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Ultra Lithium Applies for Drill Permit for High Quality Brine Lithium Exploration Targets from Geophysical Surveys at Salar Laguna Verde in Argentina

Vancouver, BC – Ultra Lithium Inc. (TSX-V:ULI, OTCQB: ULTXF and Frankfurt: QFB) today announced that the Company has applied for a drill permit at its Laguna Verde brine lithium property in Catamarca Province, Argentina. This is based on brine targets identified in an interpretation report of the ground geophysical surveys (Gravity and TDEM). The report indicates high value brine lithium exploration targets in a salar core area of 3.4 square kilometers within a potential brine basin of 23 square kilometres withthickness of 100 to 150 meters.

Ultra Lithium’s Highlights of 23 Square Kilometre Brine Basin

  • The core area of 3.4 square kilometres (km2) is the core area with resistivity below 3 ohm and can be used for brine extraction on a trial basis if feasible. The size of this core zone salar increases to 5.81 square kilometers at 125 m depth and to 9.44 square kilometres at 225 m depth below surface (see Figure below).
  • A potential salar area of 23 km2is calculated based on the g-shaped area of gravity around the core zone. The surface of this salar area is covered by high resistivity layer which is underlain by aeolian sediments and salt deposits. This interpretation willbe confirmed by drilling and sampling.
  • Gravity survey interpretation shows a major fault system exists to the east of the Laguna Verde Salar representing a 2.4-kilometer-thick Cenozoic basin,which requires further research.

Beijing Engineering CompanyCompletes Gravity and Time Domain Electromagnetic (TDEM) Surveys
A total of 39.2-line- kilometers of ground geophysical survey was completed in eight exploration lines, with azimuth of 137 degrees and 47 degrees from north. Total 312 Time Domain Electromagnetic (TDEM) points and 430 gravity points were measured at a spacing of 100 metres. As announced in Ultra Lithium’s June 25, 2018 News Release, the Company contractedBeijing Technology and Engineering Co., Ltd. (BETEC) from China to complete Gravity and Time Domain Electromagnetic (TDEM) surveys on its brine properties in Argentina.

Excellent Lithium Geochemical Analyses at Salar Laguna Verde Discovery Zone
The geophysical surveys were planned and executed to follow-up excellent lithium geochemical analyses from the Salar Laguna Verde Discovery Zone. This was detailed in Ultra Lithium’sFebruary 21, 2018 News Release, where assay results indicated brine samples with metal values up to 1,270 ppm lithium, 7,920 ppm magnesium, 15,800 ppm potassium, and 2,190 ppm boron. Average values of lithium in all samples is 526 ppm, boron 673 ppm, magnesium 1,916 ppm, potassium 7211 ppm and sodium 86,081 ppm. The Salar Laguna Verde Discovery Zone brine samples area is marked by low magnesium to lithium ratios, in the range of zero to 10.2 which will facilitate lower capital and operating costs.

Figure 1: Laguna Verde size of the salar area at various depth slices interpretation

“The geophysical surveyresults exceeded our expectations,” stated Dr. Weiguo Lang, CEO of UltraLithium, “Based on the geophysical survey interpretation, Ultra Lithium hasdeveloped a drill plan which has been submitted to the Catamarca Mining Ministry for permitting and approval.”

Ultra Lithium also announces that the survey work on the Amelia Brine Lithium Property has been completed and the results are being interpreted.

Qualified Person
The technical information contained in this news release has been reviewed and approved by Afzaal Pirzada, P.Geo., a qualified person, as defined by NI 43-101 who works as Vice President Exploration of Ultra Lithium Inc.

About Ultra Lithium Inc.
Ultra Lithium is an exploration and development company with a focus on acquisition and development of lithium assets. The Company currently holds five brine lithium properties in Argentina and hard rock spodumene type lithium properties at the Georgia Lake area in Ontario, Canada.

