IMAGINE LITHIUM INC. (TSXV: ILI) (OTCQB: ARXRF) (the 'Company' or 'Imagine') is pleased to announce assay results from its ongoing drill program at the Jackpot lithium project, located within the rapidly emerging lithium camp in the Georgia Lake Area, approximately 140 km north-east of Thunder Bay, Ontario.

Highlights of the assay results reported today include: Hole JP-23-03: 9.23 m @ 1.04% Li2O

Hole JP-23-04: 5.00 m @ 1.25% Li2O

Hole JP-23-04B: 6.00 m @ 1.36% Li2O

Hole JP-23-05: 7.00 m @ 1.19% Li2O

Hole JP-23-08: 5.00 m @ 1.18% Li2O

The 2023 drill program to date has focused on the Jackpot Main Zone to increase the drill density. The 2022 drill program nearly doubled the mineralized lithium zone by increasing the strike length by 400 metres to the east. The gently dipping zone now extends a total of 900 metres along strike and 300 metres down dip, to a depth of 200 metres. The zone consists of multiple stacked spodumene-rich pegmatite dikes.

J.C. St-Amour, President of Imagine, commented, 'The results announced today continue to demonstrate the stacked nature of the pegmatites at Jackpot, with multiple intercepts in the majority of drill holes. With our recently closed financing, we expect to resume drilling in June following the spring break-up. We will be drilling several known untested mineralized pegmatite dikes beyond the Jackpot Main Zone with a view to identifying additional zones and adding lithium tonnage to the project. This summer promises to be a very active exploration season for Imagine Lithium with drilling, prospecting and geophysics all planned.'

About Imagine Lithium Inc.

Imagine is a junior mining exploration company focused on seeking and acquiring world-class mineral projects. The company holds the Jackpot lithium property located in the Georgia Lake area about 140 km NNE of Thunder Bay, Ontario, is approximately 12 km by road from the TransCanada Highway (Hwy 11), and is in proximity to sources of power, railroads, and ports. The property contains known lithium-bearing granitic pegmatite dikes, of which two provided estimated historical resources of 2 million tons at 1.09% Li2O and 750,000 tons at 1.38% Li2O.

The estimates presented above are treated as historical information and have not been verified or relied upon for economic evaluation by the Company. These historical mineral resources do not refer to any category of sections 1.2 and 1.3 of NI-43-101 such as mineral resources or mineral reserves as stated in the 2010 CIM Definition Standards on Mineral Resources and Mineral Reserves. The explanation lies in the inability by the Company to verify the data acquired by the various historical drilling campaigns. The Company has not done sufficient work yet to classify the historical estimates as current mineral resources or mineral reserves.

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Tel: 1-888-945-4770

FORWARD-LOOKING STATEMENTS

This news release contains forward-looking statements, which relate to future events or future performance and reflect management's current expectations and assumptions. Such forward-looking statements reflect management's current beliefs and are based on assumptions made by and information currently available to the Company. Investors are cautioned that these forward-looking statements are neither promises nor guarantees and are subject to risks and uncertainties that may cause future results to differ materially from those expected. These forward -looking statements are made as of the date hereof and, except as required under applicable securities legislation, the Company does not assume any obligation to update or revise them to reflect new events or circumstances. All the forward-looking statements made in this press release are qualified by these cautionary statements and by those made in our filings with SEDAR in Canada (available at WWW.SEDAR.COM).

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