FEASIBILITY STUDY HIGHLIGHTS

可行性研究亮點

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)

基於每噸 24,000 美元（"/t"）的碳酸鋰（"Li2CO3"）和每幹公噸 750 美元（"dmt"）的氫氧化鈉（"NaOH"）假設，税後淨現值（"NPV"）為 40.1 億美元
税後內部收益率（"IRR"）為 27.4%
集成的專利待批處理流程圖，包括鹽酸浸出、直接鋰提取（"DLE"）、氯鹼加工，以及現場生產電池級碳酸鋰，經過四年的內華達州試點工廠運營驗證
大型、長期的美國鋰開發項目，具有可採和可探明儲量，支持 礦山壽命超過 60 年
基於 40 年的生產計劃進行經濟分析，計劃礦山生命週期平均生產約 26,500 噸每年（"tpa"）的電池級碳酸鋰
第一階段的初始處理能力為每天 7,500 噸（"tpd"），在第 5 年擴展至 15,000 tpd（第二階段）

Capital and Operating Costs

資本和運營成本

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

第一階段資本成本為 9.97 億美元，相比 2024 年研究的 15.37 億美元
第二階段擴展資本為 6.6 億美元，相比 2024 年研究的 6.51 億美元
平均運營成本為每噸磨礦原料 22.45 美元，相當於 每噸碳酸鋰 4,389 美元，相比 2024 年研究的每噸 8,223 美元
項目收入來自多餘的氫氧化鈉，相當於每噸生產的碳酸鋰 5,393 美元。當作為副產品信用處理時，這將導致淨運營成本低於零

Mineral Resource and Reserve

礦產資源和儲量

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

測量和指示礦產資源 為 11.38 億噸，鋰含量為 966ppm，含有 585.2 萬噸碳酸鋰當量（"LCE"）
可採和可探明礦產儲量 為 2.8765 億噸，鋰含量為 1,149ppm，含有 175.9 萬噸 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/ - 世紀鋰業公司（TSXV: LCE）（OTCQX: CYDVF）（法蘭克福: C1Z）（"世紀鋰業"或"公司"）很高興地宣佈其 100% 擁有的安吉爾島鋰項目（"安吉爾島"）的更新國家儀器 43-101（"NI 43-101"）合規可行性研究（"2026 可行性研究"）的結果，該項目位於美國內華達州埃斯梅拉達縣。

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 可行性研究結合了持續的冶金測試、工程優化、礦山計劃的完善以及安吉爾島的資本和運營成本估算的更新。該研究展示了強勁的項目經濟性，包括税後淨現值（"NPV"）為 40.1 億美元。

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 關於內華達州埃斯梅拉達縣克萊頓谷鋰項目可行性研究的技術報告"（2024年4月29日）中使用的礦產資源或礦產儲量估算沒有重大變化，並在 2026 可行性研究中完全使用。

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

本新聞稿中所有貨幣金額均以美元表示。

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 可行性研究確認了將安吉爾島項目開發為美國重要的電池級碳酸鋰國內來源的技術和經濟可行性。

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.

計劃以傳統的露天開採方式開採含鋰的粘土礦化。開採的材料將在現場使用鹽酸浸出、固液分離、直接鋰提取（"DLE"）、碳酸鋰沉澱和集成的氯鹼工廠進行處理，從而實現現場生產電池級碳酸鋰。

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 可行性研究將安吉爾島重新配置為兩階段開發計劃，初始為 7,500 tpd 的運營，擴展至 15,000 tpd。2024 年研究中考慮的第三個擴展階段被移除，從而簡化了項目執行並降低了整體資本需求。

Bill Willoughby, President and CEO of Century Lithium commented:

世紀鋰業公司總裁兼首席執行官比爾·威洛比評論道：

"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 可行性研究的結果代表了實質性的改進。這些結果得益於世紀鋰業團隊的努力，通過多個優化步驟，包括在公司的試點工廠中，提供了更高效的項目開發計劃。在 2026 可行性研究中，這一精簡的過程體現在設備和相關基礎設施上，尤其是在電力需求方面，並反映在資本和運營成本估算中。"

CAPITAL AND OPERATING COSTS

資本和運營成本

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.

