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Tuesday, 01/10/2023 2:05:00 PM

Tuesday, January 10, 2023 2:05:00 PM

Post# of 648

Cypress enjoyed a very productive year in 2022, thanks to the hard work of our staff, consultants, and contractors. We will take a moment to recall some of the accomplishments of 2022 and through this, anticipate what the year ahead will bring.

A major focus of Cypress’ in 2022 was the operation of the Company’s Lithium Extraction Facility, aka our Pilot Plant, in Amargosa Valley which operated throughout the year. Completed in 2021, the Pilot Plant gathered data for our ongoing Feasibility Study and tested various operating conditions and
changes in equipment and flow sheet, all while performing safely. During the year, the Pilot Plant completed 24 distinct cycles of 24-hour-per-day continuous testing.

Financing is a key to success. A financing in early 2021 enabled Cypress to acquire critical water rights and complete the design, acquisition and assembly of the Pilot Plant. In early 2022 the Company expanded its cash position by adding C$18.1 million to the treasury. The addition was timely given the
trying year experienced by junior companies.

With a strong position, we were able to add to our land position in Clayton Valley through the acquisition of Enertopia’s adjacent project. We were also fully funded to continue work at the Pilot Plant and proceed with a Feasibility Study, ongoing since March, under the direction of international consulting firm Wood Plc.

Cypress completed its license purchase agreement with Chemionex for DLE technology, which is a key component of the Pilot Plant. Using chloride leaching along with DLE, our process team successfully produced concentrated lithium solutions from which Saltworks Technologies produced 99.94% pure
lithium carbonate. This milestone shows we can produce +99.5% “battery-grade” lithium carbonate using material from the Project and represents a major achievement by the team and our technology.

To complete a key part of the process, we engaged thyssenkrupp nucera for the Feasibility design of the Chlor-alkali plant. Their engagement was secured late in the year and based on their experience in both designing and constructing CA plants, bringing us a step closer to a future lithium operation and a Feasibility Study which we expect to complete in the first half of this year.

Throughout 2022, we introduced the Company to prospective investors in different markets and were encouraged by the level of interest for a U.S. lithium project at Cypress' stage. The team also reviewed business opportunities that could contribute to the growth of the company, including alternative energy
solutions, but with a firm focus on the Project through testing and feasibility related studies.

In the year ahead, we look forward to continued progress with completion of the Feasibility Study and advancing the Project through permitting. At the Pilot Plant we remain focused on data generation to validate the process and make improvements to test equipment and alternate processing conditions
that could have impact on the Project and potential future partners or clients.
We are grateful for the support and hard work of our team and shareholders, and we look forward to continuing our progress into 2023 and beyond.

- Dr. Bill Willoughby

President & CEO