First Lithium Minerals Corp. announced results from Transient Electromagnetic (‘TEM’) geophysical surveys undertaken at its 100% owned OCA Lithium Project in the Antofagasta Region of northern Chile. The geophysical surveys program comprised data collection of contiguous 200m coincident loop measuring vertical (Z) component dB/dt TEM along 500 to 1,000m spaced lines over selected exploration concessions at the salars of Ollague, Carcote, and Ascotan, known collectively as the OCA Lithium Project.

The program was conducted from October 16th to November 23rd, 2022, by SouthernRock Geophysics S.A. The Company acquired resistivity data over a total of 267 TEM contiguously spaced stations along 28 profiles for a total of 47.8 line-km. The property-wide TEM geophysical surveys have identified multiple low resistivity zones across several prospective areas. The Company believes the discovered zones are indicative of characteristics typically exhibited by mineralized saline aquifers of hydrogeological conditions of northern Chile.

The geophysical surveys indicated highly conductive horizontal zones of less than 1.0 Ohm-meter of up to 400 metres (m) in thickness, from about 100-200m beneath the surface. Specifically, two sectors, the northeastern property areas at the salar de Carcote (approx. 1,275 ha) and salar de Ascotan (approx.

1,775 ha) displayed promising geophysical characteristics with responses as low as 0.2 Ohm-meters identified as priority high conductivity targets for continuing exploration as prospective mineralized saline aquifers. The Company is evaluating follow-up geophysics with Magneto-Telluric (MT) surveying to define the base of the highly conductive interval, currently beyond the scope of the TEM data. The MT data acquisition is tentatively planned for first quarter/23, with SouthernRock Geophysics S.A. The OCA Lithium Project is comprised of approximately 9,000 ha of mineral exploration concessions located in the salars of Ollague, Carcote, and Ascotan in the Antofagasta Region of northern Chile.

The prospect is located within the cordilleran sector bordering Bolivia in the eastern part of the Atacama Desert at an altitude of ~3,700 meters above sea level. The salars correspond to terminal lakes structures with surface crusts composed primarily of gypsum and halite, and sediments intermixed with dendritic material, salt compounds, and undersurface brines. Mineralization in the salars is primarily represented by chloride and sulfate brines, sands, silts, clay, and salt compounds.

Significant infrastructure, including roads, highways, railway, power lines, skilled labour, and the major operating copper and industrial minerals mines are in the vicinity of the project. The results of the geophysical surveys, as well as the results from geochemical sampling and geologic mapping, will be used to delineate drill targets.