Nevada Lithium Resources Inc. and Iconic Minerals Ltd. announced that they have entered into a definitive arrangement agreement dated March 24, 2023 (the "Arrangement Agreement"), whereby Nevada Lithium will acquire, by way of a plan of arrangement under the Business Corporations Act (British Columbia), Iconic's 50% interest in the Bonnie Claire Lithium Project (the "Project" or the "Bonnie Claire Project") located in Nye County, Nevada (the "Arrangement"). After the closing of the Arrangement, Nevada Lithium will hold a 100% interest in the Project. Under the Arrangement: the authorized share structure of Iconic will be altered (the "Iconic Capital Alteration") as follows: all of the issued and unissued Iconic common shares will be renamed and redesignated as "Class A common shares without par value," and the special rights and restrictions attached to those shares will be varied to provide the holders thereof with two votes in respect of each share held; and a new class consisting of an unlimited number of "common shares without par value" will be created with terms and special rights and restrictions identical to those of the current Iconic common shares; Iconic's 50% interest in the Project, that is held through Iconic's Nevada subsidiary, Bonaventure Nevada Inc. ("Bonaventure"), will be transferred to a newly incorporated Nevada subsidiary, Bonnie Claire Lithium Resources Corp.

("Iconic MergeCo Subsidiary"), which Iconic holds through a wholly-owned British Columbia subsidiary, 1259318 B.C. Ltd. ("Iconic MergeCo"); each of the issued and outstanding Iconic common shares (as renamed and redesignated Iconic Class A common shares) will be exchanged (the "Iconic Share Exchange") for (i) one Iconic new common share; and (ii) a fractional amount of an Iconic MergeCo share, such that after giving effect to the exchange, each Iconic shareholder will hold a proportionate interest in Iconic MergeCo, provided that Iconic will retain a 10% interest in Iconic MergeCo; Iconic MergeCo will amalgamate with a wholly owned subsidiary of Nevada Lithium, 1406917 B.C. Ltd. ("Nevada Lithium MergeCo"), and continue as one corporation (the "Amalgamation"); and the Iconic MergeCo shareholders will receive shares of Nevada Lithium in exchange for their Iconic MergeCo shares, such that immediately following the completion of the Amalgamation (the "Closing") the shareholders of Iconic MergeCo as a group and the shareholders of Nevada Lithium as a group will each hold 50% of the issued and outstanding Nevada Lithium shares ("Nevada Lithium Shares"), on a non-diluted basis (after giving effect the Debt Settlement (as defined below) but prior to giving effect to the Concurrent Financing.