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Li3 Lithium Corp uncovers 1.2 km mineralized pegmatite body at the Mutare Lithium Project in Zimbabwe

Drill Results

Li3 Lithium Corp uncovers 1.2 km mineralized pegmatite body at the Mutare

Lithium Project in Zimbabwe

Toronto, Canada, Aug 10, 2023 – Li3 Lithium Corp. (TSXV: LILI) (FSE: WD9) (“Li3 Lithium” or the

“Company”) is pleased to announce that it has identified lithium mineralization over 1.2 kilometer strike

at the Nels Luck pegmatite target from its ongoing exploration program at the Mutare Lithium Project,

located in Zimbabwe. Li3 Lithium holds a 50% operating ownership interest in the Mutare Lithium

Project, with the remaining 50% owned by Premier African Minerals Limited, operator of the Zulu

Lithium and Tantalum Mine in Zimbabwe.

The Company has received assay results from 842 channel samples collected from trenches during the

initial phase of the 2023 exploration program. The trenching program, currently focused on the Nels

Luck area (Figure 1), which is situated in the Mutare Greenstone Belt (“MGB”) East zone, is expected to

assist in identifying priority targets for the upcoming 5,000-meter exploration drilling program scheduled

to start in the coming weeks.

Highlights:

• 2349m of trenches uncovered a 1.2 km long and up to 60m wide pegmatite(s) at Nels Luck

• 842 samples taken from the trenches were sent for analysis in June and July

• Highly anomalous results across the pegmatite including 36 m of 0.37% (3692ppm) Li2O

The trenching program consisted of 25 trenches for a total of 2349m (Table 1). A total of 598m of

pegmatite was intersected in the trenches (Table 1, Table 2, Figures 2-4).

The Nels Luck claims hosts a group of lepidolite, spodumene, and tantalite, bearing lithium-cesium-

tantalum pegmatites with an approximate surface expression of 1200 meters by up to 100m (Figure 2-4).

The Nels Luck group of claims is situated approximately 15 km northeast in the same stratigraphic

package, on the southern limb of a regional syncline, that hosts the Sabi Star Lithium Tantalum Mine.

François Auclair, P.Geo, M.Sc., CEO and President of Li3 Lithium commented, “The trenching program

conducted by Li3 Lithium has confirmed wide, well-developed pegmatite lithium mineralization at the

Mutare Lithium Project, which remains open at depth and along strike. Initial assay results from the first-

half of the 2023 trenching and surface sampling programs are promising given that the Nels Luck area of

the Mutare Lithium Project is just 15km from the world-class Sabi Star Lithium Tantalum Mine. A phase

one diamond drilling program, up to 5,000 meters targeting the Nels Luck area, is scheduled to

commence in the coming weeks as we begin to define the grade, thickness, and spatial continuity of the

pegmatite trends”.

Table 1: Trench Collar summary table, coordinates are in WGS84 UTM Zone 36S

Nels Luck Trenching Summary

Survey Easting Northing Elevation Azimuth Length (m)

MP23-NLE-TR001 404163 7885418 850 339 94

MP23-NLE-TR002 404217 7885443 853 339 103

MP23-NLE-TR003 404250 7885460 857 345 96

MP23-NLE-TR004 404325 7885486 854 343 88

MP23-NLE-TR005 404416 7885446 858 338 155

MP23-NLE-TR006 404528 7885428 870 328 202

MP23-NLE-TR007 404558 7885439 834 324 206

MP23-NLE-TR008 404613 7885459 870 332 85

MP23-NLE-TR009 404439 7885383 859 338 57

MP23-NLE-TR010 404400 7885321 856 332 90

MP23-NLW-TR001 403931 7885307 853 310 137

MP23-NLW-TR002 403880 7885283 850 299 135

MP23-NLW-TR003 403755 7885262 853 308 90

MP23-NLW-TR004 403682 7885252 859 336 67

MP23-NLW-TR005 403607 7885200 863 331 79

MP23-NLW-TR006 403569 7885164 865 334 60

MP23-NLW-TR007 403504 7885173 874 317 62

MP23-NLW-TR008 403469 7885133 876 325 92

MP23-NLW-TR009 403418 7885122 874 340 87

MP23-NLW-TR010 403353 7885167 876 348 27

MP23-NLW-TR011 403290 7885093 880 324 25

MP23-NLW-TR012 403213 7885029 884 324 130

MP23-NLW-TR013a 403127 7885391 897 327 67

MP23-NLW-TR013b 403097 7885369 904 350 50

MP23-NLW-TR014 402996 7884941 990 325 65

TOTAL 2349

Table 2: Summary of Lithium Oxide (Li2O) trench composite results greater than 0.10% (1000 ppm)

from the Nels Luck area. Ppm values are rounded to the nearest 1 and % values are rounded to the