On behalf of the Board of Directors
Kiki Smith, CFO

For further information, please contact:
Kiki Smith, CFO
T: +1-778-968-1176
F: +1-604-909-4682
E: kiki@ultralithium.com
W: www.ultralithium.com
Or view the Company’s filings at www.sedar.com

Cautionary Statement Regarding “Forward-Looking” Information
Some of the statements contained in this press release are forward-looking statements and information within the meaning of applicable securities laws. Forward-looking statements and information can be identified by the use of words such as “plans”, “expects”, “intends”, “is expected”, “potential”, “suggests” or variations of such words or phrases, or statements that certain actions, events or results “may”, “could”, “should”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking statements and information are not historical facts and are subject to a number of risks and uncertainties beyond the Company’s control. Actual results and developments are likely to differ and may differ materially, from those expressed or implied by the forward-looking statements contained in this news release. Accordingly, readers should not place undue reliance on forward-looking statements. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking statements, except as may be required by law.

Neither TSX Venture Exchange nor its Regulations Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

lithium demand-battery-capacity

Lithium Demand Exceeds Supply

Ultra Lithium Inc. A team of lithium experts with a finger on the pulse of clean energy news, Ultra Lithium is a lithium exploration company with holdings in Argentina, Canada and the US (TSX-V:ULI, OTCQB: ULTXF and Frankfurt: QFB).

Ultra Lithium Acquires Forgan Lake Lithium Property in Northwestern Ontario

Vancouver, BC – Ultra Lithium Inc. (TSX-V:ULI, OTCQB: ULTXF and Frankfurt: QFB) has entered into an agreement with International Lithium Corp. (TSX-V: ILC) to acquire 100% interest in the Forgan Lake Lithium property.

The 256-hectare lithium property consists of 16 units located in the Thunder Bay Mining District in Northwestern Ontario, Canada.

The Forgan Lake lithium property is comprised of one legacy claim TB4244103 (converted to 18 cell claims and two boundary claims as of April 10, 2018 by the Ontario Ministry of Northern Development and Mines). It is located adjacent to the Lucky Lake claim block on the northwestern part of ULI’s Georgia Lake lithium property.

Ultra Lithium inc. has acquired the Forgan Lake Lithium Property in Ontario

Historical work on the property was first carried out by Lun-Echo Gold Mines Limited between 1955-61. Exploration work included 39 drill holes, aggregating 10,561 feet (3,219 metres) on the eastern side of Forgan Lake.

Lithium mineralization on the Property is comprised of six spodumene-bearing pegmatites (Number 1 to 6 Pegmatites as described in the Ontario Department of Mines Geological Report No. 31).

Some of these Pegmatites continue onto the Lucky Lake claim block.

Several channel samples were taken on Number 1 Pegmatite by Lun-Echo Gold Mines Limited. Three samples, from about midway along the known length of the pegmatite were found to average 2.57% lithium oxide (Li2O) over a width of 21 feet (6.4 m); two samples from 80 feet (24.38m) southwest of the first three, averaged 4.23% Li2O over 24.5 feet (7.46m), and an additional two, from 225 feet (68.58m) farther southwest 1.98% Li2O over 25 feet (7.62m).

Dr. Weiguo Lang, CEO of UltraLithium:“We are very pleased with the acquisition of the Forgan Lake property which is adjacent to the Lucky Lake claim block. This acquisition will enhance the exploration potential of our Georgia Lake claims and strengthen our relationship with International Lithium. The Company intends to start a work program on the property as soon as historical data compilation is completed. We will then follow up with a near-term test production program using high-grade surface mineralization.”

CAUTIONARY NOTE: The historical results presented above are taken from the Ontario Department of Mines Geological Report No. 31 titled, “Geology and Lithium Deposits of Georgia Lake Area”, by E.G. Pye, (1965) and are relevant to the further exploration of the project which, the Company intends to undertake in the future. A qualified person has not done sufficient work to verify the results; therefore, they should not be relied upon and are presented for informational purposes only.

Qualified Person
The technical information contained in this news release has been reviewed and approved by Afzaal Pirzada, P.Geo., a qualified person, as defined by NI 43-101 who works as Vice President Exploration of the Company.

