CLIC.V · 2024-01-17 12:00:00

Comet Recaps 2023 Exploration Program & Provides Its Exploration Perspective FOR 2024

Exploration Programs

COMET RECAPS 2023 EXPLORATION

PROGRAM & PROVIDES ITS EXPLORATION

PERSPECTIVE FOR 2024

ROUYN-NORANDA, QC

Jan. 17, 2024

/CNW/ - Comet Lithium Corporation (TSXV: CLIC) (FSE:

8QY) ("Comet Lithium" or the "Corporation") is pleased to provide a summary of the key exploration

developments in 2023 as well as its exploration perspective for 2024.

As we enter 2024, and following the significant work completed by the Corporation in 2023,

Comet Lithium is well positioned to stand out as a significant explorer due to its extensive portfolio of

assets within the very active

James Bay

region of Québec.

Our key lithium assets include (i) the Liberty property ("Liberty"), a 19.5 km

property located in the

Trieste Formation greenstone belt; (ii) the Troilus East property ("Troilus East"), a 92 km

property

located on the Frotêt-Evans greenstone belt; (iii) the Pontax East and South blocks, two properties

totalling 41 km

located in the Pontax greenstone belt; (iv) the Galli property ("Galli"), a 20 km

property located 15 km along strike with the La Grande greenstone belt; and (v) the Triple Lithium

property ("Triple Lithium"), a 106 km

property located within the Rupert-Cabot structural corridor.

The Comet Lithium portfolio of assets holds sizable prospective ground within the

James Bay

region,

which continues to demonstrate excellent potential for discovery of new spodumene bearing

pegmatites, and where several new major lithium discoveries were made in the last few years.

Key Accomplishments in 2023:

Liberty:

Completed a gravity survey which covered an area of approximately 2.5 km

for a total of about

1,219 stations, which followed a 20 metre x 100 metre grid pattern. The Corporation will be

using the collected data to better interpret the subsurface geology and structures of Liberty and

detect potential pegmatite contacts in amphibolitized basalt. The data will enable drill target

generation and assist in validating the possibility that Liberty and Winsome Resources Limited's

("Winsome") Adina project ("Adina") together may potentially be part of a similar corridor. Data

processing is ongoing, and results and interpretation are pending.

Identified numerous pegmatite veins in outcrop during a 2-phase field exploration program on

Liberty. The exploration team covered approximately 90% of the ground and collected a total of

224 rock samples and 273 till samples, which were sent to the laboratory in

September 2023

for further analysis. Assays and data interpretation are pending.

Completed a LIDAR survey. The objective of the LIDAR survey was to obtain a ground image

that ignores the vegetation masking effect to facilitate the interpretation of structures possibly

related to pegmatite emplacement.

Completed a high-resolution magnetic survey outlining a potential structural connection between

Liberty and the Adina projects contiguous to the western border of Liberty. Two trends were

identified, an important 2.75 km long (east-west) by 500 metre wide (north-south) low magnetic

corridor at Liberty is on strike with Adina's pegmatite system. The high-resolution magnetic

survey also identified a second strong magnetic contrast extending for 6.5 km in the northern

half of Liberty. These two trend orientations clearly connect to the west with the Adina

pegmatite system. The area is entirely covered by glacial glaciofluvial sediments.

Submitted and received a drill permit for a potential program on the southwestern block of

Liberty.

Troilus East:

Completed an Induced Polarization ("IP") survey on Troilus East. The IP survey was conducted

on a 100-metre line spacing and totaled 16.7-line kilometres. The program covered three unique

grids, which were centered on a strong conductor coincident with a kilometric gold in soil

anomaly combined with a polymetallic copper, silver, scandium, and tungsten signature

identified during the 2020 field work and partially covered during the 2021 IP survey. Data

processing is ongoing, and results are pending.

