Mr. Nikolaos Cacos reports

ARGENTINA LITHIUM COMMENCES DRILLING ON THE EASTERN EXTENSION OF RINCON WEST PROJECT

Drilling has resumed at Argentina Lithium & Energy Corp.'s Rincon West lithium project in Salta province, Argentina. In July, 2023, the company received the environmental permit to begin exploring the contiguous Rinconcita II concession, representing the eastward extension of the project over the salt flat. The company subsequently completed 12 line-kilometres of ground geophysical surveys on the property and mobilized a diamond drill rig to site. The drill is currently executing the second hole of a six-hole exploration program.

"The Rinconcita II property extends our holdings eastwards over the salt flat and has not previously been explored. The new CSAMT geophysics demonstrate that all parts of this block exhibit extremely low electrical resistivities at depth, consistent with the presence of brine-saturated formations. The current drill program is intended to verify the presence and lithium grades of these brines, in order to incorporate them into the resource model we are building for Rincon West," stated Miles Rideout, vice-president of exploration.

Nikolaos Cacos, chief executive officer of Argentina Lithium, adds: "The $90-million (U.S.) equivalent investment in our company by automotive giant Stellantis comes with the mandate to accelerate exploration at our core projects, with the aim of advancing to the assessment of development potential as quickly as possible. We anticipate increasing the scale and number of our exploration programs as permits are received for our projects. This is a big undertaking, and we are now well financed to aggressively move forward with this work."

The 460.5-hectare Rinconcita II mining concession is contiguous to the company's Rincon West project, extending the project area eastward over the salt flat toward Rio Tinto's Rincon project. In July, 2023, the company completed 12 line km of controlled source audio-frequency magnetotelluric (CSAMT) geophysics surveys over the Rinconcita II property, demonstrating the presence of extremely conductive strata (low resistivity) at less than 100 metres below surface, consistent with formations saturated with lithium-bearing brines. With these results in hand, the company has engaged AGV Falcon Drilling SRL to drill test the property to confirm the presence of enriched brines at depth. With supervision from the company's geological team, the brines will be sampled for laboratory analysis, and the core samples extracted during diamond drilling will be tested to determine formation porosity and relative brine recovery. The company anticipates five diamond drill holes to be followed by one rotary drill well for pump testing during this campaign. The company completed the first hole of this campaign during September, 2023, and has now begun drilling the second exploration hole. The northern Paso de Sico concession block is currently undrilled and is undergoing permitting required for exploration geophysics and drilling.

The results of the successful drill program on the initial Villanoveno II block were announced previously (see news releases dated July 13, 2022, Oct. 3, 2022, Oct. 25, 2022, Jan. 26, 2023, April 24, 2023, and May 31, 2023), with highlights summarized herein.

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.

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, 2022, 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 & 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 company's recent strategic investment by Peugeot Citroen Argentina SA, a subsidiary of Stellantis, one of the world's leading automakers, places Argentina Lithium in a unique position to explore, develop and advance its four key projects. Management has a long history of success in the resource sector of Argentina and has assembled some of the most prospective lithium properties in the world-renowned 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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