FEASIBILITY STUDY HIGHLIGHTS

• After-tax NPV (using 8% discount rate) of $4.01 billion based on price assumptions of $24,000 per tonne ("/t") for lithium carbonate ("Li₂CO₃") and $750/dry metric tonne ("dmt") for Sodium Hydroxide ("NaOH")
• After-tax internal rate of return ("IRR") of 27.4%
•  Integrated patent-pending processing flowsheet, incorporating hydrochloric acid leaching, Direct Lithium Extraction ("DLE"), chlor-alkali processing, and on-site production of battery-grade lithium carbonate, validated through four years of pilot plant operations in Nevada
• Large, long-life U.S.-based lithium development project, with Proven and Probable Reserves supporting a mine life exceeding 60 years
• Economic analysis based on a 40-year production schedule, with planned life-of-mine average production of approximately 26,500 tonnes per annum ("tpa") of battery-grade lithium carbonate
• Initial Phase 1 throughput of 7,500 tonnes per day ("tpd"), expanding to 15,000 tpd in Year 5 (Phase 2)

Capital and Operating Costs

• Phase I capital cost of $997 million compared to $1.537 billion in the 2024 Study
• Phase 2 expansion capital of $660 million compared to $651 million in the 2024 Study
• Average operating cost of $22.45 per tonne of mill feed, equivalent to $4,389 per tonne of lithium carbonate, compared to $8,223 per tonne in the 2024 Study
• Project revenues from surplus sodium hydroxide equivalent to $5,393/t of lithium carbonate produced. When treated as a co-product credit, this would result in a net operating cost below zero

Mineral Resource and Reserve

• Measured and Indicated Mineral Resources of 1.138 billion tonnes at 966 parts per million ("ppm") lithium, containing 5.852 million tonnes lithium carbonate equivalent ("LCE")
• Proven and Probable Mineral Reserves of 287.65 million tonnes at 1,149 ppm lithium, containing 1.759 million tonnes LCE

VANCOUVER, BC, Feb. 23, 2026 /PRNewswire/ - Century Lithium Corp. (TSXV: LCE) (OTCQX: CYDVF) (Frankfurt: C1Z) ("Century Lithium" or "the Company") is pleased to announce the results of an updated National Instrument 43-101 ("NI 43-101") compliant Feasibility Study ("2026 Feasibility Study") for its 100%-owned Angel Island Lithium Project ("Angel Island") located in Esmeralda County, Nevada, USA.

The 2026 Feasibility Study incorporates the results of continued metallurgical testing, engineering optimization, refinement of the mine plan, and updated capital and operating cost estimates for Angel Island. The study demonstrates strong project economics, including an after-tax net present value ("NPV") of $4.01 billion.

No material changes were made to the Mineral Resource or Mineral Reserve estimates used in the "NI 43-101 Technical Report on the Feasibility Study of the Clayton Valley Lithium Project, Esmeralda County, Nevada, USA", dated April 29, 2024 ("2024 Study") and are used in their entirety in the 2026 Feasibility Study. 

All currency amounts in this news release are expressed in U.S. dollars.

2026 FEASIBILITY STUDY SUMMARY

The 2026 Feasibility Study confirms the technical and economic viability of developing the Angel Island project as a significant domestic source of battery-grade lithium carbonate in the United States.

Mining is planned as a conventional open-pit operation extracting lithium-bearing claystone mineralization. Mined material will be processed on-site using hydrochloric acid leaching, solid-liquid separation, Direct Lithium Extraction ("DLE"), lithium carbonate precipitation, and an integrated chlor-alkali plant, resulting in on-site production of battery-grade lithium carbonate.

The 2026 Feasibility Study reconfigures Angel Island into a two-phase development plan, consisting of an initial 7,500 tpd operation with expansion to 15,000 tpd. The third expansion phase contemplated in the 2024 Study was removed, simplifying project execution and reducing overall capital requirements.

Bill Willoughby, President and CEO of Century Lithium commented:

"The results of the 2026 Feasibility Study represent a material improvement. These results were made possible by Century Lithium's team who, through many steps of optimization including those at the Company's pilot plant, have delivered a more efficient development plan for the Project. In the 2026 Feasibility Study, this streamlined process is reflected in equipment and related infrastructure, importantly in electrical demand, and is seen in the resulting capital and operating cost estimates."

CAPITAL AND OPERATING COSTS

A Class 3 capital cost estimate was prepared in accordance with AACE guidelines, and Canadian Institute of Mining Metallurgy and Petroleum ("CIM") Best Practices. The updated costs were developed using second-quarter 2025 data.

