Spey Resources Corp. Options Candella Ii Lithium Brine Project
SPEY RESOURCES CORP. OPTIONS CANDELLA II LITHIUM BRINE PROJECT
Vancouver, British Columbia — March 4, 2024 — Spey Resources Corp. (CSE: SPEY) (OTC:
SPEYF) (FRA: 2JS) (" Spey” or the " Company") is pleased to announce that it has signed an option
agreement (the “Agreement”) with American Salars Lithium Inc. (CSE: USLI) (“American Salars”),
whereby the Company has granted American Salars the option to acquire the Company’s 80% interest
in the Candela II Lithium Brine Project located in the Incahuasi Salar, Salta Province, Argentina (the
“Property”).
Under the terms of the Agreement made between the Company, Amercian Salars and A.I.S. Resources
Ltd. (“AIS”), the Company and AIS shall sell their proportion of shares held in Spey Resources Argentina
SA (the “Subsidiary”), which holds a 100% interest in and to the Property. In consideration of the
Company optioning its 80% interest in the Subsidiary to American Salars, the Company will receive
cash payments totaling CAD$1,958,000 and 5,268,000 common shares in the capital of American
Salars (the “Shares”) at a deemed price of $0.30 per Share as follows:
DATE FOR COMPLETION
Cash Shares
Within 60 days of the signing of the Agreement $110,000 1,317,000(1)
On or before the first anniversary of the signing
of the Agreement
$176,000 1,317,000(1)
On or before the second anniversary of the
signing of the Agreement
$352,000 1,317,000(1)
On or before the third anniversary of the signing
of the Agreement
$440,000 1,317,000(1)
On or before the fourth anniversary of the signing
of the Agreement
$440,000
On or before the fifth anniversary of the signing
of the Agreement
$440,000
TOTAL $1,958,000 5,268,000
(1) Subject to a statutory hold period of four months and one day from issuance, after which
upon expiry, the Company agrees to sell no more th an 11,000 Shares per business day or
cumulatively no more than 55,000 Shares in a five-business day week.
Upon American Salars’ completion of the earn-in on the Property, the Company shall retain a 12% Net
Smelter Royalty on the Property (the “NSR”), of which American Salars may purchase at any time for
a cash payment of $6,600,000. The NSR supersedes and cancels all previously held royalties on the
Property.
Approved for release by the Board of Directors,
“Nader Vatanchi”
- 2 -
Nader Vatanchi
Chief Executive Officer
About Spey Resources Corp.
Spey Resources is a Canadian lithium focused mineral exploration company which has an 80% interest
in the Candela II lithium brine project located in the Incahuasi Salar, Salta Province, Argentina. Spey
also holds an option to acquire a 100% interest in the Kaslo Silver project, west of Kaslo, British
Columbia.
For more information, please contact:
Nader Vatanchi,
CEO, Director
+1778-881-4631
Cautionary Note Regarding Forward-Looking Statements
This news release includes forward -looking statements that are subject to risks and uncertainties,
including with respect to Kaslo claims. The Company provides forward -looking statements for the
purpose of conveying information about current expectations and plans relating to the future and
readers are cautioned that such statements may not be appropriate for other purposes. By its nature,
this information is subject to inherent risks and uncertainties that may be general or specific and which
give rise to the possibility that expectations, forecasts, predictions, projections, or conclusions will not
prove to be accurate, that assumptions may not be correct, and that objectives, strategic goals and
priorities will not be achieved. These risks and uncertainties include but are not limited those identified
and reported in the Company’s public filings under the Company’s SEDAR profile at www.sedar.com.
Although the Company has attempted to identify important factors that could cause actual actions,
events, or results to differ materially from those described in forward-looking information, there may be
other factors that cause actions, events or results not to be as anticipated, estimated or intended. There
can be no assurance that such information will prove to be accurate as actual results and future events
could differ materially from those anticipated in such statements. The Company disclaims any intention
or obligation to update or revise any forward-looking information, whether as a result of new information,
future events or otherwise unless required by law.
The Canadian Securities Exchange (CSE) has not reviewed, approved, or disapproved the contents
of this press release. We seek safe harbour.