Mr. Hendrik van Alphen reports

WEALTH MINERALS CLOSES OPTION AGREEMENT WITH GELUM RESOURCES

Pursuant to the news release dated Oct. 6, 2023, Wealth Minerals Ltd. has received TSX Venture Exchange acceptance of the transaction pertaining to the option agreement with Gelum Resources Ltd. dated Aug. 31, 2023, whereby Wealth may earn an up-to-20-per-cent interest in Gelum's contractual interest in the Eldorado option under an option agreement, which will be combined with the Robson claims under the Shannon option agreement when earned for an aggregate amount of $1.55-million. To date, Wealth Minerals has spent $1,277,164.39 of the aggregate amount of required funds of $1.55-million and has thereby earned a 16-per-cent interest of the potential of up-to-20-per-cent interest in the GMR interest.

This transaction constitutes a related-party transaction (as defined in TSX-V policies) as Hendrik van Alphen is a non-arm's-length party. The transaction constitutes a related-party transaction pursuant to Multilateral Instrument 61-101 (Protection of Minority Security Holders in Special Transactions). The company is relying on sections 5.5(a) and 5.7(1)(a) of MI 61-101 for an exemption from the formal valuation and minority shareholder approval requirements, respectively, as at the time the option agreement was entered into, neither the fair market value of Gelum's shares, nor the fair market value of the consideration provided by the company for same exceeded 25 per cent of the company's market capitalization.

About Wealth Minerals Ltd.

Wealth Minerals 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 Minerals is positioning itself to be a major beneficiary of this future mismatch of supply and demand. In parallel with lithium market dynamics, Wealth Minerals believes other battery metals will benefit from similar industry trends.

We seek Safe Harbor.