Vital Battery Metals Announces Acquisition of Corvo Uranium Project & Closing of Financing

Highlights:

   -- More than 29 km of exploration strike length along three strong NE-SW 
      magnetic low trends coinciding with EM conductors and cross-cutting 
      faults, providing highly prospective shallow drill targets. 
 
   -- Uranium mineralization is present along a strike length of 800 metres 
      between historical drill holes TL-79-3 (0.057% U3O8 over 3.5 m) and 
      TL-79-5 (0.065% U3O8 over 0.1 m) on the Project (defined below), in 
      addition to the Manhattan Showing with historical results of 59,800 ppm U 
      at surface1. 
 
   -- High-resolution geophysical survey -- A modern time domain 
      electromagnetic ("TDEM") survey was recently completed, upgrading drill 
      targets through the definition of the three main conductor trends. 
 
   -- The Company is in a strong financial position to explore its projects in 
      the coming 2025 exploration season with the closing of over $1,000,000 
      CAD. 

VANCOUVER, British Columbia, May 08, 2025 (GLOBE NEWSWIRE) -- Vital Battery Metals Inc. ("Vital" or the "Company") (CSE: VBAM | OTC: VBAMF | FRA: C0O), is pleased to announce that it has signed a definitive property option agreement (the "Option Agreement"), dated May 8, 2025, with Standard Uranium (Saskatchewan) Ltd. and Standard Uranium Ltd. (collectively, the "Optionors"), who are arm's-length parties to the Company. Pursuant to the Option Agreement, the Company has been granted the option (the "Option") to acquire a seventy-five percent (75%) interest in the 12,265-hectare Corvo Project (the "Corvo Property" or the "Project") located in the eastern Athabasca Basin region (Please see Figure 1).

The Company believes the Corvo Property is highly prospective for the discovery of shallow, high-grade basement-hosted uranium mineralization akin to the Rabbit Lake deposit and the recently discovered Gemini Mineralized Zone. Located just outside the current margin of the Athabasca Basin, the Project boasts shallow drill targets with bedrock under minimal cover of glacial till. Several outcrop showings of mineralized veins and fractures are present on the Project, notably the Manhattan Showing that returned historical sample results up to 59,800 ppm U at surface and has never been drill tested.

Interim Chief Executive Officer, Mandeep Parmar, commented, "The Company is poised for growth as we have now secured funding from strategic investors to advance our projects. The acquisition of the Corvo Uranium Project is fundamental to the growth of the Company. We're eager to step into a new jurisdiction in the Athabasca Basin, one that is known to host several world-class uranium deposits. Moving forward, the Company is uniquely positioned to capitalize on the global demand for energy and is poised to advance towards its long-term objectives."

Figure 1 - Regional map of the Corvo Property. The Project is located 45 km northeast of Atha Energy's Gemini Mineralized Zone and 60 km due east of Cameco's McArthur River mine.

Following the exercise of the Option, the parties intend to form a joint venture for the further development of the Project. Prior to the exercise of the Option, the Optionors will act as the operator of the Project and will be entitled to charge a 10% fee on expenditures in Year 1, increasing to 11% in Year 2 and 12% in Year 3. Following the exercise of the Option, Eagle Plains Resources Ltd. will retain a 2.5% net smelter returns royalty on the Project, of which 1.0% may be purchased back at any time for a one-time cash payment of $1,000,000(2) .

No finders' fee are payable by the Company in connection with the Option.

*The Company considers uranium mineralization with concentrations greater than 1.0 wt% U(3) O(8) to be "high-grade".

