TSXV: CYP | OTCQX: CYDVF

Cypress Development Corp. (TSXV: CYP) (OTCQX: CYDVF) (Frankfurt: C1Z1) ("Cypress" or "the Company") is pleased to provide a progress update on its ongoing Feasibility Study being conducted on the Company's Clayton Valley Lithium Project ("Project") near Silver Peak, Nevada and on its operational Lithium Extraction Facility ("Pilot Plant") in Amargosa Valley, Nevada .

• The Pilot Plant continues to function as designed, working to optimize the Project's flowsheet. The Plant leaches lithium-bearing claystone material, through to the production of concentrated lithium solution using the Company's Direct Lithium Extraction ("DLE") process.
  
  
• Additional piloting runs will take place at Saltworks Technologies, Inc. following the successful production of lithium carbonate ("Li ₂ CO ₃ ") from the Pilot Plant's concentrated lithium solutions.
  
  
• The Project's Feasibility Study is on schedule and is continuing to advance toward an anticipated second quarter 2023 completion.
  
  
• Arrangements are proceeding to initiate federal, state, and local permitting for the Project, with compilation of data and evaluation of related infrastructure, including access, water, and power supply corridors.
  
  
• Ahead of the Feasibility Study and permitting, Cypress management is assessing personnel needs and future Project financing opportunities and structures, which may include government grants and loans.

Cypress continues to conduct testing at its Pilot Plant with the support of del Sol Refining, Inc. Since its start-up, the Pilot Plant has operated in 28 cycles of continuous 24/7 operation, with minimal down-time and maintenance matters. The test work was conducted using multiple configurations and equipment to best replicate the Project flowsheet. In the testing to date, nearly 10,000 samples of solutions, solids and precipitates have been collected and analyzed. Other data collection, including recording of flow rates and physical conditions at key sample points throughout the Pilot Plant, has been conducted, with particular attention to the DLE section of the Pilot Plant to develop the Project's mass-balance calculations, and to finalize the flowsheet for the Feasibility Study.

Pilot Plant testing has achieved targets in most areas, including operating with 100% recycled solutions. Specific challenges were addressed with sufficient results to aid in the completion of the Feasibility Study. Further testing in 2023 is planned to confirm the overall process, continue to demonstrate the flowsheet, and produce samples of Li ₂ CO _3. Additional 1000-liter lots of concentrated lithium solution from the DLE section of the Pilot Plant will be shipped to Saltworks Technologies, Inc, in Richmond, B.C. , Canada by month end.

2023 plans for the Pilot Plant include testing alternate reagents and equipment, which may include identification of potential by-products, and ways to enhance impurity removal and the DLE process area. Additional space within the Pilot Plant building has been prepared for this work.

The Feasibility Study is advancing on schedule, with completion anticipated by mid-year. On-site infrastructure designs, including, mine, processing plant, and tailings and waste storage facilities are completed. Cost estimating and market studies are underway, along with assessments for construction, component lead-time and off-site infrastructure. Completion of the Feasibility Study will then await integration of the design and cost estimates for the acid plant underway by thyssenkrupp nucera.

In addition, Cypress management is assessing personnel needs and future Project financing opportunities and structures, which may include government grants and loans.

Cypress Development Corp. is a Canadian based advanced stage lithium company, focused on developing its 100%-owned Clayton Valley Lithium Project in Nevada, USA . Cypress is in the pilot stage of testing on material from its lithium-bearing claystone deposit and progressing towards completing a Feasibility Study and permitting, with the goal of becoming a domestic producer of lithium for the growing electric vehicle and battery storage market.

ON BEHALF OF Cypress Development Corp.
WILLIAM WILLOUGHBY , PhD., PE
President & Chief Executive Officer

www.cypressdevelopmentcorp.com

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SOURCE Cypress Development Corp.

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