Spark Energy Minerals Exploration Program Confirms Li in 90% of Soil Samples and 100% in Chip Samples

Additionally 100% of TREE's Sampled Contain High Levels of REE's

VANCOUVER, March 7, 2023 - Spark Energy Minerals Inc., ("Spark" or the "Company") (CSE:EMIN)(Frankfurt:M1N)(OTC:MTEHF), has received from Foxfire Metals Pty Ltd, (Foxfire) its joint venture partner and manager of the Minas Gerais Lithium and REE project in Brazil, that the results of a soil and rock chip sampling program completed in December 2022 have been received from independent SGS laboratory in Brazil.

The Joint venture ground is located just 38km S.E. of Sigma Lithium tenements (TSX-V: SGML). in the "Lithium Valley" of Minas Gerais, Brazil.

The laboratory results confirm both Lithium and REEs present in the saprolite soils and altered granite/pegmatites associates with these soils.

All soil samples were collected over 13 different areas within the 3500 Hectares of Joint Venture ground and indicate the presence of Lithium and REE (rare earth element) mineralisation.

Highlights:

Lithium (Li):

Li (see table 1) confirmed in 90% of the samples of the analyzed saprolite soils: -

• Up to 154 ppm Lithium reported in surface soil samples.
• Pegmatites and altered granites were confirmed in the rock chips analyzed and contain Lithium mineralization.

Rare Earth Elements (REE):

Every sample (100%) analyzed contains REEs with 16 of the 17 TREE elements confirmed.

• average TREE of ~2055 ppm over selected samples.
• highest individual sample (PMG2) recorded TREE of ~3050 ppm.
• Average TREE used in magnets 25.5%.
• Light REE: 86% average of total REE
• Heavy REE: 14% average of total REE

Mineralized zones:

Confirm mineralization for Lithium and REEs in at least 13 locations over the 3,500 hectares JV ground.

Geological structures:

Mapping identified several structures for hosting potential mineralization.

Plans moving forward:

June 2023 Quarter

• Planned Auger drilling for next quarter to further test for Li and REE in the saprolite soils and oxidized pegmatite and granite.
• A geochemical and geophysical work program to identify primary ore drilling targets planned in the June 2023 quarter.

As previously reported, Foxfire completed a geochemical and mapping program in December 2022. Soil and rock chip samples collected were sent to SGS laboratory in Brazil to analyse for Lithium and Rare Earth Elements (REEs). These samples were collected from thirteen locations over the 3500 hectares JV licenses.

Every location that was sampled indicated lithologies (Saprolite soils and altered pegmatites and granites) containing Li and REE mineralisation.

The SGS laboratory results confirmed the presence of Lithium and Rare Earth Elements (REE) in the saprolite soils tested. Lithium was found in 90% of the samples analysed and REEs were found in all the samples analysed with 16 of the 17 TREE groups present.

Old workings are present on one of the 3 licenses and have confirmed previous mining activities.

The samples were prepared and analysed by SGS laboratories in Brazil and confirm Lithium and REE mineralisation in the saprolite soils and altered pegmatites and granites.

90% of the lithium in the saprolite soils contain up to 154ppm Lithium and 100% of the rock chips sampled contained lithium.

100% of the samples contain REEs in the saprolite soil and in the rock chip samples with the highest TREE (total Rare Earth Elements) sample PMG2 containing ~3050 ppm REE.

A further geochemical soil program and geophysics - airborne radiometric program is scheduled to commence in the next quarter with the objective of identifying drill targets focused on intercepting the primary zone of potential mineralisation for Lithium and Rare earths (REE).

A shallow auger drill program to test the extent of the mineralisation in the soils is also planned to commence in the next quarter.

REEs and TREE calculation

The average grade presented in this table is based on the samples result that exceeded 1000ppm of TREE.

Table 1:

Lithium results from SGS analysis of samples. Also elevated levels of Nb, Zr, and Rb were reported.

