Grounded Lithium Corp V.GRD

Results from the recent drilling into well 4-15 updated

[frankman]

The Company, together with its strategic partner Denison Mines Corp. ("Denison"), completed a field drill program at the KLP's original 4-15-33-23W3 well (the "4-15 Well") successfully re-entering and extending the well achieving several defined objectives. Further, as part of the PFS preparation, the Company and Denison commenced extensive metallurgical testing and a depletion modeling exercise. These efforts provide a deliberate, planned and methodical approach to further refine the commercial confidence level in the pending independently authored PFS by Stantec Inc. ("Stantec") planned for completion mid 2025.

4-15 Field Program Results

The 4-15 Well was re-entered and deepened by 100 meters and subsequently tested for lithium concentrations and flow rates at a number of specific intervals across the entire Duperow formation, including newly accessible lower horizons. Previous test work focused on a single 178 metre thick interval considered to provide the greatest deliverability of lithium-rich brine. These recent activities confirmed many of the preliminary understandings but more importantly, allowed the Company and Denison to identify additional deliverability and extract large brine volumes from the formation for planned metallurgical testing.

Field program key technical highlights include:

• 83 cubic metres or 525 barrels of bulk brine samples were collected (see Figure 1);
• 11 intervals across the Duperow formation were tested for flow capabilities and lithium concentrations with samples sent to three independent labs for confirmation of lithium and ion concentrations;
• Test results confirmed lithium concentrations from zones previously tested at 76.5 milligrams/litre;
• Tests of the newly drilled lower zone, in the base of the Duperow formation, demonstrated high additional deliverability with lithium brine concentrations at 66 milligrams/litre, which has the potential to contribute to the overall deliverability of the KLP;
• Direct lithium extraction test work has commenced using the brines recovered from the field program. Evaluations are underway at three independent extraction technology labs and two governmental research labs for respective lab-pilot testing to ultimately support facility design;
• The 3D reservoir depletion modelling underway benefits from the additional data for brine flow rates, pressures, and brine concentrations, which will support the development of production models and the associated well patterns and site infrastructure designs.
• Ongoing technical studies move the KLP toward a PFS to be completed later this year by Stantec Inc. In October of 2024, we announced the $4.5 million budget by Denison to ultimately produce a PFS during 2025.