SPEY RESOURCES NI 43-101 CANDELA II INFERRED MINERAL RESOURCE 48KT LCE FROM 86KT OF CONTAINED LITHIUM METAL

Vancouver, British Columbia, Sept. 26, 2023 (GLOBE NEWSWIRE) — Spey Resources Corp. (CSE: SPEY) (OTC: SPEYF) (FRA: 2JS) (“Spey” or the “Company“) announces that the NI 43-101 Mineral Resource Estimate (“MRE”) has been completed on the Candela II lithium brine project located in the Incahuasi Salar, Salta Province, Argentina‎ (“Project”) by WSP Australia Pty Limited (“WSP”) which is estimated to contain lithium metal of 86,000 tonnes which equates to 457,520 tonnes of in-situ Lithium Carbonate Equivalent (“LCE”) and a lithium yield of 48,000 tonnes of LCE from 9,000 tonnes of lithium metal. The calculations assume no losses from lithium metal. The Board considers the project to continue to be viable and, using the current estimates, building a 5,000 tonne Ekosolve™ plant at the current lithium carbonate price of $30,000 per tonne would provide the basis for a scoping study analysis given the plant would have a 9.5 year mine life assuming the resource is not expanded through subsequent work as recommended by WSP.

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