• Developed specifically from lithium chemistry, FCL's Fire Suppressant Solution ("FSS") neutralizes the chemical reactions that cause lithium battery fires

• Testing by a renowned third-party laboratory confirms the efficacy of the FSS

• The FSS was invented by FCL and is subject to intellectual property protection

• Global market requires effective lithium battery fire fighting solutions like FCL's FSS to support the EV transition

TORONTO, Nov. 14, 2023 /CNW/ - Full Circle Lithium Corp. ("FCL" or the "Company") (TSXV: FCLI) (OTCQB: FCLIF), a USA-based lithium products manufacturer and recycler with a highly experienced technical team and a fully permitted lithium processing plant in Georgia, is pleased to provide an update on its proprietary fire suppressant solution ("FSS") invention, a unique solution for lithium battery fires.

The Company's unique and innovative FSS invention is progressing through a number of tests being conducted by a recognized US-based testing facility to verify FCL's internal positive results. The initial test results from this third-party lab are exceedingly positive for FCL's FSS and have confirmed internal results:

• The first test consisted of igniting a collection of nineteen 1865 cylindrical lithium-ion batteries and testing the FSS properties on this fire and comparing those results to extinguishment using only water. Using only half of a liter of the FSS, the fire was extinguished in less than 5 seconds and, importantly, the fire did not reignite. Water only put out the battery fire momentarily, but the batteries reignited after three water applications due to heat generated from the reaction.

• The second test consisted of igniting a larger e-bike lithium battery. Again, using only 0.75 liters of the FSS, the fire was extinguished in less than 5 seconds, and it did not reignite. Conversely, with considerably more volume of water, the e-bike battery fire did initially go out, but it reignited after three water applications and took one hour to cool to ambient temperature.

• The last test will consist of igniting 50 kWh EV Lithium-ion batteries and running the same tests comparing FCL's FSS versus water.

"Battery fires are a serious and growing problem for the global EV and lithium battery industry that require a specially developed lithium chemistry-based fire-fighting solution, not currently available in the market. We believe our FSS may well be a cornerstone fire-fighting solution for this problem," commented Carlos Vicens, FCL's CEO. "We look forward to completion of third-party testing of our specialty solution, and then formulating a commercialization plan for the benefit of the EV and lithium battery industry and our stakeholders."

Lithium battery fires are complex chemical reactions that are difficult to fight with conventional means. In addition, lithium battery fires are highly toxic, including emitting hydrofluoric acid and other gases that can potentially be lethal. FCL's FSS neutralizes the battery fire causing reactions so that these toxins do not continue to be created and released into the environment. FCL's FSS proprietary active ingredients are safe, significantly reduce water usage, and are environmentally friendly.

Initial market assessment analysis of specialty fire suppressants for the lithium battery industry indicated a very significant and growing global problem and business opportunity with currently no known effective fire-fighting solutions available that are rooted in lithium chemistry, environmentally safe, and practical to deploy in a broad range of lithium battery fire scenarios. The Company believes that FCL's FSS has a first-mover advantage in what it foresees as a very significant global business opportunity.

The Company also wishes to correct its previous announcement on September 6, 2023, regarding the option grant to TLG Growth Capital ("TLG"). A total of 375,000 options (the "Options") were granted to TLG, rather than 500,000 options which was previously announced. The Options have an exercise price of $0.70 and expire on September 5, 2028.