FEASIBILITY STUDY HIGHLIGHTS

可行性研究亮点

After-tax NPV (using 8% discount rate) of $4.01 billion based on price assumptions of $24,000 per tonne ("/t") for lithium carbonate ("Li2CO3") and $750/dry metric tonne ("dmt") for Sodium Hydroxide ("NaOH")
After-tax internal rate of return ("IRR") of 27.4%
Integrated patent-pending processing flowsheet, incorporating hydrochloric acid leaching, Direct Lithium Extraction ("DLE"), chlor-alkali processing, and on-site production of battery-grade lithium carbonate, validated through four years of pilot plant operations in Nevada
Large, long-life U.S.-based lithium development project, with Proven and Probable Reserves supporting a mine life exceeding 60 years
Economic analysis based on a 40-year production schedule, with planned life-of-mine average production of approximately 26,500 tonnes per annum ("tpa") of battery-grade lithium carbonate
Initial Phase 1 throughput of 7,500 tonnes per day ("tpd"), expanding to 15,000 tpd in Year 5 (Phase 2)

基于每吨 24,000 美元（"/t"）的碳酸锂（"Li2CO3"）和每干公吨 750 美元（"dmt"）的氢氧化钠（"NaOH"）假设，税后净现值（"NPV"）为 40.1 亿美元
税后内部收益率（"IRR"）为 27.4%
集成的专利待批处理流程图，包括盐酸浸出、直接锂提取（"DLE"）、氯碱加工，以及现场生产电池级碳酸锂，经过四年的内华达州试点工厂运营验证
大型、长期的美国锂开发项目，具有可采和可探明储量，支持 矿山寿命超过 60 年
基于 40 年的生产计划进行经济分析，计划矿山生命周期平均生产约 26,500 吨每年（"tpa"）的电池级碳酸锂
第一阶段的初始处理能力为每天 7,500 吨（"tpd"），在第 5 年扩展至 15,000 tpd（第二阶段）

Capital and Operating Costs

资本和运营成本

Phase I capital cost of $997 million compared to $1.537 billion in the 2024 Study
Phase 2 expansion capital of $660 million compared to $651 million in the 2024 Study
Average operating cost of $22.45 per tonne of mill feed, equivalent to $4,389 per tonne of lithium carbonate, compared to $8,223 per tonne in the 2024 Study
Project revenues from surplus sodium hydroxide equivalent to $5,393/t of lithium carbonate produced. When treated as a co-product credit, this would result in a net operating cost below zero

第一阶段资本成本为 9.97 亿美元，相比 2024 年研究的 15.37 亿美元
第二阶段扩展资本为 6.6 亿美元，相比 2024 年研究的 6.51 亿美元
平均运营成本为每吨磨矿原料 22.45 美元，相当于 每吨碳酸锂 4,389 美元，相比 2024 年研究的每吨 8,223 美元
项目收入来自多余的氢氧化钠，相当于每吨生产的碳酸锂 5,393 美元。当作为副产品信用处理时，这将导致净运营成本低于零

Mineral Resource and Reserve

矿产资源和储量

Measured and Indicated Mineral Resources of 1.138 billion tonnes at 966 parts per million ("ppm") lithium, containing 5.852 million tonnes lithium carbonate equivalent ("LCE")
Proven and Probable Mineral Reserves of 287.65 million tonnes at 1,149 ppm lithium, containing 1.759 million tonnes LCE

测量和指示矿产资源 为 11.38 亿吨，锂含量为 966ppm，含有 585.2 万吨碳酸锂当量（"LCE"）
可采和可探明矿产储量 为 2.8765 亿吨，锂含量为 1,149ppm，含有 175.9 万吨 LCE

, /PRNewswire/ - Century Lithium Corp. (TSXV: LCE) (OTCQX: CYDVF) (Frankfurt: C1Z) ("Century Lithium" or "the Company") is pleased to announce the results of an updated National Instrument 43-101 ("NI 43-101") compliant Feasibility Study ("2026 Feasibility Study") for its 100%-owned Angel Island Lithium Project ("Angel Island") located in Esmeralda County, Nevada, USA.

, /PRNewswire/ - 世纪锂业公司（TSXV: LCE）（OTCQX: CYDVF）（法兰克福: C1Z）（"世纪锂业"或"公司"）很高兴地宣布其 100% 拥有的安吉尔岛锂项目（"安吉尔岛"）的更新国家仪器 43-101（"NI 43-101"）合规可行性研究（"2026 可行性研究"）的结果，该项目位于美国内华达州埃斯梅拉达县。

The 2026 Feasibility Study incorporates the results of continued metallurgical testing, engineering optimization, refinement of the mine plan, and updated capital and operating cost estimates for Angel Island. The study demonstrates strong project economics, including an after-tax net present value ("NPV") of $4.01 billion.

2026 可行性研究结合了持续的冶金测试、工程优化、矿山计划的完善以及安吉尔岛的资本和运营成本估算的更新。该研究展示了强劲的项目经济性，包括税后净现值（"NPV"）为 40.1 亿美元。

No material changes were made to the Mineral Resource or Mineral Reserve estimates used in the " NI 43-101 Technical Report on the Feasibility Study of the Clayton Valley Lithium Project, Esmeralda County, Nevada, USA", dated April 29, 2024 ("2024 Study") and are used in their entirety in the 2026 Feasibility Study.

在" NI 43-101 关于内华达州埃斯梅拉达县克莱顿谷锂项目可行性研究的技术报告"（2024年4月29日）中使用的矿产资源或矿产储量估算没有重大变化，并在 2026 可行性研究中完全使用。

All currency amounts in this news release are expressed in U.S. dollars.

本新闻稿中所有货币金额均以美元表示。

2026 FEASIBILITY STUDY SUMMARY

2026 可行性研究摘要

The 2026 Feasibility Study confirms the technical and economic viability of developing the Angel Island project as a significant domestic source of battery-grade lithium carbonate in the United States.

