Ultra Resources Inc. Name Change to Ultra Lithium Inc.

Vancouver, BC, January 19, 2022 – Ultra Resources Inc. (TSX-V: ULT) (“Ultra Resources” or “the Company”) announces that the Board of Directors of the Company has resolved to change the name of the Company from Ultra Resources Inc. to Ultra Lithium Inc. The Company’s trading symbol “ULT” will remain unchanged and the Company will resume trading under its new name Ultra Lithium Inc. on January 21, 2022.

Ultra Resources Prepared to Initiate Exploration Drilling at the Laguna Verde Brine Lithium Project in Argentina

Ultra Lithium Inc. (TSX-V:ULT, OTCQB: ULTXF and Frankfurt: QFB) Ultra Resources Inc. (TSX-V: ULT)  is pleased to announce that the Company has signed a drilling contract with Los Arcangeles SA to carry out drilling and brine sampling on its 100% owned Laguna Verde brine lithium project in Catamarca Province, Argentina.

Ultra Resources Inc. Closes First Tranche of Private Placement for Gross Proceeds of C$3.6 Million

Vancouver, BC – Ultra Lithium Inc. (TSX-V:ULT, OTCQB: ULTXF and Frankfurt: QFB) (“Ultra Resources” or the “Company”) is pleased to announce that it has closed the first tranche of its previously announced private placement (the “Private Placement”) for gross proceeds of C$3,626,899.

Ultra Resources Announces Non-Brokered Private Placement of Up to C$6.0 Million, Including a C$3.3M Strategic Investment

Not for distribution to United States Newswire Services or for dissemination in the United States.

Vancouver, BC – Ultra Lithium Inc. (TSX-V:ULT, OTCQB: ULTXF and Frankfurt: QFB) (“Ultra Resources” or the “Company”) is pleased to announce a non-brokered private placement (the “Offering”) for aggregate gross proceeds to the Company of up to C$6.0 million from the sale of the following:

  • Units of the Company (the “Units”) at a price of C$0.15 per Unit ; and
  • Flow-through units of the Company (the “FT Units”) at a price of C$0.165 per FT Unit

Red Cloud Securities Inc. is acting as a finder in connection with a portion of the Offering.

Each Unit will be comprised of one common share of the Company (each, a “Unit Share”) and one half of one common share purchase warrant (each whole warrant, a “Warrant”). Each FT Unit will consist of one common share of the Company to be issued as a “flow-through share” within the meaning of the Income Tax Act (Canada) (each, a “FT Share”) and one half of one Warrant. Each Warrant will entitle the holder thereof to purchase one non-flow-through common share of the Company (each, a “Warrant Share”) at a price of C$0.25 for a period of 12 months following the closing date of the Offering.

As part of the Offering, Jiangsu Zangqing New Energy Industry Fund (“Zangqing”) intends to make a strategic investment of approximately C$3.3 million in Units. Zangqing is a limited partnership new energy industry fund. A major limited partner in the fund is Zangge Holdings Co., Ltd.

Zangge Holdings Co., Ltd. (“Zangge”), a lithium and potassium producer listed on the Shenzhen Stock Exchange, with a market capitalization of $9 billion USD, is headquartered in Golmud of Qinghai Province. Currently, Zangge has the mining rights of 724 km2 in Qarhan Brine Lake. It has been developing and utilizing the brine lake for nearly 20 years and has become the biggest private holding listing potash producer in China with an annual production output of 2 million tons of potassium chloride.

Zangge entered the lithium industry in 2017, using the advanced and proven adsorption method technology to extract lithium from brine. As early as 2007, the core technical team of the Zangge has been engaged in technology research and development and industrialized construction for brine lithium extraction, and has positioned itself as a technology leader in the global brine lithium extraction industry. In 2020, Zangge completed construction of its processing facility and is producing 10,000 tons of lithium carbonate annually. The Company is one of only three companies in the world with industrialized adsorption lithium extraction technology including Livent.

