Champion Electric Metals Receives Drill Permit and Awards Drill Contract at its Lithium Property in James Bay, Quebec

• Gravity survey completed across the Western Prospect (discovery zone of lithium bearing boulder and thousands of lithium bearing fragments) - data received, results to be announced as soon as the data has been processed
• Received the drill permit over the Western Prospect
• Signed drill contract
• Commenced flagging the roads for drill pad locations

Toronto, Ontario--(Newsfile Corp. - March 5, 2024) - Champion Electric Metals Inc. (CSE: LTHM) (OTCQB: CHELF) (FSE: 1QB0) ("Champion Electric" or the "Company") reports that it has completed its previously announced gravity program on the western portion of the Champion Electric Lithium properties in James Bay, Quebec (the "Project"). The geophysical survey is designed to locate the source rock of the lithium-bearing spodumene boulder (Figure 4) and thousands of spodumene fragments (Figure 3) discovered in initial till sampling at the west end of the Property. The data has been received and is being processed.

The Company is also pleased to report that it has received the required drill permit and started preparations for the upcoming maiden drill program at the Project. The drill contract has been signed, and the Company is already in the process of flagging the roads for the drill pad locations.

The crews will be mobilized shortly, and Champion Electric will provide further updates about the details of the drill program as it progresses.

"We are very excited to be gearing up for our first drill program at the Project in James Bay. Our team will utilize the results from our multidisciplinary field work, including mapping, rock sampling, LiDAR, gravity, and till sampling, to guide the drill bit," said Jonathan Buick, President and CEO. "We are watching the growing drilling successes of our neighbour Patriot Battery Metals and previous lithium discovery by our other neighbour to the west Winsome Resources and are eager to start our own drilling efforts, now that we have a better understanding of the subsurface and emerging target at the Project."

As a reminder, the Company's lithium properties cover the northern extension of the Lac Guyer Greenstone Belt which hosts neighbouring Patriot Battery Metals' Corvette and Winsome Resources' Cancet advanced projects in the prolific James Bay region of Quebec
(Figure 2).

Figure 1: Till sampling locations and preliminary spodumene counts over geology and topography

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Figure 2: Champion Electric Lithium Project location map

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Figure 3: Grains of spodumene in till sample fraction 0.25 - 0.50mm from the Western prospect
(courtesy of Overburden Drilling Management)

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Figure 4: Fist-sized angular spodumene boulders retrieved from a till sample at the
Western prospect (courtesy of IOS Services Geoscientifiques)

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About Champion Electric Metals Inc.

Champion Electric is a discovery-focused exploration company that is committed to advancing its highly prospective lithium properties in Quebec, Canada and cobalt properties in Idaho, United States. In addition, the Company owns the Baner gold project in Idaho County and the Champagne polymetallic project in Butte County near Arco.

The Company's shares trade on the CSE under the trading symbol "LTHM", on the OTCQB under the trading symbol "CHELF", and on the Frankfurt Stock Exchange under the symbol "1QB0". Champion Electric strives to be a responsible environmental steward, stakeholder and contributing citizen to the local communities where it operates, taking its social license seriously, employing local community members and service providers at its operations whenever possible.

ON BEHALF OF THE BOARD OF CHAMPION ELECTRIC
"Jonathan Buick"
Jonathan Buick, President and CEO

To learn more, please visit the Company's SEDAR profile at www.sedarplus.ca or the Company's corporate website at www.champem.com.

For further information, please contact:
Investor Relations and Communications
Phone: [phone]
Email: [e-mail]

THIS PRESS RELEASE DOES NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUY ANY SECURITIES IN ANY JURISDICTION, NOR SHALL THERE BE ANY OFFER, SALE, OR SOLICITATION OF SECURITIES IN ANY STATE IN THE UNITED STATES IN WHICH SUCH OFFER, SALE, OR SOLICITATION WOULD BE UNLAWFUL.

Cautionary Statements

Neither the Canadian Securities Exchange nor its regulation services provider has reviewed or accepted responsibility for the adequacy or accuracy of this press release. This press release may include forward-looking information within the meaning of Canadian securities legislation, concerning the business of the Company. Forward-looking information is based on certain key expectations and assumptions made by management of the Company, including the prospectivity of its projects for lithium, cobalt and other metals. Although the Company believes that the expectations and assumptions on which such forward-looking information is based on are reasonable, undue reliance should not be placed on the forward-looking information because the Company can give no assurance that they will prove to be correct. Forward-looking statements contained in this press release are made as of the date of this press release. The Company disclaims any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.

The Projects are at an early stage of exploration, and the Company cautions that the qualified persons who have reviewed and approved this news release have not verified scientific or technical information produced by third parties. Exploration results by third-parties in the vicinity of the Company's projects are not indicative of mineralization at the Company's projects.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/200339