2026 可行性研究确认了将安吉尔岛项目开发为美国重要的电池级碳酸锂国内来源的技术和经济可行性。

Mining is planned as a conventional open-pit operation extracting lithium-bearing claystone mineralization. Mined material will be processed on-site using hydrochloric acid leaching, solid-liquid separation, Direct Lithium Extraction ("DLE"), lithium carbonate precipitation, and an integrated chlor-alkali plant, resulting in on-site production of battery-grade lithium carbonate.

计划以传统的露天开采方式开采含锂的粘土矿化。开采的材料将在现场使用盐酸浸出、固液分离、直接锂提取（"DLE"）、碳酸锂沉淀和集成的氯碱工厂进行处理，从而实现现场生产电池级碳酸锂。

The 2026 Feasibility Study reconfigures Angel Island into a two-phase development plan, consisting of an initial 7,500 tpd operation with expansion to 15,000 tpd. The third expansion phase contemplated in the 2024 Study was removed, simplifying project execution and reducing overall capital requirements.

2026 可行性研究将安吉尔岛重新配置为两阶段开发计划，初始为 7,500 tpd 的运营，扩展至 15,000 tpd。2024 年研究中考虑的第三个扩展阶段被移除，从而简化了项目执行并降低了整体资本需求。

Bill Willoughby, President and CEO of Century Lithium commented:

世纪锂业公司总裁兼首席执行官比尔·威洛比评论道：

"The results of the 2026 Feasibility Study represent a material improvement. These results were made possible by Century Lithium's team who, through many steps of optimization including those at the Company's pilot plant, have delivered a more efficient development plan for the Project. In the 2026 Feasibility Study, this streamlined process is reflected in equipment and related infrastructure, importantly in electrical demand, and is seen in the resulting capital and operating cost estimates."

"2026 可行性研究的结果代表了实质性的改进。这些结果得益于世纪锂业团队的努力，通过多个优化步骤，包括在公司的试点工厂中，提供了更高效的项目开发计划。在 2026 可行性研究中，这一精简的过程体现在设备和相关基础设施上，尤其是在电力需求方面，并反映在资本和运营成本估算中。"

CAPITAL AND OPERATING COSTS

资本和运营成本

A Class 3 capital cost estimate was prepared in accordance with AACE guidelines, and Canadian Institute of Mining Metallurgy and Petroleum ("CIM") Best Practices. The updated costs were developed using second-quarter 2025 data.

根据 AACE 指南和加拿大矿业冶金与石油协会（"CIM"）最佳实践，准备了 3 级资本成本估算。更新的成本是使用 2025 年第二季度的数据开发的。

Phase 1 (7,500 tpd) initial capital cost: $997 million
Phase 2 (15,000 tpd) expansion capital cost: $660 million

第一阶段（7,500 tpd）初始资本成本：9.97 亿美元
第二阶段（15,000 tpd）扩展资本成本：6.6 亿美元

Reductions to estimated capital costs in the 2026 Feasibility Study relative to the 2024 Study are attributable to:

2026 可行性研究中相对于 2024 年研究的资本成本估算减少归因于：

Elimination of a previously planned third production phase
Simplification of project scope and installed capacity
Refinement of the mine scheduling and equipment selection
Processing flowsheet optimization informed by pilot plant operations
Updated vendor pricing and construction cost inputs

消除了之前计划的第三个生产阶段
简化了项目范围和安装能力
完善了矿山调度和设备选择
通过试点工厂运营优化了处理流程
更新了供应商定价和施工成本输入

Operating costs benefit materially from Angel Island's planned vertically integrated chlor-alkali facility, which generates hydrochloric acid and produces surplus sodium hydroxide for sale.

运营成本在安吉尔岛计划的垂直集成氯碱设施的帮助下显著受益，该设施产生盐酸并生产多余的氢氧化钠进行销售。

Average operating cost – Phase 1: estimated $30.59/t of mill feed
Average operating cost – Phase 2: estimated $22.16/t of mill feed

平均运营成本 – 第一阶段：估计为每吨磨矿原料 30.59 美元
平均运营成本 – 第二阶段：估计为每吨磨矿原料 22.16 美元

MINERAL RESOURCES AND MINERAL RESERVES

矿产资源和矿产储量

Mineral Resource and Mineral Reserve estimates used in the 2026 Feasibility Study are unchanged from the prepared in accordance with NI 43-101 and CIM Definition Standards.

2026 可行性研究中使用的矿产资源和矿产储量估算与根据 NI 43-101 和 CIM 定义标准准备的估算保持不变。

Mineral Resources (inclusive of Mineral Reserves):

矿产资源（包括矿产储量）：

Measured and Indicated: 1.138 billion tonnes at 966 ppm lithium, containing 5.852 million tonnes LCE
Inferred: 187.28 million tonnes at 820 ppm lithium

已探明和指示：11.38 亿吨，锂含量 966 ppm，含有 58.52 万吨 LCE
推测：1.8728 亿吨，锂含量 820 ppm

Mineral Reserves:

矿产储量：

Proven and Probable: 287.65 million tonnes at 1,149 ppm lithium, containing 1.759 million tonnes LCE
Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability

已探明和可能：2.8765 亿吨，锂含量 1149 ppm，含有 17.59 万吨 LCE
非矿产储量的矿产资源未显示出经济可行性

ECONOMIC ANALYSIS indicates Angel Island remains economically attractive across a wide range of commodity price and cost assumptions, with lithium price representing the most significant driver of Angel Island's value.

经济分析 表明，天使岛在广泛的商品价格和成本假设下仍具有经济吸引力，锂价是天使岛价值的最重要驱动因素。

Using a base-case lithium carbonate price of $24,000/t and an 8% discount rate, Angel Island generates:

以 24000 美元/吨的基础锂碳酸盐价格和 8% 的折现率，天使岛产生：

After-tax NPV: $4.01 billion
After-tax IRR: 27.4%
Profitability Index: 4.0

税后净现值：40.1 亿美元
税后内部收益率：27.4%
盈利指数：4.0

Sensitivity analysis indicates Angel Island remains economically attractive across a wide range of commodity price and cost assumptions, with lithium price representing the most significant driver of Angel Island's value.

