• Significant increase in the number of known lithium-bearing pegmatites from 51 to 100 in the Company’s 167,000 hectares of Prospecting Rights. 

• Reinforcing the potential of the Norrabees Project to be a Tier 1 global asset. 

• Norrabees III, IV and V pegmatites returned soil background values above 10,000-19,000 ppm, reinforcing strong resource potential. 

• High LiO values were identified in samples, with Norrabees 1 returning 6.17% Li0 and 6.27% LiO, and one sample of pure spodumene crystals at Spodumene Kop yielding 6.92% Li 

VANCOUVER, BC – October 31, 2024 – TheNewswire - Cape Lithium Corp. (“Cape” or the “Company”) (CSE: CLI) (formerly known as Moonbound Mining Ltd.) is pleased to announce the results from the Company’s satellite hyperspectral survey and soil sample analysis of the Norrabees Lithium Project in Northern Cape, South Africa.

Hyperspectral analysis is conducted using a Sentinel-2 satellite image, where multispectral bands of images were manipulated using specially designed algorithms that allow the detection of helium (He) emanating from the decay of spodumene crystals near surface. The spectral analysis was cross-referenced to a library of approximately 481 minerals from the United States Geological Survey. Hyperspectral analysis has become one of the most effective exploration tools used on hard rock lithium assets globally.

The primary objective of the hyperspectral analysis was to confirm the 51 historically mapped lithium-bearing pegmatites at the surface and potentially identify any unmapped pegmatites. The Company is pleased to report that the analysis revealed all 51 mapped pegmatites and an additional 49 previously undetected lithium-bearing pegmatites were identified, bringing the total number of pegmatites to target in future drilling to 100.

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Soil Geochemical Survey

The Company conducted a soil geochemical survey covering 11 pegmatites within the Norrabees and Spodumene Kop pegmatite swarms. A total of 122 soil samples were collected from dry steam beds surrounding these targeted pegmatites which were then sieved to less than 300 microns, and 200g representative samples were sent for analysis. Survey results indicated that all 11 pegmatites achieved higher-than-background Li2O concentrations. Sixty percent of the samples exceeded values above 200-5,000 ppm, and most notably, the Norrabees III, IV and V pegmatites returned soil geochemistry values above 10,000-19,000 ppm Li2O, reinforcing the high potential of these targets.

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Sample Analysis and Spodumene Kop

The Company also analyzed the samples from the Norrabees 1 stockpile and rock samples from Spodumene Kop 1A pegmatite. At Norrabees 1, samples were collected from a spodumene concentrate produced by crushing samples to -10mm and -20mm. Further analysis revealed that the -10mm samples returned a value of 6.17% Li2O, while the -22mm samples returned a value of 6.27% Li2O.

A total of 13 samples were collected at Spodumene Kop from the pegmatite body, comprised of 12 fine-grained samples less than 300 microns and one sample of pure spodumene crystals. The 12 fine-grained samples that were collected along the length of the pegmatite outcrop returned a value between 0.34-1.89% Li2O. Additionally, one sample of pure spodumene crystals returned a value of 6.92% Li2O.

James Lumley, CEO, commented, “We are thrilled with the results from the hyperspectral survey and sample analysis results. We have successfully increased our exploration targets to a total of 100 lithium-bearing pegmatites, all mapped at the surface. The Company is actively pursuing an expansive and comprehensive exploration program, following a systematic phased approach to unlock the full potential of this project. We look forward to sharing further developments with the market as we advance our exploration efforts.”

Quality Assurance and Quality Control

Quality assurance and quality control (“QAQC”) protocols for sampling were developed by Scientific Services Laboratories (“SSL”), Unit 3 Technosquare 42 Morning side Ndabeni 7405 Cape Town, South Africa. Soil samples were submitted directly to SSL for preparation and analysis and consisted of a total of 122 soil samples. Sample preparation consisted of drying and sieving samples to 300 microns. Sample analysis consisted 200g samples subjected to acid digestion. Digested samples were diluted and analyzed by ICP-OES, blank soil samples were inserted for every 40 samples. In-house control reference material was inserted after every 20 samples.