• Phase 1 (7,500 tpd) initial capital cost: $997 million
• Phase 2 (15,000 tpd) expansion capital cost: $660 million

Reductions to estimated capital costs in the 2026 Feasibility Study relative to the 2024 Study are attributable to:

• Elimination of a previously planned third production phase
• Simplification of project scope and installed capacity
• Refinement of the mine scheduling and equipment selection
• Processing flowsheet optimization informed by pilot plant operations
• Updated vendor pricing and construction cost inputs

Operating costs benefit materially from Angel Island's planned vertically integrated chlor-alkali facility, which generates hydrochloric acid and produces surplus sodium hydroxide for sale.

• Average operating cost – Phase 1: estimated $30.59/t of mill feed
• Average operating cost – Phase 2: estimated $22.16/t of mill feed

MINERAL RESOURCES AND MINERAL RESERVES

Mineral Resource and Mineral Reserve estimates used in the 2026 Feasibility Study are unchanged from the prepared in accordance with NI 43-101 and CIM Definition Standards.

Mineral Resources (inclusive of Mineral Reserves):

• Measured and Indicated: 1.138 billion tonnes at 966 ppm lithium, containing 5.852 million tonnes LCE
• Inferred: 187.28 million tonnes at 820 ppm lithium

Mineral Reserves:

• Proven and Probable: 287.65 million tonnes at 1,149 ppm lithium, containing 1.759 million tonnes LCE
• Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability

ECONOMIC ANALYSIS indicates Angel Island remains economically attractive across a wide range of commodity price and cost assumptions, with lithium price representing the most significant driver of Angel Island's value.

Using a base-case lithium carbonate price of $24,000/t and an 8% discount rate, Angel Island generates:

• After-tax NPV: $4.01 billion
• After-tax IRR: 27.4%
• Profitability Index: 4.0

Sensitivity analysis indicates Angel Island remains economically attractive across a wide range of commodity price and cost assumptions, with lithium price representing the most significant driver of Angel Island's value.

NEXT STEPS

Century Lithium will continue to advance Angel Island toward development through submission of plan of operations, permitting, detailed engineering, and engagement with interested parties as the Project progresses toward a construction decision. Integral to these key steps are:

• Recent appointment of Cormac O'Laoire, PhD to advise the Company in discussions with potential downstream partners and offtake interests. The Company continues to make inroads in Washington DC and Nevada to convey the importance of Angel Island for a secure North American supply chain.
• Further evaluation of the economic potential for rare earth elements ("REE") recovery at Angel Island.
• Engagement of BMO Capital Markets to assist the Company in its efforts towards securing strategic interests and development funding.
• Addition, in 2025 to the US Federal Permitting Dashboard for FAST-41 transparency status. Inclusion to FAST-41 increases the Project's exposure to federal agencies and stakeholders to accelerate the permitting process.

SUMMARY OF 2026 NI 43-101 FEASIBILITY STUDY

This summary forms an integral part of this news release.

An NI 43-101 Feasibility Study on the Angel Island Lithium Project was prepared to update metallurgical results, mine planning assumptions, and capital and operating cost estimates relative to the 2024 Study.

Unless otherwise stated herein, Mineral Resource and Mineral Reserve estimates, geological interpretations, and environmental and permitting assumptions remain materially unchanged from the 2024 Study.

Property Description, Location, and Tenure

Angel Island is located in Esmeralda County, Nevada, USA, approximately 354 km southeast of Reno. Angel Island comprises 503 unpatented mining claims (276 placer and 227 lode claims) covering approximately 2,286 hectares, held 100% by Cypress Holdings (Nevada) Ltd., a wholly owned subsidiary of Century Lithium Corp. Existing royalty arrangements remain unchanged.

Geology, Mineralization, and Deposit Type

Angel Island hosts a large, flat-lying sedimentary lithium claystone deposit within the Esmeralda Formation. Lithium mineralization occurs primarily within claystone, tuffaceous mudstone, and siltstone units. No material changes were made to the geological model, mineralization interpretation, or deposit classification from the 2024 Study.

Exploration, Drilling, Sampling, and Data Verification

The Mineral Resource and Mineral Reserve estimates are supported by 45 drill holes totaling approximately 3,955 meters, completed between 2017 and 2022. Drilling includes conventional core and sonic drilling. Sample preparation, analytical methods, QA/QC protocols, and data verification procedures remain unchanged from the 2024 Study and meet CIM and NI 43-101 standards.

Mineral Resource Estimate (Unchanged from 2024 Study)

The Mineral Resource estimate has an effective date of April 29, 2024, and remains unchanged in the 2026 Feasibility Study.

Measured and Indicated Mineral Resources:

• 1.138 billion tonnes at an average grade of 966 ppm lithium, containing 5.852 million tonnes LCE

Inferred Mineral Resources:

• 187.28 million tonnes at an average grade of 820 ppm lithium, containing 0.817 million tonnes LCE

Mineral Resources are constrained by a pit shell using a 200 ppm lithium cut-off grade and assume a bulk density of approximately 1.5 tonnes per cubic meter ("t/m³"). Mineral Resources are inclusive of Mineral Reserves. Higher recoveries demonstrated through pilot-scale testing were determined to not materially affect the selected cut-off grade or the reported Mineral Resource tonnage or grade.

