STRIA LITHIUM INC.

(An Exploration Stage Company)

MANAGEMENT’S DISCUSSION AND ANALYSIS

September 30, 2022 and 2021

STRIA LITHIUM INC.

MANAGEMENT DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS FOR THE YEARS ENDED SEPTEMBER 30, 2022 AND 2021

The following Management Discussion and Analysis (“MD&A”) reviews the operating results, financial condition and future prospects of Stria Lithium Inc. (“Stria” or the “Company”), current as of January 20 2023. It should be read in conjunction with the Company’s annual audited financial statements and notes thereto for the fiscal years ended September 30, 2022 and 2021, which were prepared in accordance with International Financial Reporting Standards (“IFRS”). The reporting currency is in Canadian dollars. All currency amounts herein are expressed in Canadian Dollars unless otherwise indicated.

This MD&A contains or may refer to certain statements that may be deemed “forward-looking statements”. Forward-looking statements include estimates and statements that describe the Company’s future development plans, objectives or goals, including words to the effect that the Company expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as "anticipates", "believes", "could", "estimates", “predict”, “seek”, “potential”, “continue”, “intend”, “plan”, "expects", "may", "shall", "will", or "would" and similar expressions. Since forwardlooking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Forward-looking statements are not guarantees of future performance and actual results or developments may differ materially from those in forwardlooking statements. Factors that could cause actual results to differ materially from those in forwardlooking statements include market prices for mineral commodities; exploration successes; new opportunities; continued availability of capital and financing; general economic, market or business conditions; and litigation, legislative, environmental or other judicial, regulatory, political and competitive developments. These and other factors should be considered carefully and readers should not place undue reliance on the Company’s forward-looking statements. Stria does not undertake to update any forward-looking statement that may be made from time to time by Management or on its behalf, except in accordance with applicable public disclosure rules and regulations.

Nature of Business

Stria was incorporated on May 24, 2011 under the Canada Business Corporations Act. The Company was a Capital Pool Company (“CPC”) as defined in Policy 2.4 of the TSX-V Corporate Finance Manual (“Policy 2.4”) from incorporation to December 18, 2013 following the issuance of the TSX Venture Exchange’s Final Bulletin approving the Company's acquisition of the Pontax-Lithium property, in Québec, as its Qualifying Transaction (“QT”). Subsequent to the completion of the QT in accordance with Policy 2.4 of the TSX Venture Exchange (the “Exchange”), Stria commenced operations as a Tier 2 mining issuer on the TSX Venture Exchange (the “Exchange”) under the symbol SRA.

The principal business of the Company is the acquisition and development of mineral properties in North America with the aim of discovering commercially exploitable lithium deposits related to green energy technology which can either be placed into production by the Company or disposed of for a profit to companies that wish to place such deposits into commercial production. In addition, the Company is developing processes to purify and recover lithium metal directly from ore and from brine liquids from its lithium projects.

The head office of the Company is located at 945 Princess St., Box 118, Kingston, Ontario K7L 0E9.

Corporate Development Highlights

Stria Appoints Harry Martyniuk to Board of Directors

On September 16, 2020, the Company announced it appointed Harry Martyniuk to its Board of Directors, effective immediately.

Since 2000, Mr. Martyniuk has been a Partner in Pioneer Family Pools and Pioneer Distribution, Ontario’s largest retailer of pools, hot tubs, swim spas, related chemicals and accessories as well as patio furniture. The company currently operates 20 retail outlets across southern Ontario. Pioneer Distribution is a wholesale distributor, supplying Pioneer Retail Stores as well as various independent

pool and spa dealers. Pioneer Distribution operates three distribution centers located in Southern Ontario.

As a result of his partnership in Pioneer Family Pools, Mr. Martyniuk has expanded the distribution network through shared ownership with Club Piscine, located throughout the province of Quebec, Canada. Club Piscine operates 44 locations across the province of Quebec. Club Piscine is Quebec’s largest retailer of pool and spa supplies – the company constructs and sells inground and aboveground pools, hot tubs, related chemicals and accessories as well as patio furniture.

Additionally, Mr. Martyniuk is a successful entrepreneur and has built a portfolio of investments involving real estate holdings, technology companies, medical centers, multiple restaurant locations, clinical health devices, mobile payment services and vertically integrated broadcasting channels.

Prior to his current endeavours, Mr. Martyniuk was co-owner of Technician Pool Products, a manufacturer of vinyl liners, pool steps and steel wall inground pool kits as well as part owner of Family Swimming Pool, a distributor of various swimming pool related products. The business achieved rapid growth and in 1996 operations were sold to the Cookson Group. Mr. Martyniuk earned a bachelor’s degree, with honors, in business administration from Wilfrid Laurier University, Waterloo.

Stria Announces Proposed Reverse Takeover with Grafoid Inc. and Announces Changes to Executive Leadership Team and Board of Directors

On September 28, 2020, the Company announced it signed a letter of intent dated September 23, 2020 (the "LOI") with Grafoid Inc. ("Grafoid"), a private corporation incorporated under the laws of the Province of Ontario, which sets forth the general terms and conditions of a proposed business combination transaction that will result in a reverse takeover of Stria by Grafoid Shareholders (the "Acquisition").

On March 17, 2021, the Company announced it agreed to terminate the Reverse Takeover.

Resignation of Gary Economo and Lindsay Weatherdon from Board of Directors

The Company announced the resignations of Gary Economo and Lindsay Weatherdon from its board of directors effective September 24, 2020. Gary Economo also resigned as President and CEO of Stria. Jeffrey York, the Chairman of the Board of Stria Lithium, will act as the interim CEO and President.

Stria Provides Update To Proposed Reverse Take Over Transaction With Grafoid and Announces Private Placement

On March 17, 2021, the Company announced it agreed to terminate the letter of intent dated September 24, 2020 which contemplated a reverse takeover transaction of Stria by Grafoid. Due to matters beyond the reasonable control of Stria and Grafoid, due diligence was unable to be completed and therefore the parties have agreed to terminate the letter of intent. Stria resumed trading on the TSX Venture Exchange (the “Exchange”) under its trade symbol SRA, following the voluntary halt the Company implemented on September 28, 2020 after it announced the proposed reverse takeover transaction with Grafoid.

Stria also announced a non-brokered private placement (the “Offering”) for gross proceeds of $1,449,000. The Company intends to issue 7,245,000 units (the “Units”) at a price of $0.20 per Unit. Each Unit consists of one common share of the Company and one common share purchase warrant (a “Warrant”). Each Warrant entitles its holder to purchase one common share at a price of $0.50 per common share for 2 years from the closing date of the Offering.

The Company reported that it has reached an agreement with a creditor of the Company to issue an aggregate of 2,500,000 common shares in the capital of the Company at a deemed price of $0.20 per share to settle $500,000 in outstanding debt (the “Transaction”).

The Transaction is considered to be a “related party transaction” as defined under Multilateral Instrument 61-101 - Protection of Minority Securityholders in Special Transactions (“MI 61-101”) as the creditor is a Website: www.strialithium.com TSXV: SRE company controlled by a director and Chairman of the Board of Stria. The Transaction is exempt from the formal valuation requirements of MI 61-101 pursuant to subsection 5.5(b) of MI 61-101 as the Company is not listed on a specified exchange. In accordance with MI 61-101 and the policies of the Exchange, the Transaction is subject to minority shareholder approval. As a result, the Company is seeking minority shareholder approval of the Transaction at the

Company’s Annual General and Special Meeting on May 21, 2021. Completion of the Transaction is conditional upon obtaining minority shareholder and Exchange approval. Following receipt of such approvals, the Transaction is expected to close on or about May 22, 2021.

During the quarter ended June 30, 2021, on April 1, 2021, the Company announced it amended the terms of the loan to affirm the parties’ original intention that the loan is an unsecured debt of the Company.

Stria Changes Its Stock Option Plan to A 20% Fixed

On May 21, 2021, the Company’s Stock Option Plan was changed to a Fixed 20% Plan at the annual meeting of shareholders held on May 21, 2021, allowing the number of common shares reserved for issuance under the plan not to exceed twenty percent (20%) of the issued and outstanding common shares.

Stria Provides Further Update to Shares for Debt Transaction & Non-Brokered Private Placement

On June 2, 2021, the Company announced an update to the shares for debt transaction previously announced September 28, 2020, March 17, 2021, April 1, 2021, and May 14, 2021 (the "Shares for Debt Transaction") and a non-brokered private placement previously announced March 17, 2021 (the "Offering").

Shares for Debt

Further to the news release dated March 17, 2021, the Company announced it has finalized the terms of the previously announced Shares for Debt Transaction and issued an aggregate of 2,000,000 common shares in the capital of the Company at a deemed price of $0.25 per share to settled $500,000 in outstanding debt. The Company announced the close of the shares for debt transaction on June 14, 2021.

The Transaction was considered to be a "related party transaction" as defined under Multilateral Instrument 61-101 - Protection of Minority Securityholders in Special Transactions ("MI 61-101") as the creditor is a company controlled by a director and Chairman of the Board of Stria. The Shares for Debt Transaction is exempt from the formal valuation requirements of MI 61-101 pursuant to subsection 5.5(b) of MI 61-101 as the Company is not listed on a specified exchange.

In accordance with MI 61-101 and the policies of the Exchange, the Shares for Debt Transaction was subject to minority shareholder approval. The Company sought and obtained minority shareholder approval of the Shares for Debt Transaction at the Company's Annual General and Special Meeting on May 21, 2021.

Private Placement

The Company provided an update to the Offering of up to 5,200,000 units of the Company at a price of $0.25 per Unit for aggregate gross proceeds to the Company of up to $1,300,000. Each Unit consisted of one common share and one non-transferable common share purchase warrant of the Company. Each warrant entitles the holder thereof to acquire one common share at an exercise price of $0.50 for a period of 2 years from the closing of the Offering.

The net proceeds of the Offering will be used to maintain the Company's existing operations and general working capital requirements and will not be used to pay management fees or for Investor Relations Activities.

On June 24, 2021, the company announced the close of the financing. In connection with the closing, the Company paid cash finder's fees totaling $12,000 and issued 48,000 non-transferable finder's warrants. Each finders warrant entitles the holder to acquire one common share of the Company at a price of $0.50 per common share until June 24, 2023.

Stria Announces Change of Business Transaction

On July 7, 2021, the Company announced it signed a letter of intent dated July 6, 2021 (the 'LOI') with Grafoid Inc., a private corporation incorporated under the laws of the Province of Ontario, which sets forth the general terms and conditions of a proposed licensing agreement that will result in a Change of Business pursuant to Policy 5.2 - Change of Business and Reverse Takeovers of the TSXV Exchange (the "Exchange",“TSXV“).

On December 8, 2021, the Company and Grafoid Inc. (“Grafoid“) announced they have agreed to terminate the letter of intent dated July 6, 2021 which contemplated the licensing of Grafoid’s water purification assets and intellectual property by Stria in a Change of Business transaction pursuant to the policies of the TSX Venture Exchange. Due to matters beyond the reasonable control of Stria and Grafoid, due diligence was unable to be completed and therefore the parties have agreed to terminate the letter of intent. Grafoid has not yet completed the necessary audits of its financial statements required for the Transaction. Furthermore, Stria’s management believes, given the drill results from the Pontax Project previously announced on December 2, 2021, that terminating the Transaction is in the best interest of the Company and its shareholders.

Stria has resumed trading on the Exchange under its trading symbol SRA, following the voluntary halt the Company implemented on July 6, 2021 when the Transaction with Grafoid was announced.

Stria Provides Update on Amended Stock Option Plan

On November 1, 2021, the Company provided the following update regarding its Stock Option Plan approved at the shareholders meeting held May 21, 2021 by shareholders of the Company. The new 20% fixed incentive stock option plan (the “New Plan“) replaces the previous rolling stock option plan.

Pursuant to the New Plan, options entitling the purchase of an aggregate 1,471,607 common shares in the capital of the Company may be granted to directors, officers, employees and consultants of the Company from time to time.

The New Plan also permits options granted under the New Plan to be exercised at a price not less than the Discounted Market Price (as such term is defined in the polices of the TSX Venture Exchange, subject to a minimum exercise price of $0.05.

200,000 Warrants Exercised at $0.50 Per Share

On November 9, 2021, the Chairman and Director of the Company exercised 200,000 warrants at $0.50 per share.

Stria Reports 11.27m Grading 0.91% Li2O in Hole 975-19-018 From Q1 2020 Drilling at Pontax

On December 2, 2021, the Company reported the results from the first six drill holes from the Company's Q1 2020 step-out drilling program at its Pontax Lithium Property (the "Property") located in west-central Eeyou Istchee James Bay Territory, Northern Québec. This most recent drilling program targeted the Pontax spodumene pegmatite prospect , the main occurrence of lithium spodumene pegmatites discovered on the Property to date. The drilling was designed to test the north-eastern and south-western extensions of the spodumene pegmatite zone at a 50 m spacing, as well as to test for dykes inside the footwall of the zone towards the northwest. Analytical results for the five remaining drill holes are expected in the coming weeks.

Highlights:

Eleven BTW-diameter drill holes were completed for a total of 1,510.5 m drilled (Table 1), with the results of the first six holes being released today.
A total of 654.3 m of core were sampled and submitted for multi-element geochemical analysis for the current program, of which 189.3 m (29%) represent spodumene bearing pegmatite.
Results are for two of the five drill holes positioned to test the extension of the spodumene pegmatite dyke swarm to the Northeast and for four of the five holes targeting a second series of pegmatite dykes to the Northwest of the Pontax spodumene

pegmatite prospect. Results from the only step out hole to the Southwest are pending. All six holes reported today intersected spodumene bearing pegmatite dykes grading up to 3.77% Li2O over a minimum true thickness[1] of 0.7 m (Table 1).

