Usha Resources Ltd. announced that, subject to the approval of the TSX Venture, the Company has executed five options with 2758145 Ontario Ltd. of Atikokan, Ontario, for the right to purchase an undivided 100% interest in five additional lithium pegmatite projects located in Ontario: the "Lee Lake", "Mead", "Bluett", "Gathering Lake" and "Triangle Lake" Projects. The acquisition of these assets is a continuation of the Company's strategy to build an accretive portfolio of highly complementary hard-rock assets to its 100% owned Jackpot Lake Lithium Brine Project ("Jackpot Lake"), where the Company is presently undertaking its maiden drill program with the goal of defining a 43-101 resource. On April 12, 2023, the Company reported the highest lithium grades ever at the Project, assaying 820 ppm Li, with an average of 334 ppm Li in thirty samples collected from shallow surface soils (<500 ft), at over four times the reported historical average, comparing very favourably to the reported average of 100 ppm for the Esmeralda Formation, one of the potential sources of the lithium enrichment for the brines present in Clayton Valley which hosts Albemarle's Silver Peak Lithium Brine Mine, the only producing lithium operation in the United States.

The Company is presently awaiting results from the limited drilling completed as part of the first hole at Jackpot Lake and will shortly resume drilling to 2,000 feet in order to complete well installation to the bottom of the basin and sampling of the higher-porosity sand and conglomerate zone that is the focus for expansion in Clayton Valley and where the Company believes the best potential brines may be present. Portfolio Highlights: USHA has optioned 5 properties totalling 13,408 hectares, bringing its lithium property portfolio in Ontario to 7 properties covering 29,088 hectares. USHA is now positioned within four (4) additional major lithium-cesium-tantalum ("LCT") pegmatite districts in Ontario with strong hosts a 10.6 Mt indicated resource at 0.88% Li2O and 4.22 Mt inferred resource at 1.04% Li2O, and Imagine Lithium's Jackpot Discovery which has identified 25.5 metres at 1.21% Li2O.

Lithium occurrences in this field run along a primary fault which runs through Triangle Lake and is adjacent to Gathering Lake, suggesting that the mapped pegmatites on these properties may be highly fractionated LCT-pegmatites that bear spodumene; Lee Lake: 2,476 hectares adjacent to the west of GT1's North Seymour Lake Claims and approximately 10 kilometres northwest of the Seymour Lake Project which hosts a 9.9 Mt resource at 1.04% Li2O. Lee Lake is within the same greenstone belt that is host to Seymour Lake and is adjacent to the claim block that will be a focus in 2023 for expansion by GT1 to make new proximal lithium discoveries and strategically grow the resource base for Seymour; Mead: 1,001 hectares adjacent on both east/west boundaries to Brunswick Resources' Hearst Project, where it has an on-going drill program to assess the spodumene-bearing Decoy pegmatite and other pegmatites along trend to the west/southwest towards the Mead Property up to 2 kilometres from the claim boundary. Mead is located within the same granite-sedimentary belt as Decoy, and aerial imagery has confirmed the presence of outcropping pegmatites at Mead on trend with Decoy, suggesting the potential that this project may contain highly fractionated LCT-pegmatites that bear spodumene; Bluett: 993 hectares adjacent to Critical Resources Limited's Mavis Lake Project, where it has already drilled over 20,000 metres and is drilling a further 20,000 metres in 2023 to define a maiden resource.

Bluett is confirmed to have pegmatite dykes in both drill core and outcrops and is along a major subprovince boundary, demonstrating strong potential that this project may contain highly fractionated LCT-pegmatites that bear spodumene.