May 8, 2024

Grid Battery Metals Inc.

(TSXV: CELL / OTC: EVKRF) BUY
Current Price: C$0.05
Advancing Lithium Projects Near Established Players in Fair Value: C$0.22
Risk: 5
Nevada – Initiating Coverage
Sector: Junior Resource Click here for more research on the company and to share your views
Highlights
➢ Grid is advancing a portfolio of four Electric Vehicle (EV) metal projects in Nevada, and B.C. Nevada is one
of the most attractive mining jurisdictions in the world, hosting Albemarle’s (NYSE: ALB) Silver Peak Sid Rajeev, B.Tech, CFA, MBA
mine, the only lithium producing mine in North America. Head of Research
➢ The mineralization of CELL’s lithium projects (Texas Spring, Clayton Valley, and Volt Canyon) is similar to
that of advanced stage projects in Nevada, such as Lithium America’s (NYSE: LAC/MCAP: $1.4B) Thacker Nina Rose Coderis, B.Sc (Geology)
Pass project, and projects held by Ioneer (ASX: INR/ MCAP: $449M), American Lithium (TSXV: LI/MCAP: Equity Analyst
$196M), and Surge Battery Metals (TSXV: NILI/ MCAP: $63M). Based on the projects’ similarities and
proximity, we see opportunities for M&A/consolidation in the region.
➢ CELL's management was responsible for the discovery of Surge's North Nevada Lithium Project (NNLP). Price Performance (1-year)
Following their departure from Surge, the team established CELL by acquiring the nearby Texas Spring
Lithium Project. $0.25 6,000,000

➢ At Texas Spring, CELL has delineated two zones of mineralization with high grades of up to 5,610 ppm
5,000,000
Li. We note that grades of comparable projects in Nevada typically range between 700 and 2,000 ppm. $0.20

Management is planning a drill program, followed by a maiden resource estimate. 4,000,000

➢ The Clayton Valley property is adjacent to the Silver Peak mine, and Century Lithium’s (TSXV: LCE/MCAP: $0.15
3,000,000
$70M) advanced-stage lithium project. CELL has commenced an exploration program including geophysical
$0.10
surveys, and soil sampling. 2,000,000
➢ CELL also owns a nickel project in B.C., near FPX Nickel’s (TSXV: FPX) Decar project, which hosts one of $0.05
1,000,000
the largest undeveloped nickel deposits in the world. Earlier this, Sumitomo Metal Mining (TSE: 5813) acquired
a 10% interest in FPX for $14M. CELL is spinning out this project into a new publicly listed entity in the $- 0
coming weeks. SP (LHS) Vol (RHS)
➢ Lithium prices are down 37% YoY, but up 24% YTD to US$15.4k/t vs the five-year average of US$21k/t. We
believe prices will be under pressure amid slower global GDP, and EV sales growth, and increasing supply.
That said, we maintain a positive outlook on juniors focused on EV metals. Battery/EV YTD 12M
manufacturers/miners are actively seeking stable/long-term supply sources. CELL -38% 0%
➢ Based on our review of all the published data, we are assigning a preliminary speculative estimate of 0.7 TSXV 7% -4%
Mt Lithium Carbonate Equivalent (LCE) on Texas Spring. Based on this estimate, we note that CELL is trading
at $4/t vs the sector average of $51/t. The company has $6.5M in working capital, implying that liquid assets
account for 68% of the current MCAP. Company Data
➢ Upcoming catalysts include drilling, and positive sentiment towards juniors focused on EV metals. We note
that delineating a lithium resource is a faster and cheaper process vs mainstream metals such as gold and 52 Week Range $0.04 – $0.22
copper.
Shares O/S 188M
Market Cap. $9M
Risks
➢ The value of the company is dependent on lithium prices Yield (forward) N/A
➢ Access to capital and share dilution P/E (forward) N/A
➢ Exploration and development P/B 1.0x
➢ No NI 43-101 compliant resource estimate
➢ No assurance that the company will be able to advance all of its projects simultaneously

Key Financial Data (FYE - June 30)

(C$) Q2-FY2024
Cash $5,050,997
Working Capital $7,671,315
Mineral Assets $1,387,390
Total Assets $9,126,330
Net Income (Loss) $8,958

EPS $0.00
*See last page for important disclosures, rating and risk definitions. All figures in C$ unless otherwise specified.