根據 AACE 指南和加拿大礦業冶金與石油協會（"CIM"）最佳實踐，準備了 3 級資本成本估算。更新的成本是使用 2025 年第二季度的數據開發的。

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

第一階段（7,500 tpd）初始資本成本：9.97 億美元
第二階段（15,000 tpd）擴展資本成本：6.6 億美元

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

2026 可行性研究中相對於 2024 年研究的資本成本估算減少歸因於：

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

消除了之前計劃的第三個生產階段
簡化了項目範圍和安裝能力
完善了礦山調度和設備選擇
通過試點工廠運營優化了處理流程
更新了供應商定價和施工成本輸入

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.

運營成本在安吉爾島計劃的垂直集成氯鹼設施的幫助下顯著受益，該設施產生鹽酸並生產多餘的氫氧化鈉進行銷售。

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

平均運營成本 – 第一階段：估計為每噸磨礦原料 30.59 美元
平均運營成本 – 第二階段：估計為每噸磨礦原料 22.16 美元

MINERAL RESOURCES AND MINERAL RESERVES

礦產資源和礦產儲量

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礦產資源和礦產儲量估算與根據 NI 43-101 和 CIM 定義標準準備的估算保持不變。

Mineral Resources (inclusive of Mineral Reserves):

礦產資源（包括礦產儲量）：

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 億噸，鋰含量 966 ppm，含有 58.52 萬噸 LCE
推測：1.8728 億噸，鋰含量 820 ppm

Mineral Reserves:

礦產儲量：

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 億噸，鋰含量 1149 ppm，含有 17.59 萬噸 LCE
非礦產儲量的礦產資源未顯示出經濟可行性

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.

經濟分析 表明，天使島在廣泛的商品價格和成本假設下仍具有經濟吸引力，鋰價是天使島價值的最重要驅動因素。

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

以 24000 美元/噸的基礎鋰碳酸鹽價格和 8% 的折現率，天使島產生：

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

税後淨現值：40.1 億美元
税後內部收益率：27.4%
盈利指數：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，天使島在廣泛的商品價格和成本假設下仍具有經濟吸引力，鋰價是天使島價值的最重要驅動因素。

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:

世紀鋰業將繼續推進天使島的開發，提交運營計劃、獲取許可、進行詳細工程設計，並與相關方進行接洽，以便項目向建設決策邁進。這些關鍵步驟包括：

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 博士為公司在與潛在下游合作伙伴和採購利益的討論中提供建議。公司繼續在華盛頓特區和內華達州進行溝通，以傳達天使島對北美安全供應鏈的重要性。
進一步評估天使島稀土元素（"REE"）回收的經濟潛力。
聘請 BMO 資本市場協助公司在確保戰略利益和開發資金方面的努力。
2025 年加入美國聯邦許可儀表板以獲得 FAST-41 透明度狀態。納入 FAST-41 增加了項目對聯邦機構和利益相關者的曝光度，以加速許可過程。

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.

本摘要是本新聞稿的重要組成部分。

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.

關於天使島鋰項目的 NI 43-101 可行性研究已準備好，以更新冶金結果、礦山規劃假設以及相對於 2024 年研究的資本和運營成本估算。

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

除非另有説明，礦產資源和礦產儲量估算、地質解釋以及環境和許可假設與 2024 年研究保持實質性不變。

Property Description, Location, and Tenure

物業描述、位置和權屬

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.

天使島位於美國內華達州埃斯梅拉達縣，距離雷諾約 354 公里東南。天使島包括 503 個未申請專利的礦權（276 個沖積礦權和 227 個脈礦權），覆蓋約 2286 公頃，100% 由世紀鋰業的全資子公司 Cypress Holdings (Nevada) Ltd.持有。現有的特許權安排保持不變。

Geology, Mineralization, and Deposit Type

地質、礦化和礦牀類型

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.

天使島擁有一個大型、平坦的沉積鋰粘土巖礦牀，位於埃斯梅拉達組內。鋰礦化主要發生在粘土巖、火山灰質泥岩和粉砂岩單元中。與 2024 年研究相比，地質模型、礦化解釋或礦牀分類沒有實質性變化。

Exploration, Drilling, Sampling, and Data Verification

勘探、鑽探、取樣和數據驗證

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.

