SALAR DE TURI

News Release – Vancouver, British Columbia – October 6, 2022:Monumental Minerals Corp. (“Monumental” or the “Company”) (TSX-V: MNRL; FSE: BE5;OTCQB:MNMRF) is pleased to announce that the Company has entered into an arm’s length definitive option agreement dated October 5, 2022(the “Option Agreement”) with Lithium Chile Inc. (“Lithium Chile”) (TSX-V: LITH) to acquire a 50.01% interest in the Salar de Turi project (the “Turi Project”) from Lithium Chile. The Turi Project (Photo 1) is located about 120 km northwest from the Salar de Laguna Blanca and 60 km northeast from the city of Calama, Chile.

Photo 1.Salarde Turi looking to the northeast.

The Turi Project is situated within the prolific lithium triangle, a zone within the central Andes high desert that includes Chile, Argentina, and Bolivia. This zone is estimated to contain more than half of the world’s lithium supply beneath the many salt flats, also known as salars, that are common to the region. The Turi Project is comprised of 40 exploration concessions totaling 8,500 hectares, 100% owned by Lithium Chile through its wholly owned Chilean subsidiary Minera Kairos Chile Limitada(“Minera Kairos”). The Turi Project is accessible from the city of Calama (60 km to the southwest) via the paved roads 21CH, and B-165 and is close to infrastructure. Travel time from Calama to the Turi Project is approximately 1 hour (see news release dated August 23, 2022 for additional details and map).

Jamil Sader, Monumental’s CEO comments:

“The signing ofthe Turi Option AgreementdemonstratesMonumental’sstrong relationship with Lithium Chile and their confidence inMonumental’steam to add valuethrough exploration. Salar de Turi will beMonumental’ssecond high quality project with Lithium Chile and will greatly expand our presence in Chile. We believe that Chile is an excellent country in which to conduct business and we are excited to rapidly move forward with Turi.”

Terms oftheOption Agreement

In order to exercise the option to acquire a 50.01% interest in the Turi Project, Monumental must issue common shares, make certain staged cash payments to Lithium Chile and incur exploration expenditures on the Turi Project as follows:

(a) make cash payments of an aggregate of C$700,000 according to the following schedule:

(i) $200,000 within five days of TSX Venture Exchange (the “Exchange”) approval of the Option Agreement (the “Acceptance Date”);

(ii) $250,000 on or before the fourteenth month anniversary of the Acceptance Date; and

(iii) $250,000 on or before the second anniversary of the Acceptance Date.

(b) incur minimum expenditures on the Turi Project of not less than an aggregate of C$1,400,000 according to the following schedule:

(iv) $700,000 on or before the first anniversary of the Acceptance Date; and

(v) $700,000 on or before the second anniversary of the Acceptance Date.

(c) issue and deliver to Lithium Chile, that number of common shares of Monumental that would result in Lithium Chile holding, on a non-diluted basis, 9.9% of the issued and outstanding common shares of Monumental (the “Payment Shares”), within ten days of the earlier of the closing date of Monumental’s next equity financing and fourteen months following the Acceptance Date. The issuance of the Payment Shares are subject to Exchange approval.

In addition to the statutory hold period of four months and oneday from the date of issuance, the Payment Shares will be subject to a 12-month voluntary hold period from the date of issuance. Upon Monumental earning a 50.01% interest in the Turi Project, Monumental and Lithium Chile will use commercially reasonable efforts to negotiate and execute a joint venture agreement for the purpose of jointly carrying out exploration, evaluation and development of the Turi Project.

The Option Agreement remains subject to Exchange approval.