Mr. Nikolaos Cacos reports

ARGENTINA LITHIUM CLOSES US$90 MILLION INVESTMENT BY STELLANTIS IN ARS$ EQUIVALENT

Argentina Lithium & Energy Corp. has closed the $90-million (U.S.) investment in Argentine-peso equivalent in Argentina Litio y Energia SA (ALE) by Stellantis NV (defined as follows), as previously announced in the company's news release dated Sept. 27, 2023. Stellantis is one of the world's leading automakers and mobility providers with iconic brands including Abarth, Alfa Romeo, Chrysler, Citroen, Dodge, DS Automobiles, Fiat, Jeep, Lancia, Maserati, Opel, Peugeot, Ram, Vauxhall, Free2Move and Leasys.

Pursuant to the transaction, Peugeot Citroen Argentina SA, a subsidiary of Stellantis, has invested the Argentine-peso equivalent of $90-million (U.S.) in Argentina to acquire shares of ALE. Further, the company has granted Stellantis the right to exchange all of the ALE shares for up to 19.9 per cent of the outstanding common shares of Argentina Lithium (on an undiluted basis) in the future, subject to certain conditions set out in an exchange agreement. In connection with the transaction, the parties have also entered into a lithium offtake agreement and a shareholder agreement with respect to ALE; and, upon exercise of the exchange right, Argentina Lithium and Stellantis will enter into an investor rights agreement. The proceeds of the transaction will be used to advance development of the company's lithium projects held through its wholly owned subsidiary in Argentina and for general corporate purposes.

As a result of the transaction, Stellantis owns 19.9 per cent of the issued and outstanding ALE shares and Argentina Lithium owns 80.1 per cent.

About Argentina Lithium & Energy Corp.

Argentina Lithium & Energy 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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