礦產資源和礦產儲量估算得到了 2017 年至 2022 年間完成的 45 個鑽孔（總計約 3955 米）的支持。鑽探包括常規岩心鑽探和聲波鑽探。樣品準備、分析方法、質量保證/質量控制協議和數據驗證程序與 2024 年研究保持不變，並符合 CIM 和 NI 43-101 標準。

Mineral Resource Estimate (Unchanged from 2024 Study)

礦產資源估算（與 2024 年研究保持不變）

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

礦產資源估算的有效日期為2024年4月29日，並在 2026 年可行性研究中保持不變。

Measured and Indicated Mineral Resources:

已探明和指示的礦產資源：

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

11.38 億噸，平均鋰含量 966 ppm，含有 58.52 萬噸 LCE

Inferred Mineral Resources:

推測礦產資源：

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

1.8728 億噸，平均鋰含量 820 ppm，含有 8.17 萬噸 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.


礦產資源估算
領域	超過切割的噸數
（百萬）	鋰品位（ppm）	鋰含量
（百萬噸）	LCE（百萬噸）
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
推測	187.28	820	0.154	0.817
1.礦產資源估算的有效日期為2024年4月29日。估算的合格人員為 GRE 的員工 Ms. Terre Lane，獨立於世紀鋰業。
2.礦產資源受限於一個使用 200 ppm 鋰切割的礦坑外殼，密度為 1.505 g/cm3。切割品位考慮了 20 美元/噸礦石的運營成本、78% 的工藝回收率和 24000 美元/噸的長期鋰碳酸鹽價格。
3.礦產資源估算是根據 2014 年 CIM 定義標準和 2019 年 CIM 最佳實踐指南編制的。
4.礦產資源數據已進行四捨五入。
5.一噸鋰=5.323 噸鋰碳酸鹽。
6.礦產資源包括礦產儲量。

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.

礦產資源受限於使用 200 ppm 鋰切割品位的礦坑外殼，並假設大約 1.5 噸每立方米（"t/m³"）的體積密度。礦產資源包括礦產儲量。通過試點規模測試顯示的更高回收率被認為不會對所選切割品位或報告的礦產資源噸位或品位產生實質性影響。

Mineral Reserve Estimate (Unchanged from 2024 Study)

礦產儲量估算（與 2024 年研究保持不變）

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

礦藏儲量估算的有效日期為2024年4月29日，保持不變。

Proven and Probable Mineral Reserves:

已探明和可採礦藏儲量：

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

2.8765 億噸，平均品位為 1149 ppm 鋰，含有 175.9 萬噸 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.

礦藏儲量在 900 ppm 鋰的截止品位下報告，約為計算的盈虧平衡截止品位的 4.5 倍，支持超過 60 年的礦山壽命，經濟分析中使用了 40 年的生產計劃。


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


礦藏儲量估算
領域	截止品位以上的噸數（百萬噸）	鋰品位（ppm）	鋰含量
（百萬噸）	LCE（百萬噸）
已探明	266.39	1,147	0.306	1.626
可採	21.26	1,174	0.025	0.133
已探明和可採	287.65	1,149	0.330	1.759
1.礦藏儲量估算的有效日期為2024年4月29日。估算的合格專業人員為 GRE 的員工 Ms. Terre Lane，獨立於 Century。
2.礦藏儲量估算是根據 2014 年 CIM 定義標準和 2019 年 CIM 最佳實踐指南編制的。
3.礦藏儲量在 900 ppm 的礦山截止品位下報告，礦山運營成本為每噸 5.44 美元，處理成本為每噸 40.9 美元，管理和行政成本為每噸 2.68 美元，NaOH 銷售的信用為每噸 28.95 美元。NaOH 銷售信用按比例應用於所有運營成本，以獲得截止品位計算的適當成本。截止品位考慮了每噸 2.22 美元的礦山運營成本、每噸 16.69 美元的處理運營成本、每噸 1.09 美元的管理和行政成本、78% 的處理回收率和每噸 24,000 美元的長期碳酸鋰價格。
4.900 ppm 的截止品位是為礦山生產計劃選擇的較高截止品位，因為該截止品位比盈虧平衡截止品位高出 4.5 倍。
5.礦藏儲量數據已進行四捨五入。
6.一噸鋰=5.323 噸碳酸鋰

Mining Methods and Production Schedule

採礦方法和生產計劃

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.

