AmmPower Corp. Announces Sale of Mineral Claim

Toronto, ON – AmmPower Corp. (CSE: AMMP) (OTCQB: AMMPF) (FSE: 601A) (the “Company” or “AmmPower”) is pleased to announce the sale to Consolidated Lithium Metals Inc. (TSXV: CLM | OTCQB: JORFF | FRA: Z36) (“CLM“) of 24 mineral claims representing 1,283.08 hectares of concessions in the James Bay/Eeyou Istche region of Quebec (the “Claims”) from a wholly owned subsidiary (“Subco”) of AmmPower, subject to the terms and conditions set out in the corresponding asset purchase agreement dated as of July 20, 2023 (the “Agreement”).

Pursuant to the Agreement, as consideration for the acquisition of a 100% interest in the Claims (the “Acquisition”), CLM paid aggregate consideration of $60,000 in cash and granted to AmmPower a 1% net smelter return royalty affecting the Claims, which CLM has the option to repurchase at any time for $250,000. No finder fees are payable in connection with, and no change of control of CLM will result from, the Acquisition. Completion of the Acquisition remains subject to final approval of the TSX Venture Exchange (“TSXV”).

Rene Bharti, the chief executive officer and president and a director of CLM, is the president and a minority shareholder of AmmPower, and a director and officer of Subco, and the three companies share office space. Further, Ryan Ptolemy serves as the chief financial officer of both CLM and AmmPower. Notwithstanding the shared directors and officers, the Acquisition does not constitute a Related Party Transaction under Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”) because AmmPower and Subco are not Related Parties of CLM (as such terms are defined in MI 61-101). However, the Acquisition does constitute a Related Party Transaction, and was therefore characterized by the TSXV as a Reviewable Transaction, under TSX Venture Exchange Policies 1.1, 5.3, and 5.9 as a result of the shared officers and directors between AmmPower, Subco, and CLM.

On Behalf of the Board of Directors

Gary Benninger, Ph.D.

Chief Executive Officer

About AmmPower

AmmPower is a clean energy company focused on the production of green ammonia. The Company is based in Toronto, Ontario, with a research and manufacturing facility in Southeast Michigan. The company is active in all facets of green ammonia production, including the production of green fertilizers, carbon free shipping fuel, and the ‘cracking’, or moving of green hydrogen as ammonia. The company is working on the development of proprietary technologies to produce green ammonia and green hydrogen at scale, including the investigation of unique catalytic reactions to bring down costs and to take advantage of carbon credits in the renewable energy space. AmmPower currently holds several LOIs with ports in Brazil, the United States, and is currently completing its IAMM™ prototype to create green ammonia for the agricultural industry. The company also holds a lithium exploration property in the James Bay/Eeyou Istche region of Quebec and an option on the Titan Property located in Klotz Lake area in Northwestern Ontario.

Investor Relations

[email protected]

Forward-Looking Statements

This news release includes forward-looking statements that are subject to risks and uncertainties, including with respect to the Company’s development of proprietary technologies. 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 Canadian Securities Exchange (CSE) has not reviewed, approved, or disapproved the contents of this press release.