Mr. Nikolaos Cacos reports

ARGENTINA LITHIUM COMPLETES INITIAL DRILL CAMPAIGN AT RINCON WEST, ANNOUNCES POSITIVE RESULTS FROM NINTH EXPLORATION WELL

Argentina Lithium & Energy Corp. has completed the ninth exploration hole at its Rincon West project in Salta province, Argentina, returning a 258-metre interval ranging from 287 to 402 milligrams/litre lithium. Two portions of this interval were not sampled, one length of 42 m and a second length of 33 m.

"Our ninth exploration hole has returned the highest peak lithium value and longest concentrated brine interval reported to date on the Rincon West project. This rich brine zone remains open to the north, clearly demonstrating the requirement to expand drilling in this direction in a future campaign. These nine holes have, over all, produced the results we anticipated when we began exploration a year ago, demonstrating that the concentrated brines from the neighbouring salt flat extend through the western basin," stated Miles Rideout, vice-president of exploration.

Nikolaos Cacos, chief executive officer of Argentina Lithium, added: "Thus far, the Rincon West project has been a great success. We acquired our initial property at Salar de Rincon only 20 months ago. We have since added two new property blocks on the salar. With the initial drilling completed on the Villanoveno II block, our team is now working with external consultants to assess all of the data collected and to build a 3-D model to support future resource estimation. Additionally, our drill contractor is scheduled to begin drilling five holes on the adjacent Rinconcita II block shortly, which should wrap up near the end of this year. We will then move our exploration focus to the company's third property in the Rincon salar, the Paso de Sico block further north. Recent developments have shown the Rincon salar to be one of the standout basins in the Lithium Triangle, with two neighbouring projects now entering production."

The Rincon West project is located west and north of Rio Tinto's adjacent Rincon project, and covers 3,742.8 hectares of the salar basin.

Technical details

RW-DDH-009 was executed with diamond drilling (HQ diameter), permitting the extraction of core samples of the salar basin formations and recovery of brine samples where possible. Drilling was executed between Feb. 28 and March 23, 2023, stopping at 341 metres depth in altered volcanics. Geophysical profiling and lining the hole with two-inch-diameter PVC filters and tubing were completed on March 28, 2023.

Drilling was carried out by Salta-based AGV Falcon Drilling SRL, under the supervision of Argentina Lithium's geologists.

Argentina Lithium's preferred method for brine sampling deploys a single-packer sampling unit during drilling. The packer sampling method allows the recovery of brine samples at specific depths while sealing the hole at the top and bottom of the interval. For single-packer sampling, an inflatable seal closes the top of the interval; the lower limit of drilling represents the bottom of the interval. In certain instances, double-packer sampling is conducted following the completion of drilling. In this case, inflatable seals are employed to close both the top and bottom of the sample interval. The maximum span of double-packer sampling is limited to less than four m by the height of the drill mast and other equipment limitations.

Observations regarding RW-DDH-009

RW-DDH-009 extends drilling northward from previous holes. From near surface to 39 m depth, gravel and sand units were crossed, with rock clasts observed in the sandy sediments below 24 m depth. Sandy beds and also minor gravel laminations were observed from 39 m to 59 m. Below this followed two m of silt and then two m of black sands. Medium-to-fine gravels were tested between 63 m and 110 m depths, followed by ignimbrites to 155 m. From 155 m to 238 m, a medium-to-coarse breccia was tested containing ignimbrite clasts. This unit exhibited fracturing and alteration at several levels. Ignimbrite, certain levels with fracturing, were tested between 238 m and 266 m depths, followed by a two m thick altered fault zone. An auto breccia of ignimbrite containing igneous clasts was logged to 316 m. Copper oxide streaks were observed within this unit at 289.6 m. Volcanic units with increased fracturing, and also fracture filled with a green mineral, were recovered from 316 m to the bottom of the hole at 341 m.

All core samples recovered in drilling were retained for geologic logging. An extensive selection of samples has been sent for brine recovery testing at an independent laboratory. This analysis remains pending.

Analyses and quality assurance/quality control

Samples of brine were submitted for analysis to Alex Stewart International Argentina SA, the local subsidiary of Alex Stewart International, an ISO 9001:2008 certified laboratory, with ISO 17025:2005 certification for the analysis of lithium, potassium and other elements. Alex Stewart employed inductively coupled plasma optical emission spectrometry (ICP-OES) as the analytical technique for the primary constituents of interest, including boron, calcium, potassium, lithium and magnesium. Measurements in the field included pH, electrical conductivity, temperature and density. The quality of sample analytical results was controlled and assessed with a protocol of blank, duplicate and reference standard samples included within the sample sequence. For the hole RW-DDH-009, one blank and one duplicate sample reported within the acceptable range. A single medium-grade and a single high-grade reference standard sample were included within the submitted sample suite. The medium-grade reference standard analyses within two standard deviations (SD) with less than 0.25 relative per cent difference (RPD); the high-grade reference standard returned less than three SD of the best value, with a low RPD (2.90).

Rincon West project

The following summarizes the properties held within the Rincon West project. Villanoveno II and Demasia Villanoveno II, totalling 2,491 hectares, are held under an option whereby the company can earn a 100-per-cent interest, as described in the company's Sept. 28, 2021, news release. Argentina Lithium has also purchased the 460.5-hectare Rinconcita II property, adjacent to Villanoveno II (see Aug. 25, 2022, news release). The company entered into an option agreement to earn a 100-per-cent interest in four contiguous mine concessions, the Paso de Sico option, totalling 791.3 hectares in the northern part of the Salar de Rincon (see Oct. 6 news release).

Qualified person

Frits Reidel, CPG, is a qualified person, as defined in National Instrument 43-101, and the principal of Atacama Water, and is independent of Argentina Lithium. Mr. Reidel has reviewed the work carried out by the company's exploration team at the early-stage Rincon West property. The disclosure in this news release has been reviewed and approved by Mr. Reidel.

About Argentina Lithium & Energy Corp.

Argentina Lithium is focused on acquiring high-quality lithium projects in Argentina and advancing them toward production in order to meet the growing global demand from the battery sector. The management group has a long history of success in the resource sector of Argentina and has assembled a first-rate team of experts to acquire and advance the best lithium properties in the Lithium Triangle. The company is a member of the Grosso Group, a resource management group that has pioneered exploration in Argentina since 1993.

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