Cypress Development Grants Incentive Stock Options

NEWS RELEASE TSXV: CYP | OTCQX: CYDVF

CYPRESS DEVELOPMENT GRANTS INCENTIVE STOCK OPTIONS

November 17, 2022 – Vancouver, Canada – Cypress Development Corp. (TSXV: CYP) (OTCQX: CYDVF)

(Frankfurt: C1Z1) (“Cypress” or “the Company”) announces that the Company has granted an aggregate

845,000 incentive stock options (the "Options") to directors of the Company pursuant to the Company’s

annual director compensation plan. The Options vest immediately, are exercisable at $1.06 per share,

being the five-day volume weighted average price from the date of grant, and are valid for a five-year

period. The Options have been granted under and are governed by the terms of the Company's long-term

incentive plan and are subject to the policies of the TSX Venture Exchange.

About Cypress Development Corp

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

its 100%-owned Clayton Valley Lithium Project in Nevada, USA. Cypress is in the pilot stage of testing on

material from its lithium-bearing claystone deposit and progressing towards completing a Feasibility Study

and permitting, with the goal of becoming a domestic producer of lithium for the growing electric vehicle

and battery storage market.

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

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