Mr. Nick Horsley reports

AMERICAN SALARS TO ACQUIRE UP TO 100% OF THE PETAWAGA LITHIUM-NIOBIUM-URANIUM PROJECT, QUEBEC

American Salars Lithium Inc. has entered into a mineral claims option agreement dated Feb. 24, 2026, to acquire up to a 100-per-cent undivided interest in seven mineral claims comprising the Petawaga lithium-niobium-uranium project located approximately 45 kilometres northwest of Mont-Laurier, Que.

The seven claims collectively cover approximately 411 hectares and encompass the entirety of the historical Petawawa River showing, including the site of a 45-kilogram bulk sample collected from a pegmatitic dike that returned 3.4 per cent Nb2O5 (niobium pentoxide) and 0.65 per cent U3O8 (triuranium octoxide). The property benefits from year-round road access and proximity to established infrastructure in the Mont-Laurier region.

Historical exploration results referenced herein are derived from publicly filed assessment reports available through the SIGEOM geological database administered by the Ministere des Ressources et des Forets du Quebec.

Petawaga project overview

The Petawaga project is located in the southwest part of the Grenville geological province and straddles the limits of the Baskatong promontory and the Central Gneissic belt, two important structural domains separated by a major thrust fault. Historical exploration work reported the presence of several pegmatites located nearby the Petawaga River. Samarskite, euxenite, thorianite, columbite and lepidolite were recognized in these pegmatites. On a regional scale, the area surrounding Mont-Laurier is known to host several uranium pegmatites and, more lately, niobium and REE-bearing dikes were identified (Boxi, Lac Lyon, Lac Leroux showings). These showings are located on the margin of the Baskatong promontory and Central metasedimentary belt, which suggests a favourable context for the emplacement of pegmatites derived from anatexis.

The company cautions that historical results have not been independently verified and should not be relied upon as current mineral resources. However, the bulk nature of the sampling indicates that the grades were not derived from selective grab specimens but from material collected at meaningful scale.

Transaction terms

The company has entered into the option agreement with a group of arm's-length vendors pursuant to which the company may acquire up to a 100-per-cent interest in the seven mineral claims.

Under the terms of the agreement, the company may earn up to a 100-per-cent undivided interest in the claims by making aggregate cash payments totalling $120,000 over a three-year period, structured as follows:

• $5,000 upon signing of the agreement;
• $5,000 within 60 days;
• $10,000 at three months;
• $10,000 every three months thereafter until the total consideration of $120,000 has been paid.

Upon completion of the payment schedule, 100-per-cent ownership of the claims will transfer to the company.

In the event of default, the vendors retain termination rights subject to notice and cure provisions as set out in the agreement.

The vendors are arm's length to the company.

Qualified person

Isabelle Robillard, PGeo (OGQ No. 287), a qualified person as such term is defined by National Instrument 43-101, has reviewed and approved the technical data disclosed in this news release.

About American Salars Lithium Inc.

American Salars Lithium is an exploration company focused on exploring and developing high-value battery metals projects to meet the demands of the advancing electric vehicle market.

We seek Safe Harbor.