敏感性分析表明，天使岛在广泛的商品价格和成本假设下仍具有经济吸引力，锂价是天使岛价值的最重要驱动因素。

NEXT STEPS

下一步

Century Lithium will continue to advance Angel Island toward development through submission of plan of operations, permitting, detailed engineering, and engagement with interested parties as the Project progresses toward a construction decision. Integral to these key steps are:

世纪锂业将继续推进天使岛的开发，提交运营计划、获取许可、进行详细工程设计，并与相关方进行接洽，以便项目向建设决策迈进。这些关键步骤包括：

Recent appointment of Cormac O'Laoire, PhD to advise the Company in discussions with potential downstream partners and offtake interests. The Company continues to make inroads in Washington DC and Nevada to convey the importance of Angel Island for a secure North American supply chain.
Further evaluation of the economic potential for rare earth elements ("REE") recovery at Angel Island.
Engagement of BMO Capital Markets to assist the Company in its efforts towards securing strategic interests and development funding.
Addition, in 2025 to the US Federal Permitting Dashboard for FAST-41 transparency status. Inclusion to FAST-41 increases the Project's exposure to federal agencies and stakeholders to accelerate the permitting process.

最近任命 Cormac O'Laoire 博士为公司在与潜在下游合作伙伴和采购利益的讨论中提供建议。公司继续在华盛顿特区和内华达州进行沟通，以传达天使岛对北美安全供应链的重要性。
进一步评估天使岛稀土元素（"REE"）回收的经济潜力。
聘请 BMO 资本市场协助公司在确保战略利益和开发资金方面的努力。
2025 年加入美国联邦许可仪表板以获得 FAST-41 透明度状态。纳入 FAST-41 增加了项目对联邦机构和利益相关者的曝光度，以加速许可过程。

SUMMARY OF 2026 NI 43-101 FEASIBILITY STUDY

2026 年 NI 43-101 可行性研究摘要

This summary forms an integral part of this news release.

本摘要是本新闻稿的重要组成部分。

An NI 43-101 Feasibility Study on the Angel Island Lithium Project was prepared to update metallurgical results, mine planning assumptions, and capital and operating cost estimates relative to the 2024 Study.

关于天使岛锂项目的 NI 43-101 可行性研究已准备好，以更新冶金结果、矿山规划假设以及相对于 2024 年研究的资本和运营成本估算。

Unless otherwise stated herein, Mineral Resource and Mineral Reserve estimates, geological interpretations, and environmental and permitting assumptions remain materially unchanged from the 2024 Study.

除非另有说明，矿产资源和矿产储量估算、地质解释以及环境和许可假设与 2024 年研究保持实质性不变。

Property Description, Location, and Tenure

物业描述、位置和权属

Angel Island is located in Esmeralda County, Nevada, USA, approximately 354 km southeast of Reno. Angel Island comprises 503 unpatented mining claims (276 placer and 227 lode claims) covering approximately 2,286 hectares, held 100% by Cypress Holdings (Nevada) Ltd., a wholly owned subsidiary of Century Lithium Corp. Existing royalty arrangements remain unchanged.

天使岛位于美国内华达州埃斯梅拉达县，距离雷诺约 354 公里东南。天使岛包括 503 个未申请专利的矿权（276 个冲积矿权和 227 个脉矿权），覆盖约 2286 公顷，100% 由世纪锂业的全资子公司 Cypress Holdings (Nevada) Ltd.持有。现有的特许权安排保持不变。

Geology, Mineralization, and Deposit Type

地质、矿化和矿床类型

Angel Island hosts a large, flat-lying sedimentary lithium claystone deposit within the Esmeralda Formation. Lithium mineralization occurs primarily within claystone, tuffaceous mudstone, and siltstone units. No material changes were made to the geological model, mineralization interpretation, or deposit classification from the 2024 Study.

天使岛拥有一个大型、平坦的沉积锂粘土岩矿床，位于埃斯梅拉达组内。锂矿化主要发生在粘土岩、火山灰质泥岩和粉砂岩单元中。与 2024 年研究相比，地质模型、矿化解释或矿床分类没有实质性变化。

Exploration, Drilling, Sampling, and Data Verification

勘探、钻探、取样和数据验证

The Mineral Resource and Mineral Reserve estimates are supported by 45 drill holes totaling approximately 3,955 meters, completed between 2017 and 2022. Drilling includes conventional core and sonic drilling. Sample preparation, analytical methods, QA/QC protocols, and data verification procedures remain unchanged from the 2024 Study and meet CIM and NI 43-101 standards.

矿产资源和矿产储量估算得到了 2017 年至 2022 年间完成的 45 个钻孔（总计约 3955 米）的支持。钻探包括常规岩心钻探和声波钻探。样品准备、分析方法、质量保证/质量控制协议和数据验证程序与 2024 年研究保持不变，并符合 CIM 和 NI 43-101 标准。

Mineral Resource Estimate (Unchanged from 2024 Study)

矿产资源估算（与 2024 年研究保持不变）

The Mineral Resource estimate has an effective date of April 29, 2024, and remains unchanged in the 2026 Feasibility Study.

