CENTURY LITHIUM REPORTS PROGRESS ON ANGEL ISLAND

Rhea-AI Summary

Century Lithium reports progress at its Angel Island lithium project in Nevada following the April 2024 Feasibility Study. The company focuses on process optimization to reduce capital and operating costs, environmental studies, and project funding. The Pilot Plant in Amargosa Valley continues testing, producing lithium carbonate samples for potential domestic end-users. Key developments include achieving battery-quality lithium carbonate production, conducting tests with alternative reagents, and completing draft hydrologic models. The company is pursuing strategic partnerships and exploring government funding opportunities through the U.S. Department of Energy and Defense.

Positive

• Successfully produced battery-quality lithium carbonate samples at the Pilot Plant
• Potential additional revenue stream from surplus sodium hydroxide production
• Progress in environmental permitting with completed draft hydrologic model
• Multiple cost reduction initiatives underway for capital and operating expenses

Negative

• Project still requires significant funding to proceed
• Environmental and regulatory approvals still pending
• Water supply logistics still being determined

VANCOUVER, BC, Oct. 24, 2024 /PRNewswire/ - Century Lithium Corp. (TSXV: LCE) (OTCQX: CYDVF) (Frankfurt: C1Z) ("Century Lithium" or the "Company") is pleased to report on progress at its wholly owned Angel Island lithium project ("Project") located in Esmeralda County, Nevada, USA. Since the completion of a Feasibility Study on Angel Island in April 2024, the Company continues to focus on critical steps for the Project's development. Primary attention is on process optimization to drive reductions in the Project's estimated capital and operating costs, environmental studies and permitting, and Project funding. Among these actions, testing has continued at the Company's Lithium Extraction Facility ("Pilot Plant") in Amargosa Valley, Nevada, with emphasis on producing lithium carbonate samples for evaluation by domestic end-users and interested parties.

"Century Lithium is focused on delivering results that will position the Company as one of the most advanced opportunities for a new domestic supply of this important and strategic commodity for the EV and battery storage industry" said Bill Willoughby, President, and CEO of Century Lithium. "The State of Nevada has expressed the desire to play a critical role in the clean energy transition, specifically through Nevada's Lithium Loop initiative focusing on local resources to products to recycling. We are working with Century's resources and technology to position us at the forefront of this effort."

Pilot Plant Testing and Engineering

• Review of the Feasibility Study with emphasis on pursuing several avenues to reduce the estimated capital and operating costs and achieve significant improvement of the Project's economics
• Achieved onsite production of battery quality lithium carbonate samples for evaluation and to demonstrate Angel Island's capability as an end-to-end process for taking lithium claystone to a battery-quality product
• Conducted initial tests with third parties on alternate reagents and media for the Pilot Plant
• Currently installing equipment at the Pilot Plant based on results from the above  
• Initiated materials testing program to optimize and potentially reduce the estimated costs of the tailings storage facility

Environmental Studies and Permitting

• Completed draft hydrologic model and addressing comments from federal regulators
• Completed a draft plan of operations
• Modeled alternate locations for water supply to potentially source process water closer to the Project within the scope of the Company's water rights permit
• Engaged consultants to prepare key state permits with emphasis on water pollution control and air quality

Angel Island Funding

• Communicating with potential strategic partners and end-users of lithium carbonate for testing of our product samples
• Pursuing parties interested in marketing or obtaining a future supply of sodium hydroxide; Century Lithium's process will produce a surplus of sodium hydroxide, the sales of which are estimated to result in a low net production cost for lithium carbonate
• Compiling Project information to support applications for government funding opportunities available through the U.S. Department of Energy and U.S. Department of Defense

ABOUT CENTURY LITHIUM CORP.

Century Lithium Corp. is an advanced stage lithium company, focused on developing its wholly owned Angel Island project in Esmeralda County, Nevada, which hosts one of the largest sedimentary lithium deposits in the United States. The Company has utilized its patent-pending process for chloride leaching combined with Direct Lithium Extraction to make battery quality lithium carbonate samples from Angel Island lithium-bearing claystone on-site at its Lithium Extraction Facility in Amargosa Valley, Nevada.

Angel Island is one of the few advanced lithium projects in development in the United States to provide an end-to-end process to produce battery grade lithium carbonate for the growing electric vehicle and battery storage market. Angel Island is currently in the permitting stage for a three-phase feasibility-level production plan expected to yield an average of 34,000 tonnes per year of battery grade lithium carbonate over a 40-year mine-life.

Century Lithium trades on both the TSX Venture Exchange under the symbol "LCE" and the OTCQX under the symbol "CYDVF"; and on the Frankfurt Stock Exchange under the symbol "C1Z". To learn more, please visit centurylithium.com.

ON BEHALF OF CENTURY LITHIUM CORP.
WILLIAM WILLOUGHBY, PhD., PE
President & Chief Executive Officer

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS RELEASE.

Cautionary Note Regarding Forward-Looking Statements

This release contains certain forward-looking statements within the meaning of applicable Canadian securities legislation. In certain cases, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" and similar expressions suggesting future outcomes or statements regarding an outlook.

Forward-looking statements relate to any matters that are not historical facts and statements of our beliefs, intentions and expectations about developments, results and events which will or may occur in the future, without limitation, statements with respect to the potential development and value of the Project and benefits associated therewith, statements with respect to the expected project economics for the Project, such as estimates of life of mine, lithium prices, production and recoveries, capital and operating costs, IRR, NPV and cash flows, any projections outlined in the Feasibility Study in respect of the Project, the permitting status of the Project and the Company's future development plans.

These and other forward-looking statements and information are subject to various known and unknown risks and uncertainties, many of which are beyond the ability of the Company to control or predict, that may cause their actual results, performance or achievements to be materially different from those expressed or implied thereby, and are developed based on assumptions about such risks, uncertainties and other factors set out herein. These risks include those described under the heading "Risk Factors" in the Company's most recent annual information form and its other public filings, copies of which can be under the Company's profile at www.sedarplus.com. The Company expressly disclaims any obligation to update-forward-looking information except as required by applicable law. No forward-looking statement can be guaranteed and actual future results may vary materially. Accordingly, readers are advised not to place reliance on forward-looking statements or information. Furthermore, Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.

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SOURCE Century Lithium Corp.

FAQ

What progress has Century Lithium (CYDVF) made at its Angel Island project since the April 2024 Feasibility Study?

Century Lithium has achieved battery-quality lithium carbonate production, conducted alternative reagent testing, completed draft hydrologic models, and is pursuing cost reduction initiatives in both capital and operating expenses.

How is Century Lithium (CYDVF) planning to fund the Angel Island project?

The company is pursuing strategic partnerships, seeking potential end-users for lithium carbonate, exploring sodium hydroxide sales opportunities, and preparing applications for U.S. Department of Energy and Defense funding.

What environmental milestones has Century Lithium (CYDVF) achieved for the Angel Island project in 2024?

The company has completed a draft hydrologic model, prepared a draft plan of operations, and engaged consultants for key state permits focusing on water pollution control and air quality.