The net proceeds from the sale of Units will be used to fund the exploration of the Company’s properties in Argentina, Ontario and Nevada and for general working capital purposes. The gross proceeds from the issuance of the FT Shares will be used for “Canadian Exploration Expenses” (within the meaning of the Income Tax Act (Canada)) (the “Qualifying Expenditures”), which will be renounced with an effective date no later than December 31, 2021 to the purchasers of the FT Shares in an aggregate amount not less than the gross proceeds raised from the issue of the FT Shares.  If the Qualifying Expenditures are reduced by the Canada Revenue Agency, the Company will indemnify each subscriber of FT Shares for any additional taxes payable by such subscriber as a result of the Company’s failure to renounce the Qualifying Expenditures.

The closing of the Offering is expected to occur on or about October 31, 2021 and is subject to receipt of all necessary regulatory approvals including the TSX Venture Exchange. The Unit Shares, FT Shares, Warrant Shares and any common shares of the Company that are issuable from any finder’s warrants will be subject to a hold period of four months and one day in accordance with applicable securities laws.  Finder’s fees will be payable in accordance with the policies of the TSX Venture Exchange.

The securities offered have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any U.S. state securities laws, and may not be offered or sold in the United States or to, or for the account or benefit of, United States persons absent registration or an applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. This press release does not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor in any other jurisdiction.

About Ultra Resources Inc.

Ultra Resources is an exploration and development company with a focus on the acquisition and development of lithium, gold, and copper assets. The Company holds a brine lithium property in Argentina, and hard rock spodumene type lithium properties at the Georgia Lake / Forgan Lake area in northwestern Ontario, Canada, and a brine lithium property in the Big Smoky Valley, Nevada, USA. The Company also holds other gold and base metals properties in Argentina.

On behalf of the Board of Directors
Kiki Smith, CFO

For further information, please contact:
Kiki Smith, CFO
T: +1-778-968-1176
F: +1-604-909-4682
E: kiki@ultraresourcesinc.com
W: www.ultraresourcesinc.com
Or view the Company’s filings at www.sedar.com

Cautionary Statement Regarding “Forward-Looking” Information
Some of the statements contained in this press release are forward-looking statements and information within the meaning of applicable securities laws. Forward-looking statements and information can be identified by the use of words such as “plans”, “expects”, “intends”, “is expected”, “potential”, “suggests” or variations of such words or phrases, or statements that certain actions, events or results “may”, “could”, “should”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking statements and information are not historical facts and are subject to a number of risks and uncertainties beyond the Company’s control. Actual results and developments are likely to differ and may differ materially, from those expressed or implied by the forward-looking statements contained in this news release. Accordingly, readers should not place undue reliance on forward-looking statements. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking statements, except as may be required by law.

Neither TSX Venture Exchange nor its Regulations Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Ultra Resources Plans to Start Work at the Laguna Verde Brine Lithium Project in Argentina

Vancouver, BC – Ultra Lithium Inc. (TSX-V:ULT, OTCQB: ULTXF and Frankfurt: QFB) Ultra Resources Inc. (TSX-V: ULT) (“Ultra Resources” or “the Company”) is pleased to announce that the Company is planning to start exploration work on its 100% owned Laguna Verde brine lithium project in Catamarca Province, Argentina.

The Company’s previous exploration work included systematic surface brine sampling, ground geophysical surveys and bench scale evaporation testwork. The planned work program will include drilling and carrying out pumping tests to determine aquifer capacity and yield based upon the targets identified through the geophysical surveys and brine sampling.

The Company has obtained the drilling permit approved by the Catamarca Government and is communicating with the mining department regarding start date of work and other details. Ultra Resources will also communicate with the local communities at Antofalla and Antofagasta de La Sierra towns. These communities worked with the Company to complete the previous phases of exploration work.

The Company is assessing qualified contractors and suppliers for drilling and pumping test work.