Best intersection[1] : Hole 975-19-018, drilled at -50[o ] to a vertical depth of 101.0 m on Line 5+50N near the northeastern end of the spodumene pegmatite bearing zone, intersected numerous closely spaced dykes, with the best intercept being 11.27 m grading 0.91% Li2O at a vertical depth of 56.28 m (from 80.4 m to 96.5 m; core length: 16.1 m; Table 1), including:
2.84 m[1] grading 1.72% Li2O (from 84.8 m to 88.85 m; core length: 4.05 m)
High-grade intercept in Hole 975-19-020, drilled on Line 5+00N at -50[o] degrees to a vertical depth 13.58 m, with 3.36 m[1 ] grading 2.55% Li2O (from 19.4 m to 24.2 m; core length: 4.8 m).
The spodumene bearing pegmatite dyke swarm remains open along strike to the northeast and at depth, while thinning out toward the southwest, with a decrease in lithium grades in the footwall towards the Northwest.
Metabasalt wall rocks were excluded from intersection calculations despite being locally lithium bearing due to the presence of iron bearing holmquisite which is not amenable to lithium hydroxide production.

1True thicknesses are reported in this news release. The drill holes have been loaded into a 3-D visualization software and the three-dimensional envelope of the mineralized zone has an azimuté of N325o and dips vertical Ly. Drill holes crosseur the envelope of the mineralized zone at an angle of approximately 45o degrees. The conversion factor for true thickness is 0.7 of the core intersection length.

A map showing the location of the drill holes and main mineralized intercepts along with drill sections are available on the Company's Website at: http://strialithium.com.

The Q1 2020 drilling program was designed based on the results of the Company's December 2017 drilling program at the Pontax spodumene pegmatite prospect with seven drill holes completed for a total of 911.4 m drilled. Hole 975-17-014, drilled at -47o to a vertical depth of 107 m, yielded the best intercept of the 2017 drilling with 21.39 m1 grading 1.16% Li2O at a vertical depth of 48.2 m (from 68.90 m to 99.45 m; core length), including 5.22 m1 grading 2.18% Li2O (from 92.00 m to 99.45 m; core length), and 1.15 m1 grading 3.18% Li20 (from 68.9 m to 70.55 m; core length) (for additional details please refer to Stria new release dated November 30, 2018, available on the Company's Website at https://strialithium.com or at www.sedar.com under Stria Lithium Inc.). The most recent drilling also builds on the results of historic drilling and channel sampling programs carried out by previous owners of the Pontax Lithium Property in 2009 and 2012. Historic holes (total: 864 m) intersected a swarm of lithium bearing pegmatite dykes of an aggregated thickness of approximately 20 m, with the best intercept found in hole 09-555-05 (0.97% Li2O over 14.7 m reported as true thickness intervals (from 36.0 m to 57.0 m; core length), including 1.43% Li2O over 9.1 m (from 36.0 m to 49.0 m; core length)2.

The average thickness of the Pontax spodumene bearing pegmatite swarm is estimated at 60 m with the thickest zone lying along the northeast edge.

2Source: Girard, R., 2011: Technical report on the Pontax Lithium property: A lithium exploration project near the lower Eastmain River area, Northern Québec; available at www.sedar.com under Khalkos Exploration Inc.).

Refer to the Exploration Activities for Table of Pontax Lithium Prospect Drilling Results

The Q1 2020 core drilling program at the Pontax Lithium Property was designed and operated by IOS Services Géoscientifiques Inc. (IOS) of Saguenay, Québec, under the supervision of Table Jamésienne de Concertation Minière (TJCM) of Chibougamau, Québec. The drilling was performed using a single heliportable drill rig operated by Forages G4 Inc. of Rouyn-Noranda, Québec. All eleven core holes from the drilling program were shipped from the field to IOS's laboratory facilities in Saguenay, Québec in preparation for detailed logging and sampling, as well as for core sample preparation (crushing and grinding). The drill core was kept in a secured storage facility at IOS until mid-July 2021 at which time core sampling worked commenced. In September 2021, IOS prepared 625 split core samples which were then submitted to Activation Laboratories Ltd. (Actlabs) of Ancaster, Ontario, an ISO/IEC 17025:2005 certified facilita, for multi-element analysis using ICP-OES spectral analysis aster a sodium

peroxide fusion (code 8-Peroxide). Quality control, monitored by an IOS chemist, consists of 17% reference materials including blank, duplicates and certified reference material (Oreas 148 and Oreas 149) for a total of 103 QA\QC analysis.

Stria Retained Refined Substance Inc.to Provide IR Services

On December 8, 2021, the Company retained Refined Substance Inc. (“Refined Substance”) to provide investor relations consulting services to the Company. Refined Substance is a Montreal-based communications and marketing firm providing investor relations services for the mining industry. Under the terms of the agreement, Refined Substance will provide investor relations services, including press release drafting and dissemination, responding to investor inquiries, and communications. Compensation payable in cash to Refined Substances will be based on an hourly rate invoiced monthly, the cost of this engagement to the Company is anticipated to be $3,500 per month.

There are no performance factors contained in the agreement. The agreement is effective as of September 30, 2021 and may be terminated upon 30 days’ notice. Refined Substance and the Company are arm’s length parties. Refined Substance is principally owned by Kimberly Darlington.

Receipt of Tax Credits

In November 2021, the Company received an amount of $547,618 in respect of previously claimed Quebec resource tax credits.

Proposed Debt Settlement

On January 10, 2022, the Company announced that it has reached an agreement with JJJY Holdings Inc. (“JJJY”), an entity controlled by a director of the Company, to settle $726,500 in debt owing to JJJY in respect of an unsecured loan made to the Company in March 2021 (the “Debt”) (Note 13). Subject to regulatory approval, JJJY has agreed to convert the Debt into common shares of the Company at a price of $0.50 per common share, for a total of 1,453,000 common shares.

Stria Reports 3.89m Grading 1.28% Lithium Oxide in Hole 975-19-022 From Final Five Holes of Q1 2020 Drilling At Pontax

On January 10, 2022, the Company reported the results from the final five (5) drill holes (975-19-016, 017, 019, 022, and 025) from the Company’s Q1-2020 step-out drilling program at its Pontax Lithium Property. This most recent drilling program targeted the Pontax spodumene pegmatite prospect , the main occurrence of lithium spodumene pegmatites discovered on the Property to date. The drilling was designed to test the northeastern and southwestern extensions of the spodumene pegmatite zone at a 50-metre spacing, as well as to test for dykes inside the footwall of the zone towards the Northwest.

The results released today are for the last five drill holes whose analytical results were pending at the time of the Company’s news release on December 2, 2021 (available on the Company’s Website at: strialithium.com; highlights provided further below). These include two (2) drill holes positioned to test the extension of the spodumene pegmatite dyke swarm to the Northeast (975-19-016 and 975-16019) and one (1) drill hole positioned to test the extension of the dyke swarm to the Southwest (975-19025). The fourth drill hole (975-019-017) tested the extension of the dyke swarm at depth below hole 975-19-18, while the fifth and last hole (975-19-022) tested the pegmatite dykes in the footwall spodumene pegmatite zone to the Northwest.

Highlights from holes 975-19-016, 017, 019, 022, and 025[1,2,3] :

Eleven (11) BTW-diameter drill holes were completed for a total of 1,510.5 m drilled (Table 1), with the results of the five (5) last holes being released today.
A total of 654.3 m of core were sampled and submitted for multi-element geochemical analysis for the current program, of which 189.3 m (29%) represent spodumene bearing pegmatite.

Four (4) of the five (5) holes reported today intersected spodumene bearing pegmatite dykes with individual intercepts grading from 1.09% Li2O over 1.72 m[1] in hole 975-19-17 to 1.82% Li2O over 2.07 m[1] in hole 975-19-019 (Table 1).
Best intersection: Hole 975-19-022, drilled at N325[o] -50[o] to a vertical depth of 70.7 m in the central southwest portion of the spodumene pegmatite dyke swarm on Line 1+50E, intersected numerous closely spaced dykes that define a significant intercept[2 ] grading 1.28% Li2O over 3.89 m[1] at a vertical depth of 31.2 m (from 48.65 m to 54.20 m; core length: 5.55 m; Table 1). This intercept confirms the continuity of the spodumene mineralization in the footwall of the zone, previously detected in holes 975-19-023 and 024.
Hole 975-19-016, drilled at N325[o] -50[o] to a vertical depth of 80.3 m at the northerneastern end of the spodumene pegmatite dyke swarm, above hole 975-19-015 on Line 6+00E, intercepted two bands of spodumene pegmatite dykes, the first grading 1.45% Li2O over 1.61 m[1 ] (from 58.05 m to 60.35 m; core length: 2.30 m) and the second grading 1.11% Li2O over 2.10 m[1] (from 69.30 m to 72.30 m; core length: 3.00 m) (Table 1).
Hole 975-19-17, drilled at N325[o] -50[o] to a vertical depth of 90.0 m in the northeastern portion of the spodumene pegmatite dyke swarm, below hole 975-19-015 on Line 4+50E, intercepted five (5) bands of spodumene pegmatite dykes ranging in grade from 1.09% Li2O over 1.72 m[1] (from 36.35 m to 38.80 m; core length: 2.45 m) to 1.54% Li2O over 1.26 m[1] (from 74.55 m to 76.35 m; core length: 1.80 m) (Table 1).
Hole 975-19-19, drilled at N325[o] -50[o] to a vertical depth of 80.35 m in the northeastern portion of the spodumene pegmatite dyke swarm, above hole 975-17-013 on Line 5+50E, intercepted five (5) bands of spodumene pegmatite dykes ranging in grade from 0,73% Li2O over 3.85 m[1] (from 96.30 m to 101.80 m; core length: 5.50 m) to 1.82% Li2O over 2.07 m[1] (from 90.20 m to 93.15 m; core length: 2.95 m) (Table 1).
Hole 975-19-25, drilled at N325[o] -50[o] to a vertical depth of 90.0 m at the southwestern extremity of the spodumene pegmatite dyke swarm, on line 0+50W, did not intersect significant spodumene mineralization.
The spodumene bearing pegmatite dyke swarm remains open along strike to the northeast and at depth, while thinning out toward the southwest. Dykes are absent in the hangingwall to the southeast of the spodumene pegmatite dyke swarm but were detected with some continuity in the footwall to the northwest.

1True thicknesses are reported in this news release. The drill holes have been loaded into a 3-D visualization software and the three-dimensional envelope of the mineralized zone has an azimuth of N325[o] and dips vertically. Drill holes crosscut the envelope of the mineralized zone at an angle of approximately 45[o] degrees. The conversion factor for true thickness is 0.7 of the core intersection length.

2Significant mineralized intercepts are defined as Li2O > 0.5% over a min. true thickess of 1.5 m. 3Metabasalt wall rocks were excluded from intersection calculations despite being locally lithium bearing due to the presence of iron bearing holmquisite which is not amenable to lithium hydroxide production.

Stria Announces Property Acquisition

On March 4, 2022, the Company announced is has entered into a letter of intent to purchase the Romer Polymetallic property which consists of 57 contiguous and two isolated map-designated mining claims (total surface area: 2,592.1 ha or 26 km[2] from Braille Energy Systems Inc. (“BESI”).

The Property is located in the Labrador Trough sector of Nunavik, the northern division of the Nord-duQuébec administrative region. The Property straddles the junction between NTS 1:50,000-scale topographic sheets 24K-03 (Lac Géridot) and 24K-04 (Lac Thévenet), and covers portions of unpatented townships 5051, 5052 and 5151. It is bound by latitudes 58°06’30” and 58°12’30” North and longitudes 69°29’00” and 69°38’00” West. The Property is an early-stage exploration project located in the Labrador Trough which is considered a potential emerging region of Québec for base (Cu-Zn-Ni) and precious (Au-PGE) metal mineralization.

Consideration for the Property is anticipated to be:

cash in the amount of $125,000;
$375,000 to be paid is shares of the Company; and
a net smelter royalty of 1% (“NSR”). Stria will have the option to purchase 50% of the NSR such that the NSR is reduced from 1.0% to 0.5%. The Partial NSR Buyout Option may be exercised at any time by Stria for consideration of $500,000 payable in cash or stock or a combination thereof at Stria’s discretion.

The proposed acquisition of the Property remains subject to standard closing conditions, including Exchange approval.

BESI holds an 89.95% equity interest in Braille Holdings Inc., which holds a 100% equity interest in Braille Battery Inc. Braille Battery is an established battery-manufacturing and energy storage company supplying batteries to the professional motor sports industry and the pioneer of a complete line of lightweight high powered battery systems for the transportation market. Prior to its acquisition of Braille Holdings through a reverse takeover transaction, Braille was a junior mining issuer listed on the TSXV. The Property is its sole mining asset.

The proposed acquisition of the Property is considered a non-arm’s length party transaction pursuant to the policies of the Exchange as certain directors and officers act for both Stria and BESI. Both Stria and BESI will seek the requisite Exchange approvals in order to complete the proposed transaction. No new control person will be created on closing of the proposed transaction, non-arm’s length parties will not receive more than 10% of the issued and outstanding shares of Stria as consideration for the Property, and the Property does not represent a sale of more than 50% of Braille’s assets, business, or undertaking. No finders fee is payable by either party with respect to the transactions described herein.

Stria Appoints New CEO and Announces Grant of Options

On March 9, 2022, the Company announced the appointment of Dean Hanisch as CEO. Jeff York has stepped down as interim CEO.

Mr. Hanisch is a resourceful entrepreneur with a proven track record in incubating, advising, assisting and selling private and public companies in multiple industries. Mr. Hanisch has been involved in helping a variety of junior mining companies gain awareness in the marketplace while acting as a consultant. Mr. Hanisch most notably held the title of Business Development Strategic Advisor with Paramount Gold and Silver Corp., a US-based company formerly listed on both the NYSE American exchange and TSX, where he was instrumental in its formative stage helping consolidate the land position through brokering numerous deals with adjacent public companies. He was instrumental in the sale of Paramount to Coeur Mining, Inc. (NYSE) valued at US$146 Million in April 2015. Previously, Mr. Hanisch held a variety of positions as President in the IT industry where he was instrumental in building companies that were later purchased by public companies, most notably Titan Consulting Group that was acquired by Calian CTY (TSX).

