Discovery Lithium Inc. announced that it has entered into a definitive agreement to purchase two separate packages of mining claims generally known as the Eagle Lake claims and the Whitefish Lake claims, respectively (together, the "Claims"), located approximately 350 km northwest of Thunder Bay, Ontario (the "Acquisition"). The Claims are comprised of 2,923 mineral claims covering approximately 61,093 hectares (150,964 acres) in Northwestern Ontario. Pursuant to sale agreement dated July 15, 2024 among the Company and Zimtu Capital Corp.

(the "Vendor"), the Company has agreed to acquire a 100% interest in the Claims for the following consideration: a cash payment of $432,778.50 to be paid to the Vendor within 180 days following closing of the Acquisition ("Closing"); and an aggregate of 2,000,000 common shares in the capital of the Company ("Discovery Shares") to be issued to the Vendor upon Closing. As additional consideration for the Acquisition, the Company will grant to the Vendor a 1% net smelter returns royalty interest in the future minerals produced from the Claims upon achieving commercial production. The completion of the Acquisition is subject to the acceptance of the Canadian Securities Exchange.

The Discovery Shares to be issued on Closing will be subject to a hold period expiring four months and one day following Closing.