Laguna Verde Brine Lithium Project Highlights

  • Laguna Verde is a new brine lithium discovery where exploratory sampling conducted by Ultra Resources indicate lithium values in the range of 34.2 to 1,270 milligrams per liter (mg/L) or parts per million (ppm), magnesium values less than 1 to 7,920 ppm, potassium 804 to 15,800 ppm, and boron 65 to 2,190 ppm. The Laguna Verde area is marked by low magnesium to lithium ratios, in the range of zero to 10.2.
  • In 2018, the Company also completed 39.2-line- kilometers of ground geophysical survey along eight exploration lines on the property, with azimuth of 137 degrees and 47 degrees from north. Total 312 Time Domain Electromagnetic (TDEM) points and 430 gravity points were measured at a spacing of 100 metres.
  • The survey results indicate high value brine lithium exploration targets in a salar core area of 3.4 square kilometers within a potential brine basin of 23 square kilometres and a thickness of 100 to 150 meters. Main points of the geophysical survey interpretation are provided below:
    • The core area of 3.4 square kilometres (km2) is with resistivity below 3 ohm and can be used for brine extraction on trial basis if feasible. The size of this core zone salar increases to 5.81 square kilometers at 125 m depth and to 9.44 square kilometres at 225 m depth below surface.
    • A potential salar area of 23 km2 is calculated based on the g-shaped area of gravity around the core zone. The surface of this salar area is covered by a high resistivity layer which is underlain by aeolian sediments and salt deposits. This interpretation will be confirmed by drilling and sampling.
    • Gravity survey interpretation shows a major fault system exists to the east of the Laguna Verde Salar representing a 2.4-kilometer-thick Cenozoic basin, which requires further research.
  • In 2018, a bench scale evaporation test of approximately 4,000 litres of brine sample from Laguna Verde was carried out in Ultra Argentina laboratories located in Salta. The density of the original brine sample was 1156 and its lithium concentration was 391 ppm.
  • Two types of evaporation tests were conducted. The first test included evaporating 179 litres of brine sample in an external pool located outside to match natural evaporation conditions. The results indicate that in a period of five months, the brine volume was reduced from 16 cubic metres (m3) to 3 m3 and lithium concentration increased from 391 to 6,760 ppm. Major salts produced during this process were Halite, Felsobanyaite, Silvite, Lithium Sulfate and Potassium, Carnalite, Kainite and Gypsum.
  • The second test was conducted inside in controlled conditions. The results indicated that the original brine volume of 2,326 m3 was reduced to 85.06 m3 and the lithium concentration went up from 391 to 7,370 ppm.

Qualified Person

The technical information contained in this news release has been reviewed and approved by Afzaal Pirzada, P.Geo., a qualified person, as defined by NI 43-101 who works as Vice President Exploration of the Company.

About Ultra Resources Inc.

Ultra Resources is an exploration and development company with a focus on the acquisition and development of lithium, gold, and copper assets. The Company holds a brine lithium property in Argentina, and hard rock spodumene type lithium properties at the Georgia Lake / Forgan Lake area in northwestern Ontario, Canada, and a brine lithium property in the Big Smoky Valley, Nevada, USA. The Company also holds other gold and base metals properties in Argentina.

On behalf of the Board of Directors
Kiki Smith, CFO

For further information, please contact:
Kiki Smith, CFO
T: +1-778-968-1176
E: kiki@ultraresourcesinc.com
W: www.ultraresourcesinc.com
Or view the Company’s filings at www.sedar.com

Cautionary Statement Regarding “Forward-Looking” Information
Some of the statements contained in this press release are forward-looking statements and information within the meaning of applicable securities laws. Forward-looking statements and information can be identified by the use of words such as “plans”, “expects”, “intends”, “is expected”, “potential”, “suggests” or variations of such words or phrases, or statements that certain actions, events or results “may”, “could”, “should”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking statements and information are not historical facts and are subject to a number of risks and uncertainties beyond the Company’s control. Actual results and developments are likely to differ and may differ materially, from those expressed or implied by the forward-looking statements contained in this news release. Accordingly, readers should not place undue reliance on forward-looking statements. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking statements, except as may be required by law.