Stria also announces the grant of 910,000 incentive stock options to its directors, officers, and consultants. The options are to purchase up to 910,000 common shares of the Company at an exercise price of $0.50 per share and expire on March 8, 2027.

Stria Announces Share Consolidation

On March 28, 2022 the Company announced that at the annual and special shareholder meeting held April 19, 2022, the shareholders were be asked to consider, and if deemed appropriate, pass a special resolution approving an amendment to the Company’s articles to consolidate the issued and outstanding common shares of the Company on the basis of one (1) post-consolidation common share for every ten (10) pre-consolidation common shares outstanding.

There are currently 162,110,369 common shares issued and outstanding. post-Consolidation there will be approximately 16,211,036 common shares issued and outstanding.

No fractional common shares of the Company will be issued if, as a result of the Consolidation, a registered shareholder would otherwise be entitled to a fractional share. Instead, the Company will round any fractional shares resulting from the Consolidation in the following manner: a registered

shareholders holding 0.50 or more fractional shares will be rounded up to the nearest whole share, and a registered shareholder holding less than 0.50 of a fractional share will be rounded down to the nearest whole share.

The Consolidation will affect all Shareholders uniformly and will not affect any Shareholders’ percentage interest in the Company, except to the extent that the Consolidation would otherwise result in a Shareholder owning a fractional share. In addition, the Consolidation will not affect any Shareholder’s proportionate voting rights, subject to the treatment of fractional shares described above.

The Consolidation is subject to shareholder and TSXV approval and the effective date of the Consolidation will be announced once all approvals have been received. No name change will be made in conjunction with the Consolidation.

Stria Provides Update on Proposed Purchase of Romer Property

On April 7, 2022 the Company provided an update to the proposed purchase of the Romer Property from Braille Energy Systems Inc. (“ Braille ”) previously announced in news releases dated March 4, 2022 and April 5, 2022, April 7, 2022, June 20, 2022 (the “ Proposed Transaction”).

Stria executed the definitive acquisition agreement with Braille on April 6, 2022. Terms of the executed agreement may be found in the news releases dated March 4 and April 5, 2022. Closing of the Proposed Transaction is subject to a number of conditions including approval of the disinterested shareholders of Braille and final approval of the TSXV. Please see the news releases of March 4 and April 5, 2022 for further information. IOS Services Géoscientifiques prepared the independent Geological Report. The report is expected to be delivered this week.

On August 11, 2022, the Company announced it closed the transaction with Braille Energy Systems.

Stria Announces TSX-V Acceptance of Share Consolidation

On May 12, 2022 the Company announced that the TSX-V approved a share consolidation of the outstanding capital of the Company of the Company’s common shares on the basis of ten (10) preConsolidation common shares for one (1) post-Consolidation common share.

The Consolidation was effective May 16, 2022 and the Company did not change its name as part of the Consolidation but issued new share certificates under a new CUSIP number, 86330Y501 (ISIN: CA86330Y5011). The Company’s common shares continue to trade on the Exchange under its current symbol, “SRA”. Prior to the share consolidation, the Company had 162,110,369 common shares issued and outstanding, after the effective date, the Company had approximately 16,211,037 postConsolidated common shares issued and outstanding.

Holders of Common Shares who hold uncertificated shares (that is shares held in book-entry form and not represented by a physical share certificate), either as registered holders or beneficial owners, had their existing book-entry account(s) electronically adjusted by the Company’s transfer agent or, in the case of beneficial shareholders, by their brokerage firms, banks, trusts or other nominees. Such holders generally do not need to take any additional actions to exchange their pre-Consolidation common shares for post-Consolidation common shares.

Registered shareholders holding share certificates were mailed a letter of transmittal advising of the consolidation and instructing them to surrender the share certificates representing pre-Consolidation common shares for replacement certificates or a direct registration advice representing their postConsolidation common shares. Until surrendered for exchange, each share certificate formerly representing pre-consolidation Common Shares will be deemed to represent the number of whole postConsolidation common shares to which the holder is entitled as a result of the Consolidation.

Stria Awarded $275,000 Grant From The Quebec Government

On June 28, 2022 the Company announced it has been awarded a grant of up to $275,000 by Quebec’s Ministry of Energy and Natural Resources (MERN). The grant will be used to finance a geometallurgical

study of lithium-bearing spodumene pegmatites at its Pontax property, located in the Eeyou Istchee Baie-James region of Quebec. The grant award is part of the Government of Quebec’s program to support mineral exploration for minerals needed for green and renewable energy technologies as outlined in its 2020-25 Plan for the Development of Critical and Strategic Minerals.

Stria plans to engage IOS Services Géoscientifiques of Saguenay, Québec to design and conduct the geometallurical surveys, which are expected to begin in June using samples taken from the Pontax property in 2021.

Stria Announces Option and Joint Venture With Cygnus Gold On Its Pontax Lithium Property and Private Placement

On July 28, 2022 the Company announced the execution of a binding Term Sheet with Cygnus Gold Limited (ASX: CY5) (“Cygnus”) pursuant to which Cygnus has been granted the sole and exclusive Option (the “Option”) to acquire up to a 70 % undivided interest in Stria’s Pontax-Lithium property (the “Property”) under a two-stage option for total cash payments of $6 million and exploration expenditure commitments totalling $10 million (the “Transaction”). Following the exercise of the Option, the parties will form a joint venture (the “Joint Venture”) with each of Cygnus and Stria holding an undivided interest of 70% and 30% respectively, with Cygnus acting as operator of the Joint Venture. Stria’s interest in the Joint Venture will be free carried until Cygnus delivers a feasibility study on the property.

In consideration for the Option, Cygnus will pay Stria a cash consideration of $1 million within 10 business days following the receipt by Stria of all the required corporate and regulatory approvals to complete the Transaction. Furthermore, as a condition precedent to the Transaction, Cygnus has accepted to participate in Stria’s concurrent Offering (as defined below) in the amount of $350,000. Cygnus’ participation in the Offering is conditional upon Stria first obtaining all required regulatory and shareholder approvals in connection with the Transaction (as further detailed below).

The terms of the two-stage option can be summarized as follows:

First Option to Acquire A 51% Undivided Interest (“First Option”)

Under the First Option, Cygnus is required to incur exploration expenditures on the Property in the amount of $4 million over a period of 18 months. Following completion of such expenditures, in order to complete the First Option, Cygnus shall pay Stria a cash amount of $2 million.

Second Option to Acquire An Additional 19% interest (“Second Option”)

Under the Second Option, conditional upon the exercise of the First Option, Cygnus shall incur additional exploration expenditures in the amount of $6 million over a period of 30 months from the date of exercise of the First Option. Following completion of such expenditures, in order to complete the Second Option, Cygnus shall pay Stria an additional cash amount of $3 million. Upon the exercise of the Second Option, Cygnus shall have acquired a 70% undivided interest in the Property.

In the event Cygnus elects not to proceed with, or otherwise fails to exercise the Second Option, the parties will form the Joint Venture with Cygnus automatically transferring a 2% undivided back to Stria for a nominal consideration. Each of Cygnus and Stria shall thereafter hold an undivided Joint Venture interest of 49 % and 51 % respectively, with Stria becoming operator of the Joint Venture.

The Transaction constitutes an arm’s length transaction within the meaning of the policies of the TSX Venture Exchange (the “TSXV”) and constitutes a “Reviewable Transaction” in accordance with TSXV Policy 5.3 – Acquisitions and Dispositions of Non-Cash Assets, and therefore remains subject to the review and approval of the TSXV. Moreover, as the Transaction constitutes the sale of more than 50% of Stria’s assets, business or undertaking, it is subject to shareholder approval. Accordingly, and as permitted by the policies of the TSXV, Stria will obtain such shareholder approval by way of written consent of shareholders holding over 50% of it’s issued and outstanding shares. It should be noted that there are no finders fee payable in connection with the Transaction.

The Transaction is subject to conditions customary for this type of transaction including, notably, Stria having obtained all required corporate and regulatory approvals within a delay of 60 days from the execution of the Term Sheet, failing which any party may terminate the Transaction.

Stria Announces Receipt of Shareholder Consent to the Option and Joint Venture with Cygnus Gold

On August 23, 2022, the Company announced it has obtained shareholder approval of the previously announced binding term sheet with Cygnus. As the Transaction constitutes an arm's length transaction within the meaning of the policies of the TSX-V and constitutes a “Reviewable Transaction” in accordance with TSXV Policy 5.3 – Acquisitions and Dispositions of Non-Cash Assets, Stria sought and obtained such shareholder approval by way of written consent of shareholders holding over 50% of its issued and outstanding shares.

The Transaction remains subject to conditions customary for this type of transaction including, notably, Stria having obtained all required corporate and regulatory approvals within a delay of 60 days from the execution of the Term Sheet, failing which any party may terminate the Transaction.

Following the closing of the Transaction, Stria plans to devote its resources to the exploration of the Romer property which is located in the Labrador Trough sector of Nunavik, the northern division of the Nord-du-Québec administrative region. The property straddles the junction between NTS 1:50,000scale topographic sheets 24K-03 (Lac Géridot) and 24K-04 (Lac Thévenet), and covers portions of unpatented townships 5051, 5052 and 5151. It is bound by latitudes 58°06’30” and 58°12’30” North and longitudes 69°29’00” and 69°38’00” West. The property is an early-stage exploration project where previous prospecting programs unearthed hundreds of outcrop samples anomalous in platinum, palladium or gold, associated with reef type PGM or orogenic gold occurrences. The property also has the proper geological setting to host zinc or nickel mineral occurrences, which could be associated with currently untested VTEM anomalies.

Stria Financing

The Company announced a non-brokered private placement for total gross proceeds of up to $1.5 million. Stria shall raise up to:

▪ $1,150,000 at a price of $0.15 per unit of Stria from investors pursuant to prospectus exemptions and

▪ (ii) $350,000 at a price of $0.25 per common share of Stria from Cygnus (the “Offering”).

Each unit so issued shall be comprised of one common share of Stria and one-half of one common share purchase warrant, with each whole warrant entitling the holder to acquire one common share of Stria for $0.50 per common share for a period of 24 months following the closing. As detailed above, in connection with the Transaction, Cygnus has accepted to participate in the Offering in the amount of $350,000, subject to Stria having received TSX-V approval and the approval of its shareholders to complete the Transaction. The securities issued under the Offering will be subject to a 4-month hold period under applicable Canadian securities regulations. The Offering remains subject to the approval of the TSXV.

On October 17, 2022, the Company announced the execution of a definitive agreement with Cygnus following the execution of a binding term sheet between the parties dated July 26, 2022.

Stria Announces Closing of Previously Announced Private Placement

On August 23, 2022, the Company announced the closing of an equity financing announced in its press release of July 28, 2022 through the issuance of 4,274,999 units at a price of $0.15 per unit for gross proceeds of $641,250. Each unit was issued on August 19, 2022 and consists of one common share in the capital of Stria and one-half of one Common Share purchase warrant. Each Warrant entitles the holder to acquire one additional Common Share at an exercise price of $0.50 per Common Share for a period of 24 months from the closing date.

Stria intends to use the net proceeds from this Offering for working capital and general corporate purposes. The securities issued in this Offering are subject to a four-month and one (1) day hold period expiring on December 20, 2022.

In connection with this first closing of the Offering, finder’s fees equal to an aggregate amount of $7,200 were paid, and 48,000 finder’s warrants were issued, to third parties dealing at arm’s length with Stria. Each finder’s warrant entitles the holder to acquire one Common Share at an exercise price of $0.50 per Common Share for a period of 24 months from the closing date. The Offering is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory and other approvals, including the acceptance by the TSX-V.

Stria Announces Grant of Incentive Stock Options

On August 24, 2022 the Company announced it granted stock options in respect of an aggregate of 2,195,000 common shares. The exercise price of the options is $0.17 per share. The options will expire on August 24, 2027. The options were granted under Stria’s stock option plan.

Stria Announces Incentive Stock Option Grants

On August 30, 2022 the Company announced it granted stock options in respect of an aggregate of 1,240,000 common shares. The exercise price of the options is $0.175 per share. The options will expire on August 29, 2027. The options were granted under Stria’s stock option plan.

Stria Announces Numerous Targets Identified in Area with High Grades of Up To 2.6% Li2O on the Pontax-Lithium Property

Subsequent to the year ended September 30, 2022, on October 20, the Company, in partnership with Cygnus Gold Limited (ASX: CY5) (“ Cygnus ”) announced highly promising preliminary results from the recently completed high resolution aeromagnetics and LiDAR surveys at the Pontax Lithium Project.

Stria Announces Resource Definition Drilling Commenced and First Stage Completed

Subsequent to the year ended September 30, 2022, on November 07, 2022 the Company, in partnership with Cygnus Gold Limited (ASX:CY5) (“Cygnus”) announced it has initiated a 10,000m drilling program at its Pontax Lithium targeting multiple outcropping spodumene zones with up to 2.6% Li 2 O. The 10,000m drill program will focus on both resource definition and step out drilling over the next six months. The initial focus of this first stage drill programme is to target down dip and along strike extents of the known high grade Pontax Central outcrop with existing known shallow, high grade intercepts of up to 2.6% Li 2 O from only 19.4m downhole. The initial focus of this first stage drill programme is to target down dip and along strike extents of the known high grade Pontax Central outcrop with existing known shallow, high grade intercepts of up to 2.6% Li 2 O at a depth of approximately 12 metres (19.4m downhole). The spodumene-bearing pegmatites at the main Pontax occurrence do outcrop on a hillcrest protruding surrounding undercover area, where exploration drilling is limited to winter operation.

