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VANCOUVER, BC, AUGUST 28, 2026 – TheNewswire - AMERICAN SALARS LITHIUM INC. ("AMERICAN SALARS" OR THE "COMPANY") (CSE: USLI, OTC: USLIF, FWB: Z3P, WKN: A3E2NY) is pleased to announce that it has entered into a share exchange agreement dated August 27, 2026 (the "Agreement") with 1269280 WA Pty Ltd and its wholly owned subsidiary K20 Minerals Pty Ltd, Australia ( "K20" ) and all of the shareholders of K20 to acquire 100% of the issued and outstanding shares of K20 (the "Transaction" ). K20 holds a 100% legal and beneficial interest in exploration licence E38/3065, covering approximately 296 square kilometres (29,600 hectares) in Western Australia, which the Agreement identifies as the Lake Throssell sulphate of potash brine project (the "Project" or “Lake Throssell” ).

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Figure 1. Aircore drilling at Lake Throssell by former operator

The Project hosts a Mineral Resource Estimate ( “MRE” ) Update February 13, 2023 1 , prepared by Aquifer Resources Pty Ltd for a prior owner and reported as a Lake Throssell mineral resource estimate in accordance with the JORC Code (2012 Edition). The historical estimate was based on drilling, brine sampling, monitoring bores, borehole magnetic resonance logging, particle-size distribution analysis and aquifer testing.

The historical technical record also includes an October 2021 scoping study 2 prepared for a prior owner. Consistent with NI 43-101, the Company is not disclosing the results of that historical study in this news release.

According to Business Analytiq July 2026 regional potassium sulphate benchmarks were approximately US$730 per metric tonne in North America, US$520 per metric tonne in Europe, and US$600 per metric tonne in Northeast Asia. 3

Potash is considered a critical mineral in the USA, Canada, and India, and a strategic mineral in China and Brazil.

R. Nick Horsley, Chief Executive Officer of American Salars, commented: “Lake Throssell represents a significant addition to American Salars’ portfolio. The historical JORC estimate highlights a large-scale SOP brine system with meaningful Indicated, Inferred resources and significant exploration upside potential. Our priority following closing will be to validate the underlying historical data and determine the work required to support current technical disclosure under NI 43-101. We believe this acquisition provides the Company with a strong foundation to diversify into a premium, critical and strategic fertilizer mineral in one of the World’s leading mining jurisdictions.”

Lake Throssell SOP Project

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Figure 2. Throssell SOP Project

The Project is located approximately 180 kilometres northeast of Laverton, Western Australia. Exploration licence E38/3065 covers approximately 296 square kilometres and is subject to applicable renewal rights and ongoing compliance requirements. The Project assets include mineral tenure, technical and geological data, drilling and sampling information, brine samples, environmental and heritage information, studies, models, maps, reports and related records controlled by K20.

Sulphate of potash is a premium, chloride-free potassium fertilizer commonly used for high-value and chloride-sensitive crops. The Lake Throssell system is a brine-hosted deposit contained within saturated lake and palaeovalley sediments.

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Figure 3. Regional location of Lake Throssell in Western Australia.

Historical JORC Code Mineral Resource Estimate 4

A Mineral Resource Update dated February 13, 2023, was prepared for the prior owner by Aquifer Resources Pty Ltd and reported a Lake Throssell mineral resource estimate in accordance with the JORC Code (2012 Edition). The historical estimate was based on drilling, brine sampling, monitoring bores, borehole magnetic resonance logging, particle-size distribution analysis and aquifer testing.

Table 1. Historical Lake Throssell mineral resource estimate reported under the JORC Code (2012 Edition).

The 2023 update reported that 80% of the Indicated mineral resource was contained in higher-yielding aquifers with specific yields of 0.12 to 0.15. The update also reported that an additional 3.79 Mt of SOP had been converted from the Inferred category to the Indicated category, resulting in a 90% increase in the Indicated estimate.

The historical report stated that additional air-core drilling, large-diameter test production bores and test pumping of the basal aquifer would be required to support any future Reserve estimate and further pre-feasibility work.

Historical Estimate Disclosure and NI 43-101 Caution

The mineral resource estimate described in this news release is a historical estimate for purposes of National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101"). It was prepared by Aquifer Resources Pty Ltd for Trigg Minerals Limited and reported in accordance with the JORC Code (2012 Edition), using the resource categories Indicated and Inferred. Although these category names are also used in the CIM Definition Standards, the Company has not completed the work necessary to confirm that the historical categories are equivalent to current CIM categories.

The historical estimate is considered relevant because it indicates the scale, grade and distribution of the Lake Throssell brine system and will assist the Company in planning its technical review. The Company considers the source report sufficiently detailed to support disclosure of the historical estimate, subject to the cautions in this release, but has not independently verified the estimate or the underlying data.