Neither TSX Venture Exchange nor its Regulations Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Ultra Resources Restakes Ground at South Big Smoky Valley Area in Nevada, USA

Vancouver, BC – Ultra Lithium Inc. (TSX-V:ULT, OTCQB: ULTXF and Frankfurt: QFB) (“Ultra Resources” or the “Company”) announces that it has restaked 50 placer claims in the South Big Smoky Valley area in Esmeralda County, Nevada, USA. The placer claims were staked in two claim blocks where Ultra drilled two drill holes and carried out other exploratory work during the 2014-16 period. The drill core and surface sampling indicated anomalous values of lithium in sediments. Ultra’s ground geophysical survey (CSAMT – controlled source audio-frequency magnetotelluric survey) in 2014 interpreted low resistivity zones down to a depth of 1,000 metres in these claim areas. This Project has geological conditions favourable for hosting Lithium enriched brines.South Big Smoky Valley shares a similar geology and weathering history to the Clayton Valley, located 16 miles (25.6km) to the south. The north end of Clayton Valley hosts Chemetall Foote Corporation’s Silver Peak Mine, the only lithium brine producer in the United States. Mine production comes from lithium enriched brines located below the surface. This plant has been in production since 1967.

Dr. Weiguo Lang, CEO of Ultra Resources, stated that, “The Company is pleased to rejuvenate its efforts to explore the South Big Smoky area again. This was prompted by a recent surge in the lithium and EV industry and higher lithium carbonate prices. The Company is working on evaluating its previous exploration work and developing a working plan for this area.”

Qualified Person

The technical information contained in this news release has been reviewed and approved by Afzaal Pirzada, P.Geo., a qualified person, as defined by NI 43-101 who works as Vice President Exploration of the Company.

About Ultra Resources Inc.

Ultra Resources Inc. is an exploration and development company with a focus on the acquisition and development of lithium, gold and copper assets. The Company holds hard rock spodumene type lithium properties at the Georgia Lake / Forgan Lake area in northwestern Ontario, Canada and a brine lithium property in Argentina. The Company also holds other gold and base metals properties in Argentina.

On behalf of the Board of Directors
Kiki Smith, CFO

For further information, please contact:
Kiki Smith, CFO
T: +1-778-968-1176
E: kiki@ultraresourcesinc.com
W: www.ultraresourcesinc.com
Or view the Company’s filings at www.sedar.com

Cautionary Statement Regarding “Forward-Looking” Information
Some of the statements contained in this press release are forward-looking statements and information within the meaning of applicable securities laws. Forward-looking statements and information can be identified by the use of words such as “plans”, “expects”, “intends”, “is expected”, “potential”, “suggests” or variations of such words or phrases, or statements that certain actions, events or results “may”, “could”, “should”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking statements and information are not historical facts and are subject to a number of risks and uncertainties beyond the Company’s control. Actual results and developments are likely to differ and may differ materially, from those expressed or implied by the forward-looking statements contained in this news release. Accordingly, readers should not place undue reliance on forward-looking statements. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking statements, except as may be required by law.

Neither TSX Venture Exchange nor its Regulations Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Ultra Resources Engages Red Cloud as Capital Markets Advisor

Vancouver, BC – Ultra Lithium Inc. (TSX-V:ULT, OTCQB: ULTXF and Frankfurt: QFB) (“Ultra Resources” or the “Company”) announces that it has appointed Red Cloud Financial Services Inc. (“Red Cloud”) to provide the Company with a range of capital markets advisory services. Red Cloud is a Toronto-based financial services company that provides assistance to mineral exploration and mining companies in accessing capital markets and enhancing their corporate profile.