矿产资源估算的有效日期为2024年4月29日，并在 2026 年可行性研究中保持不变。

Measured and Indicated Mineral Resources:

已探明和指示的矿产资源：

1.138 billion tonnes at an average grade of 966 ppm lithium, containing 5.852 million tonnes LCE

11.38 亿吨，平均锂含量 966 ppm，含有 58.52 万吨 LCE

Inferred Mineral Resources:

推测矿产资源：

187.28 million tonnes at an average grade of 820 ppm lithium, containing 0.817 million tonnes LCE

1.8728 亿吨，平均锂含量 820 ppm，含有 8.17 万吨 LCE


Mineral Resource Estimate
Domain	Tonnes Above Cut- off (millions)	Li Grade (ppm)	Li Contained (million t)	LCE (million t)
Measured	858.26	990	0.850	4.523
Indicated	280.33	891	0.250	1.329
Measured & Indicated	1,138.59	966	1.099	5.852
Inferred	187.28	820	0.154	0.817
1.The effective date of the Mineral Resource Estimate is April 29, 2024. The QP for the estimate is Ms. Terre Lane, MMSA, an employee of GRE and independent of Century. 2.The Mineral Resources are constrained by a pit shell with a 200 ppm Li cut-off and density of 1.505 g/cm3. The cut-off grade considers an operating cost of$20/t mill feed, process recovery of 78% and a long-term lithium carbonate price of $24,000/t. 3.The Mineral Resource estimate was prepared in accordance with 2014 CIM Definition Standards and the 2019 CIM Best Practice Guidelines. 4.Mineral Resource figures have been rounded. 5.One tonne of lithium = 5.323 tonnes lithium carbonate. 6.Mineral Resources are inclusive of Mineral Reserves.


矿产资源估算
领域	超过切割的吨数
（百万）	锂品位（ppm）	锂含量
（百万吨）	LCE（百万吨）
已探明	858.26	990	0.850	4.523
指示	280.33	891	0.250	1.329
已探明和指示	1,138.59	966	1.099	5.852
推测	187.28	820	0.154	0.817
1.矿产资源估算的有效日期为2024年4月29日。估算的合格人员为 GRE 的员工 Ms. Terre Lane，独立于世纪锂业。
2.矿产资源受限于一个使用 200 ppm 锂切割的矿坑外壳，密度为 1.505 g/cm3。切割品位考虑了 20 美元/吨矿石的运营成本、78% 的工艺回收率和 24000 美元/吨的长期锂碳酸盐价格。
3.矿产资源估算是根据 2014 年 CIM 定义标准和 2019 年 CIM 最佳实践指南编制的。
4.矿产资源数据已进行四舍五入。
5.一吨锂=5.323 吨锂碳酸盐。
6.矿产资源包括矿产储量。

Mineral Resources are constrained by a pit shell using a 200 ppm lithium cut-off grade and assume a bulk density of approximately 1.5 tonnes per cubic meter ("t/m³"). Mineral Resources are inclusive of Mineral Reserves. Higher recoveries demonstrated through pilot-scale testing were determined to not materially affect the selected cut-off grade or the reported Mineral Resource tonnage or grade.

矿产资源受限于使用 200 ppm 锂切割品位的矿坑外壳，并假设大约 1.5 吨每立方米（"t/m³"）的体积密度。矿产资源包括矿产储量。通过试点规模测试显示的更高回收率被认为不会对所选切割品位或报告的矿产资源吨位或品位产生实质性影响。

Mineral Reserve Estimate (Unchanged from 2024 Study)

矿产储量估算（与 2024 年研究保持不变）

The Mineral Reserve estimate also has an effective date of April 29, 2024, and remains unchanged.

矿藏储量估算的有效日期为2024年4月29日，保持不变。

Proven and Probable Mineral Reserves:

已探明和可采矿藏储量：

287.65 million tonnes at an average grade of 1,149 ppm lithium, containing 1.759 million tonnes LCE

2.8765 亿吨，平均品位为 1149 ppm 锂，含有 175.9 万吨 LCE

Mineral Reserves are reported at a 900 ppm lithium cut-off grade, which is approximately 4.5 times the calculated break-even cut-off grade, and support a mine life exceeding 60 years, with a 40-year production schedule used in the economic analysis.

矿藏储量在 900 ppm 锂的截止品位下报告，约为计算的盈亏平衡截止品位的 4.5 倍，支持超过 60 年的矿山寿命，经济分析中使用了 40 年的生产计划。


Mineral Reserve Estimate
Domain	Tonnes Above Cut-off (millions)	Li Grade (ppm)	Li Contained (million t)	LCE (million t)
Proven	266.39	1,147	0.306	1.626
Probable	21.26	1,174	0.025	0.133
Proven & Probable	287.65	1,149	0.330	1.759
1.The effective date of the Mineral Reserve Estimate is April 29, 2024. The QP for the estimate is Ms. Terre Lane, MMSA, an employee of GRE and independent of Century. 2.The Mineral Reserve estimate was prepared in accordance with 2014 CIM Definition Standards and 2019 CIM Best Practice Guidelines. 3.Mineral Reserves are reported within the final pit design at a mining cut-off of 900 ppm. The mine operating cost is $5.44/t milled, processing cost of $40.9/t milled, G&A cost of $2.68/t milled and a credit for the NaOH sales of $28.95/t milled. The NaOH sales credit is proportionally applied to all the operating costs to get appropriate costs for the cut-off grade calculation. The cut-off grade considers a mine operating cost of $2.22/t, a process operating cost of $16.69/t milled, a G&A cost of $1.09/t milled, process recovery of 78% and a long-term lithium carbonate price of $24,000/t. 4.The cut-off of 900 ppm is an elevated cut-off selected for the mine production schedule as the elevated cut-off is 4.5 times higher than the break-even cut-off grade. 5. Mineral Reserve figures have been rounded. 6.One tonne of lithium=5.323 tonnes lithium carbonate


矿藏储量估算
领域	截止品位以上的吨数（百万吨）	锂品位（ppm）	锂含量
（百万吨）	LCE（百万吨）
已探明	266.39	1,147	0.306	1.626
可采	21.26	1,174	0.025	0.133
已探明和可采	287.65	1,149	0.330	1.759
1.矿藏储量估算的有效日期为2024年4月29日。估算的合格专业人员为 GRE 的员工 Ms. Terre Lane，独立于 Century。
2.矿藏储量估算是根据 2014 年 CIM 定义标准和 2019 年 CIM 最佳实践指南编制的。
3.矿藏储量在 900 ppm 的矿山截止品位下报告，矿山运营成本为每吨 5.44 美元，处理成本为每吨 40.9 美元，管理和行政成本为每吨 2.68 美元，NaOH 销售的信用为每吨 28.95 美元。NaOH 销售信用按比例应用于所有运营成本，以获得截止品位计算的适当成本。截止品位考虑了每吨 2.22 美元的矿山运营成本、每吨 16.69 美元的处理运营成本、每吨 1.09 美元的管理和行政成本、78% 的处理回收率和每吨 24,000 美元的长期碳酸锂价格。
4.900 ppm 的截止品位是为矿山生产计划选择的较高截止品位，因为该截止品位比盈亏平衡截止品位高出 4.5 倍。
5.矿藏储量数据已进行四舍五入。
6.一吨锂=5.323 吨碳酸锂

Mining Methods and Production Schedule

采矿方法和生产计划

Mining will be conducted as a conventional open-pit operation using free-digging equipment, including dozers, shovels, and haul trucks. No drilling or blasting is required.

