Toro to Refresh Lake Maitland Uranium Scoping Research

January 17, 2024

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(TSXV: GRD) (OTCQB: GRDAF) Grounded Lithium Corp. (” GLC ” or the ” Firm “) is happy to announce we entered right into a definitive settlement dated January 15, 2024 with Denison Mines Corp ( TSX: DML NYSE American: DNN ) (” Denison “) whereby Denison has the choice to earn as much as a 75% working curiosity within the Kindersley Lithium Undertaking (” KLP “) by funding in combination as much as $15,150,000 comprised of each money funds to GLC of as much as $3,150,000 and funding undertaking expenditures of as much as $12,000,000 by means of a structured earn-in choice. (the ” Settlement “).

The Settlement is anticipated to offer greater than enough funding for a subject pilot (the ” Pilot “) for the KLP which each the Firm and Denison (collectively, the ” Events “) plan to advance on a precedence foundation. Past the Pilot, Denison might also present additional capital throughout the earn-in interval to fund different actions as essential to drive the general KLP worth similar to additional technical evaluations and research, drilling, sampling and expenditures to take care of the KLP lands in good standing.

The Settlement highlights are as follows:

Three distinct earn-in choices (every, an ” Earn-in Possibility “) which embody a money fee on to the Firm together with devoted expenditures to advance the KLP, as described under. In the course of the earn-in interval, KLP expenditures will usually be funded 100% by Denison, and Denison might be entitled to an elevated working curiosity within the KLP because it completes every Earn-in Possibility part. Key financial parameters of the Settlement are summarized within the desk under:

(all quantities in CAD$000’s)	Earn-in Possibility Part

		Part 1	Part 2	Part 3

Royalty Financing Fee		800
Money Funds to GLC		–	850	1,500
Cumulative Money Funds		800	1,650	3,150

Undertaking Expenditures		2,200	3,800	6,000
Cumulative Undertaking Expenditures		2,200	6,000	12,000

Whole Contributions per Possibility Part		3,000	4,650	7,500
Cumulative Whole Contributions		3,000	7,650	15,150

Denison Working Curiosity within the KLP		30 %	55 %	75 %

Upon funding the overall quantities of every Earn-in Possibility, Denison has the fitting to both train the Earn-In Possibility and purchase the working curiosity related to that Earn-In Possibility part or transfer on to the following choice part;
Ought to Denison train the Earn-In Possibility and elect to accumulate a working curiosity within the KLP, a proper three way partnership might be created to manipulate the Events. The three way partnership settlement will include customary language and phrases related to an association of this nature, together with however not restricted to, governance provisions, rights of first refusals, dilution provisions for non-participation and technical and administration committees;
The Settlement terminates on the sooner of (i) Denison electing to accumulate its working curiosity and convert to a proper three way partnership, (ii) June 30, 2028 , or (iii) a date as in any other case agreed between the Events;
The power exists for both Occasion to advocate drilling expenditures, outdoors of the earn-in choice phrases detailed above, for which the aim is to protect lithium rights related to the varied KLP permits; and
Denison will turn into the named operator of the KLP throughout the Earn-In Interval, nevertheless, to make sure continuity of web site actions, the Events will enter right into a two-year web site administration contract whereby a charge might be paid to the Firm to successfully handle the day-to-day web site actions of the KLP.

The Firm additionally bought a 5% gross overriding royalty (” GORR “) on the KLP to Denison in accordance with the phrases of a royalty settlement (the ” Royalty Settlement “) for a money fee of $800,000 . Pursuant to the phrases of the Royalty Settlement, the GORR drops to 2% upon the receipt of all approvals, inclusive of GLC shareholder approval of the Settlement. The GORR is eradicated in its entirety on the date that’s fifteen (15) months after the closing of the Earn-In Settlement except Denison elects to forfeit its rights to train an Earn-In Possibility.

GLC and Denison have established an space of mutual curiosity in respect of any lands acquired inside 10 kilometers of any present lands contained inside the KLP which can be potential for lithium (” AMI Lands “). GLC is free to probe for, purchase and develop lands outdoors of the AMI Lands for its personal account and we at the moment have developed a number of prospects which honour our geological mannequin for financial lithium useful resource performs, whereas we profit from mental data gained from the technical work on the KLP.