About Ultra Lithium Inc.
Ultra Lithium is an exploration and development company with a focus on the acquisition and development of lithium assets. The Company currently holds five brine lithium properties in Argentina, and one hard rock spodumene type lithium property at the Georgia Lake area in northwestern Ontario, Canada.

On behalf of the Board of Directors
Kiki Smith, CFO

For further information, please contact:
Kiki Smith, CFO
T: +1-778-968-1176
F: +1-604-909-4682
E: kiki@ultralithium.com
W: www.ultralithium.com
Or view the Company’s filings at www.sedar.com

Cautionary Statement Regarding “Forward-Looking” Information
Some of the statements contained in this press release are forward-looking statements and information within the meaning of applicable securities laws. Forward-looking statements and information can be identified by the use of words such as “plans”, “expects”, “intends”, “is expected”, “potential”, “suggests” or variations of such words or phrases, or statements that certain actions, events or results “may”, “could”, “should”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking statements and information are not historical facts and are subject to a number of risks and uncertainties beyond the Company’s control. Actual results and developments are likely to differ and may differ materially, from those expressed or implied by the forward-looking statements contained in this news release. Accordingly, readers should not place undue reliance on forward-looking statements. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking statements, except as may be required by law.

Neither TSX Venture Exchange nor its Regulations Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Electric Vehicles and the Value of Lithium

Ultra Lithium Inc. A team of lithium experts with a finger on the pulse of clean energy news, Ultra Lithium is a lithium exploration company with holdings in Argentina, Canada and the US (TSX-V:ULI, OTCQB: ULTXF and Frankfurt: QFB).

Ultra Lithium Announces OTCQB Listing Under the Symbol ULTXF

Vancouver, BC – Ultra Lithium Inc. (TSX-V: ULI) (FSE: QFB) (“ULI” or “the Company”)  common shares are listed for trading on the OTCQB under the trading symbol ULTXF commencing August 16, 2018 .

Dr. Weiguo Lang, CEO of Ultra Lithium: “We are very excited to provide this platform to our existing and prospective US shareholders. The OTCQB allows for greater exposure and accessibility to US investors.”

ULI is currently completing data interpretation of geophysical surveys for the Laguna Verde Area. It is also preparing for Geophysical Survey work on its Amelia Property.

Qualified Person
The technical information contained in this news release has been reviewed and approved by Afzaal Pirzada, P.Geo., a qualified person, as defined by NI 43-101 who works as Vice President Exploration of the Company.

About Ultra Lithium Inc.
Ultra Lithium is an exploration and development company with a focus on the acquisition and development of lithium assets. The Company currently holds five brine lithium properties in Argentina, and one hard rock spodumene type lithium property at the Georgia Lake area in northwestern Ontario, Canada.

On behalf of the Board of Directors
Kiki Smith, CFO

For further information, please contact:
Kiki Smith, CFO
T: +1-778-968-1176
F: +1-604-909-4682
E: kiki@ultralithium.com
W: www.ultralithium.com
Or view the Company’s filings at www.sedar.com

Cautionary Statement Regarding “Forward-Looking” Information
Some of the statements contained in this press release are forward-looking statements and information within the meaning of applicable securities laws. Forward-looking statements and information can be identified by the use of words such as “plans”, “expects”, “intends”, “is expected”, “potential”, “suggests” or variations of such words or phrases, or statements that certain actions, events or results “may”, “could”, “should”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking statements and information are not historical facts and are subject to a number of risks and uncertainties beyond the Company’s control. Actual results and developments are likely to differ, and may differ materially, from those expressed or implied by the forward-looking statements contained in this news release. Accordingly, readers should not place undue reliance on forward-looking statements. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking statements, except as may be required by law.

Neither TSX Venture Exchange nor its Regulations Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Laguna-Verde-Brine-Project

Ultra Lithium Starts Evaporation Testwork at Laguna Verde Brine Lithium Project in Argentina

Vancouver, BC – Ultra Lithium Inc. (TSX-V: ULI) (FSE: QFB) (“ULI” or “the Company”) has started bench scale evaporation testwork on brine samples from Laguna Verde Brine in Argentina.

