Vancouver, BC – Ultra Lithium Inc. (TSX-V:ULT, OTCQB: ULTXF and Frankfurt: QFB) (“Ultra Lithium” or the “Company”) is pleased to announce the brine sampling results from a drill hole at its 100% owned Laguna Verde brine lithium project in Catamarca Province, Argentina. Drill hole LV22-04 assayed up to 417 parts per million (“ppm” or “mg/L”) lithium (Li) from two rounds of sampling completed in January – February 2023. Earlier, the geophysical study of the first well LV22-01 indicated the presence of a continuous single brine aquifer comprising of mainly clastic sediments from 14 meters to 205 meters depth with a marked hydrothermal presence towards the deeper section. The Laguna Verde project is the flagship project of the Company and one of the Company’s 100% owned brine lithium projects in Argentina.

Results Highlights:

• The hole was drilled down to 227 meters. The brine aquafer was still open to the depth.
• The first round of sampling was completed on January 18, 2023, where a total of seven samples were collected at various depths down to 112 m below surface. The second round of sampling was completed on January 25, 2023, and a total of six samples (2 samples at every 12 hours interval) were collected at a depth of 120 m below surface.
• Conductivity shows an increase with depth, which is interpreted to achieve better lithium concentrations through pumping and more cleaning of the well.
• Overall concentration of ions and metals indicate a single unconfined aquifer down the sampling depth of 120 m.

Round 1 Assays

• Lithium (Li) values are in the range of 386 ppm to 417 ppm with an average of 398 ppm.
• Magnesium (Mg) is in the range 851 ppm to 2215 ppm with average 1,902 ppm. Mg to Li ratio is in the range of 2.2 to 5.7 with an average of 4.8.
• Boron is in the range of 289 ppm to 392 ppm with average 343 ppm.
• Overall pH is generally neutral with an average value of 7.
• Average sulphate is 10,479 ppm, chloride 60,872 ppm.

Round 2 Assays

• Lithium (Li) values are in the range of 256 ppm to 354 ppm with an average of 324 ppm. The lower Li value of Round 2 was mainly due to the high precipitation during the period of time between Round 1 and Round 2 samplings.
• Magnesium (Mg) is in the range 1153 ppm to 2007 ppm with average 1773 ppm. Mg to Li ratio is in the range of 4.5 to 5.7 with an average of 5.5.
• Boron is in the range of 188 ppm to 344 ppm with average 294 ppm.
• Overall pH is generally neutral with an average value of 7.
• Average sulphate is 9,698 ppm, chloride 58,630 ppm.

Dr. Weiguo Lang, CEO of Ultra Lithium, stated, “The assay results from Laguna Verde indicate great potential for the project interpreted as a single brine aquifer showing consistent values of lithium and other parameters down to an open depth of 227 meters. The Company is in the process of carrying out pumping tests to determine the capacity of the aquifer and will be carrying out more sampling during the process for the hole LV22-04 while preparing for more and deeper drill holes in the near future.”

Sampling Procedures

The drill hole LV22-04 was drilled at location: S 25° 18′ 51,3″; W  67° 57′ 55,7″; at elevation 4034 MASL down to a depth of 220 meters with a six-inch diameter using a rotary drill machine. The well was then reamed to a diameter of 9 7/8 inches. Brine sampling was carried out using a bailing device which was opened at the required depth of sampling. Field parameters of the samples such as pH, dissolved oxygen, and conductivity were noted. The samples were collected in the laboratory supplied bottles and were shipped to SGS laboratories in Salta, Argentina which is an independent accredited global laboratory. The samples were analyzed using codes mentioned in Tables 1 and 2 (see end of news release).

Highlights of Laguna Verde Brine Lithium Project

Laguna Verde is a new brine lithium discovery where exploratory sampling conducted by the Company has shown lithium values in the range of 34 to 1,270 milligrams per liter (mg/L) – (see ULT press release dated February 2, 2018). The Company’s previous exploration work from 2017-2021 included surface brine sampling, ground geophysical surveys and bench scale evaporation testwork. The Laguna Verde mineralized brines are marked by low magnesium to lithium ratios, in the range of zero to 10 which can result in lower production costs.

