Discovery Lithium acquiring Grove Lake and Whitefish Lake mining claims, Ontario

Discovery Lithium Inc. [CSE-DCLI; OTCQB-DCLIF; FRA-Q3Q0; WKN-A3EFKA] has entered into a definitive agreement to purchase two separate packages of mining claims generally known as the Eagle Lake claims and the Whitefish Lake claims, respectively located approximately 350 km northwest of Thunder Bay, northwest Ontario. The claims are comprised of 2,923 mineral claims covering approximately 61,093 hectares (~150,964 acres).

Under the sale agreement dated July 15, 2024, among the company and Zimtu Capital Corp. [TSXV-ZC], the company has agreed to acquire a 100% interest in the claims for the following consideration: a cash payment of $432,778.50 to be paid to the Vendor within 180 days following closing of the acquisition and an aggregate of 2,000,000 common shares in the capital of the company to be issued to the vendor upon closing.

As additional consideration for the acquisition, the Company will grant to the vendor a 1% net smelter returns royalty interest in the future minerals produced from the claims upon achieving commercial production.

The completion of the acquisition is subject to regulatory approval.

Discovery Lithium holds a 100% interest in 1,675 mineral claims in Serindac Lake and 2,113 mineral claims in Vaubert Lake for a combined total of approximately 164,283 hectares (~405,952 acres) located in the Nunavik region of northern Quebec, and with a further total of 303 mineral claims comprising approximately 16,392 hectares (~40,505.5 acres) identified as the Route De Nord, Lac Belanger, Lac Ferland and Lac Roberston properties located across the northern and eastern regions of Québec including the prolific lithium district of the James Bay region.

Additionally, the company is actively advancing its ESN Project for gold exploration in Nevada and evaluating the Koster Dam Project in Central British Columbia through a joint venture with Cariboo Rose Resources Ltd. [TSXV-CRB].