Cypress Development Completes over-Subscribed $18.1 Million Bought Deal Financing

NEWS RELEASE TSXV: CYP | OTCQX: CYDVF

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES

OR DISEMMINATION IN THE UNITED STATES

CYPRESS DEVELOPMENT COMPLETES OVER-SUBSCRIBED $18.1 MILLION

BOUGHT DEAL FINANCING

February 4, 2022 – Vancouver, Canada – Cypress Development Corp. (TSXV: CYP) (OTCQX: CYDVF)

(Frankfurt: C1Z1) (“Cypress” or “the Company”) is pleased to announce that it has closed its previously

announced upsized bought deal offering (the “Offering”) with PI Financial Corp. as the sole underwriter

and bookrunner (the “Underwriter”).

Pursuant to the Offering, the Company issued a total of 9,058,000 units of the Company (“Units”) at a

price of $2.00 per Unit and 142,000 Warrants (as defined below) at a price of $0.1598 per Warrant, for

aggregate gross proceeds of $18,138,720, which includes 1,058,000 Units and 142,000 Warrants issued

by the Company upon partial exercise of the overallotment option granted to the Underwriter. Each Unit

consist of one common share of the Company and one common share purchase warrant (each, a

"Warrant"). Each Warrant entitles the holder to acquire one common share of the Company at a price of

$2.65 with a Warrant expiry date of February 4, 2024.

The net proceeds from the Offering are expected to be used by the Company to fund ongoing work,

development and permitting activities at its Clayton Valley Lithium Project in Nevada and for working

capital and general corporate purposes.

The Units issued under the Offering were offered by way of a short form prospectus filed in each of the

provinces of Canada, except Québec. The Units were also offered in the United States to Qualified

Institutional Buyers pursuant to exemptions from the registration requirements of the United States

Securities Act of 1933 as amended, (the "U.S. Securities Act"), in a manner that does not require the

Offering to be registered in the United States, and in certain other jurisdictions in accordance with

applicable securities laws.

This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be

any sale of any of the securities in any jurisdiction in which such offer, solicitation or sale would be

unlawful. The securities have not been and will not be registered under the U.S. Securities Act, or the

securities laws of any state of the United States and may not be offered or sold within the United States

(as defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act

and applicable state securities laws or pursuant to an exemption from such registration requirements.

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About Cypress Development Corp

Cypress Development Corp. is a Canadian based advanced stage lithium exploration company, focused on

developing its 100%-owned Clayton Valley Lithium Project in Nevada, USA. Work completed by Cypress

led to the discovery of a world-class resource of lithium-bearing claystone adjacent to the Albemarle Silver

Peak mine, North America's only lithium brine operation. Cypress is advancing its Clayton Valley Lithium

Project in Nevada towards the production of high-purity lithium hydroxide suitable for tier one battery

usage.

ON BEHALF OF CYPRESS DEVELOPMENT CORP.

WILLIAM WILLOUGHBY, PhD., PE

President & Chief Executive Officer

For further information, please contact:

Spiros Cacos | Vice President, Investor Relations

Direct: +1 604 764 1851 | Toll Free: 1 800 567 8181 | Email [email protected]

www.cypressdevelopmentcorp.com

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER ACCEPTS

RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS RELEASE.

Cautionary Note Regarding Forward-Looking Statements

This release includes certain statements that may be deemed to be "forward-looking statements" including, but not

limited to, statements related to the expected use of proceeds of the Offering. All statements in this release, other

than statements of historical facts, that address events or developments that management of the Company expects,

are forward-looking statements. Although management 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 in the forward-looking statements. The Company

undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions,

or other factors, should change. Factors that could cause actual results to differ materially from those in forward-

looking statements, include market prices, exploration and development successes, continued availability of capital

and financing, and general economic, market or business conditions. Please see the public filings of the Company at

www.sedar.com for further information.