Mr. R. Nick Horsley reports

AMERICAN SALARS CLOSES ACQUISITION OF K20 MINERALS AND THE LAKE THROSSELL SULPHATE OF POTASH ("SOP") PROJECT IN WESTERN AUSTRALIA

Further to its news release dated Aug. 28, 2026, American Salars Lithium Inc. has completed the acquisition of 100 per cent of the issued and outstanding shares of 1269280 WA Pty. Ltd. and its wholly owned subsidiary K20 Minerals Pty. Ltd. pursuant to the share exchange agreement dated Aug. 27, 2026, among the company, K20 and all of the shareholders of K20. K20 holds a 100-per-cent legal and beneficial interest in exploration licence E38/3065, covering approximately 296 square kilometres (29,600 hectares) in Western Australia, comprising the Lake Throssell sulphate of potash brine project.

R. Nick Horsley, chief executive officer of American Salars, commented: "With the closing of this acquisition, Lake Throssell is now part of the American Salars portfolio. Our immediate priority is to assemble and validate the historical technical data and determine the work required to support current technical disclosure on the project under NI [National Instrument] 43-101."

Closing of the transaction

On closing, the company issued an aggregate of 2.55 million common shares to the vendors at a deemed price of 17 cents per share, being the first of two equal tranches of the aggregate 5.1 million common shares issuable under the agreement. The company has also paid the non-refundable initial payment of $87,450 (Australian) for tenement maintenance provided for in the agreement.

The first-tranche shares are subject to a statutory hold period under applicable Canadian securities laws expiring four months and one day from the date of issuance and to a contractual resale restriction under the agreement expiring six months from the date of issuance.

The remaining 2.55 million common shares are issuable to the vendors on the date that is 14 months after closing and will be subject to a hold period of four months and one day from the date of issuance.

Other matters

No finders' fees were paid or are payable by the company in connection with the transaction. The project remains subject to an existing 4-per-cent gross overriding royalty.

Next steps

Following closing, the company intends to:

• Obtain and organize the historical technical database, models, samples, studies and source documentation;
• Evaluate the scope of confirmatory sampling, test pumping, drilling, hydrogeological and metallurgical work required;
• Confirm the title, tenure, heritage, environmental, water, infrastructure and permitting requirements relevant to E38/3065;
• Determine the appropriate pathway and timing for preparation of an NI 43-101 technical report.

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.