A 4 cubic metre (4,000 litres) sample taken from Laguna Verde Brine was shipped to ULI’s portable lab in Salta, Argentina. The sample will be evaporation tested to evaluate how to produce various lithium salts in controlled temperature, wind, humidity and pressure conditions. ULI will also perform Lithium recovery analysis as part of this project.

Recent sampling results at Laguna Verde indicated lithium values in the range of 34.2 parts per million (ppm) to 1270 ppm. Average lithium concentration of 526 ppm was found.

Laguna-Verde-Brine

Laguna Verde Brine Project

See Company’s press release dated February 21, 2018

Dr. Weiguo Lang, CEO of UltraLithium: “Exploration work at Laguna Verde Brine is progressing well thanks to the hard work of the field crew, especially in harsh winter weather conditions. Evaporation testwork is a big milestone towards developing a scoping study for potential production of lithium salts and concentrate. We are looking forward to results in about 3 months’ time.”

The evaporation testwork is contracted to Mr. Horacio Garkus of Servicios Mineros, Salta Argentina. Mr. Garkus is a consulting geologist with expertise in brine type lithium exploration and development in Argentina

Qualified Person
The technical information contained in this news release has been reviewed and approved by Afzaal Pirzada, P.Geo., a qualified person, as defined by NI 43-101 who works as Vice President Exploration of the Company.

About Ultra Lithium Inc.
Ultra Lithium is an exploration and development company with a focus on the acquisition and development of lithium assets. The Company currently holds five brine lithium properties in Argentina, and one hard rock spodumene type lithium property at the Georgia Lake area in northwestern Ontario, Canada.

On behalf of the Board of Directors
Kiki Smith, CFO

For further information, please contact:
Kiki Smith, CFO
T: +1-778-968-1176
F: +1-604-909-4682
E: kiki@ultralithium.com
W: www.ultralithium.com
Or view the Company’s filings at www.sedar.com

Cautionary Statement Regarding “Forward-Looking” Information
Some of the statements contained in this press release are forward-looking statements and information within the meaning of applicable securities laws. Forward-looking statements and information can be identified by the use of words such as “plans”, “expects”, “intends”, “is expected”, “potential”, “suggests” or variations of such words or phrases, or statements that certain actions, events or results “may”, “could”, “should”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking statements and information are not historical facts and are subject to a number of risks and uncertainties beyond the Company’s control. Actual results and developments are likely to differ, and may differ materially, from those expressed or implied by the forward-looking statements contained in this news release. Accordingly, readers should not place undue reliance on forward-looking statements. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking statements, except as may be required by law.

Neither TSX Venture Exchange nor its Regulations Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Laguna-Verde-Brine-Geophysical-Survey

Ultra Lithium Commences Geophysical Survey at Laguna Verde Brine Lithium Property in Argentina

Vancouver, BC – Ultra Lithium Inc. (TSX-V: ULI) (FSE: QFB) (“ULI” or “the Company”) is pleased to announce the Laguna Verde Brine Geophysical Survey has begun. The Company contracted Beijing Explo-Tech and Engineering Co., Ltd. (BETEC), a speciality geophysical survey company from China to complete Gravity and Time Domain Electromagnetic (TDEM) surveys on the three brine properties. The BETEC technical team has already completed the survey layout in the Laguna Verde discovery zone.

Dr. Weiguo Lang, CEO of Ultra Lithium, stated, “This is the first milestone in understanding ULI’s lithium brine resource potential. Once the Laguna Verde Brine geophysical survey is finished, we will begin to prepare for the drilling program while the geophysical team gets ready to start work on the remaining survey areas at the Amelia property in Salar Antofalla and the La Borita property. We will provide survey progress updates in the coming weeks.”

laguna-verde-brine-geophysical-survey

ULI’s Laguna Verde Brine geophysical survey has started

Qualified Person
The technical information for the Laguna Verde Brine geophysical survey was reviewed and approved by Afzaal Pirzada, P.Geo., a qualified person, as defined by NI 43-101 who works as Vice President Exploration of the Company.