Legend:

PMGL = Soil Samples from EL831.515/2020 | PMGLLR = Rock chips from EL 831. 515/2020
PMG1 = Soil Samples from EL 831. 524/2020 | PMG2 =Soil Samples from EL831.458/2020

REE and TREE summary results:

• Light REEs represent 86% average of the TREE
• Heavy REEs represent 14% average of the TREE
• Magnet REEs represent 25.5% average of the TREE (TREE% Magnets: REE 25.5% (Nd+Pr+Dy+Tb))

Table 2: REEs and TREO Calculation

The average grade of this table is based on the samples result that exceeded 1000ppm.

Light REEs TREO 86% | Heavy REEs TREO% 24%
Magnet REEs TREO % | Magnet REE 25.5%

Location Map: Inset 1

These Three lithium licenses lie within the highly prospective northern portion of the state of Minas Gerais in the municipality of Padre Paraiso -the location of the Brazilian lithium producing districts and lithium belt. The areas are known to host lithium bearing pegmatites associated with spodumene, lepidolite, and amblygonite.

Detail Location Map: Inset 2

Inset 2 is a location map of Spark's Minas Gerais lithium and rare earth licences. The dotted lines indicate the distance from Spark's licences to the state owned Companhia Brasileira de Litio's mining operation, Lithium Ionic (TSX-V: LTH) and SGML. Recent discoveries in the same, well known lithium province and pegmatite area of Minas Gerais have also been made by Latin Resources (ASX).

Minas Gerais Area Plays: Inset 3

Collection Sample Map: Inset 4

Collection points of samples sent for analysis: every sample contained either LI or REE Mineralisation confirmed in all of the 13 collection points over the 3500 ha square area.

Highlight: (Insets 5,6 & 7) An exploration program completed in December 2022 confirmed pegmatites on the license areas. Old workings were also identified where pegmatites have been mined. Lab results received confirmed mineralisation for Li and REE in the saprolite soils and pegmatite rock chips analysed.

Insets 5, 6: Old workings at Minas Gerais and surface exposure of pegmatities have confirmed Lithium and REE present. Inset 7: Samples of different rock type collected from the Joint Venture ground.

The technical information contained in this news release has been reviewed and approved by Dr. Paul Woolrich (BSc Geology, MSc Geochemistry, PhD Metallurgy) who is a Member of the MAusIMM, a Qualified Person as defined under National Instrument 43-101 and is a Technical Director of Foxfire Metals Pty Ltd.

About Spark Energy Minerals Inc.

Spark Energy Minerals Inc., is a Canadian company pursuing battery metals and mineral assets with newly acquired interests in Brazil and Canada. The Company has acquired assets in some of the world's most prolific mining jurisdictions, Brazil's growing lithium and provinces and in the Newfoundland, Canada region which is gaining recognition as a world hot spot for lithium and rare earth mineral exploration.

FOR ADDITIONAL INFORMATION SEE THE COMPANY'S WEB SITE AT

https://sparkenergyminerals.com
Email to info@sparkenergyminerals.com
Contact: Peter Wilson, CEO, Tel. +1-604-649-0945

Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.

Further information about the Company is available on www.SEDAR.com under the Company's profile.

Certain statements contained in this release may constitute "forward-looking statements" or "forward-looking information" (collectively "forward-looking information") as those terms are used in the Private Securities Litigation Reform Act of 1995 and similar Canadian laws. These statements relate to future events or future performance. The use of any of the words "could", "intend", "expect", "believe", "will", "projected", "estimated", "anticipates" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company's current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. In particular, this release contains forward-looking information relating to the business of the Company, the Property, financing and certain corporate changes. The forward-looking information contained in this release is made as of the date hereof and the Company is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Certain statements contained in this release may constitute "forward-looking statements" or "forward-looking information" (collectively "forward-looking information") as those terms are used in the Private Securities Litigation Reform Act of 1995 and similar Canadian laws. These statements relate to future events or future performance. The use of any of the words "could", "intend", "expect", "believe", "will", "projected", "estimated", "anticipates" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company's current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. In particular, this release contains forward-looking information relating to the business of the Company, the Property, financing and certain corporate changes. The forward-looking information contained in this release is made as of the date hereof and the Company is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws.

SOURCE: Spark Energy Minerals Inc.