Discovery Lithium Closes First Tranche of Flow-Through Financing

Vancouver, British Columbia, Canada, November 7, 2023 – Discovery Lithium Inc. (CSE: DCLI) (OTC: DCLIF) (FRA: Q3Q0) (the “Company,” or “Discovery Lithium“), a Canadian exploration company focused on advancing domestic energy freedom through regional lithium discovery is pleased to announce it has closed the first tranche of its previously announced non-brokered private placement of flow-through (FT) units of the company. The company issued an aggregate of 1,538,461 flow-through units at a price of 65 cents per FT unit for gross proceeds of $999,999.65, with each FT unit comprising one common share of the company issued on a flow-through basis and one-half of one share purchase warrant. Each warrant is exercisable to acquire one non-flow-through common share of the company at a price of 75 cents per share for a period of 24 months from the date of issuance.

In connection with closing of the first tranche, GloRes Securities Inc. received a cash finder’s fee of $70,000 and 107,692 finder’s warrants, with each such warrant exercisable to acquire one non-flow-through common share of the company at a price of 75 cents per share for a period of 24 months from the closing date of the first tranche.

The gross proceeds received by the company from the sale of the FT units will be used to incur Canadian exploration expenses that are flow-through critical mineral mining expenditures (as such terms are defined in the Income Tax Act (Canada)) on the company’s properties located in Quebec.

All securities issued in connection with the first tranche are subject to a hold period of four months and one day pursuant to applicable securities laws.

Qualified person, historical estimates

The technical content of this news release has been reviewed and approved by Mike Kilbourne, PGeo (OGQ No. 1971), who is an independent qualified person (QP) as defined in National Instrument 43-101, Standards of Disclosure for Mineral Projects.

The Company would like to welcome investors to visit our website and join our mailing list at www.discoverylithium.com/news-alerts/. By subscribing you will stay up to date with the latest news releases and advancements within our company.

About Discovery Lithium Inc.

Discovery Lithium is a Canadian exploration company focused on advancing mineral resource projects in North America. The company holds a 100-per-cent interest in 1,675 mineral claims in Serindac Lake and 2,113 mineral claims in Vaubert Lake for a combined total of approximately 164,283 hectares (approximately 405,952 acres), located in the Nunavik region of Northern Quebec, and with a further total of 303 mineral claims comprising approximately 16,392 hectares (approximately 40,505.5 acres) identified as the Route De Nord, Lac Belanger, Lac Ferland and Lac Roberston properties, located across the northern and eastern regions of Quebec, including the prolific lithium district of the James Bay region. Additionally, the company is actively advancing its ESN project for gold exploration in Nevada and evaluating the Koster Dam project in central British Columbia through a joint venture with Cariboo Rose Resources.

For further information, please contact:

Discovery Lithium Inc.
1450 – 789 West Pender Street,
Vancouver, BC Canada V6C 1H2
Telephone: +1 (778) 868-2226
Email: info@discoverylithium.com
Web: www.discoverylithium.com

Caution Regarding Forward-Looking Information
Certain statements contained in this news release may constitute “forward-looking information” within the meaning of Canadian securities legislation. Forward-looking information is often, but not always, identified by the use of words such as “anticipate”, “plan”, “estimate”, “expect”, “may”, “will”, “intend”, “should”, “potential”, “indicative” and similar expressions. Forward-looking information in this news release includes, but is not limited to, statements regarding the Vaubert and Serindac Lake claims and the Route du Nord project (the “Claims”), including the Company’s plans and expectations regarding the Claims, the potential presence of LCT pegmatites or spodumene on or around the Claims and other statements regarding the Company’s future business plans and objectives. Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information. The Company’s actual results could differ materially from those anticipated in this forward-looking information as a result of risks and uncertainties inherent in the exploration and development of mineral properties, fluctuations in commodity prices, counterparty risk, market conditions, regulatory decisions, competitive factors in the industries in which the Company operates, prevailing economic conditions, changes to the Company’s strategic growth plans, and other factors, many of which are beyond the control of the Company. The Company believes that the expectations reflected in the forward-looking information are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking information should not be unduly relied upon. Any forward-looking information contained in this news release represents the Company’s expectations as of the date hereof and is subject to change after such date. The Company disclaims any intention or obligation to update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required by applicable securities legislation.