About Ultra Lithium Inc.
Ultra Lithium is an exploration and development company with a focus on the acquisition and development of lithium assets. The Company currently holds five brine lithium properties in Argentina, and one hard rock spodumene type lithium property at the Georgia Lake area in northwestern Ontario, Canada.

On behalf of the Board of Directors
Kiki Smith, CFO

For further information, please contact:
Kiki Smith, CFO
T: +1-778-968-1176
F: +1-604-909-4682
E: kiki@ultralithium.com
W: www.ultralithium.com
Or view the Company’s filings at www.sedar.com

Cautionary Statement Regarding “Forward-Looking” Information
Some of the statements contained in this press release are forward-looking statements and information within the meaning of applicable securities laws. Forward-looking statements and information can be identified by the use of words such as “plans”, “expects”, “intends”, “is expected”, “potential”, “suggests” or variations of such words or phrases, or statements that certain actions, events or results “may”, “could”, “should”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking statements and information are not historical facts and are subject to a number of risks and uncertainties beyond the Company’s control. Actual results and developments are likely to differ, and may differ materially, from those expressed or implied by the forward-looking statements contained in this news release. Accordingly, readers should not place undue reliance on forward-looking statements. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking statements, except as may be required by law.

Neither TSX Venture Exchange nor its Regulations Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Ultra Lithium Receives Permits and Starts Geophysical Surveys at Argentina Brine Lithium Properties

Vancouver, BC – Ultra Lithium Inc. (TSX-V: ULI) (FSE: QFB) (“ULI” or “the Company”) is pleased to announce that it has received permits from the Mining Department of Catamarca Province, Argentina to carry out exploration work at its brine lithium properties. The permit is issued for ground geophysical surveys and evaporation ponds for trial lithium concentration processing at the Laguna Verde, Amelia (Antofalla Salar) and La Borita brine properties. The Company has contracted Beijing Technology and Engineering Co., Ltd. (BETEC) from China to complete approximately 82.60 line-kilometres of Gravity and Time Domain Electromagnetic (TDEM) surveys on the three brine properties. BETEC technical teams have been mobilized to the project area to start geophysical surveys.

Beijing Technology and Engineering Co., Ltd (BETEC) is a global high-tech enterprise providing geological exploration services, research, software development and technology support to the mining and energy industries. Established in 1987, BETEC now operates as a full-service provider of geological, geophysical & geochemical surveying, mapping and technology advancements in mineral exploration, oil and gas exploration, hydraulics, earth physics archaeological exploration, seismic safety evaluation, city construction inspections, remote sensing, geological disasters, land surveying, geodesy, photogrammetry, engineering surveying, geographic information systems development and many other areas.

Dr. Weiguo Lang, CEO of Ultra Lithium, stated that, “We are very pleased to partner with BETEC to commence the next phase of exploration work, especially at the Laguna Verde discovery area where brine samples have indicated lithium values of up to 1270 PPM. Ground geophysical surveys will indicate the basin sizes, structural complexities and potential brine layers.”

Qualified Person
The technical information contained in this news release has been reviewed and approved by Afzaal Pirzada, P.Geo., a qualified person, as defined by NI 43-101 who works as Vice President Exploration of the Company.

About Ultra Lithium Inc.
Ultra Lithium is an exploration and development company with a focus on the acquisition and development of lithium assets. The Company currently holds five brine lithium properties in Argentina, and one hard rock spodumene type lithium property at the Georgia Lake area in northwestern Ontario, Canada.