Under the engagement, Red Cloud will be paid a fee of $10,000 per month. More specifically, Red Cloud will provide services such as organizing and administering “roadshows”, drafting traditional marketing materials, managing the Company’s social media and providing traditional media support and assistance in the creating of video content for exclusive use on “Red Cloud TV” and other services as required by the Company. In certain circumstances, additional services may be provided to the Company by Red Cloud and additional contingent consideration for such services may be applicable. The Company has also engaged Red Cloud to provide market making services for a fee of $5,500 per month. The engagement of Red Cloud is subject to TSX Venture Exchange approval.

The Company has, subject to regulatory approval, granted Red Cloud stock options to purchase 810,000 common shares of the Company at an exercise price of $0.19 per share for a period of three years.

About Ultra Resources Inc.

Ultra Resources Inc. is an exploration and development company with a focus on the acquisition and development of lithium, gold and copper assets. The Company holds hard rock spodumene type lithium properties at the Georgia Lake / Forgan Lake area in northwestern Ontario, Canada and a brine lithium property in Argentina. The Company also holds other gold and base metals properties in Argentina.

On behalf of the Board of Directors
Kiki Smith, CFO

For further information, please contact:
Kiki Smith, CFO
T: +1-778-968-1176
F: +1-604-909-4682
E: kiki@ultraresourcesinc.com
W: www.ultraresourcesinc.com
Or view the Company’s filings at www.sedar.com

Cautionary Statement Regarding “Forward-Looking” Information
Some of the statements contained in this press release are forward-looking statements and information within the meaning of applicable securities laws. Forward-looking statements and information can be identified by the use of words such as “plans”, “expects”, “intends”, “is expected”, “potential”, “suggests” or variations of such words or phrases, or statements that certain actions, events or results “may”, “could”, “should”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking statements and information are not historical facts and are subject to a number of risks and uncertainties beyond the Company’s control. Actual results and developments are likely to differ and may differ materially, from those expressed or implied by the forward-looking statements contained in this news release. Accordingly, readers should not place undue reliance on forward-looking statements. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking statements, except as may be required by law.

Neither TSX Venture Exchange nor its Regulations Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Ultra Resources Closes Private Placement – CORRECTION

Vancouver, BC In a release issued under the same headline on Wednesday April 7, 2021, by Ultra Resources Inc. (TSXV: ULT), the finders fees were meant to be $66,322 cash and 602,928 finders warrants. The corrected release follows:

Vancouver, BC – Ultra Lithium Inc. (TSX-V:ULT, OTCQB: ULTXF and Frankfurt: QFB) (“Ultra Resources” or the “Company”) is pleased to announce that it has closed a non-brokered private placement of 9,438,250 units at $0.11 per unit for total gross proceeds of $1,038,208. Each Unit is comprised of one common share and one-half non-transferable common share purchase warrant (“Warrant”). Each whole Warrant will entitle the holder to purchase an additional common share of the Company at an exercise price of $0.20 per share for a period of one year from closing of the private placement provided that if the closing price of the common shares of the Company on any stock exchange or quotation system on which the common shares are then listed or quoted is equal to or greater than Cdn $0.25 for a period of ten (10) consecutive trading days, the Company will have the right to accelerate the expiry of the warrants by giving notice to the holders of the warrants that the warrants will expire at 4:30 p.m. (Vancouver time) on a date that is not less than ten (10) business days from the date notice is given. The Company shall pay finders fees of $66,322 cash and 602,928 finders warrants for a portion this placement. 

The proceeds from the Private Placement will be used to fund the exploration of the Company’s Argentine and Ontario properties and for general working capital purposes.

All securities issued under the private placement will be subject to a four month hold period from the closing date under applicable Canadian securities laws, in addition to such other restrictions as may apply under applicable securities laws of jurisdictions outside Canada. The private placement is subject to final approval by the TSX Venture Exchange.

The Private Placement securities have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “1933 Act”), or under any state securities laws, and may not be offered or sold, directly or indirectly, or delivered within the United States or to, or for the account or benefit of, U.S. persons (as defined in Regulation S under the 1933 Act) absent registration or an applicable exemption from the registration requirements. This news release does not constitute an offer to sell or a solicitation to buy such securities in the United States.

About Ultra Resources Inc.

