Mr. Thomas Benson reports

LITHIUM AFRICA CORP. ADVANCES LOAN, AMENDS OPTIONS AND RSUS, AND CHANGES AUDITORS

Lithium Africa Corp. has provided $250,000 (U.S.) to a subsidiary (the target) of a Canadian Securities Exchange-listed company (the parent) to support a contemplated transaction pursuant to a unsecured convertible promissory note issued by the target. The promissory note is non-interest bearing and has a stated maturity date on Dec. 3, 2027. Subject to the terms of the promissory note, the company may elect at any time after the closing of the transaction and prior to the maturity date to convert the outstanding principal amount of its promissory note into a number of common shares of the target representing an aggregate value equal to 135 per cent of such outstanding principal amount. If the company does not elect to convert all the outstanding principal amount on or prior to the maturity date, the outstanding principal amount will be payable in cash on the maturity date in an amount equal to the conversion amount. The parent has also agreed to guarantee the obligations of the target under the promissory note. The guarantee is intended to be a continuing guarantee of payment and performance, and is subject to the receipt of applicable regulatory approvals. The advance was made without prior approval of the TSX Venture Exchange and remains subject to TSX-V approval. The proposed transaction remains subject to TSX-V approval. The company will provide more details of the proposed transaction once a definitive agreement is entered into.

On July 13, 2026, the company approved certain amendments to the company's omnibus long-term incentive plan dated Feb. 11, 2026, including increasing the maximum number of common shares available under the omnibus plan from 3,979,702 common shares to 4,995,663 common shares. The company also approved the cancellation of an aggregate of 1,931,835 outstanding stock options that were issued to certain insiders, consultants and employees and replaced them with an aggregate of 997,909 restricted share units. The company also approved the amendment of the vesting terms of an aggregate of 1,075,000 restricted share units issued to certain directors, officers and consultants of the company. The omnibus plan amendment, the grant of the replacement RSUs and the RSU amendment are subject to disinterested shareholder approval at the coming annual general meeting to be held on Aug. 21, 2026, and acceptance by the TSX-V.

The company announces the appointment of Baker Tilly WM LLP as the company's new auditor to hold office until the company's next annual meeting of shareholders.

The successor auditor was appointed following the receipt by the company of the resignation of Deloitte LLP, effective July 14, 2026. The audit committee of the board of directors accepted the resignation of the former auditor and recommended the appointment of the successor auditor. The board of directors of the company, on the recommendation of the audit committee, appointed the successor auditor as the new auditor until the next annual general meeting of the company.

The company sent a notice of change of auditor to the successor auditor and the former auditor, and has received a letter from each, addressed to the securities commissions in each jurisdiction where the company is reporting, stating that they agree with the information contained in the notice. The notice and letters have been reviewed and approved by the company's audit committee and the board of directors.

The change of auditor package is available under the company's SEDAR+ profile.

About Lithium Africa Corp.

Lithium Africa is a capital-efficient lithium exploration and consolidation company assembling a portfolio of hardrock lithium assets across Africa. Through its 50/50 joint venture with GFL International Co. Ltd., a subsidiary of Ganfeng Lithium Group Co. Ltd., the company holds an indirect 50-per-cent interest in lithium exploration projects in Ivory Coast, Guinea, Zimbabwe and Mali. In addition, the company is acquiring a majority interest in the Springbok project in South Africa, which is held outside of the joint venture.

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