Cygnus advised Stria that the initial-stage ground mapping and sampling has been completed around the main outcrop of the Pontax Project. The recently completed mapping and sampling campaign focussed on key areas identified from recent LiDAR, high definition aeromagnetics and high-resolution photomosaic. The initial results of this work have been highly encouraging leading to the discovery of new unmapped pegmatites now identified and sampled with assay results expected mid-December. Landform analysis based on LiDAR has proven effective in targeting area of potential nearly-outcropping occurrences that were entirely covered by vegetation.

On December 21, 2022, the Company announced it completed the first stage of its fall 2022, 2,028m helicopter-supported core drilling program designed to test the continuity at depth of the spodumene mineralization over the entire known strike length of the central spodumene-bearing pegmatite dyke swarm zone at the Pontax LSPD prospect.

The fall core drilling program comprised of seven (7) inclined NQ-diameter holes for a total of the 2,028m drilled (holes 975-22-026 to 975-22-032). The drill program is scheduled to resume in January 2023. Analytical results for the first set of drill core samples expedited to SGS Canada Inc. Laboratories in Lakefield, Ontario, are expected early in the first quarter of 2023. IOS Services Géoscientifiques Inc. (IOS) of Saguenay, Québec, provided technical and logistical support for the drilling program while core drilling was performed by Forage RJLL of Rouyn-Noranda, Québec.

Stria Lithium Announces Non-Brokered Private Placement

Subsequent to the end of the year ended September 30, 2022, on November 8, 2022, the Company announced it closed a non-brokered private placement of 2,685,000 units (the “ Units ”) of the Company at a price of $0.225 per Unit (the “ Offering Price ”) for aggregate gross proceeds to the Company of $604,125 (the “ Offering ”). Each Unit consists of one common share (a “ Common Share ”) in the capital of the Company and one-half of one non-transferable common share purchase warrant (each whole warrant, a “ Warrant ”) of the Company. Each whole Warrant will entitle the holder thereof to acquire one Common Share at an exercise price per Common Share of $0.50 for a period of 24 months from the closing of the Offering (the “ Closing Date ”), November 8, 2024.

No commissions or fees were paid in connection with this financing. The net proceeds of this financing will be used to maintain the Company's existing operations and general working capital requirements. The Units, including all underlying securities thereof, will have a hold period of four months and one day from the date of issue.

Stria Lithium Inc. Announces Incentive Stock Option Grants

Subsequent to the end of the year ended September 30, 2022, on November 11, 2022 the Company announced the grant of incentive stock options to its directors, officers and employees, to purchase up to 530,000 Common Shares of the Company at an exercise price of $0.35 per share until November 11, 2027.

Exploration Activities

Pontax-Lithium Property

Stria holds 100% ownership of the Pontax-Lithium property located in west-central Eeyou Istchee James Bay Territory, the southern division of the Nord-du-Québec administrative region of Québec. The property consists of 68 contiguous map-designated (CDC) mining claims (total area: 3,613 ha) located approximately 9.5 km to the North of the Wachiskw River, a right-bank tributary of the Pontax River. The property straddles the junction between 1:50,000 scale NTS topographic sheets 32N-14 (Lac Chamois) and 32N-15 (Lac Mirabelli).

The Pontax Lithium property, which Stria acquired from Khalkos Exploration Inc. (a former subsidiary of Sirios Resources Inc.) in December 2013, is host to a recently discovered swarm of at least a dozen lithium (spodumene) bearing pegmatite dykes, each with a thickness of one metre to 10 metres, plus a series of small centimetre-thick dykelets. The lithium bearing dykes outcrop over an area of 450 m by 100 m.

Lithium occurrences were first discovered on the property in 2008 following an exploration program conducted by Sirios Resources Inc. Ground prospecting and outcrop sampling, geological mapping, airborne electromagnetic survey, mechanical trenching, channel sampling and a seven (7) drill hole program (total: 864 m) were completed in 2012. A 400 m long section of the pegmatite dyke swarm was then described as the “Main Zone”. All seven holes intersected lithium bearing spodumene-rich pegmatite dykes, with the best intersection found in hole 09-555-05 (0.97% Li2O over 21.0 m (from 36.0 m to 57.0 m; core length), including 1.43% Li2O over 13.0 m (from 36.0 m to 49.0 m; core length) (Source: Girard, R., 2011[1] ). The Main Zone is open both laterally and at depth.

1Girard, R., 2011: Technical report on the Pontax Lithium property: A lithium exploration project near the lower Eastmain River area, Northern Québec; available at www.sedar.com under Khalkos Exploration Inc.

Exploration Completed by Stria on the Pontax Lithium Property

Work Completed in 2014

The exploration work conducted on the Pontax Lithium property in 2014 included a field sampling program completed in March with the aim to secure sufficient feed material for a Dense Media Separation (DMS) study. On October 20, 2014, the Company announced initial test results on about 100 kg of different spodumene-rich facies samples collected with the help of a rock saw. The test results indicate that conventional DMS processing of spodumene mineralization from the Pontax Lithium prospect can generate a spodumene concentrate of 94.9% Li purity. By itself, conventional heavy liquid separation of coarse fraction material can produce an initial concentrate of 53.9% Li grading at 6.03% Li2O. The initial DMS test work demonstrates that the spodumene from the Pontax lithium prospect is of sufficient quality to be used to feed a running pilot plant.

On May 20, 2015, the Company received the technical report from IOS Services Géoscientifiques Inc. (IOS) of Saguenay, Québec, for the spring 2014 small-scale bulk sampling program described above and for the winter 2014 bulk sampling program. The winter sampling program was designed to secure a large tonnage bulk surface sample of spodumene mineralization for the chlorination pilot plant program. Two outcrop sites at the Pontax lithium prospect were blasted to generate about 49 tonnes of material that were then hand sorted to ship about 25 tonnes of spodumene rich material to IOS’s laboratory facilities in Saguenay.

Work Completed in 2016

In 2016, the Company completed a metallurgical test work program on the small bulk sample with SGS Canada Inc. of Lakefield, Ontario, to evaluate the response of Pontax spodumene mineralization material to conventional density separation and upgrading processes employed to produce marketable spodumene concentrates.

In summary, the combined dense media separation - magnetic separation - flotation flow sheet (based on the flotation locked cycle test results) produced a combined spodumene concentrate assaying 6.3% Li2O with an 85% overall lithium recovery. An exploration/geophysical survey program was planned to further explore the potential extensions of the spodumene dyke swarm and to identify targets for a first core drilling program in 2017.

Work Completed in 2017

On August 4, 2017, Stria awarded a contract to IOS Services Géoscientifique Inc. (IOS) of Saguenay, Québec, to assist the Company in designing and operating a small core drilling program targeting the Pontax Lithium prospect. The design of the drilling program was completed by IOS in November 2017, under the supervision of Table Jamésienne de Concertation Minière (TJCM) of Chibougamau, Québec. The eight-hole, 1,000 m core drilling program, with a budget of $315,000, was intended to investigate the continuity of the spodumene-bearing pegmatite swarm at depth and along strike at a 50 to 100 m spacing. IOS field personnel mobilized to the Pontax Lithium project on November 30, 2017. Drilling commenced on December 6, using a single heliportable drill rig operated by Forages Chibougamau Ltd. of Chibougamau, Québec, and was completed on December 18, 2017. Out of the eight (8) BTWdiameter holes planned, seven (7) were completed for a total of 911.4 m of inclined drilling and 492 m of core were marked for sampling (total: 426 core samples). All core holes were shipped from the field to IOS’s laboratory facilities in Saguenay, Québec, in preparation for core splitting, logging, and sampling; for core sample preparation (crushing and grinding), and for shipping to certified external analytical services providers for multi-element geochemical analysis.

Work Completed in 2018

In January 2018, IOS prepared 426 split core samples from the December 2018 drilling program at its laboratory facilities in Saguenay and then submitted the samples to Activation Laboratories Ltd. (Actlabs) of Ancaster, Ontario, an ISO/IEC 17025:2005 certified facility for multi-element analysis using ICP-OES spectral analysis after a sodium peroxide fusion (code 8-Peroxide). Quality control, monitored by an IOS chemist, consisted of 15% reference materials including blank, duplicates and certified reference material for a total of 68 QA\QC analysis. IOS received the final certificates of analyses from Actlabs on May 7, 2018.

On May 30, 2018, the Company released the results of the seven (7) BTW-diameter holes drilled on the Pontax Spodumene Pegmatite prospect in December 2017 (total: 911.4 m; Table 1) (refer to Stria news release dated May 30, 2018, available at www.sedar.com under Stria Lithium Inc.). The 2017 drilling program builds on the results of an earlier drilling and channel sampling program carried out by the previous owners of the Pontax Lithium property in 2009 and 2012. Historic holes (total: 864 m) intersected a swarm of lithium bearing pegmatite dykes of an aggregated thickness of approximately 20 m, with the best intersection found in hole 09-555-05 (0.97% Li2O over 14.7 m reported as true thickness intervals (from 36.0 m to 57.0 m), including 1.43% Li2O over 9.1 m (from 36.0 m to 49.0 m)[1] . The average thickness of the Pontax spodumene-bearing pegmatite swarm is estimated at 60 m, with the thickest zone lying along the northeast edge.

Highlights:

Seven BTW-diameter drill holes completed for a total of 911.4 m drilled.
A total of 426 m of core were sampled and submitted for assays, of which 103.7 m (24.3%) represent spodumene bearing pegmatite.
All seven holes intersected spodumene bearing pegmatite dykes grading from 0.65% Li2O to

2.49% Li2O over a minimal true thickness[2] of 1.0 m.
Best intersection1: Hole 975-17-014, drilled at -45 degrees to a depth of 141 m, intersected 21.39 m grading 1.16% Li2O at a vertical depth of 48.2 m (from 68.90 m to 99.45 m; core length: 30.55 m), including:
- 5.22 m grading 2.18% Li2O (from 92.00 m to 99.45 m; core length: 7.45 m), and
- o 1.15 m grading 3.18% Li2O (from 68.9 m to 70.55 m; core length: 1.65 m).
High-grade intercept in Hole 975-17-011, drilled at -45 degrees to a depth of 107.4 m, with 2.88 m grading 2.49% Li2O (from 64.31 m to 68.42 m; core length: 4.11 m).
The spodumene bearing pegmatite dyke swarm is currently open along strike to the northeast and at depth, while thinning out toward the southwest.

TABLE 1: PONTAX LITHIUM 2017 DRILLING RESULTS2,3	TABLE 1: PONTAX LITHIUM 2017 DRILLING RESULTS2,3	TABLE 1: PONTAX LITHIUM 2017 DRILLING RESULTS2,3	TABLE 1: PONTAX LITHIUM 2017 DRILLING RESULTS2,3	TABLE 1: PONTAX LITHIUM 2017 DRILLING RESULTS2,3	TABLE 1: PONTAX LITHIUM 2017 DRILLING RESULTS2,3	TABLE 1: PONTAX LITHIUM 2017 DRILLING RESULTS2,3	TABLE 1: PONTAX LITHIUM 2017 DRILLING RESULTS2,3	TABLE 1: PONTAX LITHIUM 2017 DRILLING RESULTS2,3	TABLE 1: PONTAX LITHIUM 2017 DRILLING RESULTS2,3
Drill Hole	Section	Azimuth	Total Length (m)	Intercepts	From (m)	To (m)	Core intersection length (m)	True thickness	Li2O (%)
975-17- 008	0+00	325o	126	Intersection	83,40	89,10	5,70	3,99	1,38%
				Intersection	94,75	104,65	9,90	6,93	0,65%
				Intersection	119,00	120,55	1,55	1,09	0,84%
975-17- 009	1+00E	325o	129	Intersection	72,80	76,25	3,45	2,42	0,77%
				Intersection	94,80	108,45	13,65	9,56	0,45%
975-17- 010	2+00E	330o	171	Intersection	56,90	62,90	6,00	4,20	0,84%
				Intersection	88,05	91,82	3,77	2,64	0,66%
975-17- 011	3+00E	325o	107,4	Intersection	55,84	58,43	2,59	1,81	1,26%
				Intersection	64,31	68,42	4,11	2,88	2,49%
				Intersection	77,44	79,68	2,24	1,57	0,63%
				Intersection Including	88,91	96,83	7,92	5,54	1,33%
					88,91	92,70	3,79	2,65	1,93%
975-17- 012	3+00E	325o	111	Intersection	27,57	33,95	6,38	4,47	0,95%
				Intersection	37,85	53,80	15,95	11,17	0,82%
975-17- 013	3+50E	325o	126	Intersection	57,50	59,05	1,55	1,09	0,69%
				Intersection	111,62	115,85	4,23	2,96	1,25%
975-17- 014	5+00E	325o	141	Intersection	29,20	33,10	3,90	2,73	1,53%
				Intersection	68,90	99,45	30,55	21,39	1,16%
				Including Including	68,90	70,55	1,65	1,15	3,18%
					86,00	99,45	13,45	9,42	1,78%
				Including	92,00	99,45	7,45	5,22	2,18%

2 True thicknesses reported. The drill holes have been loaded into a 3-D visualization software and the three-dimensional deposit envelope has an azimuth of N325 degrees and dips vertically. Drill holes crosscut the envelope of the mineralized zone at an angle of approximately 45 degrees. The conversion factor for true thickness is 0.7 of the core intersection length.

3 Lithium analyses performed at Actlabs are reported as lithium oxide (Li2O). Mineralized intersections are calculated with Li2O > 0.5% over a minimum of 1.5 m, no external dilution, internal dilution at 0%

Li2O. Metabasalt wall rocks are excluded from intersection calculations, despite being locally lithium bearing.

The fall 2017 exploration program at the Pontax Lithium Property was designed and operated by IOS under the supervision of TJCM.

The Company received IOS’ technical report on the December 2017 core drilling program on June 12, 2018.

No mineral exploration work was conducted on the Pontax Lithium property during the quarter ended September 30, 2018.

