Spearmint Resources Inc. received the updated Technical Report and Mineral Resource estimate for the McGee Lithium Clay Deposit in Clayton Valley, Nevada. The Technical Report includes an updated Mineral Resource estimate of 1,369,000 indicated tonnes and 723,000 inferred tonnes of lithium carbonate equivalent (LCE) for a total of 2,092,000 tonnes of LCE. Spearmint's McGee Lithium Clay Deposit is located 55 kilometres (34 miles) west of the town of Tonopah.

The Deposit is accessed off paved State Highway 265, which terminates at the Silver Peak Mine, and then by well-maintained county gravel roads. The Deposit consists of 26 contiguous unpatented placer claims that span from McGee 30 to McGee 55 and cover 890 acres (~360 hectares). Exploration drilling in the Deposit has identified three main geological units, a zone of mixed sediments(tuffaceous mudstone) overlying a green clay that in turn overlies a brown sandstone.

The mixed sediments gradationally overly the green clays and are positively weathering relative to the green clay below. Lithium mineralization is present in the green clays with some, though minor, elevated lithium concentrations in the mixed sediments above. Lithium mineralization at depth is limited to the green clay- brown sandstone contact that ranges from near surface to maximum depth of approximately 900 ft (274 m) below surface.

The dimensions of the mineralized claystone on the Deposit have expanded significantly with the inclusion of four new drillholes in 2022 since the prior Loveday and Turner (2021) Technical Report. Mineralize claystone aerial footprint has expanded from 0.87 to 1.22 square miles (2.2 to 3.16 km2). This increase is the result of the placement of four new drillholes in the west of the Property in 2022 that sampled lithium claystone in a region previously interpreted as not containing lithium mineralization due to lack of supporting data.

The geologic model from which lithium resources are reported is an update of the 3D block model originally compiled by Loveday and Turner (2021). The resource estimates are contained within an economic pit shell at constant 45° pit slope to a maximum vertical depth of 885 ft (270 m) below surface using a base case cutoff grade of 300 ppm lithium to produce an eventual battery grade lithium carbonate product. The following costs, recoveries and revenue, in metric units and US$, were used to derive a base case cutoff grade for an eventual lithium carbonate (Li2CO3) product: Mining costs USD 2.50/tonne; Processing costs USD 15/tonne; Processing recovery 80%; and USD 14,000/tonne revenue for Li2CO3 product.

The lithium mineral resource estimates are presented in U.S. customary units. Lithium resources are presented for a range of cutoff grades to a maximum of 900 ppm lithium. All lithium resources on the Deposit are surface mineable at a stripping ratio of 0.30 waste yd3/ton (0.25 m3/tonne) at the base case cutoff grade of 300 ppm lithium.

The effective date of the lithium resource estimate is June 8, 2022. The mineral resource estimates represent as an increase from the prior Loveday and Turner (2021) estimates with base case lithium carbonate (Li2CO3) equivalent tonnes increasing from 0.815 to 1.369 million tonnes at an Indicated level of assurance. Base case inferred Li2CO3 equivalent tonnes increase from 0.191 to 0.723 million tonnes.

The increase is attributed to further expansion of the mineral resource extent to towards the west and improvements in the market price of battery grade Li2CO3 reducing the base case resource cutoff grade from a minimum of 400 ppm Li to 300 ppm Li.