Cachee Gold Mines Acquires Advanced Stage Vanadium Project With An Inferred Resource Estimate of 46 Million Tonnes

Osprey acquires Titan Project from Silver Elephant Mining Corp. (ELEF)

Titan Project has an Inferred Resource of 46 Million Tonnes grading 48.32% Fe2O3, 0.24% V and 14.88% TiO2, estimated in accordance with National Instrument 43-101.

Recent technological advancements provide an opportunity to view historic deposits in modern light

Global Vanadium Redox Flow Battery (VRFB) Market to hit US $1.2B+ by 2030[1]

Toronto, Ontario--(Newsfile Corp. - August 10, 2023) - Cachee Gold Mines Corp. ("Cachee" or the "Company") and its wholly owned subsidiary Osprey Advanced Materials Corp. ("Osprey") are pleased to announce closing of the acquisition of the Titan project ("Titan Project") from Silver Elephant Mining Corp. (TSX: ELEF) ("Silver Elephant").

Alex Storcheus, Chief Executive Officer and Director of Osprey and Cachee commented: "We are very pleased to announce this catalytic acquisition for Cachee. The global demand for innovative renewable energy storage solutions is expected to grow significantly in the next decade and we are delighted to be a part of this exciting opportunity. We intend to leverage our team's battery metals expertise in taking a fresh and modern look at the Titan Project, which has history dating back to the early 1940s. We thank our shareholders for their support and their patience to date and look forward to unveiling further exciting updates."

John Lee, CEO and Executive Chairman of Silver Elephant commented: "Working with Alex and his team at Cachee has been a top-notch experience. We are confident Cachee will make great strides with Titan Project."

About the Titan Project

The Titan Project is located at Flett and Angus Townships, 120 kilometers northeast of Sudbury, Ontario. The property (the "Property") comprising the Titan Project consists of 262 contiguous hectares comprising 17 patented claims, with access to water, roads and electrical power.

According to the technical report prepared by Mine Development Associates on October 23, 2017 (the "Technical Report") prepared in accordance with National Instrument 43-101, Standards of Disclosure for Mineral Projects ("NI 43-101")[2], the Titan Project's inferred resource is estimated as follows:

Resource Category

Tonnes (t)[3]

Fe2O3 (%)

V (%)

TiO2 (%)

Inferred

46.0 million

48.32

0.24

14.88

V converted to V2O5: 0.24 % V = 0.43% V2O5

According to the Technical Report the metal content of the inferred resource estimate at the Titan Project totals: 434 million pounds of vanadium pentoxide ("V2O5"), and 6,844 million kgs of titanium dioxide ("TiO2")[4].

Mineral resources are not mineral reserves and do not have demonstrated economic viability. The estimate of mineral resources may be materially affected by environmental, permitting, legal, title, taxation, sociopolitical, marketing, or other relevant issues.

The Technical Report was authored by Neil Prenn, P. Eng. And Neil Pettigrew, P. Geo., who were independent Qualified Persons in relation to Silver Elephant under NI 43-101 at the time the Technical Report was prepared.

The magnetite, ilmenite, titanium dioxide and vanadium mineralization at the Property occurs in a southeast plunging igneous body of gabbro to leucotroctolite composition in the northeastern corner of the Fall Lake complex. The Titan deposit is located at the northern end of an aeromagnetic anomaly that is approximately 1,200 metres long by 800 metres wide.

A total of 4,898 assayed intervals were recorded from 38 cored holes drilled by the prior owner of the Titan Project. Drilling highlights reported by the previous owner included (not true widths):

Drill Hole RA-05-21 intersected 0.27% vanadium (0.48% V2O5 equivalent), 51.22% Fe2O3 and 16.01% TiO2 over 142.0 m from 3.0 m;

Drill Hole RA-05-10 drilled to the depth of 414.0 m included:

0.26% vanadium (0.46% V2O5 equivalent), 50.97% Fe2O3 and 15.68% TiO2 over 172.0 m from 102.0 m;

Drill Hole RA-05-09 drilled to the depth of 402.0 m included:

0.21% vanadium (0.37% V2O5 equivalent), 46.91% Fe2O3 and 14.39% TiO2 over 188.0 m from 82.0 m;

About Vanadium Redox Flow Batteries

Industrial-scale vanadium redox flow batteries are expected to enable efficient release of wind and solar energy to the power grid, thus their deployment is anticipated to increase with the surge in renewable energy capacities, which are estimated to reach 4,500 gigawatts (GW) in 2024[5].

Alex Storcheus, CEO and Director of Osprey and Cachee continued: "Vanadium redox flow batteries address an important market need certain other batteries are not able to address effectively. In contrast to lithium-ion batteries, which mainly address the consumer market, we expect that vanadium redox flow batteries will mainly address commercial and industrial markets that require a large-scale solution with long-term supply capabilities. We also believe that as the redox flow battery acceptance grows, so will the demand for vanadium."