采矿将作为常规露天开采操作进行，使用自由挖掘设备，包括推土机、铲斗和运输卡车。不需要钻探或爆破。

The mine plan reflects a two-phase development strategy:

矿山计划反映了两阶段的发展战略：

Phase 1: 7,500 tpd of mill feed

第一阶段：每日 7500 吨矿石进料

Phase 2: expansion to 15,000 tpd

第二阶段：扩展至每日 15000 吨矿石进料

A previously planned third expansion phase was eliminated. The production schedule prioritizes near-surface, higher-grade mineralization in the early years, reducing waste movement and improving capital efficiency.

之前计划的第三个扩展阶段已被取消。生产计划优先考虑早期年份的近表面高品位矿化，减少废料移动，提高资本效率。

Mineral Processing and Metallurgy

矿物加工和冶金

The processing flowsheet consists of:

加工流程图包括：

High-pH attrition scrubbing
Hydrochloric acid leaching
Neutralization and pressure filtration with dry-stack tailings
Direct Lithium Extraction
Lithium carbonate precipitation, drying, and packaging
Reagent generation via on-site chlor-alkali plant

高 pH 值的磨损清洗
盐酸浸出
中和和压力过滤，采用干堆尾矿
直接锂提取
碳酸锂沉淀、干燥和包装
现场氯碱厂生成试剂

Metallurgical assumptions are supported by multi-year pilot plant operations through mid-2025. Leach extraction of approximately 90% was demonstrated, resulting in an overall lithium recovery of approximately 84%. A final lithium carbonate product grading >99.9% purity was consistently achieved.

冶金假设得到了多年的试点工厂运营支持，直到 2025 年中。浸出提取率约为 90%，最终锂回收率约为 84%。最终的碳酸锂产品纯度超过 99.9%。

Angel Island facilities include an integrated chlor-alkali plant producing hydrochloric acid and sodium hydroxide. Surplus sodium hydroxide, as produced in excess in conjunction with the design production of hydrochloric acid, is expected to be sold, contributing substantial additional revenue and thereby reducing effective operating cost.

Angel Island 设施包括一个集成的氯碱厂，生产盐酸和氢氧化钠。预计多余的氢氧化钠将在与盐酸的设计生产相结合时产生，并将被出售，带来可观的额外收入，从而降低有效运营成本。

Capital Costs

资本成本

A Class 3 capital cost estimate was prepared in accordance with AACE International guidelines. The updated costs were developed using second-quarter 2025 data:

根据 AACE 国际指南编制了 3 级资本成本估算。更新的成本是基于 2025 年第二季度的数据开发的：

Phase 1 (7,500 tpd) initial capital cost: estimated $997.4 million
Phase 2 (15,000 tpd) expansion capital cost: estimated $660.2 million

第一阶段（每日 7500 吨）初始资本成本：估计为 9.974 亿美元
第二阶段（每日 15000 吨）扩展资本成本：估计为 6.602 亿美元

Reductions to estimated capital costs relative to the 2024 Study are attributable to the elimination of a third production phase, simplification of installed capacity, processing flowsheet optimization, and updated vendor and construction cost inputs.

相对于 2024 年研究的资本成本估算的减少归因于第三个生产阶段的取消、安装容量的简化、加工流程的优化以及更新的供应商和建设成本输入。


Estimated Capital Costs	Initial Phase 1 ($M)	Years 5+ Phase 2 ($M)
7,500 t/d	Expansion to 15,000 t/d
Mining & Support Equipment	$23.5	$43.7
Site Preparation and Roads	$3.0	$4.5
Processing Facilities	$611.6	$341.1
Infrastructure	$167.5	$135.2
Working Capital	$14.0	$0.0
Owner's Costs	$88.2	$62.8
EPCM	$24.1	$19.5
Freight	$4.7	$3.4
Cap Cost Contingency	$60.7	$50.0
Total Capital Cost	$997.4	$660.2


估计资本成本	初始
第一阶段（百万美元）	第 5 年及以后
第二阶段（百万美元）
7500 吨/天	扩展
至 15000 吨/天
采矿和支持设备	$23.5	$43.7
场地准备和道路	$3.0	$4.5
加工设施	$611.6	$341.1
基础设施	$167.5	$135.2
营运资金	$14.0	$0.0
所有者成本	$88.2	$62.8
EPCM	$24.1	$19.5
运费	$4.7	$3.4
资本成本应急	$60.7	$50.0
总资本成本	$997.4	$660.2

The chlor-alkali plant cost is $481.5 million in Phase 1 and $256.8 million in Phase 2, included in Processing Facilities, and is vendor all-in turn-key constructed costs, inclusive of indirect costs, owners' costs and contingency.

氯碱厂的成本为第一阶段 4.815 亿美元，第二阶段 2.568 亿美元，包含在加工设施中，并且是供应商的全包交钥匙建设成本，包括间接成本、所有者成本和应急费用。

Operating Costs

运营成本

Average operating cost estimates were updated based on refined mine scheduling, updated reagent consumption, and pilot-validated process parameters.

平均运营成本估算是基于精细化的矿山调度、更新的试剂消耗和经过试点验证的工艺参数进行更新的。

Average operating cost: approximately $22.45/t of mill feed, or $4,389/t of lithium carbonate.