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Portfolio Summary

Grid Battery's Portfolio

Three early-stage
lithium projects in
Nevada, and one
nickel project in B.C.

Lithium Projects Map

Two flagship assets:

Texas Spring and
Clayton Valley

Source: Company

Nevada
Nevada is the second largest producer of non-fuel minerals in the U.S. Its
primary commodities include copper, diatomite, gold, and sand gravel. The state
has been producing lithium since 1966.

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Value of Nonfuel Minerals Produced by State

Nevada is well-
known for its
claystone lithium
deposits

Source: USGS

2022 Investment Attractiveness Index

In 2022, Nevada
was ranked the most
attractive mining
jurisdiction in the
world, per the Fraser
Institute’s survey of
mining and
exploration
companies

Source: Fraser Institute

The Clayton Valley According to the U.S. Geological Survey (USGS), the U.S. hosts
hosts America’s lone approximately 12 Mt of lithium resources or approximately 12% of global
lithium mine, and resources. Silver Peak is the only commercial lithium mine in North America,
several advanced accounting for 2% of global production. We believe the discrepancy between
stage lithium
projects production and resources in the U.S. suggests significant potential for the country
to become a major global producer.

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In 2022, the U.S. introduced the “Inflation Reduction Act”, which includes
provisions aimed at encouraging the production of EVs and their batteries within
North America. We note that battery/EV manufacturers/miners are actively seeking
stable/long-term supply sources in the country. In early 2024, the U.S. Department
of Energy (DOE) approved a US$2.3B loan to Lithium Americas to finance the
construction of a lithium processing facility at its Thacker Pass project. CELL’s
Texas Spring project is located east of the Thacker Pass project in northern
Nevada.

Currently, over 25% of the U.S.’ lithium consumption is imported, suggesting a

The U.S. imports need for domestic producers. We believe these reasons, and the relatively lower
25% of its lithium exposure to political, geographic, and currency risks, offers companies such as
consumption
CELL a significant advantage over comparable juniors focused on South America.

Texas Spring Lithium Project

This 349-hectare property, located in Elko County, Nevada, is adjacent to Surge
Battery’s NNLP, which hosts the highest-grade lithium resource in the U.S. (4.7
Mt LCE at 2,839 ppm Li).

Located 73 km Location Map

northeast of Wells,
Nevada, and
adjacent to Surge
Battery’s NNLP

The project can be

accessed through a
gravel road

Prospective for
lithium clay deposits

We note that grades

of clay deposits
typically fall between Source: Company
those of brine and
pegmatites
Mineralization
Lithium primarily occurs in three types of deposits: pegmatites (hard rock), brines,
Brine and clay and clays. Pegmatites and brines account for most of the global resource-base.
deposits typically
exhibit higher
Exploration for lithium clay mineralization is relatively new. Currently, there is no
tonnage active commercial mining of lithium clay deposits. However, recent
developments have demonstrated the feasibility of extracting lithium from clays
through leaching, filtration, purification, concentration, and electrolysis, ultimately
yielding lithium hydroxide.

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Texas Spring has been subject to surface sampling, and geophysical surveys. Soil
sampling has identified two zones of mineralization: one in the northwest
measuring 0.85 km long by 0.47 km wide, and another in the southeast measuring
0.20 km long by 0.17 km wide. We note that Texas Spring’s average grade (2,010
ppm Li) is comparable to that of NNLP’s 2,839 ppm.

Summary of 2023 Surface Sampling Results

Sampling returned
bonanza lithium
grades of up to
5,610 ppm Li;
grades in the region
typically range Two Mineralized Zones
between 700 and
2,000 ppm

Source: Company

Preliminary Speculative target (FRC Estimate)

Based on our review of all the published data, we are assigning a preliminary
speculative estimate of 0.7 Mt LCE on Texas Spring.