Work Completed in 2019

On December 10, 2018, the Company commissioned IOS Services Géoscientifique Inc. (IOS) of Saguenay, Québec, to collect a 100-tonne surface bulk sample from the Pontax Lithium prospect for metallurgical test work purposes. IOS completed the bulk sampling program by December 31, 2018, A total of 21 tonnes of mineralized rock collected out of the planned 100 tonnes. The bulk sample was removed from the Pontax Lithium property in 2019 and then transported by road to IOS laboratory facilities in Saguenay for storage, pending additional metallurgical test work.

No mineral exploration work was conducted on the Pontax Lithium property during the quarters ended March 31, June 30, and September 30, 2019.

Work Completed in 2020

On November 18, 2019, the Company awarded a contract to IOS Services Géoscientifique Inc., to design and perform a second phase of infill and extension drilling at the Pontax Lithium Prospect. The helicopter-supported drill program, comprising 11 short 100 m to 125 m length holes (total: 1,509 m) was completed by December 31, 2019. The drill core was transported by road from the property to IOS’s laboratory installations in Laterrière, Québec, in preparation for core splitting, logging and sampling work to commence in January 2020.

No mineral exploration work was conducted at the Pontax Lithium property during the quarters ended March 31, June 30, September 30, and December 31, 2020.

Following the mandatory closure of all non-essential businesses in the province of Québec due to the exceptional circumstances surrounding the COVID-19 pandemic, on March 23, 2020, all activities at IOS’: laboratory facilities in Saguenay, Québec were suspended including the logging and preparation of drill core samples from the December 2019 drilling program at the Pontax Lithium prospect.

On April 9, 2020, the Québec Minister of Energy and Natural Resources (MERN), Mr. Jonathan Julien, announced the term suspension of all mineral exploration claims currently in force in the province for a 12-month period effective immediately. This extraordinary measure taken to support claim holders is applied pursuant to article 63 of the Mining Act and under the discretionary power of the Minister of Energy and Natural Resources. The current expiry dates for the 68 CDC claims forming the Pontax Lithium property were therefore extended by 12 months.

After being suspended by the Québec government, on March 12, 2020, mineral exploration activities were allowed to resume across the province on May 11, 2020, under specific conditions. Mining companies with projects in Eeyou-Istchee James Bay Territory are required to notify the Cree Nation Government ahead of conducting any field work and they must submit a COVID-19 Management Plan and Precautionary Measures design to prevent the spread of COVID-19 to Cree communities.

The ongoing COVID-19 pandemic and the stringent measures put in place by government health authorities to contain and prevent the spread of COVID-19 continued to complicate the planning of mining exploration programs in Eeyou-Istchee James Bay Territory together with mining companies’ efforts to ensure the timely delivery of exploration results and raise new capital to pursue the development of their industrial minerals projects.

Work Completed in 2021

No mineral exploration work was conducted at the Pontax Lithium property during the quarters ended March 31, September 30 and December 31, 2021.

On March 2, 2021, the Company received IOS’s technical report on the bulk spodumene mineralization sample collected at the Pontax Lithium prospect in December 2018. A total of 21 tonnes of mineralized rock out of the planned 100 tonnes were removed from the Pontax Lithium property in 2019 and then transported by road to IOS laboratory facilities in Saguenay. Plans to advance the pilot plant design and conduct new metallurgical tests on the bulk spodumene mineralization sample have been put on hold, pending additional financing.

On August 9, 2021, IOS reported having started processing drill core samples from the December 2019 infill and extension core drilling program at the Pontax Lithium prospect in preparation for multielement geochemical analysis (250 core samples collected, crushed and pulverized out of a total of 648). The 250 samples and the remaining 398 prepared core samples were expedited to a certified analytical services provider for analysis during the quarter ended September 30, 2021.

On December 2, 2021, the Company released the results of the first six (6) out of 11 BTW-diameter holes drilled on the Pontax Lithium prospect in December 2019 (1,510.5 m, Table 2; Refer to Stria news release dated December 2, 2021, available at https://strialithium.com/ or at www.sedar.com/ under Stria Lithium Inc.). This drilling program was designed to test the north-eastern and south-western extensions of the spodumene pegmatite dyke swarm at a 50 m spacing, as well as to test for dykes inside the footwall of the zone towards the northwest.

Highlights:

Eleven BTW-diameter drill holes were completed for a total of 1,510.5 m drilled (Table 2), with the results of the first six holes being released on December 2, 2021.
A total of 654.3 m of core were sampled and submitted for multi-element geochemical analysis for the current program, of which 189.3 m (29%) represent spodumene bearing pegmatite.
Results are for two of the five drill holes positioned to test the extension of the spodumene pegmatite dyke swarm to the Northeast and for four of the five holes targeting a second series of pegmatite dykes to the Northwest of the Pontax spodumene pegmatite prospect. Results from the only step out hole to the Southwest are pending. All six holes reported today intersected spodumene bearing pegmatite dykes grading up to 3.77% Li2O over a minimum true thickness[1] of 0.7 m (Table 2).
Best intersection[1] : Hole 975-19-018, drilled at -50[o] to a vertical depth of 101.0 m on Line 5+50N near the northeastern end of the spodumene pegmatite bearing zone, intersected numerous closely spaced dykes, with the best intercept being 11.27 m grading 0.91% Li2O at a vertical depth of 56.28 m (from 80.4 m to 96.5 m; core length: 16 .1 m; Table 2), including:2.84 m[1] grading 1.72% Li2O (from 84.8 m to 88.85 m; core length: 4.05 m)
High grade intercept in Hole 975-19-020, drilled on Line 5+00N at -50[o] degrees to a vertical depth 13.58 m, with 3.36 m[1 ] grading 2.55% Li2O (from 19.4 m to 24.2 m; core length: 4.8 m).

The spodumene bearing pegmatite dyke swarm remains open along strike to the northeast and at depth, while thinning out toward the southwest, with a decrease in lithium grades in the footwall towards the Northwest.

The December 2019 core drilling program at the Pontax Lithium Property was designed and operated by IOS under the supervision of TJCM. The drilling was performed using a single heliportable drill rig operated by Forages G4 Inc. of Rouyn-Noranda, Québec.

TABLE 2: PONTAX LITHIUM PROSPECT DRILLING RESULTS, DECEMBER 2019 DRILLING PROGRAM[1,2]

TABLE 2: PONTAX LITHIUM PROSPECT DRILLING RESULTS, DECEMBER 2019 DRILLING PROGRAM1,2	TABLE 2: PONTAX LITHIUM PROSPECT DRILLING RESULTS, DECEMBER 2019 DRILLING PROGRAM1,2	TABLE 2: PONTAX LITHIUM PROSPECT DRILLING RESULTS, DECEMBER 2019 DRILLING PROGRAM1,2	TABLE 2: PONTAX LITHIUM PROSPECT DRILLING RESULTS, DECEMBER 2019 DRILLING PROGRAM1,2	TABLE 2: PONTAX LITHIUM PROSPECT DRILLING RESULTS, DECEMBER 2019 DRILLING PROGRAM1,2	TABLE 2: PONTAX LITHIUM PROSPECT DRILLING RESULTS, DECEMBER 2019 DRILLING PROGRAM1,2	TABLE 2: PONTAX LITHIUM PROSPECT DRILLING RESULTS, DECEMBER 2019 DRILLING PROGRAM1,2	TABLE 2: PONTAX LITHIUM PROSPECT DRILLING RESULTS, DECEMBER 2019 DRILLING PROGRAM1,2	TABLE 2: PONTAX LITHIUM PROSPECT DRILLING RESULTS, DECEMBER 2019 DRILLING PROGRAM1,2	TABLE 2: PONTAX LITHIUM PROSPECT DRILLING RESULTS, DECEMBER 2019 DRILLING PROGRAM1,2	TABLE 2: PONTAX LITHIUM PROSPECT DRILLING RESULTS, DECEMBER 2019 DRILLING PROGRAM1,2
Drill hole	Section	Azimuth	Plunge	Total length (m)	Intercepts	From (m)	To (m)	Core Intersection length (m)	True thickness (m)	Li2O (%)
975-19-015	6+00E	N325o	-50o	174.0	Intercept	75.60	77.85	2.05	1.44	1.53 %
-	-	-	-	-	Intercept	107.40	117.00	9.60	6.72	0.68 %
-	-	-	-	-	Intercept	155.70	158.30	2.60	1.82	0.96 %
975-19-016	6+00E	N325o	-50o	120.0	Pending	-	-	-	-	-
975-19-017	4+50E	N325o	-50o	153.9	Pending	-	-	-	-	-
975-19-018	4+50E	N325o	-50o	144.0	Intercept	31.35	35.90	4.55	3.19	0.94 %
-	-	-	-	-	Intercept	59.80	64.20	4.40	3.08	2.1 %
-	-	-	-	-	Intercept	71.30	73.90	2.60	1.82	1.27 %
-	-	-	-	-	Intercept	80.40	96.50	16.10	11.27	0.91 %
-	-	-	-	-	Including	84.80	88.85	4.05	2.84	1.72 %
-	-	-	-	-	Intercept	107.80	110.50	2.70	1.89	0.98 %
-	-	-	-	-	Intercept	121.30	122.85	1.55	1.09	1.62 %
975-19-019	5+50E	N325o	-50o	125.6	Pending	-	-	-	-	-
975-19-020	3+50E	N325o	-50o	132.0	Intercept	10.90	12.75	1.85	1.30	1.44 %
-	-	-	-	-	Intercept	19.40	24.20	4.80	3.36	2.55 %
975-19-021	2+50E	N325o	-50o	162 .0	Intercept	1.50	4.50	3.00	2.10	1.37 %
-	-	-	-	-	Intercept	17.50	21.25	3.75	2.63	1.99 %
-	-	-	-	-	Intercept	27.70	30.40	2.70	1.89	0.78%
-	-	-	-	-	Intercept	42.30	43.90	1.60	1.12	1.14 %
-	-	-	-	-	Intercept	55.10	62.30	7.20	5.04	1.10 %
-	-	-	-	-	Intercept	80.25	82.65	2.40	1.68	1.09 %
975-19-022	1+50E	N325o	-50o	123.0	Pending	-	-	-	-	-
975-19-023	1+00E	N325o	-50o	114.0	Intercept	37.40	39.50	2.30	1.61	0.57 %
975-19-024	0+50E	N325o	-50o	111.0	Intercept	5.85	8.10	2.25	1.58	0.95 %
-	-	-	-	-	Intercept	32.50	43.25	10.75	7.53	1.05 %
975-19-025	0+50W	N325o	-50o	151.0	Pending	-	-	-	-	-

1 True thicknesses are reported. The drill holes have been loaded into a 3-D visualization software and the threedimensional envelope of the mineralized zone has an azimuth of N325[o] and dips vertically. Drill holes crosscut the envelope of the mineralized zone at an angle of approximately 45[o] degrees. The conversion factor for true thickness is 0.7 of the core intersection length.

2Lithium analyses were performed at Activation Laboratories Ltd. (Actlabs) of Ancaster, Ontario, an ISO/IEC 17025:2005 certified facility using ICP-OES spectral analysis after a sodium peroxide fusion (code 8-Peroxide). Quality control, monitored by an IOS chemist, consists of 17% reference materials including blank, duplicates and certified reference material (Oreas 148 and Oreas 149) and are reported as lithium oxide (Li2O). Mineralized intersections are calculated with Li2O > 0.5% over a minimum of 1.5 m, no external dilution, internal dilution set at 0% Li2O. Metabasalt wall rocks were excluded from intersection calculations despite being locally lithium bearing due to the presence of iron bearing holmquisite which is not amenable to lithium hydroxide production.

Work Completed in 2022

No mineral exploration work was conducted at the Pontax Lithium property during the quarters ended March 31, 2022, and June 30, 2022.

on January 10, 2022, Stria released the final drilling results from its December 2019 step-out drilling program at the Pontax spodumene pegmatite prospect, including the highlights for the last five drill holes

whose analytical results were pending at the time of the Company’s December 2, 2021 (Table 3). The final five drill holes comprise two holes positioned to test the extension of the spodumene pegmatite dyke swarm to the Northeast (holes 975-19-016 and 975-16-019); one l hole positioned to test the extension of the dyke swarm to the Southwest (hole 975-19-025); one hole that tested the extension of the dyke swarm at depth below hole 975-19-18 (hole 975-019-017); while the fifth and last drill hole (975-19-022) tested the pegmatite dykes in the footwall spodumene pegmatite zone to the Northwest.

Highlights from holes 975-19-016, 017, 019, 022, and 025[1,2,3] :

Four (4) of the five (5) holes reported today intersected spodumene bearing pegmatite dykes with individual intercepts grading from 1.09% Li2O over 1.72 m[1] in hole 975-19-17 to 1.82% Li2O over 2.07 m[1] in hole 975-19-019 (Table 3).
Best intersection: Hole 975-19-022, drilled at N325[o] -50[o] to a vertical depth of 70.7 m in the central southwest portion of the spodumene pegmatite dyke swarm on Line 1+50E, intersected numerous closely spaced dykes that define a significant intercept[2 ] grading 1.28% Li2O over 3.89 m[1] at a vertical depth of 31.2 m (from 48.65 m to 54.20 m; core length: 5.55 m; Table 3). This intercept confirms the continuity of the spodumene mineralization in the footwall of the zone, previously detected in holes 975-19-023 and 024.
Hole 975-19-016, drilled at N325[o] -50[o] to a vertical depth of 80.3 m at the northerneastern end of the spodumene pegmatite dyke swarm, above hole 975-19-015 on Line 6+00E, intercepted two bands of spodumene pegmatite dykes, the first grading 1.45% Li2O over 1.61 m[1 ] (from 58.05 m to 60.35 m; core length: 2.30 m) and the second grading 1.11% Li2O over 2.10 m[1] (from 69.30 m to 72.30 m; core length: 3.00 m) (Table 3).
Hole 975-19-17, drilled at N325[o] -50[o] to a vertical depth of 90.0 m in the northeastern portion of the spodumene pegmatite dyke swarm, below hole 975-19-015 on Line 4+50E, intercepted five (5) bands of spodumene pegmatite dykes ranging in grade from 1.09% Li2O over 1.72 m[1] (from 36.35 m to 38.80 m; core length: 2.45 m) to 1.54% Li2O over 1.26 m[1] (from 74.55 m to 76.35 m; core length: 1.80 m) (Table 3).
Hole 975-19-19, drilled at N325[o] -50[o] to a vertical depth of 80.35 m in the northeastern portion of the spodumene pegmatite dyke swarm, above hole 975-17-013 on Line 5+50E, intercepted five (5) bands of spodumene pegmatite dykes ranging in grade from 0,73% Li2O over 3.85 m[1] (from 96.30 m to 101.80 m; core length: 5.50 m) to 1.82% Li2O over 2.07 m[1] (from 90.20 m to 93.15 m; core length: 2.95 m) (Table 3).
Hole 975-19-25, drilled at N325[o] -50[o] to a vertical depth of 90.0 m at the southwestern extremity of the spodumene pegmatite dyke swarm, on line 0+50W, did not intersect significant spodumene mineralization.