Ultra Resources is an exploration and development company with a focus on the acquisition and development of gold, copper and lithium assets. The Company holds a brine lithium property in Argentina, and hard rock spodumene type lithium properties at the Georgia Lake / Forgan Lake area in northwestern Ontario, Canada. The Company also holds other gold and base metals properties in Argentina.

On behalf of the Board of Directors
Kiki Smith, CFO

For further information, please contact:
Kiki Smith, CFO
T: +1-778-968-1176
F: +1-604-909-4682
E: kiki@ultraresourcesinc.com
W: www.ultraresourcesinc.com
Or view the Company’s filings at www.sedar.com

Cautionary Statement Regarding “Forward-Looking” Information
Some of the statements contained in this press release are forward-looking statements and information within the meaning of applicable securities laws. Forward-looking statements and information can be identified by the use of words such as “plans”, “expects”, “intends”, “is expected”, “potential”, “suggests” or variations of such words or phrases, or statements that certain actions, events or results “may”, “could”, “should”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking statements and information are not historical facts and are subject to a number of risks and uncertainties beyond the Company’s control. Actual results and developments are likely to differ and may differ materially, from those expressed or implied by the forward-looking statements contained in this news release. Accordingly, readers should not place undue reliance on forward-looking statements. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking statements, except as may be required by law.

Neither TSX Venture Exchange nor its Regulations Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Ultra Resources Closes Private Placement

Vancouver, BC – Ultra Lithium Inc. (TSX-V:ULT, OTCQB: ULTXF and Frankfurt: QFB) (“Ultra Resources” or the “Company”) is pleased to announce that it has closed a non-brokered private placement of 9,438,250 units at $0.11 per unit for total gross proceeds of $1,038,208. Each Unit is comprised of one common share and one-half non-transferable common share purchase warrant (“Warrant”). Each whole Warrant will entitle the holder to purchase an additional common share of the Company at an exercise price of $0.20 per share for a period of one year from closing of the private placement provided that if the closing price of the common shares of the Company on any stock exchange or quotation system on which the common shares are then listed or quoted is equal to or greater than Cdn $0.25 for a period of ten (10) consecutive trading days, the Company will have the right to accelerate the expiry of the warrants by giving notice to the holders of the warrants that the warrants will expire at 4:30 p.m. (Vancouver time) on a date that is not less than ten (10) business days from the date notice is given. The Company shall pay finders fees of $2,695 cash and finders 24,500 warrants for a portion this placement. 

The proceeds from the Private Placement will be used to fund the exploration of the Company’s Argentine and Ontario properties and for general working capital purposes.

All securities issued under the private placement will be subject to a four month hold period from the closing date under applicable Canadian securities laws, in addition to such other restrictions as may apply under applicable securities laws of jurisdictions outside Canada. The private placement is subject to final approval by the TSX Venture Exchange.

The Private Placement securities have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “1933 Act”), or under any state securities laws, and may not be offered or sold, directly or indirectly, or delivered within the United States or to, or for the account or benefit of, U.S. persons (as defined in Regulation S under the 1933 Act) absent registration or an applicable exemption from the registration requirements. This news release does not constitute an offer to sell or a solicitation to buy such securities in the United States.

About Ultra Resources Inc.

Ultra Resources is an exploration and development company with a focus on the acquisition and development of gold, copper and lithium assets. The Company holds a brine lithium property in Argentina, and hard rock spodumene type lithium properties at the Georgia Lake / Forgan Lake area in northwestern Ontario, Canada. The Company also holds other gold and base metals properties in Argentina.

