Consolidated Lithium Metals Provides Update on Kwyjibo Rare Earth Project

• Date: May 7, 2026
• Headline: Consolidated Lithium Metals Provides Update on Kwyjibo Rare Earth Project
• Core Announcement: The company is advancing work programs to exercise its option for up to an 80% undivided interest in the Kwyjibo Rare Earth Project.
• Technical Report Status: A technical report (part of a Preliminary Economic Assessment) is being refined to address community concerns regarding the project's footprint.
• Timeline Change: Completion of the technical report, previously expected in May 2026 (per April 7 news), is now delayed until June 2026.
• Regulatory Condition: The completion of this report is a required condition for closing the acquisition under TSX Venture Exchange terms.
• Context: This follows the closing of an $8.9 million financing tranche in April 2026 and the passing of founder Rene Bharti in mid-April 2026.

• Timeline Delay: The one-month delay on the technical report completion (May to June) represents a minor setback in the acquisition closing timeline but does not indicate project failure.
• Community Engagement: Refining the report specifically for community concerns suggests proactive management of ESG risks, which is positive long-term despite short-term delays.
• Financing Context: The company recently secured $8.9 million (April 10), providing sufficient runway to absorb this delay without immediate liquidity distress.
• Leadership Transition: The passing of founder Rene Bharti on April 16 adds a layer of uncertainty, making the operational update critical for maintaining investor confidence in management continuity.
• Market Sentiment: The news is likely viewed as Routine - Negative due to the missed guidance from April 7, though it lacks the severity of a deal termination or financing failure.

• Company: Consolidated Lithium Metals Inc. (TSX.V: CLM).
• Flagship Project: Kwyjibo Rare Earth Project, located ~125 km northeast of Sept-Îles, Québec.
• Project Status: Development-ready with an option to earn up to 80% interest from SOQUEM (Investissement Québec subsidiary).
• Resource Estimate: 6.9 Mt @ 2.72% TREO (Measured + Indicated) and 1.3 Mt @ 3.64% TREO (Inferred).
• Heavy Rare Earths: Heavy REE Oxides constitute ~34% of the deposit, a key strategic advantage for North American supply chains.
• Infrastructure: Proximity to QNS&L rail line and Port of Sept-Îles; benefits from Québec hydroelectric power.