DISCOVERY LITHIUM INC - DCLIF STOCK NEWS

Discovery Lithium Inc. (CSE:DCLI)(OTCQB:DCLIF) has closed its acquisition of the Eagle Lake and Whitefish Lake mining claims in Northwestern Ontario. The acquisition includes 2,923 mineral claims covering approximately 61,093 hectares (~150,964 acres), located about 350 km northwest of Thunder Bay. As per the sale agreement with Zimtu Capital Corp., Discovery Lithium acquired a 100% interest in the claims for 2,000,000 common shares issued upon closing and a cash payment of $432,778.50 to be paid within 180 days. The company also granted a 1% net smelter returns royalty to the vendor upon achieving commercial production and assumed certain third-party payment obligations related to the claims.

Discovery Lithium Inc. (CSE:DCLI, OTCQB:DCLIF) has announced a non-brokered private placement to raise up to $1,350,000. The company plans to issue up to 18,000,000 units at $0.075 per unit. Each unit consists of one common share and one warrant, exercisable at $0.10 per share for 24 months. This offering replaces the previously announced July 19, 2024 offering. Proceeds will be used for general corporate purposes and working capital. The closing is subject to regulatory approvals, and securities issued will have a four-month hold period. Finder's fees may be paid in connection with the offering.

Discovery Lithium Inc. (CSE:DCLI)(OTCQB:DCLIF) has entered into a definitive agreement to acquire the Sakami and Radisson East Lithium Properties in Quebec's James Bay lithium district. The properties cover an 89.7km2 area with potential for lithium exploration, centered around Archean-aged Guyer greenstone structures. Key points:

1. The Sakami Property has ~37km of under-explored strike length, while Radisson East has ~15km.
2. The acquisition involves 2,000,000 common shares issued to the vendor over 12 months.
3. A 2% net smelter returns royalty will be granted upon commercial production.
4. The deal is subject to CSE acceptance, with shares having a four-month hold period.

CEO Mike Hodge states this acquisition enhances their exposure to important greenstone structures for lithium exploration in Quebec.

Discovery Lithium Inc. (CSE:DCLI)(OTCQB:DCLIF) has announced a non-brokered private placement to raise up to $1,000,000. The company plans to issue up to 10,000,000 units at $0.10 per unit. Each unit consists of one common share and one share purchase warrant, exercisable at $0.15 per share for 24 months. The company may increase the offering by up to 25% based on market conditions and demand. Proceeds will be used for general corporate purposes and working capital. This offering replaces the previously announced May 24, 2024 offering. The closing is subject to regulatory approvals, and securities issued will have a four-month hold period.

Discovery Lithium Inc. (CSE:DCLI, OTCQB:DCLIF) has appointed Mike Hodge as its new President and CEO, effective July 18, 2024. Hodge, a seasoned executive with over 20 years of experience in mining exploration and development, was previously a Director at the company. He replaces Michael Gheyle, who resigned from his positions as CEO, President, and director on July 17, 2024.

Hodge's extensive background includes leadership roles from field operations to the boardroom, with a focus on strategic growth and sustainable practices. His appointment is expected to drive innovation and excellence in Discovery Lithium's operations, particularly in advancing domestic energy freedom through regional lithium discovery.

Discovery Lithium Inc. (CSE:DCLI)(OTCQB:DCLIF) has entered into a definitive agreement to acquire the Grove Lake and Whitefish Lake mining claims in Northwestern Ontario. The acquisition includes 2,923 mineral claims covering approximately 61,093 hectares (~150,964 acres), located about 350 km northwest of Thunder Bay. The purchase terms involve a cash payment of $432,778.50 within 180 days of closing and the issuance of 2,000,000 common shares to the vendor, Zimtu Capital Corp. Additionally, Discovery Lithium will grant a 1% net smelter returns royalty to the vendor upon achieving commercial production. The completion of the acquisition is subject to CSE acceptance, and the issued shares will have a four-month hold period.

Discovery Lithium announced its upcoming 2024 exploration program in Quebec.

The company has contracted Dahrouge Geological Consulting to evaluate newly optioned West James Bay properties, focusing on Lithium-Caesium-Tantalum pegmatite potential.

Properties include Mantle, Cirrus East, Cirrus West, Neptune, Alto, Opus, and Bruce Lake, each with strategic locations near recent lithium discoveries.

This assessment will include data compilation, surface exploration, and advanced techniques like airborne magnetic surveys and LiDAR.

Additionally, Colton Griffith has joined the board of directors, replacing Ryan Arthur.

Discovery Lithium has entered into an Earn-In Option Agreement with Apex Critical Metals and DG Resource Management to acquire an 80% interest in the West James Bay property portfolio in Quebec. This portfolio includes seven lithium projects: Mantle, Cirrus East, Cirrus West, Neptune, Alto, Opus, and Bruce Lake. These projects are strategically located in the James Bay region, known for its high-grade lithium spodumene deposits.

The company will issue 5 million shares and incur a minimum expenditure of $1 million within six months to maintain the option. Discovery Lithium's CEO, Michael Gheyle, emphasized the strategic importance of these assets in advancing domestic energy through regional lithium discovery.

Key projects include the Mantle and Bruce Lake projects, located near significant lithium discoveries, and the Cirrus East project, situated close to newly discovered spodumene-bearing pegmatites. The agreement aims to strengthen Discovery Lithium's presence in one of North America's most prospective lithium regions.

Discovery Lithium announces a non-brokered private placement to raise up to $1,000,000 by issuing 6,666,667 units at $0.15 per unit. Each unit includes one common share and one share purchase warrant, exercisable at $0.20 within 24 months. Funds will be used for general corporate purposes and working capital. The offering is contingent on regulatory approvals, and potential finder's fees may apply. Securities will have a statutory hold period of four months and one day.