United Lithium adds Highly Prospective Kannus Reservation in Western Finland, and Commences Marketing Campaign

VANCOUVER, British Columbia, May 16, 2024 (GLOBE NEWSWIRE) -- United Lithium Corp. (“United” or the “Company”) (CSE: ULTH; OTCQX: ULTHF; FWB: 0UL)  is pleased to announce that in addition to the acquisition of two new properties in Finland on April 29, 2024 (see news release of April 29, 2024), it has received notification from the Finnish Mining Authority (“TUKES”) that a reservation notice for an additional highly prospective property has been received and approved. This newly acquired property, Kannus, will increase the Company’s land position in Finland by 15,225 hectares (“ha”). The Kannus reservation is located directly north of the Keliber Lithium deposit owned by Sibanye-Stillwater, which is currently being built as Europe’s first mine-to-market lithium producer.

“We continue to expand our holdings in the Nordics within geological terrains suitable to host lithium deposits”, commented President and CEO, Scott Eldridge. “Finland has tremendous potential but remains underexplored for lithium. Our team has worked to identify unreserved areas that represent blue-sky exploration opportunities in regions known for these types of discoveries. The Keliber Lithium Project, primarily owned by Sibanye-Stillwater, is currently being constructed in Finland which will include a hydroxide plant to support regional supply chains. Our new property is immediately north of Keliber Lithium’s multiple pegmatites in a similar geological environment, where early reconnaissance sampling has already identified complex pegmatites. We now have one of the largest portfolios of highly prospective lithium properties in the Nordics and expect that the adoption of the Critical Raw Materials Act in the EU will further support our local efforts.”

The new reservation is valid until the second quarter of 2025, at which time, the Company will need to evaluate results and determine whether to convert any portion of the property into an exploration permit. Until that time, under a reservation status, the Company has the right to complete field work including mapping and sampling to potentially identify future drill targets and will be allowed to convert the reservation into an exploration permit without interference of other exploration companies.