabsent registration or an applicable exemption from the registration requirements. This news release does notconstitute an offer to sell or the solicitation of an offer to buy norshall there be any sale of the securities in any jurisdiction in whichsuch offer, solicitation or sale would be unlawful.

About Tantalex Lithium Resources Corporation

Tantalex Lithium is an exploration and development stage miningcompany engaged in the acquisition, exploration, development anddistribution of lithium, tin, tantalum and other high-tech mineralproperties in Africa. It is currently focused onoperating its TiTan tin and tantalum concentrate plant and developingits lithium assets in the prolific Manono area in the DemocraticRepublic of Congo, the Manono Lithium Tailings Project and thePegmatite Corridor Exploration Program.

For more information, please contact: Richard Creitzman

Director & Interim CEO

Email: rc@tantalex.ca Phone: +41 79 968 5825

Website: www.tantalexlithium.com

Cautionary Note Regarding Forward Looking Statements

This presentation includes certain statements that may be deemed forward looking statements. All statements in this document, other than statements of historicalfacts, which address future production, reserve potential, explorationactivities and events or developments that the Corporation expects,are forward-looking statements. Such forward-looking statementsinclude, without limitation: (i) estimates of future lithium, tin andtantalum prices, supply, demand and/or production; (ii) estimates offuture cash costs and revenues; (iii) estimates of futurecapital expenditures; (iv) estimates regarding timing of future development,construction, production orclosure activities; (v) statements regarding future exploration results; (vi) statements regarding cost structure, project economics, or competitive position, (vii) statements comparing the Corporation’s properties to other mines, projects or metals; and (viii) the completion of the Debt Settlement. Although the Corporation believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance andactual results or developments may differ materially from those in theforward- looking statements. Factors that could cause actual results to differ materially from those in forward looking statements include market prices,exploitation and exploration successes, continued availability ofcapital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance, that the Corporation expresslydisclaims any responsibility for revising or expanding the forward-looking statements to reflect actual results or developments, and thatactual results or developments may differ materially from those projected, in the forward-looking statements, except as required bylaw.

Neither the Canadian SecuritiesExchange nor its regulations services provider have reviewed or acceptresponsibility for the adequacy or accuracy of this release.

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