Spey Resources Corp. announced that it intends to focus on its Incahuasi Salar property where 5 diamond drill holes wells were drilled in 2021 and use this drilling data and geophysics to build a resource estimate. The Company had previously proposed to drill at the Company's Pocitos 2 property of 532 Has in November 2022, but after delays in drill rig availability, the Company decided to focus on its Incahuasi Salar property.

5 DDH Wells were drilled at Candela II in 2021; noting hole 5 was pump tested and hole 4 recorded 173ppm Li; Montgomery & Associates Consultores Limitada produced a National Instrument 43-101 technical report, published on August 8, 2022; The wells' attributes have been assessed by a reserve engineer and the data declared suitable to produce a NI 43-101 inferred and indicated mineral resource; Additional geophysics work will be completed prior to the mineral resource report being completed; and Spey, at this point in time, has decided not to buy out the 20% interest A.I.S. Resources Limited holds in the project, but is in discussions with A.I.S. regarding a potential joint venture arrangement, involving pro-rata equity contributions, towards further project development. Candela II - The key features of Candela II exploration licence are as follows: The brine resource is hosted within two main hydrogeological units: halite (salt) and sand-gravel-halite (higher porosity); Lithium grades increase with depth, so there is potential to find values higher than 200 mg/L on the eastern side of the licence area; and The deeper clastic coarse grain aquifer is the hydrogeological unit with the highest potential in terms of economics. Further Work in 2023 - The following work needs to be done before a NI 43-101 mineral resource estimate can be completed: A long term pumping test in a new well to measure the hydraulic parameters of the aquifer as well as to check the lithium grade trends; A new depth specific sampling campaign using a bailer or electric wireline sampler in the wells to check Lithium grades in the aquifer lithological units; Specific geophysics surveys, of which an audio magneto telluric (CSAMT) survey is proposed to increase the information regarding the distribution of the lithium grades vertically at depth and horizontally; and Preparation and drilling of a well on the eastern most side of the licence to reach the deeper portion of the clastic aquifer, possibly 300-400m depth and simulate a pumping well based on the measured hydraulic parameters of the clastic aquifer.