Scientific Services Laboratories, Cape Town are a lithium accredited laboratory with an excess of 50 years experience providing sample preparation and analytical services for mining, minerals exploration and environmental monitoring. For more information on SSL’s QAQC protocols, visit their website at www.scientificservices.co.za.

Qualified Person’s Statement

Dr. Johan Hattingh is the “Qualified Person” as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects who has reviewed and approved the technical information that is contained within this news release, including the sampling, analytical and test data underlying the technical information.

About Cape Lithium Corp.

Cape Lithium Corp., headquartered in Vancouver, BC, Canada, is a mineral exploration and development company focused on exploiting world-class hard-rock lithium projects in Africa. The Company’s core focus is the Norrabees project in Northern Cape, South Africa. Cape Lithium Corp’s management is committed to operating efficiently and with transparency in all areas of the business, staying sharply focused on creating long-term, sustainable shareholder value. Investors and/or other interested parties may sign up for updates about the Company’s continued progress on its website: www.capelithium.com.

For further information, please refer to the Company's disclosure record on SEDAR+ (www.sedarplus.ca).

On Behalf of the Board of Directors

“James Lumley”

Chief Executive Officer

+1 (604) 688-9588

invest@capelithium.com

Forward-Looking Statements:

This news release contains forward-looking statements and forward-looking information (collectively, ”forward-looking statements”) within the meaning of applicable Canadian legislation. Forward-looking statements are typically identified by words such as: “believes”, “expects”, “anticipates”, “intends”, “estimates”, “plans”, “may”, “should”, “would”, “will”, “potential”, “scheduled” or variations of such words and phrases and similar expressions, which, by their nature, refer to future events or results that may, could, would, might or will occur or be taken or achieved. All statements in this news release that are not purely historical are forward-looking statements and include statements regarding beliefs, plans, expectations and orientations regarding the future including, without limitation, that the Company is actively pursuing an expansive and comprehensive exploration program at its Norrabees Lithium Project in Northern Cape, South Africa, as well as its ability to unlock the full potential of the project. Although the Company believes that such statements are reasonable and reflect expectations of future developments and other factors which management believes to be reasonable and relevant, the Company can give no assurance that such expectations will prove to be correct. In making the forward-looking statements in this news release, the Company has applied several material assumptions, including without limitation, that market fundamentals will support the viability of mining exploration, the receipt of any necessary permits, licenses and regulatory approvals in connection with the future exploration of the project, the availability of the financing required for the Company to carry out its planned future activities, and the availability of and the ability to retain and attract qualified personnel. Other factors may also adversely affect the future results or performance of the Company, including general economic, market or business conditions, future prices of minerals, changes in the financial markets and in the demand for minerals, changes in laws, regulations and policies affecting the mineral exploration industry, as well as the risks and uncertainties which are more fully described in the Company’s annual and quarterly management’s discussion and analysis and in other filings made by the Company with Canadian securities regulatory authorities under the Company’s SEDAR+ profile. The ongoing labour shortages, inflationary pressures, rising interest rates, the global financial climate and the conflicts in Ukraine and Palestine and surrounding regions are some additional factors that are affecting current economic conditions and increasing economic uncertainty, which may impact the Company’s operating performance, financial position, and future prospects. Collectively, the potential impacts of this economic environment pose risks that are currently indescribable and immeasurable. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. Readers are cautioned that forward-looking statements are not guarantees of future performance or events and, accordingly, are cautioned not to put undue reliance on forward-looking statements due to the inherent uncertainty of such statements. The Company does not undertake any obligation to update such forward‐looking information whether because of new information, future events or otherwise, except as expressly required by applicable law.

The Canadian Securities Exchange (operated by CNSX Markets Inc.) has neither approved nor disapproved of the contents of this press release.