Arctic Fox Lithium Corp. Issues Incentive Stock Options

Suite #905-1030 Georgia Street West, Vancouver, BC Canada V6E 2Y3

Phone (604) 689-2646 Fax (604) 689-1289

August 11, 2023 Trading Symbol: CSE – AFX

FSE – 7N4

ARCTIC FOX LITHIUM CORP. ISSUES INCENTIVE STOCK OPTIONS

VANCOUVER, BRITISH COLUMBIA ( August 11 , 2023) – Arctic Fox Lithium Corp. (CSE: AFX) (the

“Company”) is pleased to announce that it has issued 1,300,000 incentive stock options to directors,

officers, consultants and employees of the Company. Each option is exercisable for one common share

in the capital of the Company at an exercise price of $0.1 5. The options will expire five years from the

date of issuance and vest immediately.

For further information, please contact:

Harry Chew, President, CEO

Phone: (604) 689-2646

On behalf of the Board of Directors,

“Harry Chew”

Harry Chew

President & CEO

Arctic Fox Lithium Corp.

Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian

Securities Exchange) accepts responsibility for the adequacy or accuracy of this press release.

Forward-Looking Information: This release includes certain statements that may be deemed "forward -looking statements". All statements in this release,

other than statements of historical facts, that address any activities and events or developments that Arctic Fox Lithium Corp. ("Arctic Fox") expects to occur,

are forward -looking statements. Although Arctic Fox believes the expectations expressed in such forward -looking statements are based on reasonable

assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those forwa rd-looking

statements. Factors that could cause actual results to differ materially from those in forward looking statements include: market prices; disruptions relating to

the COVID-19 pandemic; continued availability of capital; and financing and general economic, market or business conditions. These statements are based

on a number of assumptions including, among other things, assu mptions regarding general business and economic conditions . Investors are cautioned that

any such statements are not guarantees of future performance and actual results or developments may differ materially from th ose projected in the forward -

looking statements. Arctic Fox does not assume any obligation to update or revise its forward -looking statements, whether as a result of new information,

future events or otherwise, except as required by applicable law.