Spearmint Resources Reports Strongest Financial Position in Company History

Spearmint Resources Inc. (CSE: SPMT) (OTC Pink: SPMTD) (FSE: A2AHL5) announced on January 26, 2021, that the company is in the best financial shape in its corporate history. The company currently has approximately $2 million in cash on hand with minimal debt, primarily from the exercise of warrants. Spearmint's working capital is now at an all-time high, allowing the company to pursue multiple planned projects throughout 2021 without the need for further dilution through private placements.

James Nelson, President of Spearmint, stated that the company has seen overwhelming support from its warrant holders, who have exercised the majority of their outstanding warrants. With many warrants expiring soon, a significant overhang is expected to be lifted as the company anticipates results from its Clayton Valley Lithium Clay Project. Nelson believes these upcoming results will enable an evaluation for a potential resource calculation on the claystone formation, which Spearmint shares with Cypress Development Corp. and Noram Ventures Inc.

Spearmint has successfully drilled into the claystone formation and also holds claims in the deepest part of the brine formation in the same basin where Pure Energy Minerals is drilling with Schlumberger. This dual position in both clay and deep brine makes Spearmint a "double lithium threat" in Clayton Valley, at a time of significant global interest in lithium discoveries from both producers and electric vehicle companies.

The company is awaiting results from the remaining five holes from the Clayton Valley Lithium Clay Project and is actively working on its Perron-East Project in Quebec. Spearmint will provide further updates as they become available. The company's other projects include the Goose Gold project, Escape Lake North PGM project, and Case Lake South Cesium project in Ontario.