“Grounded stays steadfast in our imaginative and prescient to economically produce battery grade lithium with a deal with low-cost operations and this strategic funding from Denison is a serious step in that regard,” said Gregg Smith , President & CEO. “Denison has a substantial working footprint in Saskatchewan in addition to a wonderful popularity inside the Province, and we proceed to be impressed with the diligence and professionalism of the Denison crew. We sit up for working collectively to unlock the complete worth potential of the KLP for the good thing about our respective shareholders. Additional, the strategic funding from Denison in each GLC and the KLP eliminates many perceived or distinct dangers in our anticipated path to industrial manufacturing.”

David Cates , President and CEO of Denison commented, “Denison is happy to accumulate a royalty and enter into an earn-in settlement with GLC that helps the additional evaluation of the KLP in Saskatchewan . Denison has developed a novel platform for the de-risking of mine growth tasks within the Province with its revolutionary and extremely expert Saskatoon -based technical, regulatory, and operations groups. Lithium is a complementary mineral to Denison’s core uranium enterprise, with each recognized as crucial minerals wanted to help the clear vitality transition. Brine extraction additionally has many similarities to the In-Situ Restoration mining methodology that the Firm has efficiently validated to be used at its flagship Wheeler River uranium undertaking in northern Saskatchewan . Combining our deep native technical capabilities with the Grounded crew’s expertise on KLP has the potential to create an unbelievable surroundings to incubate the KLP to emerge as a premier lithium undertaking in a high mining jurisdiction.”

“The transaction with Denison is a good end result for each events,” commented Greg Phaneuf , Senior Vice President Company Improvement & CFO. “Denison features publicity to a high-potential lithium brine undertaking in Saskatchewan with similarities to its spectacular uranium undertaking growth portfolio within the Province whereas Grounded receives speedy funding and companions with a strategic investor with a a lot decrease price of capital to advance the KLP with out incurring dilution on the company stage.”

The Settlement is topic to the regulatory approval of the TSX Enterprise Trade and is topic to receipt of shareholder approval by the use of the written consent of shareholders holding over 50% of the present issued and excellent shares of the Firm.

Convention Name Particulars

These can take heed to Firm officers describe the transaction with Denison by collaborating within the following convention name particulars:

Participant Toll-Free Dial-In Quantity: 1 (888) 300-4030
Participant Toll Dial-In Quantity: 1 (646) 970-1443
Convention ID: 5553583

Webcast url: https://occasions.q4inc.com/attendee/658855672

The Firm will put up a playback of the convention name on the Firm’s web site.

About Denison Mines Corp.

Denison is a uranium exploration and growth firm with pursuits centered within the Athabasca Basin area of northern Saskatchewan, Canada . The Firm has an efficient 95% curiosity in its flagship Wheeler River Uranium Undertaking, which is the biggest undeveloped uranium undertaking within the infrastructure wealthy jap portion of the Athabasca Basin area of northern Saskatchewan . In mid-2023, a Feasibility Research was accomplished for Wheeler River’s Phoenix deposit as an ISR mining operation, and an replace to the beforehand ready PFS was accomplished for Wheeler River’s Gryphon deposit as a standard underground mining operation. Based mostly on the respective research, each deposits have the potential to be aggressive with the bottom price uranium mining operations on the earth. Allowing efforts for the deliberate Phoenix ISR operation commenced in 2019 and have superior considerably, with licensing in progress and a draft Environmental Influence Assertion submitted for regulatory and public assessment in October 2022 .

Denison’s pursuits in Saskatchewan additionally embody a 22.5% possession curiosity within the McClean Lake Joint Enterprise, which owns a number of uranium deposits and the McClean Lake uranium mill, contracted to course of the ore from the Cigar Lake mine underneath a toll milling settlement, plus a 25.17% curiosity within the Midwest Principal and Midwest A deposits and a 67.41% curiosity within the THT and Huskie deposits on the Waterbury Lake property. The Midwest Principal, Midwest A, THT and Huskie deposits are situated inside 20 kilometres of the McClean Lake mill.

By its 50% possession of JCU ( Canada ) Exploration Firm, Ltd (” JCU “), Denison holds further pursuits in varied uranium undertaking joint ventures in Canada , together with the Millennium undertaking (JCU, 30.099%), the Kiggavik undertaking (JCU, 33.8118%) and Christie Lake (JCU, 34.4508%).