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Potential for a high-

grade resource

Source: FRC

Management is planning a four-six hole drill program, followed by a maiden

resource estimate by the end of this year. We note that delineating a lithium
resource is a faster and cost-effective process vs mainstream metals such
as gold and copper.

Clayton Valley Lithium Project

This 640 ha property borders Albemarle’s Silver Peak lithium project. The Silver
Located Peak mine has been producing lithium since the 1960s.
approximately 273
km southeast of Project Location
Reno, and 315 km
from Tesla’s
(NASDAQ: TSLA)
Gigafactory

Well-established
infrastructure
including access to
paved highways,
country roads, and a
power station

Adjacent to
Albemarle’s Silver
Peak mine, and
Century Lithium’s Source: Company
Clayton Valley
project
Last month, Century Lithium completed a robust feasibility study, based on
annual production of 34,000 tonnes LCE over 40 years. The project’s initial CAPEX
is US$1.5B. The study returned an AT-NPV8% of US$3.01B, with an AT-IRR of
17.1%, using US$24,000/t LCE, and cash costs of US$8,223/t.

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The project is located in the Clayton Valley – a closed basin hosting multiple layers
of lithium-bearing volcanic ash containing lithium brine and clay deposits. Past
Potential to host
both lithium brine exploration and drilling (three holes/356 m) returned encouraging results (172 ppm
and clay deposits to 576 ppm Li), but inadequately assessed the claystone potential of the property.
Management intends to pursue a drill program, upon completing an ongoing
geophysics/soil sampling program.

Volt Canyon Lithium Project

Project Location

This 653 ha project

is located 122 km
northeast of
Tonopah, and 150
km south of the
Thacker Pass
project

Source: Company

The property is prospective for lithium-bearing clay deposits similar to Clayton

Valley deposits. Management is completing a NI 43-101 compliant geological
report, and awaiting results of a soil sampling program, prior to commencing follow-
up surface sampling, and drilling.

Grid Battery Metals Nickel Project

Project Location
Five mineral claims
covering 5,000+ ha
in central B.C.

Favorable location
and infrastructure
including
hydroelectric power,
and rail access

Adjacent to FPX
Nickel’s Decar nickel
project – one of the
largest undeveloped
nickel projects in the
world

Source: Company

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Exploration Targets

Prior exploration has

delineated a 1.4 km
x 0.5 km mineralized
footprint, with nickel
values ranging
between 1,000 and
2,696 ppm

58% of samples
returned >1,800
ppm Ni

Source: Company

The property's geology and mineralization resemble FPX's awaruite deposits,

known for their large-scale and consistent grades, despite typically being low-
grade.
FPX’s Baptiste Project - 2023 PFS
Highlights 2023 PFS

Pre-tax NPV (8% discount rate) US$2.92 billion

Pre-tax IRR 19%

A 2023 PFS Payback period (pre-tax) 4.6 years

returned an AT- After-tax NPV (8% discount rate) US$2.01 billion

NPV8% of US$2B, After-tax IRR 18.6%
using US$8.75/lb Ni
Payback period (after-tax) 3.7 years
C1 Operating cost- US$3.70/lb
Operating Costs
nickel
Assumptions
108,000 tonnes per day (Phase
1)
Processing throughput
Earlier this year, 162,000 tonnes per day (Phase
2)
FPX received a
Mine life 29 years
$14M equity Life-of-mine stripping ratio
0.56:1
financing from (tonnes:tonnes)
Life-of-mine average annual nickel
Sumitomo Metal production
132 million lbs.

LME Nickel price US$8.75/lb

Baptiste product payability (% of
95%
nickel price)
Pre-production capital expenditures US$2.18 billion

Sustaining capital expenditures US$1.18 billion

Exchange rate 0.76 US$/C$

* All figures in Canadian $ except stated otherwise

Source: FPX Nickel

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CELL is spinning out this project into a new TSXV listed entity in the coming
weeks. Once the transaction is completed, shareholders of CELL will receive a
share of the new company for every 20 CELL shares held.

