Mr. Dave Watkinson reports

AMERIWEST LITHIUM PROVIDES UPDATE ON ITS THOMPSON VALLEY LITHIUM PROJECT, AZ

Ameriwest Lithium Inc., through its wholly owned subsidiary, Oakley Ventures USA Corp., has successfully negotiated surface use agreements (SUAs) with the ranchers that have grazing rights overlapping its Arizona state mineral exploration permits and nearby private surface lands at its Thompson Valley (TV) project, Arizona. This is a major milestone in acquiring approvals necessary for a phase 1 drilling program at the TV project.

The SUAs provide for:

• Use of the private gate and road entering the western TV project lands for full access to that property, as well as the northern TV project lands on top of the mesa. The SUAs also provide access across private lands entering the southern TV project lands.
• Approval for access to drill on the private lands where Oakley has federal lode mining claims. This is important, as it negates the requirement for BLM (Bureau of Land Management) approval of a plan of operations to explore and drill on these 33 claims, greatly shortening the permitting process.

The SUAs include the provisions for:

• A written plan for review and approval by the ranchers, with approval to not be unreasonably withheld;
• Payment to the ranchers for land disturbance for building roads, trenches and drill pads on a per-length or per-pad basis;
• Ability to block off some lands from cattle grazing, such as for mining operations, with payment to the ranchers on a per-area-per-month basis;
• Accessing of water rights;
• Expansion or contraction of the lands covered as Oakley's mineral rights change;

Oakley has also advanced its right-of-way (ROW) application with Arizona State to cross the adjacent Lyles mineral lease to enable access to the eastern area of the property, as follows:

• The ROW was surveyed, and exhibits prepared and provided to the Arizona State Land Department (ASLD). ASLD accepted the exhibits as being suitable.
• An archaeology report was completed and submitted to the Arizona State Museum (ASM) for review and an area of cultural importance on a section of the eastern ROW crossing an area of known cultural resources.
• Native plant surveys were completed.

The geologic field operations plan (GFOP) submitted to ASLD in September should be nearing approval. The archaeology and native plant surveys, as well as information on the SUAs, were submitted to ASLD as part of this review. Discussions with ASLD are continuing to mitigate the concern identified by the ASM, on the basis that it was a previously used legacy road in the area. It is anticipated that the GFOP will be approved early in 2024.

The company's current focus is concentrated on securing financing to facilitate the recommended phase 1 drilling program at the TV project this year. Objectives of the program are outlined below:

• Obtain representative cuttings samples for laboratory analysis and prove the presence of significant lithium concentrations;
• Determine the depth of the potential lithium deposit by drilling to basement rock;
• Begin to define the dimensions of the potential lithium deposit with the longer-term goal of defining a lithium resource.

Note that no mineral resources or reserves have yet been defined at the Thompson Valley project that meet National Instrument 43-101, Standards for Disclosure for Mineral Projects, or Canadian Institute of Mining (CIM) definition standards for mineral resources and reserves.

To achieve these objectives of its drilling program, Oakley plans to use dual-wall reverse circulation (RC) drilling with air, as this will provide uncontaminated samples from depth. It is planned to drill in nine to 11 locations in the western area. Thirty locations are being permitted to allow follow-up drilling in both the western and eastern areas, subject to exploration success and financing. Target depths are plus or minus 300 feet, based on satellite-based remote sensing for the presence of lithium.

Drilling quotations are being obtained from five different companies, of which two are located in Arizona and three in Nevada.

Additional permits expected to be required upon approval of the GFOP include:

• Notice of intent to clear land, submitted to the Arizona Department of Agriculture (ADA);
• Exhibit C: checklist vegetation on state trust land, submitted to ASLD Natural Resources Division;
• Notice of intent to drill and abandon an exploration/specialty well submitted to Arizona Department of Water Resources (ADWR);
• Construction activity general permit (CGP) for stormwater discharge.

Upon completion of the necessary permits and financing activities, Ameriwest plans to move forward with phase 1 drilling at the TV project. Timing is dependent on these activities.

Qualified person statement

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

About Ameriwest Lithium Inc.

Ameriwest 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 15,300-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.

We seek Safe Harbor.