ACME Lithium Inc. reported that its recent geological field review and sampling program at Fish Lake Valley, Nevada has resulted in the highest surface lithium values to date with up to 1325 ppm lithium. See results in link to table below. Boron anomalies occur with and adjacent to surface lithium anomalies.

This most recent study confirms historical and new lithium occurrences on the Property and that certain beds are enriched in lithium. A number of the surface enriched beds appear to be clay altered tuffs and may form semi-continuous sedimentary horizons below relatively unmineralized cover units. The FLV claim group encompass 144 lode mining claims totalling approximately 2,975 acres, in Esmeralda County, Nevada.

The property has been mapped with historical sampling occurring at up to 610 ppm lithium. It is believed that the current erosion surface could be exposing the edges of a stratigraphic deposit, or deposits, with possible bedding conformable lithium mineralization. ACME's Fish Lake Valley project is directly west and abuts Ioneer Ltd.'s world class Rhyolite Ridge Lithium-Boron project area.

On Friday January 13th 2023, the US government announced that it had committed up to $700 million in construction funding to Ioneer's project. Under the Department of Energy's Advanced Technology Vehicles Manufacturing (ATVM) loan program, the proposed loan to Ioneer could allow the company to start mine construction next year. Last summer, Ioneer entered into offtake agreements with Ford Motor Co, Toyota Motor Corp, and Panasonic Corp.

to supply lithium for EV battery production in the US. Following news of the conditional loan, Ioneer reported that it could produce enough lithium for 370,000 electric vehicles per year. A geophysical survey completed in the fall of 2022 indicates the presence of a down-dropped fault block with interpreted target clay sediments potentially similar to illite units identified in the nearby Rhyolite Ridge lithium deposit.

A basin fault is evident near the southwestern end of the survey profile. Moderate to low clay concentration sediments and possible carbonate-bearing sediments are interpreted to be present at the surface near the southwestern basin fault that extends beyond a depth of one km over about 80% of the profile. Higher concentration clay sediments are interpreted over a surface distance of about 700 meters.

Drilling has been recommended to determine the near-surface relationship between the different interpreted concentrations of clay sediments, potential associated carbonate-rich units and the occurrences of lithium and boron.