SPEY RESOURCES CORP. ANNOUNCES CLOSING OF PRIVATE PLACEMENT

Spey Resources Corp. (CSE: SPEY) (OTC: SPEYF) (FRA: 2JS) (" Spey " or the " Company ") is pleased to announce, further to its news release dated September 7, 2022, that it has closed its non-brokered private placement (the "Offering "), having issued 22,141,496 units (each a "Unit ") at a price of $0.175 per Unit, for gross proceeds of $3,874,761.80.

Each Unit is comprised of one common share of the Company (a " Share ") and one-half of one common share purchase warrant (each whole warrant, a " Warrant "), with each Warrant entitling the holder to acquire one Share at a price of $0.35 until September 16, 2024, provided that if the volume weighted average trading price of the Shares on the Canadian Securities Exchange (" CSE ") is at a price greater than $0.70 for 10 consecutive trading days, then the expiry date of the Warrants shall automatically accelerate to the date that is 30 days after the date that notice of such acceleration is provided to the Warrant holders.

In connection with the Offering, the Company also paid finders fees in the aggregate of $145,580.75 in cash and 760,490 non-transferable broker warrants (a " Broker Warrant "). Each Broker Warrant is exercisable into one Share at an exercise price of $0.35 until September 16, 2024, provided that if the volume weighted average trading price of the Shares on the CSE is at a price greater than $0.70 for 10 consecutive trading days, then the expiry date of the Warrants shall automatically accelerate to the date that is 30 days after the date that notice of such acceleration is provided to the Broker Warrant holders.

The Company intends to use the net proceeds raised from the Offering for funding the drilling of its projects, property payments and general working capital.

All securities issued in the Offering are subject to a statutory four month hold period in accordance with the policies of the CSE and applicable securities laws.

None of the securities to be issued in the Offering have been or will be registered under the United States Securities Act of 1933, as amended (the " 1933 Act "), and none may be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the 1933 Act.

About Spey Resources Corp.

Spey Resources is a Canadian mineral exploration company which holds two option agreements to acquire 100% interest in the Candela II and Pocitos II lithium brine projects, and a 20% interest in the Pocitos I lithium project, all of which are located in the Salta Province, Argentina. Spey also holds an option to acquire a 100% undivided interest in the Silver Basin Project located in the Revelstoke Mining Division of British Columbia as well as an option to acquire a 100% interest in the Kaslo Silver project, west of Kaslo, British Columbia.

For more information, please contact:

Nader Vatanchi CEO, Director

nader@speyresources.ca
778-881-4631

Cautionary Note Regarding Forward-Looking Statements

This news release includes forward-looking statements that are subject to risks and uncertainties, ‎‎‎‎including with respect to the planned use of proceeds   .   The Company ‎‎provides forward-looking statements for the purpose of conveying ‎‎information about current ‎‎expectations and plans relating to the future and readers are cautioned that ‎‎such statements may not be ‎‎appropriate for other purposes. By its nature, this information is subject to ‎‎inherent risks and ‎‎uncertainties that may be general or specific and which give rise to the possibility that ‎‎expectations, ‎‎forecasts, predictions, projections, or conclusions will not prove to be accurate, that ‎‎assumptions may not ‎‎be correct, and that objectives, strategic goals and priorities will not be achieved. ‎‎These risks and ‎‎uncertainties include but are not limited those identified and reported in the Company's ‎‎public filings ‎‎under the Company's SEDAR profile at www.sedar.com. Although the Company has ‎‎attempted to identify ‎‎important factors that could cause actual actions, events, or results to differ ‎‎materially from those ‎‎described in forward-looking information, there may be other factors that cause ‎‎actions, events or ‎‎results not to be as anticipated, estimated or intended. There can be no assurance that ‎‎such information ‎‎will prove to be accurate as actual results and future events could differ materially from ‎‎those ‎‎anticipated in such statements. The Company disclaims any intention or obligation to update or ‎‎revise any ‎‎forward-looking information, whether as a result of new information, future events or ‎‎otherwise unless ‎‎required by law.‎

The CSE has not reviewed, approved, or disapproved the contents of this ‎press release.‎