Critical Elements Lithium Corp V.CRE

Red Cloud update CRE June 1/2023

[Rinny1]

https://redcloudresearch.com/wp-content/uploads/2023/06/20230601-CRE-Update-1.pdf

Critical Elements (CRE) has identified a multi-km long LCE pegmatite trend at its prolific Nemaska Belt portfolio in Quebec. The trend was confirmed through geochemical vectoring by ALS GoldSpot Discoveries which followed upon CRE’s 2021-22 exploration activities. While much of this work remains relatively early stage, it has provided many potential targets to ground truth in preparation for drilling. CRE has several projects that lie along the Nemaska trend including Duval, Lemare and others. This trend of prolific pegmatite-bearing structures hosts the Whabouchi deposit, a large, deep-seated pegmatite currently under development by a third party, that lies within 3km of Duval. Discovery and expansion of Li-bearing spodumene deposits is the goal, including plans to drill 7,000m and delineate a 15-20 Mt Lemare resource grading ~1.2-1.3% Li2O. This may help add additional resource value, and ultimately expand Rose LOM, if it doesn’t warrant its own stand-alone operation. CRE has one of the more prospective land packages in Quebec. These secondary projects should provide some exciting news flow, if not discoveries, while Rose is being developed. Most eyes are on Rose project financing, which we expect to be announced by September. We speculate that strategic alliances will be forged to build this world-class hard rock spodumene concentrate plant and mine. It has an after-tax NPV8% of C$2.5B and IRR of 82.4%, assuming Li prices well below current levels.