Noram Lithium Announces Management Changes

Rhea-AI Summary

Noram Lithium Corp. (TSXV:NRM, OTCQB:NRVTF) has announced the departure of Peter A. Ball, President and COO, effective January 31, 2023. He will be succeeded by Greg McCunn, who has over 30 years of mining experience, including significant leadership roles in publicly listed companies. The company is focusing on advancing its Zeus Lithium Project in Nevada, which has a current measured and indicated resource estimate of 363 million tonnes grading 923 ppm lithium. The Preliminary Economic Assessment indicates an impressive after-tax NPV of approximately US$2.67 billion at long-term lithium prices, suggesting a strong future outlook.

Positive

• Appointment of Greg McCunn as new CEO brings significant industry experience.
• Zeus Lithium Project resource estimate of 363 million tonnes at 923 ppm lithium indicates strong asset value.
• PEA shows potential after-tax NPV of US$2.67 billion, highlighting strong project economics.

Negative

• Departure of Peter A. Ball raises concerns regarding management continuity.

VANCOUVER, BC / ACCESSWIRE / January 13, 2023 / Noram Lithium Corp. ("Noram" or the "Company") (TSXV:NRM)(OTCQB:NRVTF)(Frankfurt:N7R) announces that Peter A. Ball, President and Chief Operating Officer of Noram will be leaving the Company effective January 31, 2023 following a hand-over period to Noram's new CEO, Greg McCunn.

"On behalf of the Board of Directors, I would like to thank Peter for his hard work and dedication over the past year and wish him well in his future endeavours," stated Mr. Sandy MacDougall, Founder and Executive Chairman of Noram. "With Mr. McCunn now in place as our new Chief Executive Officer, we are looking forward to an exciting year for Noram".

Noram Lithium's Current Management Team:

Mr. Greg McCunn, Chief Executive Officer. Mr. McCunn brings 30 years of extensive experience in mining in both the base metal and precious metal industries. A Professional Engineer with an MBA, Mr. McCunn has led multiple junior mining companies from the exploration stage through the transition to project development, permitting, financing, construction and into operations. He was formerly the CEO of a number of TSX and NYSE listed public companies including Alio Gold and Galiano Gold and has over a decade of experience as a Chief Financial Officer. As an executive, he has raised over $600 million in equity and debt financing from the Canadian and US capital markets, completed over $1 billion in merger and acquisition transactions, and put three mines into production on three different continents.

Ms. Anita Algie, Chief Financial Officer. Ms. Algie has over 17 years of experience in management, listings, compliance, corporate structure and development for exploration and resource-based public companies. She is the former President, CEO and Director of American Lithium Corp. (LI-TSXV) and First Cobalt Corp. (FCC-TSXV) and has served on numerous boards during her career in the public markets and specializes in sourcing, acquiring and developing non grass roots properties. Ms. Algie has also successfully completed several CPC Qualifying Transactions with the TSX Venture Exchange. She has been the CFO of Noram since 2018.

Mr. Brad Peek, CPG, Vice President Exploration. Mr. Peek has more than 40 years experience in project management, mineral exploration and in computer applications in the mineral exploration and mining as well as eleven years' experience with a water engineering consultant firm. Mr. Peek received a Bachelor of Science degree in Geology from the University of Nebraska and a Master of Science degree in Geology from the University of Alaska. He also is a member of the Society of Economic Geologists, the Society of Mining, Metallurgy and Exploration, and AIME American Institute of Professional Geologists. Brad has overseen all six Phases of exploration and definition drilling on the Zeus Property.

Mr. Simon Studer, Vice President Corporate Development. Mr. Studer holds a Masters in Earth & Energy Resources Leadership from Queen's University, Canada. He brings over 15 years of industry and sustainable business experience with a special focus on the Americas within the resource industry. Simon has worked with numerous publicly traded and private junior resource companies in various leadership roles, is currently based in Switzerland, and is fluent in German, English and Spanish.

About Noram Lithium Corp.

Noram Lithium Corp. (TSXV: NRM | OTCQB: NRVTF | Frankfurt: N7R) is focusing on advancing its 100%-owned Zeus Lithium Project located in Clayton Valley, Nevada an emerging lithium hub within the United States. With the upsurge in the electric vehicle and energy storage markets the Company aims to become a key participant in the domestic supply of lithium. The Company is committed to creating shareholder value through the strategic allocation of capital and is well-funded to advance through to the Definitive Feasibility Study.

The Zeus Lithium Project contains a current 43-101 measured and indicated resource estimate* of 363 million tonnes grading 923 ppm lithium, and an inferred resource of 827 million tonnes grading 884 ppm lithium utilizing a 400 ppm Li cut-off. In December 2021, a robust PEA** indicated an After-Tax NPV (8%) of US$1.3 Billion and IRR of 31% using US$9,500/tonne Lithium Carbonate Equivalent (LCE). Using the LCE long term forecast of US$14,250/tonne, the PEA indicates an After-Tax NPV (8%) of approximately US$2.67 Billion and an IRR of 52%.

Please visit our web site for further information: www.noramlithiumcorp.com.

ON BEHALF OF THE BOARD OF DIRECTORS

Sandy MacDougall
Chairman
C: 778.999.2159

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This news release may contain forward-looking information which is not comprised of historical facts. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward-looking information in this news release includes statements regarding, among other things, the completion of a pre-feasibility study and ongoing development at the Zeus Lithium Project. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, regulatory approval processes. Although Noram believes that the assumptions used in preparing the forward-looking information in this news release are reasonable, including that all necessary regulatory approvals will be obtained in a timely manner, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Noram disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by applicable securities laws.

*Updated Lithium Mineral Resource Estimate, Zeus Project, Clayton Valley, Esmeralda County, Nevada, USA (August 2021)

**Preliminary Economic Assessment Zeus Project, ABH Engineering (December 2021).

SOURCE: Noram Lithium Corp.

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FAQ

Who is the new CEO of Noram Lithium Corp.?

Greg McCunn is the new CEO of Noram Lithium Corp., effective January 31, 2023.

What is the significance of the Zeus Lithium Project for Noram Lithium Corp.?

The Zeus Lithium Project is crucial for Noram, with a substantial resource estimate and a positive PEA indicating strong future potential.

What are the financial metrics associated with the Zeus Lithium Project?

The Zeus Lithium Project has an after-tax NPV of approximately US$2.67 billion at a long-term lithium price forecast.

Why is Peter A. Ball leaving Noram Lithium Corp.?

The press release does not specify the reasons for Peter A. Ball's departure.

What experience does Greg McCunn bring to Noram Lithium Corp.?

Greg McCunn has over 30 years of experience in the mining industry, including leadership roles in TSX and NYSE listed companies.