USHA RES LTD - USHAF STOCK NEWS

Usha Resources Ltd. (TSXV:USHA)(OTCQB:USHAF)(FSE:JO0) announced significant progress and growth catalysts in a recent update. The company's market capitalization has surged by 220% since the start of 2022, reaching nearly $15 million. Key highlights include approximately $3.1 million in working capital and the upcoming 20% Share Dividend through the spin-out of the Nicobat Nickel Project, effective on April 21, 2023. Usha is advancing its Jackpot Lake Lithium Brine Project in Nevada, reporting the highest lithium grades recorded to date. The company also aims to finalize its maiden resource estimate to support domestic lithium supply in the U.S. Additionally, exploration plans at the White Willow and Nym Lake projects will begin this summer.

Usha Resources Ltd. (TSXV:USHA, OTCQB:USHAF, FSE:JO0) has announced the ex-distribution date of April 21, 2023, as part of its arrangement with Formation Metals Inc. (FMI). During the 'Due Bill Period' from April 11 to April 20, 2023, trades involving USHA shares will include due bills to ensure shareholders receive their distribution of FMI shares, with one share of FMI awarded for every five USHA shares held. The current USHA shares will be delisted on April 24, 2023, with new Usha shares being listed from April 25, 2023. The arrangement involves transferring the Nicobat Property to FMI, while USHA will focus on its lithium exploration projects, including the Jackpot Lake Lithium Brine Project, which recently reported significantly high drill results.

Usha Resources Ltd. (TSXV:USHA, OTCQB:USHAF) has confirmed significant lithium presence at its Jackpot Lake Lithium Brine Property, with drill hole JP22-02 revealing grades up to 820 ppm and an average of 334 ppm from shallow soils. This is markedly higher than historical averages of 175 ppm. The project exhibits a similar geological setting to Clayton Valley, featuring a thicker zone of higher-porosity sand and conglomerate identified at the basin's bottom. The drill program aims to deepen holes to 2,000 feet to potentially expose more lithium-rich layers. These findings reinforce Usha's belief in the Jackpot Lake project's substantial brine enrichment potential. Upcoming assay results are anticipated to provide further insights into the project's viability.

Usha Resources Ltd. (TSXV:USHA, OTCQB:USHAF) has executed an Option Agreement to purchase an undivided 100% interest in eight unpatented mining claims in Ontario, expanding its portfolio of hard-rock lithium projects. This acquisition, named the Nym Property, follows Usha's earlier acquisition of the White Willow Lithium-Tantalum Property, adding 170 hectares to its existing claims. The location near confirmed lithium systems and historical pegmatite presence bolsters Usha's strategy to enhance its exploration and resource development in the growing lithium market. The total payment for the Nym Property is $100,000 plus 600,000 shares, subject to Exchange approval.

Usha Resources Ltd. (USHAF) announced the execution of an Option Agreement to acquire a 100% interest in 712 mining claims for the White Willow Lithium-Tantalum Property in Ontario, subject to TSX Venture approval. This acquisition is part of Usha's strategy to expand into the hard-rock mineral sector, complementing its Jackpot Lake Lithium Brine Project. The property, spanning 15,510 hectares, is noted for its rich lithium potential, with samples from pegmatites showing up to 0.5% Li2O and 14.64% Ta2O5. Usha's total consideration for the acquisition includes $220,000 in cash and 3.6 million shares, along with a 1.5% net-smelter returns royalty. CEO Deepak Varshney highlights the strategic position Usha is securing in the growing lithium market.

Usha Resources Ltd. (USHAF) has announced a change in the share distribution record date for its arrangement with Formation Metals Inc. The new date is April 12, 2023, moving from March 24, 2023. USHA shareholders will receive one Formation Metals share for every five USHA shares held. The transaction is expected to be effective on the record date, with shares distributed around April 17, 2023. USHA will continue its focus on the Jackpot Lake Lithium Brine Project while Formation Metals will advance the Nicobat Nickel Project. The company is also engaging Winning Media for digital advertising services.

Usha Resources Ltd. (TSXV:USHA, OTCQB:USHAF, FSE:JO0) is pursuing a listing on the Australian Securities Exchange (ASX) to attract Australian investors interested in North America's lithium market. A share distribution arrangement will occur on March 24, 2023, where USHA shareholders will receive common shares of Formation Metals Inc. based on their holdings. Usha's CEO, Deepak Varshney, emphasized the importance of this listing for securing capital and expanding their investor base. However, investors are cautioned that successful ASX listing is not guaranteed.

Usha Resources Ltd. (USHA) announced a share distribution plan for its shareholders, with a record date set for March 24, 2023. Shareholders will receive one share of Formation Metals Inc. (FMI) for every five shares of USHA held on the record date. This arrangement allows USHA shareholders to maintain their common shares while also receiving FMI shares, expected to occur around April 3, 2023. The transaction aims to streamline the companies' focus on their respective exploration projects, with FMI emphasizing the advancement of the Nicobat Nickel Project, and USHA concentrating on the Jackpot Lake Lithium Brine Project.

Usha Resources Ltd. (TSXV:USHA, OTCQB:USHAF) announced significant progress at its Jackpot Lake Lithium Brine Project. The second drill hole, JP22-2, has reached a depth of 1,755 feet, revealing a high-porosity zone of sand starting at 1,533 feet, similar to the first hole’s findings. This indicates continuity in geological settings comparable to the Clayton Valley, known for lithium-rich brines. Additionally, Usha Resources is exploring new lithium acquisition opportunities in Ontario and Quebec, aiming to enhance its portfolio. Ongoing negotiations are underway for projects near notable lithium deposits.