Nevada Lithium and Iconic Minerals Enter into Arrangement Agreement to Consolidate 100% Ownership Interest In the Bonnie Claire Lithium Property, Nevada

Nevada Lithium Resources Inc. (CSE: NVLH) (OTCQB: NVLHF) (FSE: 87K) ("Nevada Lithium" or the "Company") and Iconic Minerals Ltd. (TSXV: ICM) (OTCQB: BVTEF) (FSE: YQGB) ("Iconic") are pleased to announce that they have entered into a definitive arrangement agreement dated March 24, 2023 (the "Arrangement Agreement"), whereby Nevada Lithium will acquire, by way of a plan of arrangement under the Business Corporations Act (British Columbia), Iconic's 50% interest in the Bonnie Claire Lithium Project (the "Project" or the "Bonnie Claire Project") located in Nye County, Nevada (the "Arrangement"). After the closing of the Arrangement, Nevada Lithium will hold a 100% interest in the Project.

Stephen Rentschler, Nevada Lithium's CEO, commented, "We are pleased to announce the signing of the Arrangement Agreement with Iconic for the Bonnie Claire Project. In concert with our recently announced production of battery grade lithium carbonate, 100% consolidated ownership will significantly enhance the Company's ability to negotiate with strategic investors and lithium end-users. Signing of the Arrangement Agreement is a key to unlocking shareholder value as the Company continues on its path towards completion of its Pre-Feasibility Study."

Richard Kern, Iconic's President and CEO, added, "Combining of the two joint venture partner's interests will allow Iconic's shareholders to participate in the newly consolidated Company whose primary business activity will be to move Bonnie Claire forward through Pre-Feasibility and beyond."

Mr. Rentschler continued, "Lithium Carbonate Equivalent (LCE) prices are now many times higher than the assumed prices used in our robust Preliminary Economic Assessment, where at a base case pricing assumption of $13,400 USD / tonne LCE the Project returned an NPV of $1.5 Billion USD (ATAX 8%). Recent 2022 drill program results have also returned the highest lithium values ever recorded at Bonnie Claire, including 3,201 ppm Li over 520 ft (158 m) within a wider interval of 1,315 ppm Li over 2,000 ft (610 m)3. With a projected annual production rate of over 30,000 tonnes of LCE, and a resource base that indicates the ability to upsize potential production further, Bonnie Claire has the potential to play a significant role in meeting global lithium needs."

Nevada Lithium Resources I

Iconic Minerals |