**The Company considers radioactivity readings greater than 300 counts per second (cps) to be "anomalous".

Option Agreement Details

The Option is exercisable by the Company completing cash payments and share issuances ("Consideration Shares"), and incurring the following exploration expenditures on the Project:

 
          Consideration   Consideration    Exploration 
            Payments          Shares      Expenditures   Operator Fees 
-------  ---------------  --------------  -------------  ------------- 
Year 1           $50,000        $125,000       $750,000        $75,000 
--------  --------------  --------------  -------------  ------------- 
Year 2           $75,000        $275,000     $1,750,000       $192,500 
--------  --------------  --------------  -------------  ------------- 
Year 3          $100,000        $325,000     $2,000,000       $240,000 
--------  --------------  --------------  -------------  ------------- 
Total           $225,000        $725,000     $4,500,000       $507,500 
--------  --------------  --------------  -------------  ------------- 
 

The Consideration Shares issuable in the first year will issued at a deemed price of $0.13 per Consideration Share and will be subject to resale restrictions from which one-quarter of the Consideration Shares will be released every six months for a twenty-four month period. The remaining Consideration Shares will be issuable at a deemed price equivalent to the volume-weighted average closing price of the common shares of the Optionee on the Canadian Securities Exchange in the thirty (30) trading days immediately prior to issuance. Consideration Shares issuable in the second year will be subject to resale restrictions from which one-third will be released every six months for an eighteen month period. Consideration Shares issuable in the third year will be subject to resale restrictions from which one-half will be released every six months for a twelve month period.

Private Placement

The Company is pleased to announce that, further to its news release dated April 2, 2025, the Company has completed the previously announced non-brokered private placement of units of the Company (the "Units") at a price of $0.065 per Unit for aggregate gross proceeds of $1,040,114.40 (the "Offering").

Each Unit consists of one (1) common share of the Company and one (1) transferable common share purchase warrant (a "Warrant"). Each Warrant entitles the holder to purchase one (1) common share at a price of $0.10 per share until May 8, 2027. The Warrants contain an accelerated expiry clause (the "Acceleration Clause"). Pursuant to the Acceleration Clause, if the Shares of the Company close at or above $0.20 for ten (10) consecutive trading days on the Canadian Securities Exchange ("CSE"), then the Company may accelerate the expiry date of the Warrants by issuing a news release announcing the accelerated Warrant term, pursuant to which the Warrants will expire on the 30(th) calendar day after the date of such news release.

In connection with the closing of the Offering, an aggregate of $35,742.87 was paid in cash and a total of 549,890 finder's warrants (the "Finder's Warrants") were issued as finder's fees. Each Finder's Warrant entitles the holder thereof to acquire one common share of the Company at a price of $0.10 per share until May 8, 2027.

The net proceeds of the Offering are expected to be used towards advancement of the Company's projects and for general working capital purposes. All securities issued pursuant to the Offering are subject to a statutory hold period of four months and one day, expiring on August 9, 2025.

A director of the Company participated in the Offering by subscribing for 100,000 Units for gross proceeds of $6,500. The issuance of the Units to the insider of the Company is considered a related party transaction subject to Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Company is relying on exemptions from the formal valuation and minority shareholder approval requirements provided under sections 5.5(a) and 5.7(a) of MI 61-101 on the basis that the participation by the insider does not exceed 25% of the fair market value of the Company's market capitalization.

The securities issued pursuant to the Offering have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws. Accordingly, the securities issued pursuant to the Offering may not be offered or sold within the United States unless registered under the U.S. Securities Act and applicable state securities laws or pursuant to an exemption from the registration requirements of the U.S. Securities Act and applicable state securities laws. This news release does not constitute an offer to sell or a solicitation of any offer to buy any securities of the Company in any jurisdiction in which such offer, solicitation or sale would be unlawful.

About Vital Battery Metals Inc.

Vital Battery Metals Inc. (CSE: VBAM | OTC: VBAMF | FRA: C0O) is a mineral exploration company dedicated to the development of strategic projects comprised of battery, base and precious metals in stable jurisdictions. The Company is working to advance its Corvo Uranium & Sting Copper Project.

The Sting Copper Project covers approximately 12,700 hectares and hosts multiple historic Newfoundland and Labrador Government documented mineral occurrences and is located within a 50 km corridor known for significant volcanogenic massive sulfide (VMS), copper quartz vein lode and low sulphation epithermal gold showings.

For more information, visit www.vitalbatterymetals.com.

Qualified Person Statement

The scientific and technical information contained in this news release has been reviewed, verified, and approved by Sean Hillacre, P.Geo., President and VP Exploration of Standard Uranium Ltd. and a "qualified person" as defined in NI 43-101 -- Standards of Disclosure for Mineral Projects.

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