平均运营成本：约 22.45 美元/吨矿石进料，或 4389 美元/吨碳酸锂。

Sodium hydroxide by-product revenue is equivalent to $5,393/t of lithium carbonate. If credited against operating costs (which was not done in the average operating cost above), base operating costs would be negative.

氢氧化钠副产品收入相当于 5393 美元/吨碳酸锂。如果抵扣运营成本（在上述平均运营成本中未进行），基础运营成本将为负值。


Estimated Operating Costs
Initial Phase 1 (7,500 tpd mill feed)	$(000s)/y	$/t feed	$/t LCE	% of Total
Mining	$12,648	$5.25	$1,092	17 %
Process	$22,272	$9.24	$1,829	30 %
Process (chlor-alkali plant)	$33,254	$13.79	$2,730	45 %
G&A	$5,583	$2.32	$458	8 %
Total Operating Cost	$73,757	$30.59	$6,110	100 %


估计运营成本
初始第一阶段
（7500 吨/天矿石进料）	$(000s)/年	$/吨进料	$/吨 LCE	占总比
采矿	$12,648	$5.25	$1,092	17 %
处理	$22,272	$9.24	$1,829	30 %
处理（氯碱厂）	$33,254	$13.79	$2,730	45 %
管理和行政	$5,583	$2.32	$458	8 %
总运营成本	$73,757	$30.59	$6,110	100 %


Expansion Phase 2 (15,000 tpd mill feed)	$(000s)/y	$/t feed	$/t LCE	% of Total
Mining	$20,056	$3.66	$685	17 %
Process	$29,981	$5.48	$1,065	25 %
Process (chlor-alkali plant)	$65,353	$11.94	$2,322	54 %
G&A	$5,993	$1.09	$213	5 %
Total Operating Cost	$121,383	$22.16	$4,285	100 %


扩展阶段 2
(15,000 吨/天矿石处理)	$(000s)/年	$/吨矿石	$/吨 LCE	占总比例
采矿	$20,056	$3.66	$685	17 %
处理	$29,981	$5.48	$1,065	25 %
处理（氯碱厂）	$65,353	$11.94	$2,322	54 %
管理费用	$5,993	$1.09	$213	5 %
总运营成本	$121,383	$22.16	$4,285	100 %

Economic Analysis

经济分析

The economic analysis of Angel Island was done using a discounted cash flow ("DCF") model using only the first 40 years of project life. Cash flows in the model were based on second-quarter 2025 U.S. dollars with no escalation of costs or revenues. The DCF model uses a base-case discount rate of 8%. Financing costs were excluded from the valuation.

对天使岛的经济分析采用了折现现金流（"DCF"）模型，仅基于项目生命周期的前 40 年。模型中的现金流基于 2025 年第二季度的美国美元，没有成本或收入的上涨。DCF 模型使用 8% 的基准折现率。融资成本未计入估值。

The analysis includes generating gross sales from lithium carbonate and sodium hydroxide, before-tax cash flow, which is gross sales minus operating costs, and after-tax cash flow, which is before-tax cash flow minus taxes and capital costs. The NPV and IRR were calculated from the DCF.

该分析包括从碳酸锂和氢氧化钠中产生的毛销售额、税前现金流（毛销售额减去运营成本）以及税后现金流（税前现金流减去税收和资本成本）。净现值（NPV）和内部收益率（IRR）是从 DCF 中计算得出的。

The economic analysis uses a base-case lithium carbonate price of $24,000/t and an 8% discount rate.

经济分析使用的基准碳酸锂价格为$24,000/吨，折现率为 8%。

After-tax NPV: $4.01 billion
After-tax IRR: 27.4%
Profitability Index: 4.0

税后净现值：$40.1 亿
税后内部收益率：27.4%
盈利指数：4.0

Sensitivity to Lithium Carbonate Price

对碳酸锂价格的敏感性

Sensitivity analyses demonstrate Angel Island economics are most sensitive to lithium price and remain robust across a wide range of cost and price assumptions.

敏感性分析表明，天使岛的经济对锂价格最为敏感，并且在广泛的成本和价格假设下仍然稳健。


Sensitivity Analysis
Lithium Carbonate Price	$18,000/t	$24,000/t	$30,000/t
After-tax NPV	$2.75 B	$4.01 B	$5.26 B
After-tax IRR	22.2 %	27.4 %	32.1 %
Profitability Index	2.8	4.0	5.3


敏感性分析
碳酸锂价格	$18,000/吨	$24,000/吨	$30,000/吨
税后净现值	$27.5 亿	$40.1 亿	$52.6 亿
税后内部收益率	22.2 %	27.4 %	32.1 %
盈利指数	2.8	4.0	5.3

Environmental, Permitting, and Social Considerations

环境、许可和社会考虑

Baseline environmental studies are complete. Permitting is expected to proceed under the National Environmental Policy Act ("NEPA") through the US Bureau of Land Management. Angel Island is currently in the permitting stage, with no material changes to the permitting pathway outlined in the 2024 Study.

基线环境研究已完成。预计许可将在国家环境政策法（"NEPA"）下通过美国土地管理局进行。天使岛目前处于许可阶段，2024 年研究中概述的许可路径没有重大变化。

Interpretation and Conclusions

解释与结论

The 2026 Feasibility Study concludes that the Angel Island project is technically and economically viable, with improved capital efficiency, reduced execution risk, and robust long-term economics. The simplified two-phase development plan, extensive metallurgical validation, and integrated chlor-alkali process support Angel Island's competitiveness as a domestic US. source of battery-grade lithium carbonate.

2026 年可行性研究得出结论，天使岛项目在技术和经济上都是可行的，具有改善的资本效率、降低的执行风险和稳健的长期经济性。简化的两阶段开发计划、广泛的冶金验证和集成的氯碱工艺支持天使岛作为美国国内电池级碳酸锂的竞争力来源。

In addition, the integrated chlor-alkali process also provides environmental and operational advantages relative to sulfuric acid-based systems, including on-site reagent production.

