Early Warning Report

Critical Elements Lithium Corporation (TSXV:CRE)(OTCQX:CRECF)(FSE:F12) ("Critical Elements" or the "Company") that it has acquired ownership of 12,051,770 shares (the "Shares") of Chilean Metals Inc. (the "Issuer") in connection with an option agreement. See press release dated December 23, 2020, for more information. The Shares acquired represent, approximately 19.6% of the Issuer's issued and outstanding Shares

Prior to the transaction, the Company was not a shareholder of the Issuer. Following the closing of this Transaction, the Company owns 12,051,770 Shares which represents approximately 19.6 % of the Issuer's issued and outstanding common shares.

The Shares were acquired for investment purposes. The Company may from time to time acquire additional securities of the Issuer, dispose of some or all of the existing or additional securities it holds or will hold, or may continue to hold its current position.

A copy of the Early Warning Report filed by the Company in connection with the option agreement is available on SEDAR on the Issuer's SEDAR profile. The press release is being issued under the early warning provisions of Canadian securities legislation.

For further information, please contact:

Jean-Sébastien Lavallée, P. Géo.
Chief Executive Officer
819-354-5146
jslavallee@cecorp.ca
www.cecorp.ca

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

SOURCE: Critical Elements Lithium Corporation