Cullinan Metals Corp. announced that further to its news release dated August 21, 2023, it has entered into another non-binding letter of intent with a vendor to acquire a 100% interest in and to a series of highly prospective lithium mineral properties located in Northern Quebec. The LOI is dated July 26, 2023, and it includes a series of mineral projects located in Quebec, commonly referred to as "James Bay Pegmatite", "James Bay Spodume", "VS Lithium", "VN Lithium", and "Wells Lake".

The Properties. Geologically, James Bay Pegmatite and James Bay Spodumene are located in the Superior geological province, which consists predominantly of amphibolite grade mafic to felsic metavolcanics, metasediments and minor gabbroic intrusions. Pegmatites occur as sharply bounded homogeneous to zoned bodies within igneous or metamorphic host rocks.

Wells Lake is a part of the Grenville Series of rocks which are mainly comprised of quartzofeldspathic, garnetiferous paragneiss and limestone /marble beds. Quartzites are the least abundant of rocks in this Series. The igneous rocks which have invaded the metasedimentary sequence consist of gabbros, monzonites, anorthosites and diabase.

Pursuant to the terms of the LOI, the Company was granted the right to conduct a full due diligence investigation on the Properties. This includes the right to visit the Properties and to conduct preliminary sampling and exploration work to the extent permitted by applicable mining laws. Upon discovery of spodumene mineralization on any of the Properties, the relevant Vendor and the Company will execute either: a) An assignment and assumption agreement pursuant to which the Vendor will assign to the Company all rights and interests to the property purchase options agreements; and/or.

b) A property purchase agreement pursuant to which the vendor will grant all rights and interests in and to the Properties to Cullinan. The considerations for the Option Agreement and/or Purchase Agreement will be negotiated between the Vendor and Cullinan immediately after the Discovery.