Cruz Battery Metals Enters into Joint Venture Agreement for Deep Basin Lithium Brine Exploration in Clayton Valley, Nevada

Executive Summary

• Cruz Battery Metals entered into a joint‑venture agreement with Sienna Resources Inc. and Adelayde Exploration Inc. to explore lithium‑brine potential on 115 mineral claims (2,300 acres) in Clayton Valley, Nevada.
• Each party will hold a one‑third beneficial interest, share exploration costs equally, and split any resulting benefits or liabilities on a one‑third basis.
• The agreement provides for a 30‑day exit right and outlines the possibility of forming a definitive JV entity to transfer title to the claims.

Key Details

• JV Land Package: 115 mineral claims covering 2,300 acres, located within the SLB (formerly Schlumberger) and Pure Energy Minerals lithium deposit area in Clayton Valley, Nevada.
• Parties & Interests: Cruz Battery Metals Corp., Sienna Resources Inc., and Adelayde Exploration Inc.; each holds a one‑third beneficial interest in all claims.
• Cost & Benefit Sharing: Parties will contribute one‑third of any mutually agreed exploration or development program costs and receive one‑third of any resulting benefits; liabilities are also shared equally.
• Exit Provision: Any party may terminate its participation with 30 days’ written notice, after which it forfeits all future rights, costs, expenses, and liabilities related to the JV.
• Future Structuring: Parties may later execute a definitive agreement and establish a special‑purpose vehicle (“JV Entity”) to transfer ownership of the claims and formalize governance (e.g., shareholders or partnership agreement).
• Technical Oversight: The release was reviewed and approved by Frank Bain, P.Geo., director and qualified person under NI 43‑101.
• Related Projects: Cruz’s Nevada portfolio includes the 4,938‑acre Solar Lithium Project, the 240‑acre Clayton Valley Lithium Brine Project, and the 580‑acre Central Clayton Valley Lithium Brine Project; additional projects in Idaho (cobalt) and Ontario (gold/copper).
• Market Context Quote: President James Nelson noted lithium prices are at two‑year highs, up >150 % since June 2025, supporting the timing of the JV.

Notable Quotes

“To be able to merge our projects into one large block prospective for lithium brine discovery in Clayton Valley, Nevada, and share in the costs and benefits of such exploration, makes a lot of sense for our shareholders.” – James Nelson, President & CEO, Cruz Battery Metals Corp.