Corporate Update
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PRESS RELEASE
CORPORATE UPDATE
February 17 th , 2022 - M ONTRÉAL , QUÉBEC – Critical Elements Lithium Corporation (TSX-V: CRE ) (US
OTCQX: CRECF) (FSE: F12) (" Critical Elements " or the " Corporation ") is pleased to announce it has
retained the services of Bumigeme Inc. (“Bumigeme”) , WSP in Canada ("WSP”), and Golder Associates
Ltd (“Golder”) to prepare front-end engineering design work for the process plant and related infrastructure
and the detailed design of the co-disposal facility for the waste rock and filtered tailings at the Rose Lithium-
Tantalum project (the “Rose Project”).
Process plant and related infrastructure
Bumigeme will conduct a gap analysis on the process plant which will focus on design review, optimization,
and mitigation of potential risks related to the flowsheet developed during the feasibility study released by
the Corporation in 2017 (the “2017 Feasibility Stud y”) a copy of which is available on the Corporation
website and on SEDAR under its issuer profile. Bumi geme will then conduct the front-end engineering
design (“FEED”) which will optimize and freeze the design of the process plant and produce an updated
capital cost estimate. The work will deliver a comprehensive package of documents which will become the
basis for the detailed engineering and for the procurement of long lead equipment.
WSP will conduct the FEED of process and non-proces s infrastructure such as the main electrical station
and 25 kV distribution, utilities, final effluent f acility, and mining support facilities. The FEED wi ll advance
the engineering to 30% to 40% completion, develop e ngineering documents to proceed with execution of
the earthworks, develop engineering and commercial documents to proceed with the procurement of long-
lead items, and produce an updated construction cost estimate for the areas concerned.
Golder will complete the detailed engineering desig n of the stack tailings facility (“STF”) for filter ed mill
tailings in co-disposal with a pit waste rock disposal facility (“WRF”). The engineering work will include STF
and WRF hazard classification, tailings laboratory testing, staging and placement, water management
design, hydrogeological modelling and seepage colle ction, stability assessment, and an instrumented
monitoring plan.
Bumigeme is a Montréal based multidisciplinary engineering firm offering services in geotechnical, mining
operations, ore processing, mechanical, civil and e lectrical engineering. Bumigeme has executed severa l
prefeasibility and feasibility studies as well as d etailed engineering and construction activities on mining
projects in Canada, South America and West Africa. The company conducted the original mineral
processing portion of the 2017 Feasibility Study for the Rose Project .
As one of the world's leading professional services firms, WSP provides engineering, design, and strategic
advisory services in Transportation & Infrastructure, Property & Buildings, Environment, Power & Energ y,
Resources and Industry sectors. The company has pre viously conducted the infrastructure portion of the
2017 Feasibility Study and environmental impact assessment for the Rose Project .
Golder is a global organization which offers construction, design, and consulting services in their specialist
areas of earth, environment, and energy characteriz ed by technical excellence, innovative solutions, a nd
award-winning customer service. Their clients work in key sectors, namely mining, oil and gas,
manufacturing, and the energy and infrastructure se ctors. Golder is a member of the WSP family of
companies.
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Updated Feasibility Study for the spodumene process plant, infrastructure, and mine
The Corporation is also planning to prepare an upda te of the 2017 Feasibility Study (the “Updated
Feasibility Study”) on the Rose Project. The Update d Feasibility Study will include a review of pricin g for
spodumene concentrates, and a review of the capital and operating costs.
Patiently awaiting the conclusion of the permitting process
The Province of Québec is considered one of the top mining jurisdictions globally by the Fraser Institute in
its annual survey of mining companies. Permitting t ransparency is one of the key factors in the instit ute’s
considerations and certainty of land tenure is an essential driver of mining investment.
In August 2021, Critical Elements announced that the Federal Minister of Environment and Climate Change
had rendered a favorable decision in respect of the proposed Rose Project. In a Decision Statement, which
included the conditions to be complied with by the Corporation, the Minister confirmed that the Projec t is
not likely to cause significant adverse environment al effects when mitigation measures are taken into
account.
The final remaining step in the Rose Project’s approval process is the completion of the provincial permitting
process, which runs parallel to the federal process . Pursuant to the James Bay and Northern Quebec
Agreement (JBNQA), the provincial environmental ass essment is conducted jointly by the Cree Nation
Government and the Government of Quebec under the E nvironmental and Social Impact Review
Committee (“COMEX”). The provincial assessment is a lready well advanced and has undergone several
rounds of questions from COMEX and answered by Crit ical Elements in the normal course of the
assessment process. At this time, Critical Elements has received no further questions from COMEX and
remains confident in a positive outcome given the s tated support for lithium project development in th e
Province of Québec.
