Mr. Nikolaos Cacos reports

ARGENTINA LITHIUM ANNOUNCES ACCELERATED EXPLORATION PLAN

Argentina Lithium & Energy Corp. has released its accelerated exploration plans for 2024, following the major financing agreement with Peugeot Citroen Argentina SA, a subsidiary of Stellantis NV, as reported on Sept. 27, 2023. The revised program includes a plan to complete up to 30 drill holes at the company's large and highly prospective Antofalla North project, with a goal of bringing it to a resource delineation stage shortly on the heels of the company's flagship Rincon West project, where the 11th of 20 planned exploration drill holes is under way.

Miles Rideout, vice-president of exploration for the company, stated: "Our 2023 fieldwork focused on drilling Rincon West and was extremely successful in identifying lithium-rich brines and advancing the project. At the same time, we assembled the large Antofalla North property package, adjacent and to the north of Albemarle Corp.'s lithium project, and now that we are funded we will be as aggressive as possible to advance the project alongside Rincon West. While Antofalla North is undrilled, our previous CSAMT [controlled-source audio-frequency magnetotellurics] geophysics show conductive units in horizontal bedding, extending to approximately 500 metres depth. Based on these results and historic prospective results reported from elsewhere on the salar, we hope to delineate another major source of lithium in brines at Antofalla. Our property package at Antofalla is more than twice as large as Rincon West, and exploration success here would be a breakthrough."

Argentina Lithium cautions that proximity to a discovery, mineral resource or mining operation does not indicate that mineralization will occur on the company's property, and, if mineralization does occur, that it will occur in sufficient quantity or grade that would result in an economic extraction scenario.

The company has also expanded the exploration program plans for its pipeline projects, Pocitos and Incahuasi. These are earlier stage and are generally expected to be advanced behind the work at the Rincon and Antofalla salars. However, with permits and financing secured, the company is in the process of mobilizing a geophysics crew to the Pocitos salar to begin a reconnaissance program of 170 line kilometres of TEM (transient electromagnetic) surveying on the 26,221 hectares of properties. This program at Pocitos is an increase of approximately 40 per cent from the previous plans.

Nikolaos Cacos, chief executive officer of Argentina Lithium, commented: "We expect 2024 to be a transformative year for the company, one in which we can significantly advance towards resource delineation at our two primary projects. We have cleared the biggest hurdle for any junior today, which is having financing secured for all the planned exploration activity, to the tune of up to $15-million (U.S.) next year alone, if we complete all of our plans. In fact, the Stellantis funding is expected to carry us through exploration drilling to potential resource definition and initial engineering study stages at Rincon West and Antofalla North, allowing us to build value with minimal dilution for our investors."

Program highlights

Rincon West project

Following the completion of a successful nine-hole drill program on the Villanoveno II property earlier this year, the company launched a new five-hole exploration drill program (approximately 1,700 metres total) at the Rinconcita II property, where the second hole is now in progress. Permitting is under way for the third property, Paso de Sico, and, once received, the company plans to execute a program of at least six drill holes (approximately 2,100 m). The company is confident in the permitting process, having completed applications and successfully been awarded new permits for the Rinconcita II property of Rincon West as recently as this summer.

Following the drill programs at the Rincon West properties, a series of rotary wells will be completed and pump tests executed, to provide high-quality data on porosity and permeability to support a mineral resource estimate. This work will require additional permits, which have been submitted. The exact number and timing of wells and tests will be determined based on the results of the drilling programs.

Antofalla North project

Argentina Lithium plans to complete 110 line km of TEM geophysics at the Antofalla North project, covering approximately 16,620 hectares. This work will further map the basin and provide final targets for drilling of an initial six broadly spaced reconnaissance holes totalling approximately 2,400 metres to test for lithium brines. With positive results, the company now envisages following this work with as many as 24 infill holes, or approximately 7,200 m of drilling, to fully test the property holdings.

Argentina Lithium is currently awaiting the issuance of environmental permits at Antofalla, which will allow work to commence. The review process is well under way and the company does not foresee any issues with its applications.

Pocitos and Incahuasi projects

As indicated above, the company is currently mobilizing a geophysics crew to the Pocitos salar to execute 170 line km of TEM surveys, to map the subsurface of properties for future drill program targeting.

In 2024, the company expects to follow the Pocitos geophysics work with a survey at its Incahuasi salar properties. The planned program has been expanded by nearly 20 per cent, to 90 line km of TEM covering the entire 25,582 hectares of the project.

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. 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 NV, one of the world's leading automakers, places Argentina Lithium in a unique position to explore, develop and advance its four key projects, covering over 67,000 hectares in the Lithium Triangle of Argentina. 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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