Grounded Lithium Corp. announce the results of its preliminary economic assessment ("PEA") on the first phase 11,000 tonnes per year of battery-grade lithium hydroxide monohydrate ("LHM") production from the Kindersley Lithium Project ("KLP"). The company anticipates development of additional phases at the KLP motivated largely by the compelling commercial merits of the economics of the PEA.

The economic analysis of the PEA is based on the following main assumptions: realized sales price of USD 25,000 per tonne of LHM; annual production of 11,000 tonnes per year of LHM; commerciality of KTS' Li-Pro? lithium extraction technology; minimal prefiltering expenditures due to the absence of hydrocarbons and H2S; large diameter wellbores to mitigate pressure loss due to friction and permit installation of large volume electrical submersible pumps; and estimated operating and capital costs for the project based on the most current industry data available inclusive of recent strong inflationary pressures on facilities and labour. The PEA is based on the expected first phase of production at the KLP which is derived from the mineral resource estimate for the KLP set out in Company's NI 43-101 technical report titled, "NI 43-101 Technical Report: Resource Assessment of the Kindersley Lithium Project in Saskatchewan, Canada for Grounded Lithium Corp.(As of March 15, 2023)" (the "Technical Report") which is available on SEDAR at www.sedarplus.com. All values reported are in USD unless otherwise noted.

The Company will file the PEA on SEDAR (www.sedarplus.com) within 45 days of this press release. The PEA presents data provided by several leading experts in their respective fields, namely Sproule Associates Limited, Grey Owl Engineering, Codeco - Vanoco Engineering Inc., Tundra Engineering Inc. and Fracture Modeling Inc.  Given the operating conditions, the capital intensity for the KLP is forecasted to be materially lower than some of the other operations in the industry. Capital efficiency is vitally important in projects of this size and the leverage that accrues to project stakeholders due to industry leading capital efficiency ratios directly impact rates of return.

These capital estimates will be further refined as the Company moves toward the pre-feasibility and bankable feasibility milestones. These estimates represent a Class 5 engineering cost estimate.