LETHO RESOURCES : PROVIDES UPDATE

LETHO RESOURCES CORP.(TSX-V:LET) Vancouver,B.C. - Letho Resources Corp. (the 'Company') is pleased to provide the following update on the Company's ongoing activities.

In May 2018, the Company signed a memorandum of understanding ('MOU') to undertake a business combination transaction with Anio (the 'Transaction'). Anio is a private company registered in Albania that holds a license to the Ballsh-Hekal producing oil field in Albania.

The Company, despite COVID-19 related delays, has continued to advance in satisfying its obligations under the MOU by progressing financing discussions and initiating the preparation of a reserve report for the Ballsh-Hekal Oilfield in order to satisfy applicable TSX Venture Exchange (the 'Exchange') requirements in connection with the proposed Transaction.

Financing Update

The Company is in discussions with various parties in respect of a financing and with recent increase of oil prices and more favorable market conditions hopes to confirm specific financing arrangements.

Under the MOU, the Company is required to demonstrate that appropriate funding will be available in order to meet capital expenditures for production growth in the next 2-3 years.

NI 51-101 report

The Company engaged Deloitte LLP in December 2020 in order to prepare a reserve report for the Ballsh-Hekal Oilfield in accordance with National Instrument 51-101 - Standards of Disclosure for Oil and Gas Activities, in order to satisfy on of the conditions of the Exchange in connection with the Transaction.

The report is on the final stages of completion and once finalized will be an integral part also in our advancement to finalize the required financing.

The Company will provide an update once the report is completed.

Quote from Sotiris Kapotas, President and CEO of Letho Resources Corp.

'We are focused in completing the resources report and financing so that we can complete the business transaction with Anio to add value to our shareholders.'

About Letho Resources Corp.

Letho Resources is an emerging oil and gas production focused company, currently advancing an acquisition of a production asset. Letho has entered into a Memorandum of Understanding with Anio Oil & Gas Sh.a., which has a Petroleum Licence Agreement for the Ballsh-Hekal producing oil field in Albania.

Completion of the Transaction with Anio is subject to a number of conditions, including but not limited to, TSX Venture Exchange acceptance and if applicable, disinterested shareholder approval. Where applicable, the Transaction cannot close until the required shareholder approval is obtained. There can be no assurance that the Transaction will be completed as proposed or at all.

Investors are cautioned that, except as disclosed in the management information circular or filing

statement to be prepared in connection with the proposed Transaction, any information released or received with respect to the Transaction may not be accurate or complete and should not be relied upon. Trading in the securities of the Company, once resumed, should be considered highly speculative.

The TSX Venture Exchange has in no way passed upon the merits of the proposed Transaction and has neither approved nor disapproved the contents of this news release.

To learn more about us, please visit our website at:www.lethoresources.com

ON BEHALF OF THE BOARD OF DIRECTORS OF LETHO RESOURCES CORP

Sotirios Kapotas

President & CEO, Director

For more information, please contact:

Sotirios Kapotas

This email address is being protected from spambots. You need JavaScript enabled to view it.

Website:www.lethoresources.com

Forward-Looking Statements

Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news release. Such statements include the terms of the proposed private placement, the completion of a reserve report and the terms of the proposed business combination with Anio. These statements reflect management's current estimates, beliefs, intentions and expectations and are not guarantees of future performance. Such statements are based upon certain assumptions which Letho's management believes to be reasonable, including assumptions relating to the availability of funds to complete the private placement, the nature of Anio's assets and the expected conditions to closing. Letho cautions that all forward looking statements are inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond Letho's control. Such factors include, among other things: risks and uncertainties relating to Letho's ability to complete the proposed private placement and satisfying the conditions to closing of the business combination transaction, including the completion of satisfactory due diligence. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward looking information. Except as required under applicable securities legislation, Letho undertakes no obligation to publicly update or revise forward-looking information.

NEITHER 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 DOES NOT CONSTITUTE AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO BUY ANY OF THE SECURITIES IN THE UNITED STATES. THE SECURITIES HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE 'U.S. SECURITIES ACT') OR ANY STATE SECURITIES LAWS AND MAY NOT BE OFFERED OR SOLD WITHIN THE UNITED STATES OR TO U.S. PERSONS UNLESS REGISTERED UNDER THE U.S. SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS OR AN EXEMPTION FROM SUCH REGISTRATION IS AVAILABLE. THIS NEWS RELEASE DOES NOT CONSTITUTE AN OFFER OR SALE OF SECURITIES IN THE UNITED STATES.