Spey Resources Corp. provided an update on the progress of the exploration plan and diamond hole drilling (DDH) work in respect of its Incahuasi Salar property, Candela II, where five DDH wells were drilled in 2021. The Company aims to utilize information gathered from this work, together with geophysics data, toward building a potential resource estimate study.

Highlights -- Noting ththat there is presently significant demand for geophysics work in the Puna region in Argentinana, the Company reported that it has secured a contractor to commence work at Candela II in April 2023 to complete a magnetotelleric (MT) survey. -- The Company has designed a request for proposal system for bidders to respond with price and service parameter submissions for an award to prepare a potential resource estimate study for Candela II. The Company expects to begin receiving responses from bidders soon.

-- Five DDH Wells were drilled at Candela II in 2021; noting hole five was pump tested and hole four recorded 173ppm Li. -- Montgomery & Associates Consultores Limitada produced a National Instrument 43-101 (NI 43-101) technical report, published on August 8, 2022. -- The wells' attributes have been assessed by a reserve engineer and the data declared suitable for inclusion in a future potential resource estimate study.

Cdela IIII The key features of Candela II exploration licence are as follows: -- The brine e resource is hosted within two main hydrogeological units: halite (salt) and sand-gravel-halite (higher porosity); -- Lithium grades increase with depth, so there is potential to find values higher than 200 mg/L on the eastern side of the licence area; and The eperer clastic coarse grain aquifer is the hydrogeological unit with the highestotential in terms of economicscs. Map showing MT lines, and Ganfeng wells 9.8km to the north of the salar. A Ganfeng drill hole which has brine coming up under salar pressure, and the access road to DDH 3,4 and 5.