Grid Metals Completes $4.2 Million First Tranche of Private Placement

Grid Metals Completes $4.2 Million First Tranche of

Private Placement

Not for distribution to United States Newswire Services or for dissemination in the

United States

December 22, 2023 TORONTO -- Grid Metals Corp. (TSXV: GRDM; OTCQB: MSMGF)

("Grid" or the "Company") is pleased to announce it has closed the first tranche of a

non-brokered private placement (the “Offering”) which was announced on November

29, 2023 and December 5, 2023. The Company issued a total of 23,209,000 million

special flow-through common shares of the Company via a charitable flow -through

offering to raise gross proceeds of $4,177,620. (at $0.18 per share ). Each special flow-

through share has been issued as a “flow -through share” within the meaning of the

Income Tax Act ( Canada). There were no finders warrants or commissions paid in

conjunction with the first tranche of the Offering. The proceeds of the financing will

be used for resource drilling at the Companys’ Donner Lake Lithium Project and for

exploration at Donner Lake and the Falcon West Lithium Property. The majority of the

first tranche (18,619,000 shares) were purchased by two current institutional

shareholders of the Company . A second tranche of financing consisting of special

flow-through shares and flow through shares is expected to be completed prior to the

year end.

Robin Dunbar, CEO of Grid Metals, commented, " The Company would like to

acknowledge the continued support of two of our major shareholders as well as

several new shareholders at a challenging time in the lithium market. This financing

will enable important resource and exploration drilling to be completed and our

Donner Lake Property to continue on a path towards production. Grid remains

focused on becoming one of the next producing lithium mines in North America in an

area with excellent mineral potential.”

About Grid Metals Corp.

Grid Metals is focused on its Donner Lake Lithium Project located in the Bird River

greenstone belt in southeastern Manitoba, approximately 150 km northeast of

Winnipeg, Manitoba. Grid has a 75% project interest in Donner Lake and is the project

operator subject to a joint venture agreement with a fund controlled by Waratah

Capital Advisors. Grid has a lease agreement on the True North mill where it plans to

process feed from the Donner Lake Property. Grid also has an MOU with Tantalum

Mining Corporation of Canada Limited who operates the nearby producing Tanco

Mine which is one of only two lithium- producing mines in Canada. In addition to the

100%-owned Falcon West Lithi um Project, the Company controls the PEA stage

Makwa-Mayville Ni-Cu-PGM-Co project. Grid’s properties are located in the

traditional territory of the Sagkeeng First Nation.

On Behalf of the Board of Grid Metals Corp.

For more information about the Company, please see the Company website at

www.gridmetalscorp.com or contact:

Robin Dunbar – President, CEO & Director – [email protected]

Brandon Smith – Chief Development Officer – [email protected]

David Black – Investor Relations – [email protected]

We seek safe harbour. This news release contains forward-looking statements within the meaning of the

United States Private Securities Litigation Reform Act of 1995 and forward-looking information within the

meaning of the Securities Act (Ontario) (togethe r, "forward-looking statements"). Such forward- looking

statements include the Company’s closing of the proposed financial transactions, sale of royalty and

property interests. the overall economic potential of its properties, the availability of adequate f inancing

and involve known and unknown risks, uncertainties and other factors which may cause the actual results,

performance or achievements expressed or implied by such forward- looking statements to be materially

different. Such factors include, among others, risks and uncertainties relating to potential political risk,

uncertainty of production and capital costs estimates and the potential for unexpected costs and expenses,

physical risks inherent in mining operations, metallurgical risk, currency fluctuations, fluctuations in the

price of nickel, cobalt, copper and other metals, completion of economic evaluations, changes in project

parameters as plans continue to be refined, the inability or failure to obtain adequate financing on a timely

basis, and other risks and uncertainties, including those described in the Company's Management

Discussion and Analysis for the most recent financial period and Material Change Reports filed with the

Canadian Securities Administrators and available at www.sedar.com.

Neither the TSX Venture Exchange nor its Regulations Services Provider (as that term is defined in the

policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press

release.

This news release does not constitute an offer of securities for sale in the United States. The securities

being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as

amended, and such securities may not be offered or sold within the United States absent U.S. registration

or an applicable exemption from U.S. registration requirements.