In 2018, the Company also completed a 39.2-line- kilometers of ground geophysical survey. The survey results indicate high value brine lithium exploration targets in a salar core area of 3.4 square kilometers within a 23 square kilometre, 100- to 150-meter-thick sedimentary basin with the potential to host lithium-brines. Interpretation of gravity survey data show a major fault system exists to the east of the Laguna Verde Salar and also indicates the presence of a 2.4-kilometer-thick Cenozoic basin, which requires further exploration.

In 2018, a bench scale evaporation test of approximately 4,000 litres of brine sample from Laguna Verde was carried out in Ultra Argentina laboratories located in Salta. The density of the original brine sample was 1156 and its lithium concentration was 391 ppm. Two types of evaporation tests were conducted. The first test included evaporating 179 litres of brine sample in an external pool located outside to match natural evaporation conditions. The results indicate that in a period of five months, the brine volume was reduced from 16 cubic metres (m³) to 3 m³ and lithium concentration increased from 391 to 6,760 ppm. Major salts produced during this process were Halite, Felsobanyaite, Silvite, Lithium Sulfate and Potassium, Carnalite, Kainite and Gypsum. The second test was conducted inside in controlled conditions. The results indicated that the original brine volume of 2,326 m³ was reduced to 85.06 m³ and the lithium concentration increased from 391 to 7,370 ppm (see ULT press release dated September 24, 2021).

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 a mineral exploration and development company with a focus on the acquisition and development of lithium, gold, and copper assets. The Company holds brine lithium properties in Argentina, hard rock spodumene type lithium properties in the Georgia Lake / Forgan Lake areas in northwestern Ontario, Canada, and a brine lithium property in the Big Smoky Valley, Nevada, USA. The Company also holds gold and base metals properties in Argentina.

On behalf of the Board of Directors
Kiki Smith, CFO

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

Table 1: Round 1 sample results

Sample ID	Unidad:	1	2	3	4	5	6	7	Average	Método:
Depth	m	38.8	38.8	70.4	70.4	85.0	112.4	112.4
Densidad a 20°C	kg/m3	1071	1078.4	1077.8	1079.5	1085.6	1086.4	1086.1	1,080.69	ASTM D4052-18a
Densidad a 20°C	G/ML	1.071	1.0784	1.0778	1.0795	1.0856	1.0864	1.0861	1.08	ASTM D4052-18a
Alcalinidad	mg CaCO3/l	1285	3405	1195	1155	1025	1020	1010	1,442.14	Basado en SM 2320 B – 23rd Edition
Bicarbonatos	mg CaCO3/l	1285	1725	1195	1155	1025	1020	1010	1,202.14	Basado en SM 2320B – 23rd Edition
Carbonatos	mg CaCO3/l	<1	1680	<1	<1	<1	<1	<1		Basado en SM 2320B – 23rd Edition
Cloruros	mg/L	53623	56907	58443	60666	65685	65028	65749	60,871.57	Basado en SM 4500Cl-D – 23rd Edition
Conductividad	uS/cm	151700	167400	180900	162900	170000	172800	178300	169,142.86	Basado en SM 2510 B 23rd Edition
Dureza (por cálculo)	mg/L	8960	4030	9650	9880	10600	10600	10700	9,202.86	Basado en SM 2340B – 23rd Edition
Bario	mg/L	<10	<10	<10	<10	<10	<10	<10		SGS.ME.342
Boro	mg/L	289	392	316	331	356	359	357	342.86	SGS.ME.342
Calcio	mg/L	604	210	566	594	610	610	618	544.57	SGS.ME.342
Estroncio	mg/L	<10	<10	<10	<10	<10	<10	<10		SGS.ME.342
Hierro	mg/L	<10	<10	<10	<10	<10	<10	<10		SGS.ME.342
Litio	mg/L	387	386	398	398	411	417	388	397.86	SGS.ME.342
Magnesio	mg/L	1808	851	2000	2040	2203	2195	2215	1,901.71	SGS.ME.342
Manganeso	mg/L	<10	<10	<10	<10	<10	<10	<10		SGS.ME.342
Potasio	mg/L	3811	4331	3907	4070	4308	4380	4078	4,126.43	SGS.ME.342
Sodio	mg/L	31237	35550	33725	35345	38153	37964	37656	35,661.43	SGS.ME.342
Zinc	mg/L	<10	<10	<10	<10	<10	<10	<10		SGS.ME.342
pH	UpH	6.8	8.8	6.8	6.8	6.8	6.8	6.7	7.07	Basado en SM 4500 H B 23rd Edition
Solidos Suspendidos Totales	mg/L	64	660	62	64	80	480	60	210.00	Basado en SM 2540 D – 23rd Edition
Solidos Totales Disueltos	mg/L	108500	122500	115500	120000	129000	140500	130000	123,714.29	Basado en SM 2540 C – 23rd Edition
Sulfatos	mg/L	9360	10525	9870	10220	11089	11245	11047	10,479.43	Basado en SM 4500  D – 23rd Edition

