United Lithium Expands Holdings with Addition of Three Highly Prospective Properties in Finland and Sweden - Seite 2

Pure Resources Ltd. will retain a 2% net smelter returns royalty (“NSR Royalty”) on the Kast Property and Kova Property, subject to a buyback right in favour of the Company, pursuant to which the Company may purchase 1% of the NSR Royalty at any time in exchange for payment of CAD$750,000. No such agreement is in place for the Axmarby Property, which remains royalty-free.

About the Kova Property

The Kova Property is situated approximately 150 km north of Helsinki and 50 km east of the City of Tampere (Figure 1) and covers 54,400 ha (54.4 sq. km). It is located on the northern margin of the Pirkanmaa migmatite belt (1.96 – 1.91 Ga), immediately to the south of the Tampere schist belt. Kova sits directly to the south from the Eräjärvi LCT-metallogenic area, where more than 70 pegmatite dykes enriched in B, Be, Li, Nb, Sn, and Ta have been identified (Lahti 1981, Alviola 2004). The area is in a prospective geological setting with the presence of late-orogenic (1.80 Ga) LCT type complex pegmatites that were previously mined.

The local geology is comprised of migmatites made up of mica (para) gneiss (turbidites, graywackes) with a lesser extent of mafic-intermediate volcanic rocks and amphibolites. Felsic plutonic rocks in the Kova area include granodiorites, aplite, pegmatite and tonalite and are considered early Svecofennian (1.91-1.88 Ga). In addition, complex structures with sheared and schistose metasediments further provided possible conduits for the pegmatite melts. Nearby known complex pegmatite deposits include the Seppalä LCT pegmatite and the historical Juurakko and Viitaniemi pegmatite mines are located directly north of the Kova claims.

Bedrock in the project area is well exposed with 220 pegmatites sites mapped by PR1 (see Pure Resources ASX announcement dated July 12, 2023). A field visit completed by United Lithium in the summer of 2023 confirmed the presence of dyke-like pegmatites striking NW-SE, ranging in thickness from centimeters to 5-10 meters and up to several tens of meters in length. The pegmatites are comprised of K-feldspar and quartz with variable amounts of biotite and muscovite. Tourmalines, ranging in size from medium to coarse to pegmatite-sized are found locally. Li-silicates were not observed.