Sustainable Projects Group Signs Letter of Intent with a Leading Midstream Water Management Company

NAPLES, Fla., June 22, 2023 /PRNewswire/ --Sustainable Projects Group Inc. (OTC US: SPGX) ("Sustainable Projects Group" or the "Company"), a green technology mining company focused on sustainable lithium projects in the United States, today announced the signing of a nonbinding letter of intent (the "Letter of Intent") with a leading midstream water management company (together with Sustainable Projects Group, the "JV Parties") to form a joint venture company (the "Joint Venture Company"). The Letter of Intent provides that the JV Parties intend to enter into a definitive joint venture agreement by a target date of July 6, 2023.

Utilizing the Company's proprietary technology, the JV Parties intend, through the Joint Venture Company, to establish three manufacturing facilities in the United States with an annual combined capacity of 3,800 metric tons of lithium carbonate and 39 million barrels of water for beneficial reuse. The JV Parties plan for the facilities to become operational in 2024 through 2026.

About Sustainable Projects Group Inc.

Sustainable Projects Group Inc. is a pure-play lithium company focused on supplying high performance lithium compounds to the fast-growing electric vehicle and broader battery markets. The Company's subsidiary, Lithium Harvest ApS, has developed a proprietary technology to extract lithium from oilfield wastewater, which enables it to manufacture lithium compounds quickly, at an attractive cost, and with a significantly reduced environmental footprint.

Cautionary Language Regarding Forward-Looking Statements

This press release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Words such as "anticipates," "plans," "estimates," "believes," "expects," "intends," "will," "would," "should," "may" and similar expressions may be used to identify forward-looking statements. Forward-looking statements are not statements of historical fact and reflect Sustainable Projects Group's current views about future events. Forward-looking statements may include, but are not limited to, statements relating to or affected by: the Company's ability to execute its business strategies; negotiation of, and entry into, a definitive joint venture agreement with respect to the Joint Venture Company; the funding and operation of the Joint Venture Company; general economic or industry conditions; legislation or regulatory requirements; conditions of the securities markets; the Company's ability to raise capital; changes in accounting principles, policies or guidelines; the Company's limited operating history in the lithium industry; availability of raw materials; increases in the cost of raw materials and energy; the pace of adoption and cost of developing electric transportation and storage technologies dependent upon lithium batteries; estimates of and volatility in lithium prices or demand for lithium; hazards associated with chemicals manufacturing; financial or political instability; acts of war or the occurrence of cyber-security breaches, terrorist attacks, industrial accidents or natural disasters; and other economic, competitive, governmental, regulatory or technical factors affecting the Company and its business. Although the Company believes expectations reflected in these and other forward-looking statements are reasonable, the Company can give no assurance such expectations will prove to be correct. Such forward-looking statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company. These forward-looking statements involve certain risks and uncertainties that could cause results to differ materially from those expected by the Company's management.

Investors are cautioned that any such statements are not guarantees of future performance and that actual results or developments may differ materially from those projected in forward-looking statements. The forward-looking statements in this press release are made as of the date hereof, and the Company does not undertake any obligation to update the forward-looking statements as a result of new information, future events or otherwise.

Company Contact

Sune Mathiesen

Chairman & CEO

+45 5197 0908

[email protected]

SOURCE Sustainable Projects Group Inc.