此外，集成的氯碱工艺相较于基于硫酸的系统还提供了环境和操作优势，包括现场试剂生产。

Recommendations

建议

Work recommended to advance Angel Island and continue project development is as follows:

为推进天使岛并继续项目开发，建议进行以下工作：

A Plan of Operations ("PoO") should be completed and filed with the BLM to initiate the National Environmental Policy Act ("NEPA") process; and begin the permitting process with the State of Nevada to work concurrently with the federal process.
Additional geotechnical data should be collected to supplement the existing characterization data and further support the tailings storage facility (TSF) design, infrastructure foundation design for the processing plant and load bearing capacity of materials in the pit during mining.
Additional pilot testing should be completed on deeper material from claystone zones 1 and 2 collected previously, to further confirm the metallurgy of these materials.
Infrastructure work should be completed as follows: 1) initiate preliminary engineering studies with NV Energy for the interconnection of the Project to the electrical grid, 2) define a water source for the Project with a drilling program using piezometers and other pumping tests to be developed under the Company's water rights permit, and 3) locate local sources of barrow material for construction use at the Project.
Detailed engineering should begin when the NEPA process commences and be completed in appropriate phases to develop the Project design to a level sufficient to support procurement, construction planning, and financing.
A supplemental infill drilling program is recommended, though not required, with the following goals: 1) collect additional data for the Project's Phase 1 economic and mining models, 2) material for additional density test work, and 3) material for geotechnical test work.

应完成并提交操作计划（"PoO"）给 BLM，以启动国家环境政策法（"NEPA"）流程；并与内华达州同时开始许可流程，以与联邦流程并行进行。
应收集额外的岩土数据，以补充现有的特征数据，并进一步支持尾矿储存设施（TSF）设计、处理厂基础设施设计和矿区材料的承载能力。
应对之前收集的粘土岩区 1 和 2 的深层材料进行额外的试点测试，以进一步确认这些材料的冶金特性。
基础设施工作应按以下方式完成：1）与 NV Energy 启动初步工程研究，以将项目与电网连接，2）通过使用压水计和其他抽水测试的钻探程序确定项目的水源，3）为项目的施工使用寻找当地的填土材料来源。
当 NEPA 流程开始时，应开始详细工程设计，并分阶段完成，以将项目设计开发到足以支持采购、施工规划和融资的水平。
建议进行补充的填充钻探程序，尽管不是必需的，目标如下：1）收集项目第一阶段经济和采矿模型的额外数据，2）用于额外密度测试的材料，3）用于岩土测试的材料。

QUALIFIED PERSON RESPONSIBILITY MATRIX

合格人员责任矩阵


Richard W. Jolk, P.E., PhD	Principal, MPDI	Preparation and integration of the 2026 Feasibility Study, review of prior and current sections, coordination with contributing QPs, economic analysis, capital and operating cost assessment, interpretation, conclusions, recommendations, and final QP sign-off.
Todd S. Fayram, QP, MMSA No. 01300	Senior Vice President – Metallurgy, Century Lithium	Mineral processing and metallurgical testing updates; metallurgical data for mine and process costs and economic analysis; capital and operating cost assessment, partial data verification, summary, interpretation, conclusions, and recommendations.
Terre A. Lane, QP, MMSA No. 01407	Principal Mining Engineer, GRE	Property details, location, accessibility, climate, resources, infrastructure, physiography, resource and reserve estimates, mining methods, and mining portion of capital and operating costs, economic assessment, data verification, summary and introduction, interpretation, conclusions, and recommendations.
Dr. Hamid Samari, QP, MMSA No. 01519	Principal Geologist, GRE	History, geology, mineralization, deposit types, drilling, sample procedures and security, data verification, summary, introduction, interpretation, conclusions, and recommendations.
Haiming (Peter) Yuan, P.E., PhD	Principal Geotechnical Engineer, SRK	Dry stack TSF, environmental studies, permits, social and community impacts, partial data verification, partial summary and introduction, partial interpretation and conclusions, and partial recommendations.


余承东，P.E.，博士	主要负责人，MPDI	2026 年可行性研究的准备和整合，审查先前和当前部分，与贡献的合格专业人员协调，经济分析，资本和运营成本评估，解释，结论，建议，以及最终的合格专业人员签字。
Todd S. Fayram，QP，MMSA No. 01300	高级副总裁 – 冶金，Century Lithium	矿物加工和冶金测试更新；矿山和工艺成本及经济分析的冶金数据；资本和运营成本评估，部分数据验证，摘要，解释，结论和建议。
Terre A. Lane，QP，MMSA No. 01407	主要矿业工程师，GRE	物业详情，位置，可达性，气候，资源，基础设施，地貌，资源和储量估算，采矿方法，以及资本和运营成本的采矿部分，经济评估，数据验证，摘要和介绍，解释，结论和建议。
Dr. Hamid Samari，QP，MMSA No. 01519	主要地质学家，GRE	历史，地质，矿化，矿床类型，钻探，样本程序和安全性，数据验证，摘要，介绍，解释，结论和建议。
Haiming (Peter) Yuan，P.E.，博士	主要岩土工程师，SRK	干堆尾矿库，环境研究，许可证，社会和社区影响，部分数据验证，部分摘要和介绍，部分解释和结论，以及部分建议。

QUALIFIED PERSON

合格专业人员

The technical information contained in this news release has been reviewed and approved by Richard W. Jolk, P.E., an independent Qualified Person as defined under National Instrument 43-101.

本新闻稿中包含的技术信息已由独立合格专业人员 Richard W. Jolk，P.E.审查和批准，符合国家仪器 43-101 的定义。

DISCLOSURE

披露

Further information about Angel Island, including a description of the key assumptions, parameters, description of sampling methods, data verification and quality assurance/quality control programs, methods relating to Mineral Resources and Mineral Reserves and factors that may affect those estimates will be contained in a NI 43-101 Technical Report on the Feasibility Study of the Angel Island Lithium Project. Following Section 3.4 of NI 43-101 the report will be available on SEDAR+ and on the Company's website within 45 days of the date of this news release.