採礦將作為常規露天開採操作進行，使用自由挖掘設備，包括推土機、剷鬥和運輸卡車。不需要鑽探或爆破。

The mine plan reflects a two-phase development strategy:

礦山計劃反映了兩階段的發展戰略：

Phase 1: 7,500 tpd of mill feed

第一階段：每日 7500 噸礦石進料

Phase 2: expansion to 15,000 tpd

第二階段：擴展至每日 15000 噸礦石進料

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.

之前計劃的第三個擴展階段已被取消。生產計劃優先考慮早期年份的近表面高品位礦化，減少廢料移動，提高資本效率。

Mineral Processing and Metallurgy

礦物加工和冶金

The processing flowsheet consists of:

加工流程圖包括：

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 值的磨損清洗
鹽酸浸出
中和和壓力過濾，採用幹堆尾礦
直接鋰提取
碳酸鋰沉澱、乾燥和包裝
現場氯鹼廠生成試劑

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.

冶金假設得到了多年的試點工廠運營支持，直到 2025 年中。浸出提取率約為 90%，最終鋰回收率約為 84%。最終的碳酸鋰產品純度超過 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 設施包括一個集成的氯鹼廠，生產鹽酸和氫氧化鈉。預計多餘的氫氧化鈉將在與鹽酸的設計生產相結合時產生，並將被出售，帶來可觀的額外收入，從而降低有效運營成本。

Capital Costs

資本成本

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

根據 AACE 國際指南編制了 3 級資本成本估算。更新的成本是基於 2025 年第二季度的數據開發的：

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

第一階段（每日 7500 噸）初始資本成本：估計為 9.974 億美元
第二階段（每日 15000 噸）擴展資本成本：估計為 6.602 億美元

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.

相對於 2024 年研究的資本成本估算的減少歸因於第三個生產階段的取消、安裝容量的簡化、加工流程的優化以及更新的供應商和建設成本輸入。


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


估計資本成本	初始
第一階段（百萬美元）	第 5 年及以後
第二階段（百萬美元）
7500 噸/天	擴展
至 15000 噸/天
採礦和支持設備	$23.5	$43.7
場地準備和道路	$3.0	$4.5
加工設施	$611.6	$341.1
基礎設施	$167.5	$135.2
營運資金	$14.0	$0.0
所有者成本	$88.2	$62.8
EPCM	$24.1	$19.5
運費	$4.7	$3.4
資本成本應急	$60.7	$50.0
總資本成本	$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.

氯鹼廠的成本為第一階段 4.815 億美元，第二階段 2.568 億美元，包含在加工設施中，並且是供應商的全包交鑰匙建設成本，包括間接成本、所有者成本和應急費用。

Operating Costs

運營成本

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

平均運營成本估算是基於精細化的礦山調度、更新的試劑消耗和經過試點驗證的工藝參數進行更新的。

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

平均運營成本：約 22.45 美元/噸礦石進料，或 4389 美元/噸碳酸鋰。

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.

氫氧化鈉副產品收入相當於 5393 美元/噸碳酸鋰。如果抵扣運營成本（在上述平均運營成本中未進行），基礎運營成本將為負值。


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 %


估計運營成本
初始第一階段
（7500 噸/天礦石進料）	$(000s)/年	$/噸進料	$/噸 LCE	佔總比
採礦	$12,648	$5.25	$1,092	17 %
處理	$22,272	$9.24	$1,829	30 %
處理（氯鹼廠）	$33,254	$13.79	$2,730	45 %
管理和行政	$5,583	$2.32	$458	8 %
總運營成本	$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 %


擴展階段 2
(15,000 噸/天礦石處理)	$(000s)/年	$/噸礦石	$/噸 LCE	佔總比例
採礦	$20,056	$3.66	$685	17 %
處理	$29,981	$5.48	$1,065	25 %
處理（氯鹼廠）	$65,353	$11.94	$2,322	54 %
管理費用	$5,993	$1.09	$213	5 %
總運營成本	$121,383	$22.16	$4,285	100 %

Economic Analysis

經濟分析

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.

對天使島的經濟分析採用了折現現金流（"DCF"）模型，僅基於項目生命週期的前 40 年。模型中的現金流基於 2025 年第二季度的美國美元，沒有成本或收入的上漲。DCF 模型使用 8% 的基準折現率。融資成本未計入估值。

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.