nearest 0.01

Trench Name From (m) To (m) Interval (m) Li2O ppm Li2O %

MP23-NLE-TR003 51 80 29 1285 0.13

MP23-NLE-TR004 59 83 24 1283 0.13

MP23-NLE-TR006 198 202 4 1544 0.15

MP23-NLW-TR001 66.5 78 11.5 1369 0.14

MP23-NLW-TR002 63 80 17 1303 0.13

MP23-NLW-TR002 99 102 3 2747 0.27

MP23-NLW-TR002 123 135 12 1478 0.15

MP23-NLW-TR003 39 48 9 2270 0.23

MP23-NLW-TR003 86 89 3 1131 0.11

MP23-NLW-TR004 2 12 10 1661 0.17

MP23-NLW-TR007 25 61 36 3692 0.37

MP23-NLW-TR008 54 92 38 3152 0.32

MP23-NLW-TR009 42 55 13 3504 0.35

MP23-NLW-TR009 64 85 21 2602 0.26

MP23-NLW-TR010 0 21 21 2486 0.25

Figure 1: Mutare Lithium Project License and Location map, identifying the location of the initial

surface samples across the Mutare Lithium Project

Figure 2: Summary of Nels Luck trenching results

Figure 3: Summary of Li2O% trench composite results at Nels Luck West

Figure 4: Summary of Li2O% trench composite results at Nels Luck East

Discussion

Lithium minerals decompose readily in the weathering tropical environment. Lithium-ions are too small

to effectively fill the octahedral site (in which lithium is bonded to six oxygen atoms) in spodumene,

amblygonite-montebrasite and lithiophilite-triphylite, at near-surface conditions (London D, 2017)1 .

Therefore, lithium is frequently leached away when the pegmatite is subject to weathering. It is likely that

the moderately anomalous Li2O trenching results were due to the pegmatites sampled in the trenches at

Nels Luck being moderate to strongly weathered, especially compared to the relatively fresh grab samples

taken in May.

Mutare Lithium Project, Zimbabwe

The Mutare Lithium Project is located in eastern Zimbabwe’s Mutare Greenstone Belt, an emerging

lithium district. The Company is evaluating the acquisition of additional prospective ground, either

through staking or agreements with potential vendors. The area was deemed prospective for lithium-

cesium-tantalum pegmatites based on prior target generation work. Management believes the lithium

exploration potential of the MGB is analogous to that of the Pilbara Craton pegmatites in Western

Australia.

Zimbabwe, which is estimated to hold Africa’s largest lithium resources and the fifth largest globally, is

rapidly emerging as an important player within the lithium supply chain. Over the past year and a half,

major Chinese battery metals companies have committed approximately US$1.4 billion to acquire and

develop lithium projects in Zimbabwe.

1 Reading Pegmatites: Part 3—What Lithium Minerals Say, David London, Pages 144-157. Published online: 14 Feb 2017

(https://www.tandfonline.com/doi/full/10.1080/00357529.2017.1252636)

Technical information

Quality Assurance and Quality Control of Li3 Lithium's trenching and sampling programs are under the

control of the Company's geological employees and are consistent with industry best practices. One

blank (cement) and one standard (AMIS-0565, or AMIS-0656, or AMIS-0355) is inserted as samples

every 20 samples (18 rock samples, one CRM, one blank). Trenching samples are transported by Li3

Lithium’s employees following a defined chain of custody, to Zimlabs in Harare, Zimbabwe. All samples

were pulverized to produce a 30g charge and then analyzed by G706 (multi acid digestion with AAS

finish). Zimlabs is a subsidiary of GNK laboratories and is internationally accredited laboratory testing

provider with ISO/IEC 17025:2005 certification (Laboratory Accreditation Number: TEST-S 0010

(lSO/lEC t7025:20t7l).

The Company has sent all of the pulp of the grab and trench samples for analysis of Niobium (Nb),

Tantalum (Ta), and Caesium (Cs) to SGS Johannesburg. Results are pending.

Qualified Person

François Auclair, QP, M.Sc, Quebec Order of Geologists, CEO and President of Li3 Lithium, is the non-

independent qualified person as defined by National Instrument 43-101 - Standards of Disclosure for

Mineral Projects for the technical disclosure contained in this news release. M Auclair, the company’s

qualified person and an officer, has reviewed and approved the technical disclosure contained in this news

release

About Li3 Lithium Corp.

Li3 Lithium is focused on acquiring and developing hard rock spodumene lithium assets in Zimbabwe

and Argentina, where the founders have significant experience and relationships. As evidenced by recent

market growth, hard rock lithium deposits are forecast to continue to dominate the global supply of

lithium given the scarcity, complexity and capex-intensive nature of alternative brine sources.

Contact Information:

Li3 Lithium Corp.

Francois Auclair, P.Geo, M.Sc., CEO and President

Tel: 514-889-5089

Email: [email protected]

www.lithium3.com

CAUTIONARY STATEMENT:

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

TSXV) accepts responsibility for the adequacy or accuracy of this release.

This news release contains certain “forward-looking information” within the meaning of applicable

securities laws. Forward looking information is frequently characterized by words such as “plan”,

“expect”, “project”, “intend”, “believe”, “anticipate”, “estimate”, “may”, “will”, “would”, “potential”,

“proposed” and other similar words, or statements that certain events or conditions “may” or “will” occur.

These statements are only predictions. Forward-looking information is based on the opinions and

estimates of management at the date the information is provided, and is subject to a variety of risks and

uncertainties and other factors that could cause actual events or results to differ materially from those

projected in the forward- looking information. For a description of the risks and uncertainties facing the

Company and its business and affairs, readers should refer to the Company’s Management’s Discussion

and Analysis. The Company undertakes no obligation to update forward-looking information if

circumstances or management’s estimates or opinions should change, unless required by law. The reader

is cautioned not to place undue reliance on forward-looking information.