Nevada Sunrise Metals Corp. announced that the Company has received final geochemical analyses for lithium mineralization in sediment and groundwater samples collected from borehole GEM23-04, drilled at its 100%-owned Gemini Lithium Project ("Gemini") located in the Lida Valley basin in Esmeralda County, Nevada. Drilling of borehole GEM23-04 was completed to a depth of 1,950 feet (594.51 metres), which represents the deepest hole drilled to date at Gemini.

Highlights of GEM23-04: Borehole GEM23-04 intersected 1,412.38 parts per million ("ppm") lithium-in-sediment over 1,440 feet (439.02 metres) from 510 feet (155.49 metres) to 1,950 feet (594.51 metres), including 3,556.82 ppm lithium over 110 feet (33.54 metres) and 4,329.60 ppm lithium over 30 feet (9.15 metres); Water sample analyses showed additional concentrations of lithium in groundwater flows, notably a 20 foot (6.1 metre) interval grading 490 milligrams/litre ("mg/L") lithium. GEM23-04 was completed at a location approximately 0.73 miles (1.17 kilometres) southwest of GEM22-01 and 0.65 miles (1.04 kilometres) northwest of GEM22-02, thereby successfully extending the lithium mineralized zone at Gemini to the west. The Phase 2 drilling program at Gemini continues with borehole GEM23-05, currently at a depth of approximately 1,510 feet (460.37 metres) as of March 27, 2023, collared approximately 1.04 miles (1.67 kilometres) southeast of borehole GEM23-04, and 0.52 miles (0.83 kilometres) south of borehole GEM22-02.

To date, the Company has intersected significant intervals of lithium mineralization both in sediments and groundwater in all four holes completed since the inception of drilling, and continues to intersect the clay layers and groundwater flows that could host additional lithium mineralization. Nevada Sunrise believes that the southern and western parts of the Gemini basin are highly prospective for lithium mineralization and that further drilling could eventually define a large lithium resource. The Company is enacting its exploration plan to drill deeper holes at Gemini with the goal of: (1) intersecting wide intervals of lithium-bearing sediments and (2) locating higher concentrations of lithium-in-water coincident with significant groundwater flow rates.

About the 2022-2023 Gemini Drilling Program: In March and April 2022, Nevada Sunrise drilled two RC boreholes for a total of 2,020 feet (615.85 metres) in its maiden drilling program at Gemini. The drill sites were located within a defined gravity low that hosts conductive layers detected by historical ground electromagnetic surveys. The results from the first two holes at Gemini represented a new discovery of lithium-bearing sediments and lithium-in-water in the western Lida Valley, which was not historically drill tested for lithium mineralization.

Borehole GEM22-03, drilled to 1,620 feet (493.9 metres) intersected the same sequence of volcanic ash sediments as was found in GEM22-01 and GEM22-02, and similar geologic formations are observed in borehole GEM23-04, and GEM23-05, still in progress. In July 2022, Nevada Sunrise received a permit for an expanded drilling area from the Bureau of Land Management (the "BLM") good until July 2024 and began Phase 2 drilling at Gemini in October 2022.