Mr. Glenn Collick reports

AMERIWEST LITHIUM ANNOUNCES CLOSING OF LIFE NON-BROKERED PRIVATE PLACEMENT

Ameriwest Lithium Inc. has closed its previously disclosed non-brokered private placement. The offering consisted of 12.5 million units of the company at 20 cents per unit for aggregate gross proceeds of $2.5-million.

Each unit consists of one common share in the capital of the company and one common share purchase warrant. Each warrant entitles the holder thereof to acquire one additional share at an exercise price of 25 cents per warrant share until May 1, 2025.

The offering was completed pursuant to the listed issuer financing exemption under Part 5A of National Instrument 45-106, Prospectus Exemptions, and therefore the securities issued in the offering are not subject to a hold period in accordance with applicable Canadian securities laws. There is an offering document related to the offering that is available under the company's profile on SEDAR and on the company's website.

About Ameriwest Lithium Inc.

Ameriwest is a Canadian-based exploration company with a focus on identifying strategic lithium mineral resource projects for exploration and development. The company is currently focused on exploring its Thompson Valley lithium property, located in Yavapai county in Arizona. Ameriwest owns 100 per cent of the property, which covers 6,881 acres. As stated in the company's news release dated Jan. 31, 2023, the company entered into an option agreement with Nova Lithium Corp., whereby Nova can earn a 51-per-cent interest in the Edwards Creek Valley project, encompassing 22,210 acres. Ameriwest also owns 100 per cent of the 5,640-acre Little Smoky Valley property, the 13,580-acre Railroad Valley property and its 7,600-acre Deer Musk East property in Nevada.

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