On behalf of the Board of Directors
Kiki Smith, CFO

For further information, please contact:
Kiki Smith, CFO
T: +1-778-968-1176
F: +1-604-909-4682
E: kiki@ultralithium.com
W: www.ultralithium.com
Or view the Company’s filings at www.sedar.com

Cautionary Statement Regarding “Forward-Looking” Information
Some of the statements contained in this press release are forward-looking statements and information within the meaning of applicable securities laws. Forward-looking statements and information can be identified by the use of words such as “plans”, “expects”, “intends”, “is expected”, “potential”, “suggests” or variations of such words or phrases, or statements that certain actions, events or results “may”, “could”, “should”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking statements and information are not historical facts and are subject to a number of risks and uncertainties beyond the Company’s control. Actual results and developments are likely to differ, and may differ materially, from those expressed or implied by the forward-looking statements contained in this news release. Accordingly, readers should not place undue reliance on forward-looking statements. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking statements, except as may be required by law.

Neither TSX Venture Exchange nor its Regulations Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Wenzhou Liten Dreamwork Investment Real Estate Co., Ltd. Announces Acquisition of Shares of Ultra Lithium Inc.

Vancouver, BC – Ultra Lithium Inc. (TSX-V: ULI) (FSE: QFB) (“ULI” or “the Company”) and Wenzhou Liten Dreamwork Investment Real Estate Co., Ltd. (“Liten”), a private Chinese company controlled by Mr. Shaoguo Cao, announces that it has acquired an aggregate of 29,000,000 common share of Ultra Lithium Inc. (“ULI”) (TSXV:ULI) in private purchase and sale transactions from five individual shareholders of ULI, for the price of CAD$0.33 per share (aggregate CAD$9,570,000). Mr. Shaoguo Cao, the controlling shareholder of Liten and one of the five individual sellers, is a director and Chairman of the Board of ULI.

Liten has relied upon the takeover bid exemption set forth in section 4.2(1) of National Instrument 62-104 Takeover Bids and Issuer Bids.

The change of control of ULI resulting from the acquisition by Liten of an aggregate of 29,000,000 common shares was approved by a majority of the disinterested shareholders of ULI who cast votes at the annual and general meeting of shareholders of ULI held on March 2, 2018. The five individual sellers’ shares were excluded from voting on the resolution.

Immediately before completion of the private transactions, Liten held no common shares or other securities of ULI and Mr. Cao held 8,000,000 common shares of ULI. Following completion of the private transactions, Liten held 29,000,000 of the 70,548,582 issued and outstanding common shares of ULI, representing 41.1% of the issued capital of ULI on an undiluted basis, and 37.0% of the 78,430,082 issued and outstanding common shares of ULI on a fully diluted basis.

Following completion of the private transaction, Mr. Cao held no common shares of ULI directly.

Mr. Cao, one of the five individual sellers, exercises control and direction over 29,000,000 common shares, representing 41.1% of the issued capital, of ULI on an undiluted basis, and 37.0% of the issued capital of ULI on a fully diluted basis, through his control of Liten.

Liten and Mr. Cao acquired the shares for investment purposes.

Information
For further information please contact:
Ms. Shaoguo Cao
Wenzhou Liten Dreamwork Investment Real Estate Co., Ltd.
E: assistant03@liten.cn

NOT FOR DISSEMINATION IN THE UNITED STATES OR TO U.S. PERSONS

About Ultra Lithium Inc.
Ultra Lithium is an exploration and development company with a focus on the acquisition and development of lithium assets. The Company currently holds five brine lithium properties in Argentina, and one hard rock spodumene type lithium property at the Georgia Lake area in northwestern Ontario, Canada.

On behalf of the Board of Directors
Kiki Smith, CFO

For further information, please contact:
Kiki Smith, CFO
T: +1-778-968-1176
F: +1-604-909-4682
E: kiki@ultralithium.com
W: www.ultralithium.com
Or view the Company’s filings at www.sedar.com

Cautionary Statement Regarding “Forward-Looking” Information
Some of the statements contained in this press release are forward-looking statements and information within the meaning of applicable securities laws. Forward-looking statements and information can be identified by the use of words such as “plans”, “expects”, “intends”, “is expected”, “potential”, “suggests” or variations of such words or phrases, or statements that certain actions, events or results “may”, “could”, “should”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking statements and information are not historical facts and are subject to a number of risks and uncertainties beyond the Company’s control. Actual results and developments are likely to differ, and may differ materially, from those expressed or implied by the forward-looking statements contained in this news release. Accordingly, readers should not place undue reliance on forward-looking statements. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking statements, except as may be required by law.

