Nevada Lithium Resources Inc. provided an update on the 2023 mineral exploration and development work on its 100% owned Bonnie Claire Lithium Project located in Nye County, Nevada. The work program is designed to support a Pre-Feasibility Study (PFS), building upon the Company's 2022 NI 43-101 Preliminary Economic Assessment (as defined below) for Bonnie Claire. The PEA indicates a Net Present Value (8%) of $1.5 Billion and 23.8% IRR (both after tax) using a $13,400 per tonne LCE price1.

Highlights: Core drilling program designed to follow-up on the successful 2022 program which returned high grade lithium values at Bonnie Claire, including 3,201 ppm Li over 520 ft (158 m) within a wider interval of 1,315 ppm Li over 2,000 ft (610 m). Expand upon the recent production of marketable battery grade lithium carbonate with the production of marketable batterygrade lithium hydroxide and other marketable products. Examine the potential for lithium bearing brines at Bonnie Claire through the extension of select core holes past 2,000 feet (610 meters) to the geological "basement" combined with results from planned 3D seismic surveys.

The 2023 program is designed to propel the Project towards Pre-feasibility Study (PFS) completion. The company will also investigate the potential for lithium bearing brine on the Project. The Company announced that drilling is expected to commence shortly on the Project.

Site preparations have begun under the Plan of Operations (the "Plan") that was approved by the US Bureau of Land Management (BLM) last year. The permitted exploration area covers 4,146 acres (16.78 square kilometers), of which, 3,271 acres (13.24 square kilometers) are salt playa. The metallurgical work program being advanced by Hazen resulted in the production of marketable battery grade Lithium carbonate, as announced earlier this year.

The source material for ongoing metallurgy is core from last year's drilling and will be supplemented with material from the pending 2023 drill program. Hazen continues to build upon the work completed as part of the PEA, including the essential components required to support a Prefeasibility Study on the Project. This ongoing work is being supplemented by the work of Kinley Exploration LLC, located in Overland Park, Kansas.

Geotechnical information collected from core holes and down-hole well testing will be used to design and carry-out the borehole test. A borehole mining approach offers the opportunity to significantly reduce surface disturbance compared to a conventional open pit operation.