Management and Directors

Share Ownership

Management and
board own 1.73%

Source: Management Information Circular / FRC

Brief biographies of the management team and board members, as provided by

the company, follow:

Tim Fernback – President and CEO

Mr. Fernback brings over 30 years of experience in financing public and private
companies in Canada. Mr. Fernback obtained a Bachelor of Science, Honours
(B.Sc.) from McMaster University in Hamilton, Ontario and a Master of Business
Administration (MBA) with a concentration in Finance from the University of British
Columbia. Mr. Fernback is a former investment banker and venture capitalist, and
has acted as either CFO or CEO for several successful public companies in the
past. He holds a Certified Professional Accounting (COA, CMA) designation in
Canada and is currently director of several publicly traded companies in Canada.

Robert Guanzon – CFO

Mr. Guanzon serves as Chief Financial Officer for the company, and has held this
position for several junior resource companies listed on the TSXV in the past. Mr.
Guanzon holds a Bachelor of Science degree in Accounting, a Certified
Professional Accounting (CPA, CMA) designation and brings extensive experience
in dealing with financial and accounting matters as well corporate strategy.

Jay Oness – Director

Mr. Oness has extensive experience in all aspects of corporate management with
particular strengths in strategic planning, business development & investor
relations for public companies. He has served as a Director, senior executive and
consultant to public companies in resource and non-resource sectors over a

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successful 20 year career. He is currently VP, Business/Corporate Development of

Southern Silver Exploration Corp.

Robert Setter – Director

Mr. Setter is the former Senior Financial Editor for Report on Mining and has been
consulting with publicly trading companies for over a decade. He sits on the boards
of several mining companies and holds a degree in Economics from UBC. Since
2000 he has held several key positions including Research Manager, Corporate
Research and Analytics and has been involved in the launch of dozens of new
enterprises assisting with financing, cash flow forecasting, strategic client
acquisition and planning.

Ali H. Alizadeh – Director

Mr. Alizadeh is a senior geologist possessing extensive experience in mineral
exploration & project management. He graduated with a Geology degree in 1991
a M.Sc. in Petrology in 1995 and an MBA at Queen’s University in 2010. He has
been responsible for a number of uranium, gold and base metal projects during his
exploration career with various exploration companies.

Our net rating on the

company’s
management team
is 3.8 out of 5.0

Strength of Board

Three out of four

directors are
independent

Source: FRC

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Outlook on Lithium
LCE Spot Prices

Lithium prices are

down 37% YoY, but
up 24% YTD to
US$15.4k/t vs the
five-year average of
US$21k/t

Source: Daily Metal Price

Mineral Composition of Batteries

Graphite and lithium

are the only two
primary inputs used
in all of the major
types of batteries

Source: Syrah

At the end of 2023, 40M EVs were in use globally, up from 10M at the end of 2020.
Per consensus forecasts, annual EV sales should increase to 35-40M by 2030, up
from 14M in 2023. We expect lithium demand in batteries will grow from 1
Mt/year currently, to 2.75 Mt/year by 2030.

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Global EV Sales

We believe lithium
demand growth will
outpace that of most
other EV metals
over the next
decade

Source: FRC

Lithium Demand vs Supply Forecasts

Demand is expected
to outpace supply in
the long-term

Source: S&P

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Financials
(C$) (FYE - June 30) Q2-FY2024

Cash $5,050,997

Working Capital $7,671,315

Current Ratio 585.4

Monthly Burn Rate (G&A) -$413,878

$7.67M in working Cash from Financing Activities $664,500

capital at the end of
Cash Spent on Properties -$869,353
December 2023
# of Options Exercise Price $ Raised

Total 14,000,000 $0.05 $700,000

In-the-Money - - -

# of Warrants Exercise Price $ Raised

Total 93,506,000 $0.06 $5,450,870

In-the-Money - - -

Source: FRC/Company

FRC Valuation and Rating

Lithium Clay Projects in Nevada

Lithium clay projects
in Nevada exhibit
high tonnage, and
have long mine
lives, with attractive
NPVs of US$1B+,
and IRRs of 20%+

Using our
preliminary
speculative estimate
of 0.7 Mt LCE on
Texas Spring, we
note that CELL is
trading at $4/t vs the
sector average of
$51/t