該分析包括從碳酸鋰和氫氧化鈉中產生的毛銷售額、税前現金流（毛銷售額減去運營成本）以及税後現金流（税前現金流減去税收和資本成本）。淨現值（NPV）和內部收益率（IRR）是從 DCF 中計算得出的。

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

經濟分析使用的基準碳酸鋰價格為$24,000/噸，折現率為 8%。

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

税後淨現值：$40.1 億
税後內部收益率：27.4%
盈利指數：4.0

Sensitivity to Lithium Carbonate Price

對碳酸鋰價格的敏感性

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，天使島的經濟對鋰價格最為敏感，並且在廣泛的成本和價格假設下仍然穩健。


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
碳酸鋰價格	$18,000/噸	$24,000/噸	$30,000/噸
税後淨現值	$27.5 億	$40.1 億	$52.6 億
税後內部收益率	22.2 %	27.4 %	32.1 %
盈利指數	2.8	4.0	5.3

Environmental, Permitting, and Social Considerations

環境、許可和社會考慮

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.

基線環境研究已完成。預計許可將在國家環境政策法（"NEPA"）下通過美國土地管理局進行。天使島目前處於許可階段，2024 年研究中概述的許可路徑沒有重大變化。

Interpretation and Conclusions

解釋與結論

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 年可行性研究得出結論，天使島項目在技術和經濟上都是可行的，具有改善的資本效率、降低的執行風險和穩健的長期經濟性。簡化的兩階段開發計劃、廣泛的冶金驗證和集成的氯鹼工藝支持天使島作為美國國內電池級碳酸鋰的競爭力來源。

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，集成的氯鹼工藝相較於基於硫酸的系統還提供了環境和操作優勢，包括現場試劑生產。

Recommendations

建議

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

為推進天使島並繼續項目開發，建議進行以下工作：

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.

應完成並提交操作計劃（"PoO"）給 BLM，以啓動國家環境政策法（"NEPA"）流程；並與內華達州同時開始許可流程，以與聯邦流程並行進行。
應收集額外的岩土數據，以補充現有的特徵數據，並進一步支持尾礦儲存設施（TSF）設計、處理廠基礎設施設計和礦區材料的承載能力。
應對之前收集的粘土巖區 1 和 2 的深層材料進行額外的試點測試，以進一步確認這些材料的冶金特性。
基礎設施工作應按以下方式完成：1）與 NV Energy 啓動初步工程研究，以將項目與電網連接，2）通過使用壓水計和其他抽水測試的鑽探程序確定項目的水源，3）為項目的施工使用尋找當地的填土材料來源。
當 NEPA 流程開始時，應開始詳細工程設計，並分階段完成，以將項目設計開發到足以支持採購、施工規劃和融資的水平。
建議進行補充的填充鑽探程序，儘管不是必需的，目標如下：1）收集項目第一階段經濟和採礦模型的額外數據，2）用於額外密度測試的材料，3）用於岩土測試的材料。

QUALIFIED PERSON RESPONSIBILITY MATRIX

合格人員責任矩陣


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.


餘承東，P.E.，博士	主要負責人，MPDI	2026 年可行性研究的準備和整合，審查先前和當前部分，與貢獻的合格專業人員協調，經濟分析，資本和運營成本評估，解釋，結論，建議，以及最終的合格專業人員簽字。
Todd S. Fayram，QP，MMSA No. 01300	高級副總裁 – 冶金，Century Lithium	礦物加工和冶金測試更新；礦山和工藝成本及經濟分析的冶金數據；資本和運營成本評估，部分數據驗證，摘要，解釋，結論和建議。
Terre A. Lane，QP，MMSA No. 01407	主要礦業工程師，GRE	物業詳情，位置，可達性，氣候，資源，基礎設施，地貌，資源和儲量估算，採礦方法，以及資本和運營成本的採礦部分，經濟評估，數據驗證，摘要和介紹，解釋，結論和建議。
Dr. Hamid Samari，QP，MMSA No. 01519	主要地質學家，GRE	歷史，地質，礦化，礦牀類型，鑽探，樣本程序和安全性，數據驗證，摘要，介紹，解釋，結論和建議。
Haiming (Peter) Yuan，P.E.，博士	主要岩土工程師，SRK	幹堆尾礦庫，環境研究，許可證，社會和社區影響，部分數據驗證，部分摘要和介紹，部分解釋和結論，以及部分建議。

QUALIFIED PERSON

合格專業人員

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.