Designing exploration program
The Corporation is currently planning the details for a 2022 exploration program. The program's objectives
will include:
1. Expand the Rose deposit, following the primary d eposit down dip to the north and testing nearby
satellite deposits.
2. Confirm and expand the known Lemare zone identif ied by drilling in 2016-2017.
3. Demonstrate the potential of the project portfol io by surface exploration focusing on priority targets
identified by Goldspot Discoveries.
Details on the exploration program will be provided in an upcoming news release.
Qualified persons
Paul Bonneville, Eng., is the qualified person that has reviewed and approved the technical contents of this
news release on behalf of the Corporation.
About Critical Elements Lithium Corporation
Critical Elements aspires to become a large, responsible supplier of lithium to the flourishing electric vehicle
and energy storage system industries. To this end, Critical Elements is advancing the wholly owned, high
purity Rose lithium project in Quebec. Rose is the Corporation’s first lithium project to be advanced within
a land portfolio of over 700 square kilometers. In 2017, the Corporation completed a feasibility study on
Rose for the production of spodumene concentrate. The internal rate of return for the Project is estimated
at 34.9% after tax, with a net present value estima ted at C$726 million at an 8% discount rate. In the
Corporation’s view, Quebec is strategically well-po sitioned for US and EU markets and boasts good
infrastructure including a low-cost, low-carbon pow er grid featuring 93% hydroelectricity. The project has
received approval from the Federal Minister of Environment and Climate Change on the recommendation
of the Joint Assessment Committee, comprised of representatives from the Impact Assessment Agency of
Canada and the Cree Nation Government; The Corporation is working to obtain similar approval under the
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Quebec environmental assessment process. The Corporation also has a good, formalized relationship with
the Cree Nation.
For further information, please contact:
Patrick Laperrière
Director of Investor Relations and Corporate Development
514-817-1119
www.cecorp.ca
Jean-Sébastien Lavallée, P. Géo.
Chief Executive Officer
819-354-5146
www.cecorp.ca
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is described in the policies of
the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary statement concerning forward-looking statements
This news release contains “forward-looking informa tion” within the meaning of Canadian Securities leg islation.
Generally, forward-looking information can be identified by the use of forward-looking terminology such as “scheduled”,
“anticipates”, “expects” or “does not expect”, “is expected”, “scheduled”, “targeted”, or “believes”, or variations of such
words and phrases or statements that certain action s, events or results “may”, “could”, “would”, “migh t” or “will be
taken”, “occur” or “be achieved”. Forward-looking i nformation contained herein include, without limitation, statements
relating to the completion of the Project’s approval process, the completion of the provincial permitting process, capital
and operating costs estimates, costs of production, success of mining operations, the ranking of the project in terms of
cash cost and production, permitting, economic retu rn estimates, power and storage facilities, life of mine, social,
community and environmental impacts, lithium and ta ntalum markets and sales prices, off-take agreement s and
purchasers for the Corporation’s products, environmental assessment and permitting, securing sufficient financing on
acceptable terms, opportunities for short and long term optimization of the Rose Project, and continue d positive
discussions and relationships with local communitie s and stakeholders. Forward-looking information is based on
assumptions management believes to be reasonable at the time such statements are made. There can be no assurance
that such statements will prove to be accurate, as actual results and future events could differ mater ially from those
anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information.
Although Critical Elements has attempted to identify important factors that could cause actual results to differ materially
from those contained in forward-looking information , there may be other factors that cause results not to be as
anticipated, estimated or intended. Factors that ma y cause actual results to differ materially from ex pected results
described in forward-looking information include, b ut are not limited to: Critical Elements’ ability t o secure sufficient
financing to advance and complete the Project, uncertainties associated with the Corporation’s resource and reserve
estimates, uncertainties regarding global supply an d demand for lithium and tantalum and market and sa les prices,
uncertainties associated with securing off-take agreements and customer contracts, uncertainties with respect to social,
community and environmental impacts, uncertainties with respect to optimization opportunities for the Project, as well
as those risk factors set out in the Corporation’s year-end Management Discussion and Analysis dated August 31, 2021
and other disclosure documents available under the Corporation’s SEDAR profile. Forward-looking inform ation
contained herein is made as of the date of this news release and Critical Elements disclaims any obligation to update
any forward-looking information, whether as a result of new information, future events or results or o therwise, except
as required by applicable securities laws.