Notes:

1True thicknesses are reported in this news release. The drill holes have been loaded into a 3-D visualization software and the three-dimensional envelope of the mineralized zone has an azimuth of N325[o] and dips vertically. Drill holes crosscut the envelope of the mineralized zone at an angle of approximately 45[o] degrees. The conversion factor for true thickness is 0.7 of the core intersection length.

2Significant mineralized intercepts are defined as Li2O > 0.5% over a min. true thickess of 1.5 m. 3Metabasalt wall rocks were excluded from intersection calculations despite being locally lithium bearing due to the presence of iron bearing holmquisite which is not amenable to lithium hydroxide production.

The spodumene bearing pegmatite dyke swarm remains open along strike to the northeast and at depth, while thinning out toward the southwest. Pegmatite dykes are absent in the hanging wall to the southeast of the spodumene pegmatite dyke swarm, but were detected with some continuity in the footwall to the northwest.

Table 3: Highlights from the Q1-2020 drilling program at the Pontax spodumene pegmatite prospect.

	TABLE 1: HIGHLIGHTS FROM THE Q1-2020 DRILLING PROGRAM, PONTAX LITHIUM PROSPECT5,6	TABLE 1: HIGHLIGHTS FROM THE Q1-2020 DRILLING PROGRAM, PONTAX LITHIUM PROSPECT5,6	TABLE 1: HIGHLIGHTS FROM THE Q1-2020 DRILLING PROGRAM, PONTAX LITHIUM PROSPECT5,6	TABLE 1: HIGHLIGHTS FROM THE Q1-2020 DRILLING PROGRAM, PONTAX LITHIUM PROSPECT5,6	TABLE 1: HIGHLIGHTS FROM THE Q1-2020 DRILLING PROGRAM, PONTAX LITHIUM PROSPECT5,6	TABLE 1: HIGHLIGHTS FROM THE Q1-2020 DRILLING PROGRAM, PONTAX LITHIUM PROSPECT5,6	TABLE 1: HIGHLIGHTS FROM THE Q1-2020 DRILLING PROGRAM, PONTAX LITHIUM PROSPECT5,6	TABLE 1: HIGHLIGHTS FROM THE Q1-2020 DRILLING PROGRAM, PONTAX LITHIUM PROSPECT5,6	TABLE 1: HIGHLIGHTS FROM THE Q1-2020 DRILLING PROGRAM, PONTAX LITHIUM PROSPECT5,6	TABLE 1: HIGHLIGHTS FROM THE Q1-2020 DRILLING PROGRAM, PONTAX LITHIUM PROSPECT5,6
Drill hole	Section	Azimuth	Plunge	Total length (m)	Intercepts	From (m)	To (m)	Core intercept length (m)	True thickness (m)	Li2O (%)
975-19-015	6+00E	N325o	-50o	174.0	Intercept	75.60	77.85	2.05	1.44	1.53 %
-	-	-	-	-	Intercept	107.40	117.00	9.60	6.72	0.68 %
-	-	-	-	-	Intercept	155.70	158.30	2.60	1.82	0.96 %
975-19-016	6+00E	N325o	-50o	120.0	Intercept	58.05	60.35	2.30	1.61	1.45 %
-	-	-	-	-	Intercept	69.30	72.30	3.00	2.10	1.11 %
975-19-017	4+50E	N325o	-50o	153.9	Intercept	36.35	38.80	2.45	1.72	1.09 %
-	-	-	-	-	Intercept	74.55	76.35	1.80	1.26	1.54 %
-	-	-	-	-	Intercept	107.70	110.45	2.75	1.93	1.18 %
-	-	-	-	-	Intercept	121.10	125.80	4.70	3.29	1.17 %
-	-	-	-	-	Intercept	143.00	145.00	2.00	1.40	1.67 %
975-19-018	4+50E	N325o	-50o	144.0	Intercept	31.35	35.90	4.55	3.19	0.94 %
-	-	-	-	-	Intercept	59.80	64.20	4.40	3.08	2.10 %
-	-	-	-	-	Intercept	71.30	73.90	2.60	1.82	1.27 %
-	-	-	-	-	Intercept	80.40	96.50	16.10	11.27	0.91 %
-	-	-	-	-	Including:	84.80	88.85	4.05	2.84	1.72 %
-	-	-	-	-	Intercept	107.80	110.50	2.70	1.89	0.98 %
-	-	-	-	-	Intercept	121.30	122.85	1.55	1.09	1.62 %
975-19-019	5+50E	N325o	-50o	125.6	Intercept	19.50	26.00	6.50	4.55	0.89 %
-	-	-	-	-	Intercept	54.30	55.70	1.40	0.98	0.99 %
-	-	-	-	-	Intercept	77.00	78.70	1.70	1.19	1.09 %
-	-	-	-	-	Intercept	90.20	93.15	2.95	2.07	1.82 %
-	-	-	-	-	Intercept	96.30	101.80	5.50	3.85	0.73 %
975-19-020	3+50E	N325o	-50o	132.0	Intercept	10.90	12.75	1.85	1.30	1.44 %
-	-	-	-	-	Intercept	19.40	24.20	4.80	3.36	2.55 %
975-19-021	2+50E	N325o	-50o	162.0	Intercept	1.50	4.50	3.00	2.10	1.37 %
-	-	-	-	-	Intercept	17.50	21.25	3.75	2.63	1.99 %
-	-	-	-	-	Intercept	27.70	30.40	2.70	1.89	0.78 %
-	-	-	-	-	Intercept	42.30	43.90	1.60	1.12	1.14 %
-	-	-	-	-	Intercept	55.10	62.30	7.20	5.04	1.10 %
-	-	-	-	-	Intercept	80.25	82.65	2.40	1.68	1.09 %
975-19-022	1+50E	N325o	-50o	123.0	Intercept	48.65	54.20	5.55	3.89	1.28 %
975-19-023	1+00E	N325o	-50o	114.0	Intercept	37.40	39.50	2.30	1.61	0.57 %
975-19-024	0+50E	N325o	-50o	111.0	Intercept	5.85	8.10	2.25	1.58	0.95 %
-	-	-	-	-	Intercept	32.50	48.60	13.75	9.63	0.91 %
975-19-025	0+50W	N325o	-50o	151.0	No mineralized intercepts

Notes:

5 Mineralized intercepts are calculated as Li2O > 0.5% over a minimum true thickess of 1.5 m; no external dilution; internal dilution set at 0.0% Li2O .

6Metabasalt wall rocks were excluded from intersection calculations despite being locally lithium bearing due to the presence of iron bearing holmquisite which is not amenable to lithium hydroxide production

On February 7, 2022, the Company successfully renewed the 38 CDC claims that were scheduled to expire in 2022 for an additional 2 years (new expiry date: Dec. 8, 2024). All 68 CDC claims forming the Pontax Lithium property are all in good standing on e-GESTIM.

On March 4, 2022, the Company, in collaboration with IOS Services Géoscientifiques Inc., applied for a R&D grant from the Québec Ministry of Energy and Natural Resources (MERN) to undertake a geometallurgical study of the Pontax lithium spodumene pegmatite dyke prospect. Stria’s application financial assistance follows the MERN’s second call for project proposals under its Mineral Exploration Support Program for Critical and Strategic Minerals (2021-2024). The maximum rate of financial assistance provided by MERN is 50% of eligible expenses to a maximum of $400,000 per project.

On May 19, 2022, the Company received a letter from MERN Minister Jonatan Julien announcing it that been awarded a grant of up to $275,000 under the MERN’s program to support mineral exploration for minerals needed for green and renewable energy technologies as outlined in its 2020-2025 Plan for the Development of Critical and Strategic Minerals. The grant will be used to undertake the geometallurgical study of the Pontax lithium spodumene pegmatite dyke prospect. The Company submitted the final documents required to complete the funding agreement to the MERN on July 13, 2022. As of August 5, 2022, the final agreement had not yet been signed by Minister Julien. Stria has commissioned IOS to design and manage the geometallurgical study, under the supervision of TJCM. The funding agreement between the MRN and Stria was executed on August 29, 2022.

Update for the Three Months Periods Ended September 30, 2022

On July 7, 2022, IOS Services Géoscientifiques Inc. (IOS) , acting for Stria, commissioned Québec Citybased MVT Geo-Solutions Inc. to fly an airborne LiDAR laser guided topographic survey of the Pontax Lithium property. The high-resolution (≥ 5 pts/m[2] ) LiDAR survey was conducted during the month of August. The Company received the final dataset for the survey on October 14, 2022. The dataset comprised of digital elevation contours at 1:3,000 scale (vector files), elevation data in ER Mapper™ format, digital elevation model (DEM) images in GeoTIFF format (resolution: 0.5 m), and a 3-D of the DEM surface exported from contours in *.dxf format.

On June 30, 2022, on July 25, 2022, IOS, acting for Stria, commissioned Novatem Inc. of Mont-SaintHilaire, Québec, to undertake an ultrahigh resolution airborne magnetic (MAG) survey on the Pontax Lithium property using their Novatem G2™ helicopter system. This system employs two laser optical scalar magnetic sensors that provide 1,000 measurements per second (1,000 Hz) and that are mounted at the front of a Guimbal G2 light helicopter. The Airborne magnetic survey of the Pontax Lithium property was completed on August 4, 2022. The Company received the final dataset for the survey from IOS on September 14, 2022. The dataset comprised of a magnetic data archive in Geosoft Oasis Montaj™ format (.gdb), grids of processed and derivative MAG measurements in Geosoft™ .grd format, a set of eight (8) maps of processed and derivative measurements in jpeg and GeoTIFF formats, and a technical report.

The results from the airborne LiDAR and ultrahigh resolution magnetic surveys will integrated with geological and geochemical data available for the Pontax Lithium property to plan a first phase of targeted prospecting on the property in search for new occurrences of spodumene pegmatite dykes, starting in October .

On July 28, 2022, the Company announced the execution of a binding term sheet (the “Term Sheet”) with Cygnus Gold Limited (ASX: CY5) (“Cygnus”) pursuant to which Cygnus has been granted the sole and exclusive option (the “Option”) to acquire up to a 70% undivided interest in the Company’s PontaxLithium property under a two-stage option for total cash payments of $6 million and exploration expenditure commitments totalling $10 million. Following the exercise of the Option, the parties will form a joint venture (the “Joint Venture”) with each of Cygnus and Stria holding an undivided interest of 70 % and 30 % respectively, with Cygnus acting as operator of the Joint Venture. Stria’s interest in the Joint Venture will be free carried until Cygnus delivers a feasibility study on the property.

Subsequent to the quarter ended September 30, 2022, on October 17, 2022, the Company announced the execution of a definitive agreement (the “Definitive Agreement”) with Cygnus Gold Limited following the execution of a binding term sheet between the parties dated July 26, 2022. In consideration for the Option, Cygnus paid a cash consideration of CAD$1 million and subscribed for 1,400,000 common shares of the Company a price of CAD$0.25 per common share, for aggregate gross proceeds of CAD$350,000. In addition to the terms set out in the binding term sheet, the Definitive Agreement stipulates that in the event Cygnus elects not to proceed with, or otherwise fails to exercise the Second Option, the parties will form the Joint Venture with Cygnus automatically transferring a 2% undivided

back to Stria for a nominal consideration. Each of Cygnus and Stria shall thereafter hold an undivided Joint Venture interest of 49 % and 51 % respectively, with Stria becoming operator of the Joint Venture. By mutual consent between the Parties, Cygnus will act as Operator of the Pontax Lithium exploration program during the Option. Cygnus has retained IOS Services Géoscientifiques Inc. (IOS) to provide technical and logistical support services for the fall 2022 and winter 2023 exploration programs at the Pontax Lithium project. Cygnus will also supervise the geometallurgical study of the Pontax lithium spodumene pegmatite dyke (LSPD) prospect by IOS. The funding agreement between the MRN and Stria was executed on August 29, 2022. No work was undertaken on the geometallurgical study during the quarter ended September 30, 2022.

Subsequent to the quarter ended September 30, 2022, on October 20, 2022, Stria reported on ongoing data compilation and interpretation work by Cygnus on the Company’s Pontax Lithium project.

Highlights:

Detailed magnetics interpretation and LiDAR has generated numerous walk-up targets over the 10 km strike length of the Project.
The new targets will be mapped in the coming week as Cygnus and IOS deploy geologists to start work on the ground for the first time.
The autumn mapping and sampling program aims to generate further regional targets to be followed up in an upcoming 10,000 m core drilling campaign expected to commence at the project in early November 2022.
Cygnus plans to complete both resource definition and step out drilling at the main Pontax Lithium spodumene dyke swarm prospect over the next six months.

The fall 2022 helicopter supported ground prospecting and mapping program commenced on October 19 and ended on November 1. A total of 54 targets were inspected with and 41 rock chip samples (plus 33 duplicates) and19 outcrop channel samples (plus 19 duplicates) were collected for lithium and multielement analysis. Two rock samples were collected for gold analysis.

