Mr. Hendrik van Alphen reports

WEALTH MINERALS EXTENDS COOPERATION AGREEMENT WITH THE INDIGENOUS QUECHUA COMMUNITY OF OLLAGUE FOR A SECOND DRILLING CAMPAIGN

Wealth Minerals Ltd. has signed an agreement with the indigenous Quechua community of Ollague (Ollague community), setting the terms of co-operation between the two parties as an extension of the original co-operation agreement signed previously (see press release dated March 28, 2022). Wealth remains committed to respect community rights and traditions and to be open and transparent in all activities regarding the Ollague project.

The two parties have agreed that Wealth may drill up to 12 holes in the Ollague salar basin, designed to maximize information to improve and potentially increase the resource estimate for the Ollague project (see press release dated Jan. 17, 2023). The data collected, including from flow test wells, will also allow the company to advance toward a prefeasibility study proceeding from the pending preliminary economic assessment (PEA). Wealth management expects the PEA to be completed and announced by the end of Q3 2023.

A fundamental part of the company's drill program is the minimization of its footprint in the area by using existing roads and having as unobtrusive presence as possible so as to minimize the impact on Ollague residents and the surrounding environment. During the course of Wealth's drilling program, the company will prioritize local service providers for transport, vehicles, food and lodging, as well as contracting Ollague community members to monitor the drilling activities as part of the company's commitment to transparency and participation. The company has also committed to advance the Ollague project with an end goal of using only direct lithium extraction technology (DLE) and not water-wasteful solar evaporation.

Wealth's chief executive officer, Hendrik van Alphen, commented: "This agreement with the Quechua community is yet another significant step in the progression of our Ollague project, including work we are doing in parallel on DLE technology development and testing. The agreement is also a demonstration of our capacity to partner effectively with communities and to continue building trust for the future development of Wealth's operations. I would like to thank again all the leaders of the indigenous Quechua community of Ollague for their guidance and support in reaching this important agreement and also to reaffirm that all of our activities during this drilling campaign and any future development and operation of the lithium project will minimize any effects on the land and environment. We firmly believe that this agreement with the Quechua community will be transformed in the future into a stronger and more lasting association as strategic partners to develop this project together."

Ollague project

The Ollague project consists of 8,000 hectares located in northern Chile, Region II. Wealth Minerals announced a maiden lithium carbonate equivalent (LCE) resource estimate for the Ollague project, with highlights including an indicated resource of 741,000 tonnes LCE grading 175 milligrams per litre and an inferred resource of 701,000 tonnes LCE grading 185 milligrams per litre. Based on the results of exploration conducted by third parties and the 2022 drilling program completed by Wealth, four tentative hydrogeologic units were defined. These hydrogeologic units have medium to high permeability and are amenable for recovering brine to surface (see National Instrument 43-101 report titled "Results of Year 2022 Exploration Activities, and Estimated Lithium Resources Ollague Project," dated Jan. 13, 2023). Wealth's engineering partner, FLSmidth (see press release of Aug. 9, 2022), is drafting development plans with an exclusive focus on DLE for the Ollague project.

About Wealth Minerals Ltd.

Wealth is a mineral resource company with interests in Canada and Chile. The company's focus is the acquisition and development of lithium projects in South America.

The company opportunistically advances battery metal projects where it has a peer advantage in project selection and initial evaluation. Lithium market dynamics and a rapidly increasing metal price are the result of profound structural issues with the industry meeting anticipated future demand. Wealth is positioning itself to be a major beneficiary of this future mismatch of supply and demand. In parallel with lithium market dynamics, Wealth believes other battery metals will benefit from similar industry trends.

We seek Safe Harbor.