The Board of Edison Lithium Corp. (TSXV:EDDY) intend to spin-off its Kittson Cobalt Property in Ontario on May 19, 2022. Post completion, Kittson Cobalt Property will be turned into a newly incorporated subsidiary. It is proposed that the Spin-Out will be carried out by way of statutory plan of arrangement under which Common shares of SpinCo will be distributed to shareholders of Edison on the basis of one SpinCo Share for every one common share of Edison held. As of March 28, 2023, common shares of SpinCo will now be distributed to shareholders of Edison on the basis of one SpinCo Share for every eight common shares of Edison held. There will be no change in Edison shareholders' holdings in the Company because of the Spin-Out. The Company will continue to hold its interest in the Antofalla Salar and Pipanaco Salar lithium projects in Argentina. If the Spin-Out is completed, shareholders will own shares in both companies - Edison, which will be focused on its Argentinian lithium brine projects, and SpinCo, which will be focused on cobalt exploration in Canada. Each company will operate as a separate entity and will enjoy distinction in the exponential growth of the EV market. In connection with the Spin-Out, the Edison Lithium intends to undertake a private placement of up to 60,000,000 subscription receipts priced at CAD 0.05 per Subscription Receipt to raise gross proceeds of up to CAD 3 million.

Board of Directors of Edison Lithium Corp has unanimously approved the Spin off its Kittson Cobalt Property. The proposed Spin-Out will be subject to the terms of an arrangement agreement between Edison and SpinCo, the approval of shareholders at a meeting of Edison shareholders, the approval of the British Columbia Supreme Court and the approval of the TSX Venture Exchange (the "Exchange"). The Company expects the Spin-Out will increase shareholder value by allowing capital markets to ascribe value to the Kittson Cobalt Property independent of the Company's lithium properties and by providing management focus and concentration. Upon the satisfaction or waiver of the Escrow Release Conditions, the Escrowed Proceeds would be released to SpinCo. Upon receipt thereof, SpinCo is expected to use the Escrowed Proceeds to fund exploration of the Kittson Cobalt Property and for general working capital, including, potential future acquisitions. The Company intends to seek a listing of the SpinCo Shares on the Exchange but no assurance can be provided that such a listing will be obtained. Listing will be subject to SpinCo fulfilling all of the requirements of the Exchange. The particulars of the Spin-Out and related Private Placement are not yet final and shareholders are cautioned that there can be no assurance that the Spin-Out and Private Placement will be completed on the terms described herein or at all.