Mineral Reserve Estimate (Unchanged from 2024 Study)

The Mineral Reserve estimate also has an effective date of April 29, 2024, and remains unchanged.

Proven and Probable Mineral Reserves:

• 287.65 million tonnes at an average grade of 1,149 ppm lithium, containing 1.759 million tonnes LCE

Mineral Reserves are reported at a 900 ppm lithium cut-off grade, which is approximately 4.5 times the calculated break-even cut-off grade, and support a mine life exceeding 60 years, with a 40-year production schedule used in the economic analysis.

Mining Methods and Production Schedule

Mining will be conducted as a conventional open-pit operation using free-digging equipment, including dozers, shovels, and haul trucks. No drilling or blasting is required.

The mine plan reflects a two-phase development strategy:

Phase 1: 7,500 tpd of mill feed

Phase 2: expansion to 15,000 tpd

A previously planned third expansion phase was eliminated. The production schedule prioritizes near-surface, higher-grade mineralization in the early years, reducing waste movement and improving capital efficiency.

Mineral Processing and Metallurgy

The processing flowsheet consists of:

• High-pH attrition scrubbing
• Hydrochloric acid leaching
• Neutralization and pressure filtration with dry-stack tailings
• Direct Lithium Extraction
• Lithium carbonate precipitation, drying, and packaging
• Reagent generation via on-site chlor-alkali plant

Metallurgical assumptions are supported by multi-year pilot plant operations through mid-2025. Leach extraction of approximately 90% was demonstrated, resulting in an overall lithium recovery of approximately 84%. A final lithium carbonate product grading >99.9% purity was consistently achieved.

Angel Island facilities include an integrated chlor-alkali plant producing hydrochloric acid and sodium hydroxide. Surplus sodium hydroxide, as produced in excess in conjunction with the design production of hydrochloric acid, is expected to be sold, contributing substantial additional revenue and thereby reducing effective operating cost.

Capital Costs

A Class 3 capital cost estimate was prepared in accordance with AACE International guidelines. The updated costs were developed using second-quarter 2025 data: 

• Phase 1 (7,500 tpd) initial capital cost: estimated $997.4 million
• Phase 2 (15,000 tpd) expansion capital cost: estimated $660.2 million

Reductions to estimated capital costs relative to the 2024 Study are attributable to the elimination of a third production phase, simplification of installed capacity, processing flowsheet optimization, and updated vendor and construction cost inputs.

The chlor-alkali plant cost is $481.5 million in Phase 1 and $256.8 million in Phase 2, included in Processing Facilities, and is vendor all-in turn-key constructed costs, inclusive of indirect costs, owners' costs and contingency. 

Operating Costs

Average operating cost estimates were updated based on refined mine scheduling, updated reagent consumption, and pilot-validated process parameters.

Average operating cost: approximately $22.45/t of mill feed, or $4,389/t of lithium carbonate.

Sodium hydroxide by-product revenue is equivalent to $5,393/t of lithium carbonate. If credited against operating costs (which was not done in the average operating cost above), base operating costs would be negative.

Economic Analysis

The economic analysis of Angel Island was done using a discounted cash flow ("DCF") model using only the first 40 years of project life. Cash flows in the model were based on second-quarter 2025 U.S. dollars with no escalation of costs or revenues. The DCF model uses a base-case discount rate of 8%. Financing costs were excluded from the valuation.

The analysis includes generating gross sales from lithium carbonate and sodium hydroxide, before-tax cash flow, which is gross sales minus operating costs, and after-tax cash flow, which is before-tax cash flow minus taxes and capital costs. The NPV and IRR were calculated from the DCF.

The economic analysis uses a base-case lithium carbonate price of $24,000/t and an 8% discount rate.

• After-tax NPV: $4.01 billion
• After-tax IRR: 27.4%
• Profitability Index: 4.0

Sensitivity to Lithium Carbonate Price

Sensitivity analyses demonstrate Angel Island economics are most sensitive to lithium price and remain robust across a wide range of cost and price assumptions.

Environmental, Permitting, and Social Considerations

Baseline environmental studies are complete. Permitting is expected to proceed under the National Environmental Policy Act ("NEPA") through the US Bureau of Land Management. Angel Island is currently in the permitting stage, with no material changes to the permitting pathway outlined in the 2024 Study.

Interpretation and Conclusions

The 2026 Feasibility Study concludes that the Angel Island project is technically and economically viable, with improved capital efficiency, reduced execution risk, and robust long-term economics. The simplified two-phase development plan, extensive metallurgical validation, and integrated chlor-alkali process support Angel Island's competitiveness as a domestic US. source of battery-grade lithium carbonate.