本新聞稿中包含的技術信息已由獨立合格專業人員 Richard W. Jolk，P.E.審查和批准，符合國家儀器 43-101 的定義。

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.

關於天使島的更多信息，包括關鍵假設、參數、採樣方法描述、數據驗證和質量保證/質量控制程序、與礦產資源和礦產儲量相關的方法以及可能影響這些估算的因素，將包含在天使島鋰項目可行性研究的 NI 43-101 技術報告中。根據 NI 43-101 第 3.4 節，該報告將在本新聞稿發佈後 45 天內在 SEDAR+ 和公司網站上提供。

ABOUT CENTURY LITHIUM CORP.

關於世紀鋰業公司

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.

世紀鋰業公司是一家處於先進階段的鋰開發公司，專注於其在內華達州埃斯梅拉達縣 100% 擁有的天使島鋰項目。天使島擁有美國已知最大的沉積鋰礦牀之一，並設計了一個集成的端到端工藝，用於現場生產電池級碳酸鋰，以支持電動汽車和電池儲存市場。

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.

公司開發了一種待申請專利的工藝，結合鹽酸浸出和直接鋰提取，以生產電池級碳酸鋰。作為集成氯鹼工藝的一部分，天使島旨在作為副產品生產氫氧化鈉，計劃的多餘銷售預計將降低運營成本，減少對外部試劑的依賴，並最小化環境影響。

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

天使島項目目前正在推進許可流程。

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".

世紀鋰業在多倫多創業交易所以 “LCE” 符號交易，在 OTCQX 以 “CYDVF” 符號交易，在法蘭克福證券交易所以 “C1Z” 符號交易。

To learn more, please visit centurylithium.com.

欲瞭解更多信息，請訪問 centurylithium.com。

ON BEHALF OF CENTURY LITHIUM CORP.

代表世紀鋰業公司

WILLIAM WILLOUGHBY, PhD., PE

WILLIAM WILLOUGHBY，博士，PE

President & Chief Executive Officer

總裁兼首席執行官

centurylithium.com

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS RELEASE.

多倫多創業交易所及其監管服務提供商對本新聞稿內容的充分性或準確性不承擔任何責任。

Cautionary Note Regarding Forward-Looking Statements

關於前瞻性聲明的警示説明

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.

本發佈包含某些前瞻性聲明，符合適用的加拿大證券立法。在某些情況下，前瞻性聲明可以通過使用 “計劃”、“預計” 或 “不預期” 或 “相信” 或這些詞和短語的變體，或某些行動、事件或結果 “可能”、“可以”、“將”、“可能” 或 “將被採取”、“發生” 或 “實現” 的類似表達來識別。

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.

前瞻性聲明涉及任何非歷史事實的事項，以及我們對未來可能發生的發展、結果和事件的信念、意圖和期望的陳述，包括但不限於與項目的潛在開發和價值及其相關利益的陳述，關於項目的預期經濟的陳述，例如礦山壽命、鋰價格、生產和回收、資本和運營成本、內部收益率、淨現值和現金流的估算，關於項目可行性研究中概述的任何預測，項目的許可狀態以及公司的未來發展計劃的陳述。

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.

這些前瞻性聲明和信息受到各種已知和未知的風險和不確定性的影響，其中許多超出了公司控制或預測的能力，這可能導致其實際結果、表現或成就與所表達或暗示的內容存在重大差異，並且是基於對這些風險、不確定性和本文所列其他因素的假設而制定的。 這些風險包括在公司最近的年度信息表和其他公開文件中標題為 “風險因素” 下描述的風險，相關文件的副本可以在公司的資料頁面找到 www.sedarplus.com 。公司明確聲明，除非法律要求，否則沒有義務更新前瞻性信息。沒有任何前瞻性聲明可以得到保證，實際未來結果可能會有重大差異。因此，建議讀者不要依賴前瞻性聲明或信息。此外，非礦藏的礦產資源並未證明具有經濟可行性。

SOURCE Century Lithium Corp.

來源：世紀鋰業公司。

世紀鋰業發佈了更新後的可行性研究，顯示內華達州天使島鋰項目的税後淨現值為 40.1 億美元，碳酸鋰的運營成本為每噸 4,389 美元 | CYDVF 股票新聞