On behalf of the Board of Directors
Kiki Smith, CFO

For further information, please contact:
Kiki Smith, CFO
T: +1-778-968-1176
F: +1-604-909-4682
E: kiki@ultraresourcesinc.com
W: www.ultraresourcesinc.com
Or view the Company’s filings at www.sedar.com

Cautionary Statement Regarding “Forward-Looking” Information
Some of the statements contained in this press release are forward-looking statements and information within the meaning of applicable securities laws. Forward-looking statements and information can be identified by the use of words such as “plans”, “expects”, “intends”, “is expected”, “potential”, “suggests” or variations of such words or phrases, or statements that certain actions, events or results “may”, “could”, “should”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking statements and information are not historical facts and are subject to a number of risks and uncertainties beyond the Company’s control. Actual results and developments are likely to differ and may differ materially, from those expressed or implied by the forward-looking statements contained in this news release. Accordingly, readers should not place undue reliance on forward-looking statements. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking statements, except as may be required by law.

Neither TSX Venture Exchange nor its Regulations Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Ultra Resources Acquires New Lithium Claims to Expand Laguna Verde Property Size in Argentina

Vancouver, BC – Ultra Lithium Inc. (TSX-V:ULT, OTCQB: ULTXF and Frankfurt: QFB) is pleased to announce that it has acquired additional lithium exploration claims for its 100% owned Laguna Verde brine lithium project in Argentina. The exploration License, ULTRA 1, covering 4,180 hectares land in Catamarca Province, and Mining License Archivarca N., covering 413 hectares land in Salta Province are granted to Ultra Argentina SRL, a wholly owned subsidiary of Ultra Resources Inc. Both licenses located adjacent to the north of the existing Laguna Verde Property, were acquired to cover additional salar area considered favourable for lithium exploration.

The potential target area was identified in a ground geophysical survey carried out on the Property in 2018. The geophysical survey comprised of 39.2-line- kilometers of time domain electromagnetic (TDEM) and gravity survey in eight exploration lines. The survey results indicated high value brine lithium exploration targets in a salar core area of 3.4 square kilometers within a potential brine basin of 23 square kilometres with thickness of 100 to 150 meters. The surface of this salar area is covered by a high resistivity layer which is underlain by aeolian sediments and salt deposits. This interpretation will be confirmed by drilling and sampling.

Dr. Weiguo Lang, CEO of Ultra Resources, stated that, “The Company is pleased to have acquired this additional brine lithium exploration area. While planning for continuing exploration work on this additional prospective ground, we are studying and selecting appropriate technologies for test production from Laguna Verde. Since its acquisition in 2017, we have carried out two rounds of brine sampling, completed a ground geophysical survey program, and evaporation test work on the Property. With the lithium industry trending toward sustainable long term growth, we are highly confident in achieving our goals on this high-grade lithium property.”

Qualified Person

The technical information contained in this news release has been reviewed and approved by Afzaal Pirzada, P.Geo., a qualified person, as defined by NI 43-101 who works as Vice President Exploration of the Company.

About Ultra Resources Inc.

Ultra Resources is an exploration and development company with a focus on the acquisition and development of gold, copper and lithium assets. The Company currently holds a brine lithium property in Argentina, and one hard rock spodumene type lithium property at the Georgia Lake area in northwestern Ontario, Canada. The Company also holds other gold and base metals properties in Argentina.

On behalf of the Board of Directors
Kiki Smith, CFO

For further information, please contact:
Kiki Smith, CFO
T: +1-778-968-1176
F: +1-604-909-4682
E: kiki@ultraresourcesinc.com
W: www.ultraresourcesinc.com
Or view the Company’s filings at www.sedar.com

Cautionary Statement Regarding “Forward-Looking” Information
Some of the statements contained in this press release are forward-looking statements and information within the meaning of applicable securities laws. Forward-looking statements and information can be identified by the use of words such as “plans”, “expects”, “intends”, “is expected”, “potential”, “suggests” or variations of such words or phrases, or statements that certain actions, events or results “may”, “could”, “should”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking statements and information are not historical facts and are subject to a number of risks and uncertainties beyond the Company’s control. Actual results and developments are likely to differ and may differ materially, from those expressed or implied by the forward-looking statements contained in this news release. Accordingly, readers should not place undue reliance on forward-looking statements. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking statements, except as may be required by law.

Neither TSX Venture Exchange nor its Regulations Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.