Subsequent to the quarter ended September 30, 2022, on November 7, 2022, Stria announced that Cygnus had initiated the first phase of its 10,000 m core drilling program at the Company’s Pontax Lithium project. This first phase, comprises of 2,500 m of helicopter supported drilling, will target down dip and along strike extents of the known high grade central portion of the Pontax LSPD prospect. The spodumene-bearing pegmatites at the Pontax LSPD prospect outcrop on a hillcrest protruding surrounding undercover area, where exploration drilling is limited to winter operation. The core drilling program is being managed by IOS. Drilling is being performed by Forage RJLL of Rouyn-Noranda, Québec. As of December 5, IOS reported having completed five (5) holes (975-22-026 to 975-22-030) on the Pontax LSPD prospect for a total of 1,338 m of drilling. Drill holes 975-22-026 to 975-22-029 have been transported from the field to IOS laboratory facilities in Saguenay, Québec. Sample preparation work (core sample splitting, crushing and griding) commenced at IOS on November 30.

Subsequent to the quarter ended September 30, 2022, on December 6, 2022, Stria received confirmation from the Québec MERNF of the successful biennial renewal of the 30 CDC claims of the Pontax Lithium property scheduled to for renewal by January 13, 2023. The 30 CDC claims are valid until March 13, 2025, while the remaining 38 claims are valid until June 27, 2024.

The balance of the Pontax Lithium property’s exploration and evaluation assets on September 30, 2022, was $1,650,609, net of tax credits and mining.

Exploration and Development Outlook

Phase 1 of the 10,000m winter 2022-2023 core drilling program at the Pontax Lithium project is expected to be completed by the end of December. Cygnus is working on the design of Phase 2 (7,500 m), which is slated to commence in early 2023.

Romer Polymetallic Property

On March 4, 2022, the Company announced that is had entered into a letter of intent to purchase the Romer polymetallic property which consists of 51 contiguous and two isolated map-designated mining claims (total surface area: 2,409.81 ha) from Braille Energy Systems Inc. (“Braille”).

The Romer Property is an early-stage exploration project located in the Upper Labrador Trough sector of Nunavik which is considered an emerging region of Québec for economic base metal (Cu-Zn-Ni) and precious (Au-PGE) metal mineralization. The 53 claims forming the Romer property lie within NTS topographic sheet 24K-04.

Stria executed the definitive acquisition agreement with Braille on April 6, 2022. The definitive agreement remains subject to the final approval of the TSX-V. The terms of the agreement may be found in the Company’s news releases dated March 4 and April 5, 2022, available at https://strialithium.com/ or at www.sedar.com , under Stria Lithium Inc.

On June 6, 2022, following a request from regulatory authorities in support of the transaction with Braille, the Company commissioned IOS Services Géoscientifiques Inc. (IOS), to prepare a National Instrument (NI) 43-101 compliant geological report on the Romer polymetallic property. The Company received IOS’s final NI 43-101 geological report on July 26, 2022..

Update for the Three Months Periods Ended September 30, 2022

On August 11, 2022, Stria announced the closing of its purchase of the Romer property from Braille Energy Systems Inc. in exchange for a purchase price of (i) cash in the amount of $125,000; (ii) 750,000 common shares of Stria issued at a deemed price of $0.50 per share on a post-consolidated basis; and (iii) a net smelter royalty of 1% (“NSR“). As previously disclosed in its news release of March 4, 2022, the Company will have the option (the “Partial NSR Buyout Option“) to purchase 50% of the NSR such that the NSR is reduced from 1.0% to 0.5%. The Partial NSR Buyout Option may be exercised at any time by Stria for consideration of $500,000 payable in cash or stock or a combination thereof at Stria’s discretion.

On July 15, 2022, the Company commissioned IOS Services Géoscientifiques Inc. of Saguenay, Québec, to design and carry out a surficial glacial sediment survey of the Romer property, per the main recommendation of its NI 43-101 geological report. The main purpose of the glacial sediment survey is to search for particulate dispersal trains from precious and base metal occurrences buried underneath the drift cover in areas of the property with lower densities of outcrop. The survey is also designed to meet the Company’s minimum assessment work expenditure obligation per claim in preparation for the next biennial CDC claims renewal to be performed by May 8, 2023, at the latest.

The helicopter-supported surficial glacial sediment survey of the Romer property started on July 24, 2022 and was completed on July 29, 2022. A total of 74 glacial sediment (till) samples were collected on the Property. The 74 till samples have been expedited from the field to IOS’s laboratory facilities in Saguenay, Québec, in two shipments, the first received on July 29 and the second on November 17, 2022.

Subsequent to the quarter ended on September 30, 2022, on December 2, IOS reported that till sample preparation work (wet/dryscreening and heavy mineral fraction separation) had commenced in preparation of detailed mineralogical analysis using IOS’s ARTGold™ and ARTMin™ methods and for multielement and platinum group elements (PGE) geochemical analysis of -63 µm size fraction samples. Gold particle abundance determinations by IOS’s ArtGold™ method are expected in January 2023, with results for the other analytical procedures expected in the two to three months to follow.

Qualified Person

The above scientific and technical information regarding exploration activities as defined in National Instrument (NI) 43-101 s. 1.1, was either prepared, reviewed and approved by Marc-André Bernier, géo. (Québec), P.Geo. (Ontario), M.Sc., a consultant for the Company and a Qualified Person under NI 43101 guidelines.

Financial Information

The following selected financial data is derived from the audited annual financial statements of the Company for the fiscal years ended September 30, 2022, 2021, and 2020 that were prepared in accordance with IFRS.

Selected Financial Information

	Year	Year	Year
	Ended	Ended	Ended
	September 30,	September 30,	September 30,
	2022	2021	2020

Statement of Comprehensive Income
Loss before other(expense)income	(1,275,381)	(374,811)	(161,303)
Other(expense)income	(58,116)	(64,384)	180,798
Net Loss and Comprehensive Loss	(1,333,497)	(439,195)	19,495
Basic and Diluted(Loss)incomeper
Common Share	(0.0800)	(0.0500)	0.000

Basic and Diluted Weighted-Average
Number of Common Shares Outstanding	16,334,519	9,308,678	7,246,037

Statement of Cash Flows
Net Cash Flows from OperatingActivities	(545,926)	(453,859)	(191,081)
Net Cash Flows from InvestingActivities	1,213,254	(654,980)	(104,507)
Net Cash Flows from FinancingActivities	961,432	2,020,920	489,185
Increase in Cash	1,628,760	912,081	193,597

As at	September 30,	September 30,	September 30,
	2022	2021	2020

Statement of Financial Position
Cash	2,734,971	1,106,211	194,130
Mineral Exploration Properties	589,975	352,475	352,475
Exploration and Evaluation Assets	1,650,609	1,573,273	1,868,091
Shareholders' Equity	3,681,113	2,540,583	1,160,358
Total Assets	5,219,711	3,660,013	2,775,792

Dividend Payment

Since its incorporation, the Company has not paid any dividends on its outstanding common shares. Any future dividend payment will depend on the Company`s financial needs to fund its exploration and development programs, research and development efforts, and future growth, and any other factors the board may deem necessary to consider. It is highly unlikely that any dividends will be paid in the near future.

Results of Operations for The Fiscal Year Ended September 30, 2022

Loss from Operations

During the year ended September 30, 2022, the Company’s loss before other (expense) income was $1,275,381 as compared to $374,811 in 2021. This increase is mostly attributed to the following:

Stock-based compensation incurred during the year ended September 30, 2022 was $916,095 compared to $Nil incurred in 2021. The increase is attributed to the grant of incentive stock options to directors, officers, employees, and consultants during the year.

On March 26, 2021, the Company received a $750,000 loan from JJJY, for general working capital purposes. The loan was non-interest bearing, included a lender fee in the amount of $125,000 and was payable on maturity or earlier with no early payment penalty. During the year ended September 30, 2021, JJJY exercised 97,000 warrants at $0.50 per warrant for total proceeds to the Company of $48,500 and during the year ended September 30, 2022, JJJY exercised 200,000 warrants at $0.50 per warrant for total proceeds to the Company of $100,000. In lieu of paying the Company $48,500 and $100,000, respectively, for the exercise of these warrants, both parties agreed to instead reduce the balance of the loan by these amounts. On January 27, 2022, the Company issued 1,453,000 common shares at a deemed price of $0.50 per share in settlement of the balance of the loan ($726,500). In connection with the debt settlement, the Company recognized an amount of $290,600 in contributed surplus, representing the difference between the debt that was settled ($726,500) and the fair value of the shares issued in settlement of the debt ($435,900).

During the year ended September 30, 2022, the Company recorded accretion expense in the amount of $60,616 (2021 - $64,384), related to the $750,000 loan.

Quarterly Information

The following selected financial data is derived from the unaudited financial statements of the Company, which were prepared in accordance with IFRS.

Period Ended	OtherIncome	Net Income (Loss)	Income (Loss) per share
	(Loss)
30/09/22	(295,355)	(979,920)	(0.065)
30/06/22	-	(124,968)	(0.08)
31/03/22	261,490	(102,095)	(0.10)
31/12/21	(24,251)	(126,514)	(0.10)
30/09/21	(31,597)	(77,737)	(0.005)
30/06/21	(32,787)	(114,554)	(0.01)
31/03/21	-	(105,689)	(0.01)
31/12/20	-	(141,215)	(0.02)
30/09/20	-	(28,375)	(0.01)
30/06/20	-	(47,940)	(0.01)

During the period ended March 31, 2022, the Company recognized a $290,600 gain following the settlement of a loan in the amount of $726,500, due to a related party (compared to $Nil in the period ended March 31, 2021). The debt was settled by issuing 14,530,000 common shares at a deemed price of $0.05 per share, representing a premium to the fair value of the shares. The $290,600 gain represents the difference between the debt that was settled ($726,500) and the fair value of the shares issued in settlement of the debt ($435,600). During the three and six month periods ended March 31, 2022, the Company recorded accretion expense in the amount of $29,110 and $60,616 (2021 - $Nil and $Nil), related to the $750,000 loan. The gain was reclassified to the contributed surplus in the period ended September 30, 2022.

During the period ended September 30, 2022, the Company recognised $916,095 stock-based compensation following the grant of 4,345,000 incentive stock options to employees, officers, directors, and consultants.

Liquidity and Capital Resources

At September 30, 2022 the Company had a working capital of $1,440,529 including $2,734,971 in cash and current liabilities totalling $1,538,598, due within the next 12 months as compared to a working capital deficit of $624,835 at September 30, 2021.

Stria’s operating budget for the next fiscal year will be $810,000, which is conditional on additional equity financing to fund administrative expenditures and mineral exploration on the Romer Project. The Company’s ability to continue as a going concern, realize its assets and discharge its liabilities in the normal course of business in fiscal year 2023, meet its corporate administrative expenses and continue its exploration and research activities, is dependent upon Management’s ability to obtain additional

financing, through various means including but not limited to equity financing and loans from related and unrelated parties. No assurance can be given that any such additional financing will be available or that it can be obtained on terms favourable to the Company. Failure to achieve additional financing could have a material adverse effect on the Company’s financial condition and / or results of operations resulting in material uncertainties that may cast significant doubt as to the Company’s ability to continue to operate as a going concern.

Term Sheet Signed With Cygnus for Cash Considerations of $6M and $10M Exploration Expenditure Commitments

On July 28, 2022, the Company announced the execution of a binding term sheet (the “Term Sheet”) with Cygnus pursuant to which Cygnus was granted the option to acquire up to a 70% interest in the Pontax-Lithium property under a two-stage option for total cash payments of $6 million and exploration expenditure commitments totalling $10 million.

Subsequent to the year ended September 30, 2022, on October 17, 2022, the Company announced the execution of a definitive agreement with Cygnus (Refer to Exploration Activities for more details ).

In assessing whether the going concern assumption is appropriate, management takes into account all available information about the future, which is at least, but not limited to, twelve months from the end of the reporting period. This assessment is based upon planned actions that may or may not occur for a number of reasons including the Company’s own resources and external market conditions.

Receipt of $547,618 Tax Credits

In November 2021, the Company received an amount of $547,618 in respect of previously claimed Quebec resource tax credits.

Contractual Obligations and Off-Balance Sheet Arrangements

As of September 30, 2022, the Company has no off balance sheet arrangements and contractual obligations.

Commitment and Proposed Transactions

As of September 30, 2022, and as of the date of this report the Company did not have any commitments outstanding. There are no undisclosed pending proposed transactions that would materially affect the performance or operation of the Company.

Financial Instruments

The Company's financial instruments consist of cash, other receivables, accounts payable and accrued liabilities, amounts due to related parties and long-term liability. The fair value of these financial instruments approximates their carrying value due to their short-term nature.

The classification of financial instruments is as follows:

==> picture [426 x 200] intentionally omitted <==

----- Start of picture text -----

September 30, September 30,
2022 2021
$ $
Financial assets
Amortized cost
Cash 2,734,971 1,106,211
Other receivables 133,593 -
Total financial assets 2,868,564 1,106,211
Financial liabilities
Amortized cost
Accounts payable and accrued liabilities (147,348) (343,546)
-
Amounts due to related parties (765,884)
Long-term liability - (10,000)
Total financial liabilities (147,348) (1,119,430)
----- End of picture text -----

Related Party Transactions

Related party transactions are as follows:

Loans from JJJY Holdings Inc.

During the year ended September 30, 2020, the Company received a $500,000 loan from JJJY Holdings Inc. (“JJJY”), an entity controlled by a director of the Company, for general working capital purposes. On June 1, 2021, the Company issued 2,000,000 common shares at a fair value of $0.25 per share, in settlement of the $500,000 debt.

During the year ended September 30, 2022, the Company recorded accretion expense in the amount of $60,616 (2021 - $64,384), related to the $750,000 loan.

