Mr. David Watkinson reports

AMERIWEST LITHIUM OBTAINS KEY PERMIT FOR DRILLING AT ITS THOMPSON VALLEY PROJECT, AZ

Ameriwest Lithium Inc., through its wholly owned subsidiary Oakley Ventures USA Corp., has received approval from Arizona State Land Department for its geologic field operations plan (GFOP). This is a key approval needed to allow drilling at its Thompson Valley lithium project (the TV project) in Arizona. Ameriwest's chief executive officer, David Watkinson, commented: "Given our promising surface sample results, we are looking forward to advancing the TV project and to initiating our maiden drill program there later this year, subject to final permits, availability of the drilling contractor and financing. We are pleased with the progress made in securing necessary agreements and approvals to date, including the successful negotiation of surface use agreements (SUAs) with our neighbouring ranchers. These SUAs provide provisions for access to the TV project's lands and will facilitate the company's exploration activities."

Drill permitting

The company is currently addressing the final stages of the permitting process by preparing the stormwater pollution prevention plan (SWPPP), general construction permit and excavation permit. Upon completion, these will be submitted to the State of Arizona Department of Environment Quality (ADEQ). The company anticipates receiving its drilling permits for the Thompson Valley project within the next 60 days.

The company plans to engage Harris Drilling to conduct the maiden drilling program at the TV project. Mr. Watkinson stated, "The company remains focused on navigating the permitting process and commencing phase 1 drilling at the TV project as soon as possible."

Corporate developments

Given the current unfavourable market conditions in the junior mining sector, the board of directors has taken measures to significantly reduce the company's current accounts payable balance. Accrued salaries for the members of the board, the chief executive officer and the chief operating officer, and one-half of the accrued salary of the chief financial officer as at March 31, 2024, totalling $297,057.95, have been exchanged for 1,350,262 common shares of the company. The issued shares will be subject to regulatory restrictions and approvals. In addition, effective April 1, 2024, compensation for the members of the board of directors, the CEO and the COO will be waived for three months, and the CFO's compensation reduced by 50 per cent for three months, after which compensation for all directors and officers will be scaled back to 50 per cent of their contractually agreed amounts until a financing is completed.

Mr. Watkinson stated, "The directors and officers of Ameriwest are committed to the success of the company, and we believe these actions will help the company move forward during the current difficult market conditions."

Qualified person statement

David Watkinson, PEng, a non-independent qualified person under National Instrument 43-101, has reviewed and approved the technical content of this news release. Mr. Watkinson is president and CEO of Ameriwest.

About Ameriwest Lithium Inc.

Ameriwest Lithium is a Canadian-based exploration company focused on identifying strategic lithium mineral projects for exploration and resource development. The company is currently exploring its 9,400-acre Thompson Valley property in Arizona. In addition, it is one of the largest lithium landholders in Nevada exploring its 11,300-acre Railroad Valley property, 22,200-acre Edwards Creek Valley property, 5,800-acre Little Smoky Valley property and 7,600-acre Deer Musk East property. These include three lithium brine properties and two lithium clay properties.

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