The flow battery energy storage solution comprises 2 electrolytes, which differs from the traditional battery design, where energy is stored as the electrode material. These electrocytes' electrochemical nature drives the ion transfer and enables the storage and discharge of energy. Vanadium Redox Flow Batteries offer several advantages over other types of batteries, including[6]:

No limit on energy capacity and modular design;

Long charge/discharge cycle lives: 15,000-20,000 cycles and 10-20 years, which extends the battery life by almost 10x;

Can remain discharged indefinitely without damage;

Resistant to deep discharge, low self-discharge;

Single charge state across the electrolytes avoids capacity degradation;

Safe, non-flammable and non-explosive aqueous electrolyte;

Significantly lower noise and emissions;

According to Consegic Business Intelligence, the global vanadium redox flow battery market was worth over USD $298 million in 2022 and is anticipated to reach over USD $1.2 billion by the year 2030, growing at a CAGR of 19.5%[7]. The increasing demand for sustainable and metal-free redox batteries serves as the key factor responsible for driving the growth of the market. The vanadium redox flow battery is ideal for storing green energy efficiently from renewable sources including solar and wind7.

Transaction Terms

In consideration for the acquisition ("Acquisition") of the Titan Project, Cachee paid consideration valued at approximately CAD $1.29 million, comprised of the following: i) CAD $231,000 in cash; and ii) 13,283,801 common shares in the capital of Cachee (the "Shares"), valued at a price of $0.08 per Share, being the last financing price of Cachee. In addition, Cachee granted Silver Elephant a net smelter royalty ("NSR") equal to 0.5% applicable after the commencement of commercial production if the V205 Flake 98% price per pound exceeds US$12.00/lb. The NSR may be purchased back by Cachee at any time for $500,000 in cash. The number of Shares issued to Silver Elephant in connection with the Acquisition, equals 19.99% of total issued and outstanding Shares as of the date hereof. The Shares issued to Silver Elephant are subject to certain contractual and regulatory resale restrictions. Furthermore, Cachee granted to Silver Elephant a pre-emptive right for a period of 18 months from the closing date to participate in future equity financings of Cachee to maintain its 19.99% interest in Cachee.

The technical information contained in this news release has been reviewed and approved by David Melling P. Geo, who is an independent consultant to Cachee and is Cachee's Qualified Person in accordance with the requirements of NI 43-101. Mr. Melling is a Professional Geoscientist (P.Geo) and a registered member of the Engineer and Geoscientists of British Columbia (no. 18999) a Recognized Professional Organization.

About Cachee Gold Mines Corp.

Cachee Gold Mines Corp. is a private mineral exploration company headquartered in Toronto, Canada. Cachee currently has two projects which are 100% owned by Cachee: 1) Launay Gold Project - comprised of 472 claims encompassing 23,506 ha in the heart of the Abitibi, a world class mining district; and 2) Titan Project - comprised of 17 patented claims in Nipissing District, Ontario, with an inferred resource estimate of 46 million tonnes grading 48.32% Fe2O3, 0.24% V and 14.88% TiO2. Cachee's leadership team is comprised of seasoned individuals with a track record in mining, technology, life sciences and finance.

For more informationAlex Storcheus, Chief Executive OfficerCachee Gold Mines Corp.P: 416-777-6165E: [email protected]

CAUTIONARY DISCLAIMER STATEMENT

This news release includes forward-looking information and statements, which may include, but are not limited to, information and statements regarding or inferring the future business, operations, financial performance, prospects, and other plans, intentions, expectations, estimates, and beliefs of the Company. Such statements include statements regarding the Company's properties and its plans for such properties. Forward-looking information and statements involve and are subject to assumptions and known and unknown risks, uncertainties, and other factors which may cause actual events, results, performance, or achievements of the Company to be materially different from future events, results, performance, and achievements expressed or implied by forward-looking information and statements herein. Although the Company believes that any forward-looking information and statements herein are reasonable, in light of the use of assumptions and the significant risks and uncertainties inherent in such information and statements, there can be no assurance that any such forward-looking information and statements will prove to be accurate, and accordingly readers are advised to rely on their own evaluation of such risks and uncertainties and should not place undue reliance upon such forward-looking information and statements. Any forward-looking information and statements herein are made as of the date hereof, and except as required by applicable laws, the Company assumes no obligation and disclaims any intention to update or revise any forward-looking information and statements herein or to update the reasons that actual events or results could or do differ from those projected in any forward looking information and statements herein, whether as a result of new information, future events or results, or otherwise, except as required by applicable laws.

[1] news-release/2023/05/30/2678789/0/en/Vanadium-Redox-Flow-Battery-Market-Size-to-hit-1-214-97-Mn-by-2030-Leading-Players-Current-Trends-Challenges-Faced-Forecast.html.[2] Available under the Silver Elephant's SEDAR+ profile at www.sedarplus.ca.[3] Based on resource estimated at cutoff grade of 40% Fe2O3 inside an optimized pit.[4] Illustrative example based on the assumed 100% recovery;[5] https://www.iea.org/news/renewable-power-on-course-to-shatter-more-records-as-countries-around-the-world-speed-up-deployment.[6] https://www.metaltechnews.com/story/2020/05/27/tech-metals/vanadium-fuels-growing-demand-for-vrfbs/240.html.[7] news-release/2023/05/30/2678789/0/en/Vanadium-Redox-Flow-Battery-Market-Size-to-hit-1-214-97-Mn-by-2030-Leading-Players-Current-Trends-Challenges-Faced-Forecast.html.

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