As at September 30, 2022, included in amounts due to related parties is $Nil owing to JJJY (2021 - $765,884).

Key Management Compensation

The following table reflects compensation of key management personnel (Directors and Officers of the Company):

Yearended September30	2022	2021
	$	$
Consulting fees	35,000	-
Stock-based compensation	700,352	-
	735,352	-

Outstanding Share Data

Common shares and convertible securities outstanding at January 20, 2023, following a share consolidation on the basis of one (1) post-consolidation common share for every ten (10) preconsolidation common shares outstanding (Refer to the Corporate Development Highlights), consist of the following:

Securities	Expiry Date	Exercise Price	Number of Securities Outstanding
Common shares	-	-	25,321,036
Warrants	Up to Nov 2024,	$0.50	8,776,000
Options	Up to Nov 2027,	$0.175- $0.50	5,010,750

Subsequent Event

Stria Announces Numerous Targets Identified in Area with High Grades of Up To 2.6% Li2O on the Pontax-Lithium Property

Refer to the ‘Corporate Development Highlights’ for details

Stria Announces Resource Definition Drilling Commenced and First Stage Completed

Refer to the ‘Corporate Development Highlights’ for details

Stria Lithium Announces Non-Brokered Private Placement

Refer to the ‘Corporate Development Highlights’ for details

Stria Lithium Inc. Announces Incentive Stock Option Grants

Refer to the ‘Corporate Development Highlights’ for details

Risk Exposure and Management

The Company thoroughly examines the various financial risks to which it is exposed and assesses the impact and likelihood of those risks. These risks include credit risk and liquidity risk. Where material, these risks are reviewed and monitored by the Board of Directors.

Market Risk

Market risk is the risk that changes in market prices, such as interest rates, foreign exchange rates and equity prices will affect the Company’s income or the value of its holdings of financial instruments. The COVID-19 pandemic continues to have an extenuating impact on the economy and financial markets.

The objective of market risk management is to manage and control market risk exposures within acceptable parameters, while optimizing the return.

Credit, Liquidity, Interest Rate Risk, and Currency Risk

The Company thoroughly examines the various financial risks to which it is exposed and assesses the impact and likelihood of those risks. These risks include credit risk, liquidity risk and interest rate risk. Where material, these risks are reviewed and monitored by the Board of Directors.

Credit Risk

Credit risk is the risk of an unexpected loss if a party to its financial instruments fails to meet its contractual obligations. The Company’s only financial asset exposed to credit risk is cash and maximum exposure is equal to the carrying value of this asset. The Company’s cash is held at a Canadian chartered bank. It is management’s opinion that the Company is not exposed to significant credit risk. There has been no change to Management’s assessment of credit risk compared with the prior year

Liquidity Risk

Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they fall due. The Company manages its liquidity needs by carefully monitoring cash outflows due in day-to-day business as well as anticipated transactions. As at September 30, 2022, the Company had working capital of $1,440,529 including $2,734,971 in cash and current liabilities totalling $1,538,598, due within the next 12 months. There has been no change to management’s assessment of liquidity risk compared with the prior year.

Interest Rate Risk

Interest rate risk is the risk that the future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Company’s financial assets exposed to interest rate risk include any cash held in investment savings accounts bearing variable interest rates. The Company has not entered into any derivative contracts to manage this risk. The Company’s policy as it relates to its cash balances is to invest excess cash in savings bank account.

The Company has limited exposure to financial risk arising from fluctuations in variable interest rates earned on cash given the low interest rates currently in effect and the low volatility of these rates.

Interest rate movements may affect the fair value of the fixed interest financial assets. Because these financial assets are recognized at amortized cost the fair value variation has no impact on profit or loss.

Currency Risk

As at the end of the period the balances in the accounts payable and accrued liabilities in US dollars were immaterial, consequently, the Company’s exposure to foreign exchange fluctuation is minimal and the associated risk is also minimal due to the low balances.

Contingent Liability

During the year ended September 30, 2022, a legal claim was brought against the Company by a former officer of the Company. Pleadings are closed but productions have not been exchanged nor have examinations for discovery been completed. As such, it is too early to evaluate this claim.

Capital Management

The Company manages its capital to ensure its ability to continue as a going concern and to provide an adequate return to its shareholders as well as ensuring that all flow-through monies obtained are utilized in exploration activities and spent by the required deadline. In the management of capital, the Company includes the components of shareholders’ equity and loans from related parties. As long as the Company is in the exploration stage of its mining properties, it is not the intention of the Company to contract additional debt obligations to finance its work programs. The Company manages the capital structure and makes adjustments to it in light of changes in economic conditions and the risk characteristics of the underlying assets. To maintain or adjust the capital structure, the Company may attempt to issue new shares. When financing conditions are not optimal, the Company may enter into option agreements or find other solutions to continue its activities or may slow its activities until conditions improve. While the Company is not subject to any external capital requirements, neither regulatory nor contractual, funds from flow-through financings to be spent on the Company’s exploration properties are restricted for this use. In order to facilitate the management of its capital requirements, the Company prepares annual budgets that are updated as necessary depending on various factors, including successful capital deployment and general industry conditions.

Properties Titles

According to the mining law and regulations of the Province of Québec, the Company, to renew its claims, must do a minimum of exploration expenditures and pay to the Québec government a rent per claim for every 2 year renewal period. To ensure the Company’s mineral claims are kept in good standing, the Company engaged the services of a third party professional mineral claim management entity to manage the renewal of its mineral claims.

Additional Financing

In the future, additional funds will be required to finance the exploration or development work on the Company’s properties, research and to pay for the renewal of the claims forming the properties and to cover the costs of managing the Company. The main sources of funds available to the Company are the issuance of additional shares or the sale of interests in its properties. There can be no assurance that the Company will be successful in its efforts to arrange additional financing on terms satisfactory to the Company.

Conditions of the Industry in General

The exploration and development of mineral resources involves significant risks. Although the discovery of a deposit can prove extremely lucrative, few properties where exploration and development work are conducted progress to producing mines. Significant expenditures are necessary to find and establish reserves, out the metallurgical processes and build the processing plant and mining operations. It is not possible to provide assurance that the exploration and development programs contemplated by the Company will generate a profitable mine.

Economic viability of a deposit depends on many factors, of which some are due to the particular characteristics of the deposit, in particular its size, its average grade, and its proximity to infrastructures as well as the cyclic character of the prices of lithium as well as governmental regulations, royalties, limits of production, import and export of minerals and protection of the environment. The impact of these factors cannot be evaluated in a precise way, but their effect can negatively impact the project’s potential profitability.

Mining activities comprise a high risks. The activities of the Company are subject to all the dangers and the risks usually dependent on the exploration and the development, including the unusual and unforeseen geological formations, explosions, collapses, floods and other situations which can occur during drilling and the removal of material and of which any could cause physical or material or environmental injuries and, possibly, legal responsibility.

Government Regulation

The activities of the Company are subject to, among others, various federal, provincial, state, and local laws, which relate to the exploration and development, tax, standard of work, disease and occupational safety, the safety in mines, toxic substances, and protection of the environment.

The exploration and development activities are subject to legislative measures mandated by federal, provincial, state, and local governments to the protection of the environment. These laws impose high standards on the mining industry, in order to control the waste material from the exploration, development, production, and processing related activities on projects and reduce or eliminate possible environmental impacts.

Risks of Lawsuits and No Insurable Risks

The Company could be held responsible for pollution or for other risks against which it could not be insured or against which it could choose not to be insured, being given the high cost of the premiums or for other reasons. The payment of sums in this respect could involve the loss of the assets of the Company.

Conflicts of Interests

Some of the directors and officers of the Company are also engaged as directors or officers of other company’s involved in the exploration and development of mineral resources. Such engagement could result in conflicts of interest. When a conflict of interest exists, the affected directors and/or officers declare their interest and abstain to vote on any resolution in which they have a conflict of interest.

Permits, Licences, and Authorizations

The activities of the Company require obtaining and maintaining permits and licences from various governmental authorities. The Company considers that it holds all the permits and licences required for its exploration activities; it currently carries on, in accordance with the relevant laws and by-laws. Changes brought to the by-laws could affect these permits and licence. Nothing guarantees that the Company can obtain all the permits and all the necessary licences in order to continue its exploration and development activities, to build mines and processing plants and exploit any future reserves.

Moreover, if the Company begins the exploitation of a project, it will have to obtain the necessary mine permits and licences and to conform to all the required obligations concerning the use of water, removal of waste etc. It cannot be guaranteed that the Company will be able to obtain these permits and licences, nor that it will be able to conform to their requirements.

Dependence on the Management

The Company is dependent on its management team. The loss of its services could have an unfavorable impact on the Company.

Price of Lithium

The price of the Company’s common shares, its financial results, and its future exploration and development activities may be negatively impacted by a fall of the price of lithium. This may also impact the Company’s ability to finance its activities on favorable terms. The Company has no control over the fluctuation of lithium prices which may be affected by the sale or the purchase of lithium and lithium based products by end users, brokers, central banks and financial institutions, interest rates, foreign exchange rates, the rates of inflation, of deflation, the fluctuations in the value of the Canadian dollar and the currencies, the regional and global supply and demand of lithium, regional and global economic policies, particularly countries that produce lithium.

Environmental Risk

The Company is subject to various environmental incidents that can occur during exploration work. The Company maintains an environmental management system including operational plans and practices.

Pandemic Risk

The outbreak and spread of COVID-19, declared a pandemic by the World Health Organization, has already had significant human, political, and economic consequences around the world. COVID-19 is still evolving, and its full impact remains to be determined. However, its effects include financial market volatility, interest rate cuts, disrupted movement of people and diminished consumer confidence. The effects of the coronavirus may be difficult to assess or predict with meaningful precision both generally and as an industry- or issuer-specific basis. This is an uncertain issue where actual effects will depend on many factors beyond the control of the Company.

Risk and Uncertainties

The Company is at an early stage of its development, and it is a highly speculative investment opportunity. Stria was only recently incorporated, and has no history of earnings and will not generate earnings or pay dividends in the foreseeable future.

The directors and officers of the Company will only devote part of their time and attention to the affairs of the Company and some of them are or will be engaged in other projects or businesses that could give rise to potential conflicts of interest.

There is no assurance that there will be an active and liquid market for the Company’s common shares on the TSX-V. The Company has only limited funds with which to conduct its business.

For a more comprehensive description of the risks related to an investment in the Company, please refer to the Company’s final prospectus dated and filed November 8, 2011 on SEDAR at www.sedar.com.

Additional Information and Continuous Disclosure

This Management's Discussion and Analysis has been prepared as of January 20, 2023. Additional information on the Company is available through regular filings on SEDAR (www.sedar.com).

(s) Jeffrey York

(s) Judith T. Mazvihwa-MacLean

Chief Executive Officer

Chief Financial Officer

AI assistant

Stria Lithium Inc. — Management Reports 2023

46908_rns_2023-01-20_08cacc64-e630-4cec-9273-1fd57116bafc.pdf

STRIA LITHIUM INC.

(An Exploration Stage Company)

MANAGEMENT’S DISCUSSION AND ANALYSIS

STRIA LITHIUM INC.

MANAGEMENT DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS FOR THE YEARS ENDED SEPTEMBER 30, 2022 AND 2021

Nature of Business

Corporate Development Highlights

Stria Appoints Harry Martyniuk to Board of Directors

Stria Changes Its Stock Option Plan to A 20% Fixed

Shares for Debt

Private Placement

Stria Announces Change of Business Transaction

Stria Provides Update on Amended Stock Option Plan

200,000 Warrants Exercised at $0.50 Per Share

Highlights:

Refer to the Exploration Activities for Table of Pontax Lithium Prospect Drilling Results

Stria Retained Refined Substance Inc.to Provide IR Services

Receipt of Tax Credits

Proposed Debt Settlement

Stria Announces Property Acquisition

Stria Appoints New CEO and Announces Grant of Options

Stria Announces Share Consolidation

Stria Provides Update on Proposed Purchase of Romer Property

Stria Announces TSX-V Acceptance of Share Consolidation

Stria Financing

Stria Announces Closing of Previously Announced Private Placement

Stria Announces Grant of Incentive Stock Options

Stria Announces Incentive Stock Option Grants

Stria Announces Resource Definition Drilling Commenced and First Stage Completed

Stria Lithium Announces Non-Brokered Private Placement

Stria Lithium Inc. Announces Incentive Stock Option Grants

Exploration Activities

Pontax-Lithium Property

Exploration Completed by Stria on the Pontax Lithium Property

Work Completed in 2014

Work Completed in 2016

Work Completed in 2017

Work Completed in 2018

Work Completed in 2019

Work Completed in 2020

Work Completed in 2021

Highlights:

TABLE 2: PONTAX LITHIUM PROSPECT DRILLING RESULTS, DECEMBER 2019 DRILLING PROGRAM[1,2]

Work Completed in 2022

Notes:

Table 3: Highlights from the Q1-2020 drilling program at the Pontax spodumene pegmatite prospect.

Update for the Three Months Periods Ended September 30, 2022

Highlights:

Exploration and Development Outlook

Romer Polymetallic Property

Update for the Three Months Periods Ended September 30, 2022

Qualified Person

Financial Information

Selected Financial Information

Dividend Payment

Results of Operations for The Fiscal Year Ended September 30, 2022

Loss from Operations

Quarterly Information

Liquidity and Capital Resources

Receipt of $547,618 Tax Credits

Contractual Obligations and Off-Balance Sheet Arrangements

Commitment and Proposed Transactions

Financial Instruments

Related Party Transactions

Loans from JJJY Holdings Inc.

Key Management Compensation

Outstanding Share Data

Subsequent Event

Risk Exposure and Management

Market Risk

Credit, Liquidity, Interest Rate Risk, and Currency Risk

Credit Risk

Liquidity Risk

Interest Rate Risk

Currency Risk

Contingent Liability

Capital Management

Stria Lithium Inc. Management Reports 2023