Table 2: Round 2 sampling results

Sample ID	Unit	CLVW4008	CLVW4010	CLVW4011	CLVW4012	CLVW4013	CLVW4009	Average	Método:
Depth	m	120	120	120	120	120	120
Densidad a 20°C	kg/m3	1086.9	1082.8	1084.6	1081.1	1077.8	1054	1,077.87	ASTM D4052-18a
Densidad a 20°C	G/ML	1.0869	1.0828	1.0846	1.0811	1.0778	1.054	1.08	ASTM D4052-18a
Alcalinidad	mg CaCO3/l	930.5	1018.7	955	1028.5	783.6	1439.9	1,026.03	Basado en SM 2320 B – 23rd Edition
Bicarbonatos	mg CaCO3/l	931	1019	955	1028	784	1440	1,026.17	Basado en SM 2320B – 23rd Edition
Carbonatos	mg CaCO3/l	<1	<1	<1	<1	<1	<1		Basado en SM 2320B – 23rd Edition
Cloruros	mg/L	65821	62327	63374	61973	58428	39857	58,630.00	Basado en SM 4500Cl-D – 23rd Edition
Conductividad	uS/cm	134500	130100	132800	128200	124500	94460	124,093.33	Basado en SM 2510 B 23rd Edition
Dureza (por cálculo)	mg/L	9820	9460	9670	9220	8270	6020	8,743.33	Basado en SM 2340B – 23rd Edition
Bario	mg/L	<10	<10	<10	<10	<10	<10		SGS.ME.342
Boro	mg/L	344	317	324	308	281	188	293.67	SGS.ME.342
Calcio	mg/L	621	614	620	602	492	510	576.50	SGS.ME.342
Estroncio	mg/L	<10	<10	<10	<10	<10	<10		SGS.ME.342
Hierro	mg/L	<10	<10	<10	<10	<10	<10		SGS.ME.342
Litio	mg/L	354	343	344	333	311	256	323.50	SGS.ME.342
Magnesio	mg/L	2007	1924	1971	1873	1710	1153	1,773.00	SGS.ME.342
Manganeso	mg/L	<10	<10	<10	<10	<10	<10		SGS.ME.342
Potasio	mg/L	3006	2877	2939	2802	2588	1832	2,674.00	SGS.ME.342
Sodio	mg/L	39353	37024	37722	37043	35636	24498	35,212.67	SGS.ME.342
Zinc	mg/L	<10	<10	<10	<10	<10	<10		SGS.ME.342
pH	UpH	7	7.1	6.9	7	7	7	7.00	Basado en SM 4500 H B 23rd Edition
Solidos Suspendidos Totales	mg/L	540	530	270	180	510	210	373.33	Basado en SM 2540 D – 23rd Edition
Solidos Totales Disueltos	mg/L	130350	123200	123800	120650	113950	79650	115,266.67	Basado en SM 2540 C – 23rd Edition
Sulfatos	mg/L	11187	10381	10529	10109	9668	6314	9,698.00	Basado en SM 4500  D – 23rd Edition

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.

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