EMP Metals Corp. announced the filing of a National Instrument 43-101 ­Standards of Disclosure for Mineral Projects (NI 43-101) technical report (the Technical Report) with respect to the Viewfield Lithium Brine Project. The Technical Report titled NI 43-101 Technical Report: Preliminary Economic Assessment of the Lithium Brines in the Viewfield Area ­ Phase 1 dated February 12, 2024 and effective as of October 31, 2023 supports the preliminary economic assessment (the PEA) on the Viewfield Lithium Brine Project.

PEA Highlights: Average of 12,175 tonnes/year of battery-grade lithium carbonate over a 23-year period; USD 1.49 billion NPV using an 8% discount on a pre-tax basis; Pre-tax IRR of 55% which represents a payout duration of 2.1 years; USD 1.06 billion NPV using an 8% discount rate on an after-tax basis; After-tax IRR of 45% which represents a payout duration of 2.4 years; All-in operating costs (OPEX) of 3,319 USD/tonne LCE; Total capital expenditures (CAPEX) of USD 571 million inclusive of both direct and indirect capital costs, including USD 52 million in contingency; Weighted average lithium concentrations of 128 mg/L from 7 target zones over the project life (range of 84 mg/L to 259 mg/L); Project economics used a base USD 20,000/tonne. 20% variation in price to either USD 16,000/tonne or USD 24,000/tonne of LCE generates after-tax IRRs of 34% and 56%, respectively, and PEA encompasses approximately 11,000 net hectares, representing 46% of HCL's Viewfield land holdings and only 14% of HCL's total land holdings in Southern Saskatchewan. Project Development: The development plan employed in the PEA has been broken into three distinct units: Wellfield: includes all production wellbores, disposal wellbores and pipeline networks.

Direct Lithium Extraction (DLE): includes infrastructure related to pre-filtration and DLE operations. Koch Technology Solutions (KTS) was the DLE technical partner selected for the PEA. Concentration, Refining and Conversion (CRC): includes all infrastructure downstream of DLE required to refine and convert lithium chloride eluent into battery grade LCE.

Saltworks Technologies (Saltworks) was the CRC technical provider selected for the PEA. Based on production testing and fluid analysis conducted by HCL in 2023 in the Viewfield project area, in addition to publicly available lithium testing throughout the area, it is expected to see lithium grades of 84 mg/L to 259 mg/L in the seven target members of the Duperow within the PEA lands. Over the life of the project, an average weighted concentration of 128 mg/L has been estimated.

Exploitation of the resource will occur in two production stages via multi-leg, horizontal wellbores. All project capital (minus end-of life capex) is allocated at the beginning of the project, with production estimated to commence in First Quarter 2027. Stage 1: Wymark C, D and E (Years 1-7) These zones are the shallowest and highest concentration (160 mg/L to 259 mg/L) zones and will be produced first through to depletion Average LCE output during Stage 1 is 18,850 tonnes/year with average OPEX of USD 2,332/tonne Stage 2: Wymark A, B and Saskatoon A, B (Years 8 onward) These zones are lower concentration (84 mg/l to 145 mg/L) and will be exploited after depletion of Wymark C, D and E Average LCE output during Stage 2 is 10,200 tonnes/year with average OPEX of USD 4,166/tonne Note: A recovery factor of 50% of Total Lithium in Place was estimated for the PEA A total of 36 multi-leg production wells will be drilled to exploit 7 target members of the Duperow, in addition to 30 vertical disposal wells to dispose of spent brine and process water.

A network of underground pipelines will be constructed to transport the large water volumes from the wellheads to a DLE site for extraction and concentration to lithium chloride, and from there the eluent will be transported via pipelines to a CRC site for refining and conversion into battery-grade LCE. A total of five DLE sites and two CRC sites will process a daily average of 62,000 m3/day of brine, resulting in an average output of 12,175 tonnes/year of battery-grade LCE.