In addition, the integrated chlor-alkali process also provides environmental and operational advantages relative to sulfuric acid-based systems, including on-site reagent production.

Recommendations

Work recommended to advance Angel Island and continue project development is as follows:

• A Plan of Operations ("PoO") should be completed and filed with the BLM to initiate the National Environmental Policy Act ("NEPA") process; and begin the permitting process with the State of Nevada to work concurrently with the federal process.
• Additional geotechnical data should be collected to supplement the existing characterization data and further support the tailings storage facility (TSF) design, infrastructure foundation design for the processing plant and load bearing capacity of materials in the pit during mining.
• Additional pilot testing should be completed on deeper material from claystone zones 1 and 2 collected previously, to further confirm the metallurgy of these materials.
• Infrastructure work should be completed as follows: 1) initiate preliminary engineering studies with NV Energy for the interconnection of the Project to the electrical grid, 2) define a water source for the Project with a drilling program using piezometers and other pumping tests to be developed under the Company's water rights permit, and 3) locate local sources of barrow material for construction use at the Project.
• Detailed engineering should begin when the NEPA process commences and be completed in appropriate phases to develop the Project design to a level sufficient to support procurement, construction planning, and financing.
• A supplemental infill drilling program is recommended, though not required, with the following goals: 1) collect additional data for the Project's Phase 1 economic and mining models, 2) material for additional density test work, and 3) material for geotechnical test work.

QUALIFIED PERSON RESPONSIBILITY MATRIX

QUALIFIED PERSON

The technical information contained in this news release has been reviewed and approved by Richard W. Jolk, P.E., an independent Qualified Person as defined under National Instrument 43-101.

DISCLOSURE

Further information about Angel Island, including a description of the key assumptions, parameters, description of sampling methods, data verification and quality assurance/quality control programs, methods relating to Mineral Resources and Mineral Reserves and factors that may affect those estimates will be contained in a NI 43-101 Technical Report on the Feasibility Study of the Angel Island Lithium Project. Following Section 3.4 of NI 43-101 the report will be available on SEDAR+ and on the Company's website within 45 days of the date of this news release.

ABOUT CENTURY LITHIUM CORP.

Century Lithium Corp. is an advanced-stage lithium development company focused on its 100%-owned Angel Island lithium project in Esmeralda County, Nevada. Angel Island hosts one of the largest known sedimentary lithium deposits in the United States and is designed with an integrated, end-to-end process for the on-site production of battery-grade lithium carbonate to support the electric vehicle and battery storage markets.

The Company has developed a patent-pending process that incorporates hydrochloric acid leaching combined with direct lithium extraction to produce battery-grade lithium carbonate. As part of the integrated chlor-alkali process, Angel Island is designed to produce sodium hydroxide as a co-product, with planned surplus sales expected to lower operating costs, reduce reliance on externally sourced reagents, and minimize environmental impacts.

The Angel Island Project is currently advancing through the permitting process.

Century Lithium trades on the TSX Venture Exchange under the symbol "LCE" the OTCQX under the symbol "CYDVF", and on the Frankfurt Stock Exchange under the symbol "C1Z".

To learn more, please visit centurylithium.com.

ON BEHALF OF CENTURY LITHIUM CORP.

WILLIAM WILLOUGHBY, PhD., PE
President & Chief Executive Officer

centurylithium.com

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS RELEASE.

Cautionary Note Regarding Forward-Looking Statements

This release contains certain forward-looking statements within the meaning of applicable Canadian securities legislation. In certain cases, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" and similar expressions suggesting future outcomes or statements regarding an outlook.

Forward-looking statements relate to any matters that are not historical facts and statements of our beliefs, intentions and expectations about developments, results and events which will or may occur in the future, without limitation, statements with respect to the potential development and value of the Project and benefits associated therewith, statements with respect to the expected project economics for the Project, such as estimates of life of mine, lithium prices, production and recoveries, capital and operating costs, IRR, NPV and cash flows, any projections outlined in the Feasibility Study in respect of the Project, the permitting status of the Project and the Company's future development plans.

These and other forward-looking statements and information are subject to various known and unknown risks and uncertainties, many of which are beyond the ability of the Company to control or predict, that may cause their actual results, performance or achievements to be materially different from those expressed or implied thereby, and are developed based on assumptions about such risks, uncertainties and other factors set out herein. These risks include those described under the heading "Risk Factors" in the Company's most recent annual information form and its other public filings, copies of which can be under the Company's profile at www.sedarplus.com. The Company expressly disclaims any obligation to update-forward-looking information except as required by applicable law. No forward-looking statement can be guaranteed, and actual future results may vary materially. Accordingly, readers are advised not to place reliance on forward-looking statements or information. Furthermore, Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.

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