Consolidated Lithium Metals Completes Updated Preliminary Economic Assessment for the Kwyjibo Underground Mining Project | Pre-tax IRR @ 46.5% | Post-tax IRR @ 35.4% 2.67 Hectare Mine Surface Footprint | Processing Facilities Located Offsite | No Residues Stored at Mine Site Surface

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Consolidated Lithium Metals Completes Updated Preliminary Economic Assessment for the Kwyjibo Underground Mining Project | Pre-tax IRR @ 46.5% | Post-tax IRR @ 35.4% 2.67 Hectare Mine Surface Footprint | Processing Facilities Located Offsite | No Residues Stored at Mine Site Surface TORONTO, July 02, 2026 (GLOBE NEWSWIRE) -- Consolidated Lithium Metals Inc. (TSXV: CLM | FRA: Z36 | OTCQB: JORFF) ("CLM" or the "Company") is pleased to announce the results of the Updated Preliminary Economic Assessment ("Updated PEA") for the Kwyjibo Rare Earth Oxide Project ("Kwyjibo" or the "Project"), located in Québec's Côte-Nord region. As developer and operator of Kwyjibo, CLM is advancing the Project under a definitive option agreement with SOQUEM Inc. ("SOQUEM"), pursuant to which the Company may earn up to an 80% undivided interest. The Updated PEA confirms the Project's competitive economic fundamentals while incorporating significant engineering improvements that substantially reduce the Project's long-term surface footprint compared with the preliminary economic assessment prepared by DRA Americas Inc. for SOQUEM dated August 2, 2018 (the “2018 PEA”). CLM is committed to consulting with the Innu of Takuaikan Uashat Mak Mani-Utenam, the Innu of Ekuanitshit, and the local communities throughout the MRC de Minganie to assess and plan the Project. Key highlights of the Updated PEA include: Underground mine, access road and off-site hydrometallurgical complex with a minimal surface footprint, designed to produce approximately 10,000 tonnes of rare earth oxides ("REO") per year over a 10-year mine life.Estimated rare earth basket revenue of CAD $79.75 per kg of REO (Adamas Quarterly 2031) with operating costs of CAD $17.50 per kg of REO.Mineral Resource of 8.48 million tonnes @ 2.45% total rare earth oxides (“TREO”) (Measured & Indicated), plus 1.825 million tonnes @ 3.27% TREO (Inferred). Kwyjibo hosts an uncommon, rare-earth distribution of 45.5% critical REO, consisting of 24.5% Dy-Tb-Y, and approximately 20% NdPr.Favourable deposit mineralogy eliminates the need for conventional energy-intensive cracking or roasting and, together with a simplified hydrometallurgical flowsheet, contributes to an estimated total project power requirement of approximately 35 MW, reflecting one of the lowest projected energy requirements among ...

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