关于天使岛的更多信息，包括关键假设、参数、采样方法描述、数据验证和质量保证/质量控制程序、与矿产资源和矿产储量相关的方法以及可能影响这些估算的因素，将包含在天使岛锂项目可行性研究的 NI 43-101 技术报告中。根据 NI 43-101 第 3.4 节，该报告将在本新闻稿发布后 45 天内在 SEDAR+ 和公司网站上提供。

ABOUT CENTURY LITHIUM CORP.

关于世纪锂业公司

Century Lithium Corp. is an advanced-stage lithium development company focused on its 100%-owned Angel Island lithium project in Esmeralda County, Nevada. Angel Island hosts one of the largest known sedimentary lithium deposits in the United States and is designed with an integrated, end-to-end process for the on-site production of battery-grade lithium carbonate to support the electric vehicle and battery storage markets.

世纪锂业公司是一家处于先进阶段的锂开发公司，专注于其在内华达州埃斯梅拉达县 100% 拥有的天使岛锂项目。天使岛拥有美国已知最大的沉积锂矿床之一，并设计了一个集成的端到端工艺，用于现场生产电池级碳酸锂，以支持电动汽车和电池储存市场。

The Company has developed a patent-pending process that incorporates hydrochloric acid leaching combined with direct lithium extraction to produce battery-grade lithium carbonate. As part of the integrated chlor-alkali process, Angel Island is designed to produce sodium hydroxide as a co-product, with planned surplus sales expected to lower operating costs, reduce reliance on externally sourced reagents, and minimize environmental impacts.

公司开发了一种待申请专利的工艺，结合盐酸浸出和直接锂提取，以生产电池级碳酸锂。作为集成氯碱工艺的一部分，天使岛旨在作为副产品生产氢氧化钠，计划的多余销售预计将降低运营成本，减少对外部试剂的依赖，并最小化环境影响。

The Angel Island Project is currently advancing through the permitting process.

天使岛项目目前正在推进许可流程。

Century Lithium trades on the TSX Venture Exchange under the symbol "LCE" the OTCQX under the symbol "CYDVF", and on the Frankfurt Stock Exchange under the symbol "C1Z".

世纪锂业在多伦多创业交易所以 “LCE” 符号交易，在 OTCQX 以 “CYDVF” 符号交易，在法兰克福证券交易所以 “C1Z” 符号交易。

To learn more, please visit centurylithium.com.

欲了解更多信息，请访问 centurylithium.com。

ON BEHALF OF CENTURY LITHIUM CORP.

代表世纪锂业公司

WILLIAM WILLOUGHBY, PhD., PE

WILLIAM WILLOUGHBY，博士，PE

President & Chief Executive Officer

总裁兼首席执行官

centurylithium.com

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Cautionary Note Regarding Forward-Looking Statements

关于前瞻性声明的警示说明

This release contains certain forward-looking statements within the meaning of applicable Canadian securities legislation. In certain cases, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" and similar expressions suggesting future outcomes or statements regarding an outlook.

本发布包含某些前瞻性声明，符合适用的加拿大证券立法。在某些情况下，前瞻性声明可以通过使用 “计划”、“预计” 或 “不预期” 或 “相信” 或这些词和短语的变体，或某些行动、事件或结果 “可能”、“可以”、“将”、“可能” 或 “将被采取”、“发生” 或 “实现” 的类似表达来识别。

Forward-looking statements relate to any matters that are not historical facts and statements of our beliefs, intentions and expectations about developments, results and events which will or may occur in the future, without limitation, statements with respect to the potential development and value of the Project and benefits associated therewith, statements with respect to the expected project economics for the Project, such as estimates of life of mine, lithium prices, production and recoveries, capital and operating costs, IRR, NPV and cash flows, any projections outlined in the Feasibility Study in respect of the Project, the permitting status of the Project and the Company's future development plans.

前瞻性声明涉及任何非历史事实的事项，以及我们对未来可能发生的发展、结果和事件的信念、意图和期望的陈述，包括但不限于与项目的潜在开发和价值及其相关利益的陈述，关于项目的预期经济的陈述，例如矿山寿命、锂价格、生产和回收、资本和运营成本、内部收益率、净现值和现金流的估算，关于项目可行性研究中概述的任何预测，项目的许可状态以及公司的未来发展计划的陈述。

These and other forward-looking statements and information are subject to various known and unknown risks and uncertainties, many of which are beyond the ability of the Company to control or predict, that may cause their actual results, performance or achievements to be materially different from those expressed or implied thereby, and are developed based on assumptions about such risks, uncertainties and other factors set out herein. These risks include those described under the heading "Risk Factors" in the Company's most recent annual information form and its other public filings, copies of which can be under the Company's profile at www.sedarplus.com . The Company expressly disclaims any obligation to update-forward-looking information except as required by applicable law. No forward-looking statement can be guaranteed, and actual future results may vary materially. Accordingly, readers are advised not to place reliance on forward-looking statements or information. Furthermore, Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.

这些前瞻性声明和信息受到各种已知和未知的风险和不确定性的影响，其中许多超出了公司控制或预测的能力，这可能导致其实际结果、表现或成就与所表达或暗示的内容存在重大差异，并且是基于对这些风险、不确定性和本文所列其他因素的假设而制定的。 这些风险包括在公司最近的年度信息表和其他公开文件中标题为 “风险因素” 下描述的风险，相关文件的副本可以在公司的资料页面找到 www.sedarplus.com 。公司明确声明，除非法律要求，否则没有义务更新前瞻性信息。没有任何前瞻性声明可以得到保证，实际未来结果可能会有重大差异。因此，建议读者不要依赖前瞻性声明或信息。此外，非矿藏的矿产资源并未证明具有经济可行性。

SOURCE Century Lithium Corp.

来源：世纪锂业公司。

世纪锂业发布了更新后的可行性研究，显示内华达州天使岛锂项目的税后净现值为 40.1 亿美元，碳酸锂的运营成本为每吨 4,389 美元 | CYDVF 股票新闻