Neither TSX Venture Exchange nor its Regulations Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Messrs. Cao, Chen and Guoqing Jointly Announce Sale of Shares of Ultra Lithium Inc.

Vancouver, BC – Ultra Lithium Inc. (TSX-V: ULI) (FSE: QFB) (“ULI” or “the Company”) – Messrs. Shaoguo Cao, Xiaomin Chen and Zhang Guoqing (individually a “Seller” and together referred to as the “Sellers”), all of Wenzhou, China, jointly announce that each Seller has sold 8,000,000 common shares (aggregate 24,000,000) of Ultra Lithium Inc. (“ULI”) (TSXV: ULI) in private transactions, to Wenzhou Liten Dreamwork Investment Real Estate Co., Ltd. (“Liten”) for the price of CAD$0.33 per share. Liten is a private Chinese company controlled by Mr. Shaoguo Cao, one of the Sellers and a director and Chairman of the Board of ULI.

In addition to the 24,000,000 common shares of ULI sold to Liten by the Sellers, Liten has acquired an additional 5,000,000 common shares of ULI from two other individuals in private transactions. Liten has relied upon the takeover bid exemption set forth in section 4.2(1) of

National Instrument 62-104 Takeover Bids and Issuer Bids.

The change of control of ULI resulting from the acquisition by Liten of an aggregate of 29,000,000 common shares was approved by a majority of the disinterested shareholders of ULI who cast votes at the annual and general meeting of shareholders of ULI held on March 2, 2018. The Sellers’ shares were excluded from voting on the resolution.

Immediately before completion of the private transactions, each of the Sellers held 8,000,000 of the 70,548,582 issued and outstanding common shares of ULI, representing 11.34% (aggregate 34%) of the issued capital of ULI on an undiluted basis, and 10.2% (aggregate 30.6%) of the issued capital of ULI on a fully diluted basis. Following the completion of the private sale, the Sellers together hold no common shares of ULI directly.

Mr. Cao, one of the Sellers, exercises control and direction over 29,000,000 common shares, representing 41.1% of the issued capital, of ULI on an undiluted basis, and 37.0% of the issued capital of ULI on a fully diluted basis, through his control of Liten.

Liten and Mr. Cao acquired the shares for investment purposes.

NOT FOR DISSEMINATION IN THE UNITED STATES OR TO U.S. PERSONS

About Ultra Lithium Inc.
Ultra Lithium is an exploration and development company with a focus on the acquisition and development of lithium assets. The Company currently holds five brine lithium properties in Argentina, and one hard rock spodumene type lithium property at the Georgia Lake area in northwestern Ontario, Canada.

On behalf of the Board of Directors
Kiki Smith, CFO

For further information, please contact:
Kiki Smith, CFO
T: +1-778-968-1176
F: +1-604-909-4682
E: kiki@ultralithium.com
W: www.ultralithium.com
Or view the Company’s filings at www.sedar.com

Cautionary Statement Regarding “Forward-Looking” Information
Some of the statements contained in this press release are forward-looking statements and information within the meaning of applicable securities laws. Forward-looking statements and information can be identified by the use of words such as “plans”, “expects”, “intends”, “is expected”, “potential”, “suggests” or variations of such words or phrases, or statements that certain actions, events or results “may”, “could”, “should”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking statements and information are not historical facts and are subject to a number of risks and uncertainties beyond the Company’s control. Actual results and developments are likely to differ, and may differ materially, from those expressed or implied by the forward-looking statements contained in this news release. Accordingly, readers should not place undue reliance on forward-looking statements. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking statements, except as may be required by law.

Neither TSX Venture Exchange nor its Regulations Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.