Gold Tree Acquires McDermitt Lithium Property

Vancouver, British Columbia — (Newsfile Corp. — July 8, 2022) — Gold Tree Resources Ltd. (CSE: GTX) announced that it has signed and closed a share purchase agreement dated July 7, 2022 with 1314836 BC Ltd., acquiring all issued and outstanding shares. The principal asset is Lithium Valley Holdings Corp., which owns the McDermitt Lithium Property in Nevada, USA.

The Company issued 3,000,000 common shares at $0.20 per share as consideration, totalling $600,000. The valuation was based on a professional geologist’s report dated June 27, 2022 assessing the property’s economic geology potential.

Adrian Smith, CEO, stated: “We see the potential for the Property to host large-scale, long-life sources of lithium, occurring near-surface and falling within the lower end of the global cost curve.” Mr. Smith added that the acquisition represents “a strategic acquisition of a key North American property located within one of the most sought-after lithium basins in North America which already hosts two of the largest lithium deposits in the USA.”

The consideration shares are subject to a hold period of four months and one day. The transaction was arm’s length and did not constitute a fundamental change or change of control under the policies of the Canadian Securities Exchange.