Identified five lithium target areas based on clusters of lithium values. All five targets follow a

northeast alignment along the south-eastern flank of the Parker granite intrusion over a strike

length of about 20 kilometres. Two targets are located inside the Parker granite, two others are

located close to lenticular granitic intrusion-hosted mafic terrains. Further, the targets generated

from the historical results are based on a collection of samples that carried lithium values up to

248 ppm (see Comet Lithium's press release dated

October 16, 2023

, available on SEDAR+).

The past exploration programs completed at Troilus East did not take lithium into consideration,

but it succeeded in identifying lithium anomalies. A new work program, anticipated to be

conducted in 2024, will target these prospective areas.

Galli:

Completed a preliminary field program on Galli and collected 39 samples, samples were sent to

the laboratory in September, 2023 for further analysis. Assays and data interpretation are

pending.

Pontax South and Pontax East:

Completed a high-resolution magnetic survey of its Pontax South and Pontax East properties,

located in the west-central

James Bay

. Results and interpretation are pending.

2024 Exploration Perspectives:

The Trieste Formation greenstone belt is one of the most active exploration areas within the

James

Bay

region of Québec and an emerging lithium district. Several companies, including Winsome,

Azimut Exploration Inc., Rio Tinto, Midland Exploration Inc., and Loyal Lithium Limited have extensive

ongoing exploration programs on neighboring properties of our Liberty lithium property, which are

supporting our substantial data collection and analysis. Data processing, and pending results from

Comet Lithium's 2023 exploration program, combined with the ongoing results from the neighboring

properties are contributing greatly to increasing our knowledge and understanding of the

Corporation's Liberty lithium property and its context within the Trieste Formation, which will

ultimately support a future comprehensive drilling program.

"We are incredibly excited for the year ahead. The Trieste Formation is rapidly emerging as a

significant lithium spodumene region in

Canada

and witnessing considerable work from key

operators. Liberty is strategically positioned to benefit from those developments and work

programs, aligning with Comet Lithium's extensive exploration program", commented

Vincent

Metcalfe

, Chair and CEO of the Corporation. "Simultaneously, we are working hard on bringing the

entire portfolio to the forefront, with multiple properties slated for work programs in 2024. The

Troilus camp is experiencing increased activity and Comet Lithium's 2024 anticipated field program

will be exciting to follow as we get 'boots on the ground' to support our commitment to this highly

prospective area where, in addition to the very prospective gold-copper targets, the lithium potential

has simply never been a focus of exploration until recently. Building a robust pipeline of future

prospective assets is also a key focus for 2024, prompting planned exploration programs for

properties such as Galli, Pontax, and Triple Lithium. We aim to compile and analyze the existing data

and pending results to further enhance the Corporation's exploration initiatives on those assets."

added Mr. Metcalfe.

North American Lithium Market Perspectives:

While the current lithium market may be experiencing a softer phase, the imperative to increase

supply, particularly through expanded spodumene production, remains unchanged in shaping the

future dynamics of

North America's

lithium industry. As the region endeavors to enhance its role in

the global lithium supply chain, recent developments, such as the noteworthy support from the

Quebec

and Canadian governments in facilitating the construction of battery plants, exemplify the

collaborative efforts between governments and industry stakeholders. Investments, technological

advancements, and strategic government initiatives will collectively contribute to shaping the

trajectory of the lithium industry, ensuring a more robust and sustainable supply chain in

North

America

Strengthening the Executive Management Team

In 2023, the Corporation saw

Vincent Metcalfe

and

Vincent Cardin-Tremblay

join the executive team,

respectively in the roles of Executive Chair and CEO and Vice-President, Exploration, bringing to

Comet Lithium a depth of experience and knowledge in, all areas of exploration and mining, project

management and development and investor engagement, and M&A which Comet Lithium and its

shareholders will greatly benefit from.

Publicly Announced Planned Work Programs by Key Operators in the Trieste Formation.

Operator

(Project)

Plan for 2024

2023 Activity