Consolidated Lithium Metals Inc. announced that the 2023 drilling program is underway at the Company's Vallee joint venture (the "Vallee JV") lithium project, located approximately 30 km north of Val-d'Or, Quebec within the heart of the Vallee Lithium Corridor. The Vallee JV is located immediately adjacent to, and along strike of Sayona Mining Inc.'s ("Sayona") North America Lithium ("NAL") operation, the largest lithium operation in North America. The project is owned by CLM, with NAL having an option to earn up to a 51% interest in the Vallee JV.

NAL is required to spend $4 million on exploration activities prior to November 14, 2023 to earn an initial 25% interest in the Valle JV. NAL has a second option to spend an additional CAD 6 million by November 14, 2024 to earn a cumulative 50% interest. The objectives of the 2023 drilling program are to expand upon the lithium pegmatites discovered by the Company's drilling programs in 2021, 2022 and 2023, which remain open along strike to the southeast and at depth, as well as testing the on-strike extension of the NAL pegmatite swarm on the project.

While CLM'S 2021 and 2022 drill programs were successful at discovering multiple spodumene-bearing pegmatites, these programs appear to have tested the area just north of the main NAL Mine Trend. Testing the heart of the trend will be a core objective of the 2023 program, as this area is located only 1,200 m southeast and along strike of the current NAL open pit. The first holes of the program will be drilled along the west property boundary with NAL, testing the southern extension of CLM's currently defined lithium pegmatites and in the heart of the NAL Mine Trend extending southeast from the NAL open pit.

The Company has been informed that all required permits have been received from the Quebec government, and that the drilling operations have commenced.