Pursuit Minerals Ltd. provided the following update on key developments for its Lithium Carbonate Pilot Plant at the Rio Grande Sur Lithium Project following a recent site visit by management to Argentina. Lithium Carbonate Pilot Plant The Company is progressing with its commissioning and start up works of the Lithium Carbonate Pilot Plant. The plant is currently in the process of being commissioned with equipment currently being refurbished for testing of the circuit and first production of material.

This process is being overseen by Pursuit?s plant operations and engineering team led by: Pedro Mauricio Torres Senior Lithium Process Engineer. Mr. Torres has been working for more than 15 years in Lithium Projects (Process, Operation, Engineering and Project area), in Chile where he worked for more than 10 years in a senior role at SQM and was in charge of carrying out the commissioning of the new La Negra Lithium Hydroxide Plant. In addition, Mr. Torres has held senior roles with Galaxy Lithium now Allkem and Alpha Lithium Corp.

Mr. Torres is an engineer with significant experience in the development of lithium processing operations with a strong technical profile. He is one of the founders of Beyond Lithium LLC Consultants. Adrian Arias Senior Lithium Brine Technology Engineer Mr. Arias has held senior roles with several different Lithium development companies with vast experience in Argentina, with a focus on the development of chemical plants.

Mr. Arias was formerly the Process Manager of the Sal de Vida Project of Allkem in addition to being a consultant of Alpha Lithium Corp. in the establishment of its Pilot Plant at the Tolilar Salar. Currently, Mr. Arias is the leader of technology development for Beyond Lithium LLC, where his experience in laboratories, field testing and operations development positions him as a leader in the construction of Lithium Projects focusing on the brines of the Argentine Puna.

Worley Process Report - Mass Balance, Evaporation Ponds and Li2CO3 100tpa Plant Study Earlier in 2023, Pursuit commissioned global engineering firm Worley to commission a study to outline a process route for the Rio Grande Brines through development of a dynamic mass balance for the production of 100 tonnes per annum of battery grade lithium carbonate, through the use of evaporation ponds and a lithium carbonate plant. Worley has now developed the dynamic simulation of the evaporation ponds and the lithium carbonate plant to produce 100 TPA of battery grade lithium carbonate. To achieve this production, the following consecutive stages are defined: Solar evaporation through Halite Ponds; Impurity removal through Liming Plant; Solar evaporation through Sylvinite Ponds; Boron removal through solvent extraction (SX); Calcium and Magnesium (impurity removal) through reagent addition; Calcium and Magnesium removal through ion exchange columns (IX); Lithium carbonate precipitation through soda ash addition; Drying and cooling.

With the definition of these stages, as well as with the definition of certain assumptions and parameters, the dynamic simulation was developed for the evaporation ponds and lithium carbonate plant with the results summarized as follows: Effective area required for the solar evaporation ponds: o 57,005 m²; Lithium concentration in brine at the outlet of the evaporation ponds (inlet of lithium carbonate plant): o 1.67 % Li (% w/w). Final production of lithium carbonate: o 100.04 TPA; Lithium content in lithium carbonate battery grade: o 99.99586% (purity); The simulation resulted in the following conceptual lithium recoveries: o Ponds: 70% o Lithium carbonate plant: 78% The pond simulation has established that Rio Grande brine will be able to commence processing into the plant circuit after 363 days where the brine will reach 1.6-1.8% Lithium after reaching ?Out Pond S4? being the final pond.

To generate this level of production, Worley has concluded 57,005m² of evaporation ponds are required to continuously feed the lithium carbonate plant with a target production of 100.04 tonnes per annum of Battery Grade Lithium Carbonate. 250tpa Plant Capacity Increase Building on the study carried out by Worley, Pursuit?s engineering team has carried out a gap analysis of the pilot plant equipment to identify the additional tanks and equipment required to upgrade the plant capacity from its existing 100tpa to 250tpa with the following operations layout designed. In conjunction with the plant layout Pursuit?s engineering team, under the direction of Mr. Torres and Mr. Adrias, has developed an upgraded mass balance and plant design for increased capacity to 250tpa.

The plant design has been separated into two stages, the liming plant component, which is intended to be constructed at site upon relocation of the plant to the Salar, and the process circuit, which is currently being commissioned for operation at Pursuit?s facility in Salta. It is expected that the upgraded 250tpa plant will produce a 99.5% battery grade Lithium Carbonate, a product with guaranteed 99.5 wt. % purity and a relatively fine particle size.

Battery Grade product is a superior purity grade for use as a precursor in making critical battery materials. It is intended that the plant refurbishment, capacity upgrade and commissioning will be completed in the first quarter of 2024 where the Pilot Plant will have an operational capacity of 250tpa, upon which Pursuit?s engineering team will commence production of Lithium Carbonate from the plant. Currently, Pursuit?s engineering team is developing the pond layout and design for the 250tpa plant for the environmental permit applications for construction of the evaporation ponds.

The construction of the ponds is anticipated to occur in the second half of 2024 subject to environmental approvals from discussions with the Salta Mining Secretary, other relevant government stakeholders and Pursuit board approval. The ponds and plant are intended to be located on the Sal Rio 02 tenement where first production of Lithium Carbonate at site could occur in 2025.