CHAMPION ELEC METALS INC - CHELF STOCK NEWS

Champion Electric Metals (CSE: LTHM, OTCQB: CHELF, FSE: 1QB0) applauds Rio Tinto's $6.7 billion acquisition of Arcadium Lithium, emphasizing Rio's commitment to future lithium demand. Champion Electric's President and CEO, Jonathan Buick, noted the acquisition positions Rio as a top-three EV metals producer and highlights Quebec's key role in the energy transition. Champion Electric expects sustained investment interest and value creation in Quebec. The company is advancing its exploration program in James Bay, Quebec, focusing on the Quebec Lithium Project near significant lithium occurrences. Recent trenching revealed substantial lithium content, including widths of up to 10.5 meters with 0.96% Li₂O, and 8.5 meters with 1.17% Li₂O. Analytical results from Phase II drilling and spodumene grain counts are anticipated soon, with renewed trenching and drill target definition planned for the 2025 field season.

Champion Electric Metals Inc. (CSE: LTHM) (OTCQB: CHELF) has closed the sale of its Baner Gold Project in Idaho, USA to Legacy Gold Mines The deal includes immediate compensation of $75,000, 1.1 million Legacy common shares, and warrants for 200,000 shares at $0.30 each. Additional payments and share issuances are scheduled over the next 30 months, totaling $925,000 in cash and more shares and warrants. Legacy gains exclusive rights to manage the project and can acquire 100% interest upon fulfilling all payments. Champion Electric retains a 1% net smelter return royalty, which Legacy can buy back for $7.5 million. The agreement includes a voluntary escrow arrangement for the issued shares.

Champion Electric Metals Inc. (CSE: LTHM) (OTCQB: CHELF) has announced significant lithium findings from its trenching program at the Western Prospect of the Quebec Lithium Project. Key results include:

- 10.5 metres averaging 0.96% Li2O
- 8.5 metres averaging 1.17% Li2O

The program exposed spodumene-mineralized pegmatite dikes at three locations over a 340-metre strike length. The length-weighted average grade of all channel samples in pegmatite is 0.47% Li20, with samples over 0.40% Li2O averaging 1.09% Li2O. The highest Li2O content for a one-metre channel sample is 2.39% Li2O. The company is now conducting core drilling to test for increased mineralized widths at depth.

Champion Electric Metals Inc. (CSE: LTHM) (OTCQB: CHELF) has commenced Phase II drilling at its Quebec Lithium Project in the James Bay territory. The program aims to drill up to 1,500 metres to further test spodumene-bearing pegmatite dikes identified in Phase I drilling and recent trench exposures. Initial drilling will focus on a 700-metre segment of a 1,700-metre glacial dispersal train of spodumene-bearing boulders.

The company has collected 157 systematic channel samples from twelve trenches, 9 outcrop samples, 46 float samples, and 51 till samples across the Western Prospect. A 50 kg sample of spodumene mineralization will be collected for metallurgical testing. Analytical results from surface sampling are expected to start arriving in early September.

Champion Electric Metals Inc. (CSE: LTHM) (OTCQB: CHELF) has successfully closed an $800,000 private placement of flow-through shares. The proceeds will be used for Canadian exploration expenses qualifying as 'flow-through critical mineral mining expenditures' on the company's Quebec properties. These expenses will be renounced to subscribers by December 31, 2024.

In connection with the closing, Champion Electric paid a $56,000 cash finder's fee and issued 1,120,000 broker warrants. Each warrant allows the purchase of one common share at $0.05 for 24 months. The securities are subject to a four-month hold period, and the placement's completion is pending regulatory approvals, including from the CSE.

Champion Electric Metals Inc. (CSE: LTHM) (OTCQB: CHELF) has announced a private placement of up to 25,000,000 flow-through shares at $0.04 per share, aiming to raise up to $1 million. The proceeds will be used for Canadian exploration expenses qualifying as "flow-through critical mineral mining expenditures" on the company's Quebec properties. These expenses will be renounced to subscribers by December 31, 2024. The private placement is expected to close around August 14, 2023, subject to regulatory approvals. Securities issued will have a four-month and one-day hold period from the issuance date.

Champion Electric Metals Inc. (CSE: LTHM) (OTCQB: CHELF) has signed a binding option agreement with Prestwick Capital (TSXV: PWIK.P) to sell its Baner Gold Project in Idaho, USA. The project consists of 215 unpatented lode claims covering approximately 3,818 acres. Under the agreement, Prestwick will make cash payments totaling CAD$925,000, issue 1.3 million common shares, and grant warrants for 600,000 shares to Champion Electric over multiple stages. Champion Electric will retain a 1% net smelter return royalty, which Prestwick can buy back for $7.5 million. The transaction is subject to TSX Venture Exchange approval and other conditions.

Champion Electric Metals Inc. (CSE: LTHM) has confirmed spodumene-bearing pegmatite dikes in multiple trenches at its Quebec Lithium Project in James Bay territory. The company exposed dikes ranging from 3 to 17 meters width in 3 trenches near a previously drilled mineralized intersection. These findings are part of the 2024 field program, which follows up on a 1,700-meter-long glacial dispersal train of spodumene-bearing boulders.

Key points:

• Spodumene content in exposed dikes visually estimated at 2-10%
• 112 channel samples sent for analysis, results expected in early August
• Minimum strike length of 340 meters indicated for one pegmatite dike
• Upcoming drill program to start in about two weeks

The company aims to identify areas with potential for increased thickness and lithium grade along strike and at depth.

Champion Electric Metals has announced high-grade lithium results from initial rock samples at its Quebec Lithium Project in the James Bay territory. The samples, collected from a boulder field spanning 1.7 km, revealed lithium oxide concentrations as high as 5.83%. Out of 30 grab samples from spodumene-bearing boulders, 23 showed over 1.0% Li2O. Further exploration includes trenching and mapping to define additional targets. The results indicate a strong mineral system with higher grades than found in drilling. The sampling was conducted under stringent QA/QC protocols.