Denison’s exploration portfolio consists of additional pursuits in properties masking roughly 285,000 hectares within the Athabasca Basin area.

About Grounded Lithium Corp.

GLC is a publicly traded lithium brine exploration and growth firm that controls roughly 1.0 million metric tonnes of Measured & Indicated lithium carbonate equal mineral useful resource and roughly 3.2 million metric tonnes of Inferred lithium carbonate equal useful resource over our centered land holdings in Southwest Saskatchewan as per the Firm’s up to date PEA. The up to date PEA, titled ” NI 43-101 Technical Report: Preliminary Financial Evaluation Kindersley Lithium Undertaking – Part 1 Replace ” dated November 7, 2023 and efficient as of June 30, 2023 , experiences a Part 1 NPV ₈ after-tax of US$1.0 billion with an after-tax IRR of 48.5%. GLC’s multi-faceted enterprise mannequin includes the consolidation, delineation, exploitation and finally growth of our alternative base to satisfy our imaginative and prescient to construct a best-in-class, environmentally accountable, Canadian lithium producer supporting the worldwide vitality transition shift. U.S. traders can discover present monetary disclosure and Actual-Time Stage 2 quotes for the Firm on https://www.otcmarkets.com/ .

Certified Particular person

Scientific and technical info contained on this press launch has been ready underneath the supervision of Doug Ashton , P.Eng., Alexey Romanov , P. Geo., Meghan Klein , P. Eng., Dean Quirk , P.Eng., Jeffrey Weiss , P.Eng., Chad Hitchings ., P.L. Eng., and Michael Munteanu , P.Eng., every of whom is a professional individual inside the which means of NI 43-101.

Ahead-Wanting Statements

This press launch might include forward-looking statements and forward-looking info inside the which means of relevant Canadian securities legal guidelines. The opinions, forecasts, projections and statements about future occasions of outcomes, are ahead trying info, forward-looking statements or monetary outlooks (collectively, ” forward-looking statements “) underneath the which means of relevant Canadian securities legal guidelines. These statements are made as of the date of this press launch and the truth that this press launch stays obtainable doesn’t represent a illustration by GLC that the Firm believes these forward-looking statements proceed to be true as of any subsequent date. Though GLC believes that the assumptions underlying, and expectations mirrored in, these forward-looking statements are cheap, it may give no assurance that these assumptions and expectations will show to be appropriate. Such statements embody, however will not be restricted to, statements pertaining to the development of the Pilot and the timing thereof, GLC’s expectation of the funding required for the Pilot; Denison’s funding to the Firm, the timing and quantity thereof and using proceeds from such funding; shareholder approval of the Settlement actions essential to drive the general KLP worth; the coming into into of the three way partnership settlement if in any respect and the timing and phrases thereof; the impression of the Settlement on the shareholders of the Firm; potential lands outdoors of the AOI Lands and the viability for financial lithium useful resource performs; and GLC’s imaginative and prescient of turning into a best-in-class, environmentally accountable, Canadian lithium producer supporting the worldwide vitality transition.

Among the many necessary elements, dangers, uncertainties and assumptions that would trigger precise outcomes to vary materially from these indicated by such forward-looking statements are: GLC’s expectation that our operations might be in Western Canada , surprising issues can come up on account of technical difficulties and operational difficulties which impression the manufacturing, transport or sale of our merchandise; geographic and climate circumstances can impression the manufacturing; the danger that present world financial and credit score circumstances might impression commodity costs and consumption greater than GLC at the moment predicts; the failure to acquire financing on cheap phrases; the danger that surprising delays and difficulties in creating at the moment owned properties might happen; the failure of drilling to end in industrial tasks; surprising delays because of the restricted availability of drilling tools and personnel; and the opposite threat elements detailed occasionally in GLC’s periodic experiences. GLC’s forward-looking statements are expressly certified of their entirety by this cautionary assertion.

This information launch shall not represent a suggestion to promote or the solicitation of a suggestion to purchase any securities in any jurisdiction.

Neither the TSX Enterprise Trade nor its Regulation Providers Supplier (as that time period is outlined within the insurance policies of the TSX Enterprise Trade) accepts accountability for the adequacy or accuracy of this information launch.