Source: FRC/ Various Companies

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We are initiating coverage with a BUY rating, and a fair value estimate of
$0.22/share. For conservatism, we have refrained from assigning any value to the
Applying $51/t to our company’s other projects, as well as the potential 5% stock dividend resulting from
resource estimate, the impending spin-off of the nickel project.
we are arriving at a
fair value estimate of Upcoming catalysts include drilling, and positive sentiment towards juniors focused
$0.22/share on EV metals. As Grid is a relatively new company, we believe it is currently flying
under the radar. The lack of an NI 43-101 compliant resource estimate may deter
investors. However, we believe our preliminary resource estimate in this report
should bolster market confidence. We anticipate the stock will gradually align
with our fair value as investor awareness of the company grows.

Risks
We believe the company is exposed to the following key risks (not exhaustive):

➢ The value of the company is dependent on lithium prices

We are assigning a
➢ Access to capital and share dilution
risk rating of 5
(Highly Speculative) ➢ No NI 43-101 compliant resource estimate
➢ Exploration and development
➢ No assurance that the company will be able to advance all of its projects
simultaneously

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Fundamental Research Corp. Equity Rating Scale:

Buy – Annual expected rate of return exceeds 12% or the expected return is commensurate with risk
Hold – Annual expected rate of return is between 5% and 12%
Sell – Annual expected rate of return is below 5% or the expected return is not commensurate with risk
Suspended or Rating N/A— Coverage and ratings suspended until more information can be obtained from the company regarding recent events.

Fundamental Research Corp. Risk Rating Scale:

1 (Low Risk) - The company operates in an industry where it has a strong position (for example a monopoly, high market share etc.) or operates in a regulated
industry. The future outlook is stable or positive for the industry. The company generates positive free cash flow and has a history of profitability. The capital structure
is conservative with little or no debt.

2 (Below Average Risk) - The company operates in an industry where the fundamentals and outlook are positive. The industry and company are relatively less
sensitive to systematic risk than companies with a Risk Rating of 3. The company has a history of profitability and has demonstrated its ability to generate positive
free cash flows (though current free cash flow may be negative due to capital investment). The company’s capital structure is conservative with little to modest use
of debt.

3 (Average Risk) - The company operates in an industry that has average sensitivity to systematic risk. The industry may be cyclical. Profits and cash flow are
sensitive to economic factors although the company has demonstrated its ability to generate positive earnings and cash flow. Debt use is in line with industry
averages, and coverage ratios are sufficient.

4 (Speculative) - The company has little or no history of generating earnings or cash flow. Debt use is higher. These companies may be in start-up mode or in a
turnaround situation. These companies should be considered speculative.

5 (Highly Speculative) - The company has no history of generating earnings or cash flow. They may operate in a new industry with new, and unproven products.
Products may be at the development stage, testing, or seeking regulatory approval. These companies may run into liquidity issues and may rely on external funding.
These stocks are considered highly speculative.

Disclaimers and Disclosure

The opinions expressed in this report are the true opinions of the analyst about this company and industry. Any “forward looking statements” are our best estimates
and opinions based upon information that is publicly available and that we believe to be correct, but we have not independently verified with respect to truth or
correctness. There is no guarantee that our forecasts will materialize. Actual results will likely vary. The analyst and Fundamental Research Corp. “FRC” does
not own any shares of the subject company, does not make a market or offer shares for sale of the subject company, and does not have any investment banking
business with the subject company. Fees were paid by CELL to FRC. The purpose of the fee is to subsidize the high costs of research and monitoring. FRC
takes steps to ensure independence including setting fees in advance and utilizing analysts who must abide by CFA Institute Code of Ethics and Standards of
Professional Conduct. Additionally, analysts may not trade in any security under coverage. Our full editorial control of all research, timing of release of the reports,
and release of liability for negative reports are protected contractually. To further ensure independence, CELL has agreed to a minimum coverage term including an
initial report and three updates. Coverage cannot be unilaterally terminated. Distribution procedure: our reports are distributed first to our web-based subscribers
on the date shown on this report then made available to delayed access users through various other channels for a limited time.

The distribution of FRC’s ratings are as follows: BUY (67%), HOLD (3%), SELL / SUSPEND (30%).
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