A Qualified Person has not completed sufficient work to classify the historical estimate as a current mineral resource under NI 43-101. In particular, the Company must review and validate the drilling, sampling, assay, hydrogeological and specific-yield data, assess estimation assumptions and complete any additional field work considered necessary. The Company is not treating the historical estimate as a current mineral resource.

Historical Exploration Target

The February 2023 Resource Update also reported an exploration target of 2.3 Mt to 9.0 Mt of additional SOP at an equivalent SOP grade of 9.0 kg/m3 to 9.9 kg/m3 within the broader Lake Throssell tenure described in that report. The exploration target was determined based on regional gravity depth modelling together with drilling, brine sampling and aquifer testing data from within the broader Lake Throssell tenure, extrapolated beyond the area covered by the current mineral resource estimate using the same JORC Code (2012 Edition) methodology.

EXPLORATION TARGET CAUTION: The potential quantity and grade of the historical exploration target are conceptual in nature. There has been insufficient exploration to estimate a mineral resource in the target areas, and it is uncertain whether further exploration will result in the estimation of a mineral resource. The Company has not yet determined what portion, if any, of the historical exploration target is attributable to E38/3065.

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Figure 5. Historical Lake Throssell investigation locations, gravity depth model and tenement boundaries. E38/3065 is labelled on the map.

Planned Next Steps

• Obtain and organize the historical technical database, models, samples, studies and source documentation;  

• Review the historical 2021 Scoping Study, production target and economic assumptions to determine what information may remain applicable to E38/3065 and what updates would be required;  

• Evaluate the scope of confirmatory sampling, test pumping, drilling, hydrogeological work and metallurgical test work required; and  

• Confirm the title, tenure, heritage, environmental, water, infrastructure and permitting requirements relevant to the acquired licence area; and  

• Determine the appropriate pathway and timing for preparation of an NI 43-101 technical report and MRE.  

The Transaction

Pursuant to the Share Exchange Agreement, American Salars will acquire 100% of the issued and outstanding shares of K20 Minerals Pty Ltd, which holds a 100% interest in the Lake Throssell Sulphate of Potash Project in Western Australia. As consideration, the Company will issue an aggregate of 5,100,000 common shares to the K20 shareholders in two equal tranches of 2,550,000 shares:

• The first tranche will be issued on Closing and subject to a six (6) month escrow.  

• The second tranche will be issued on the date that is fourteen (14) months after Closing and will be subject to an escrow period of four (4) months and one day.  

No finder’s fees are payable by the Company in connection with the Transaction.

The issuance of the Second Tranche consideration shares is expected to result in Cronin Exploration Inc. becoming a new control person of the Company, holding approximately 20.9% of the Company’s issued and outstanding common shares immediately following that issuance (as compared to approximately 13.6% following the First Tranche issuance at Closing). Pursuant to Section 3.9 of the Agreement, the issuance of the Second Tranche consideration shares is subject to any shareholder approval that may be required under CSE policies in connection with the creation of a new control person at that time.

Furthermore, the Company will be responsible for underlying claim and rental fees estimated at $87,000 annually paid prior to August 30 of each year.

The transaction remains subject to customary closing conditions, including completion of due diligence and receipt of applicable corporate, regulatory and CSE approvals, and the Project will remain subject to an existing 3% gross overriding royalty.

Qualified Person

The technical content regarding the LAKE THROSSELL SULPHATE OF POTASH (“SOP”) PROJECT, in this release has been reviewed and approved by Mitchell E. Lavery, P. Geo, who is an Independent Qualified Person as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects.

ABOUT AMERICAN SALARS

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.

On Behalf of the Board of Directors,

“R. Nick Horsley”

R. Nick Horsley, CEO

For further information, please contact:

American Salars Lithium Inc.
Phone: 604.740.7492
E-Mail: info@americansalars.com

Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.

Disclaimer for Forward-Looking Information

Forward-looking statements in this release include statements regarding completion of the Transaction, the timing and completion of the issuance of the Second Tranche consideration shares and any related shareholder or CSE approval that may be required in connection with that issuance, the Company’s proposed review and validation of historical technical information, potential confirmatory work, the possible preparation of an NI 43-101 technical report and MRE, and the potential advancement or development of the Project.

Certain statements in this release are forward-looking statements, which reflect the expectations of management regarding American Salars’ intention to continue to identify potential transactions and make certain corporate changes and applications. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations, or intentions regarding the future. Such statements are subject to risks and uncertainties that may cause actual results, performance, or developments to differ materially from those contained in the statements. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits American Salars will obtain from them. These forward-looking statements reflect management’s current views and are based on certain expectations, estimates and assumptions which may prove to be incorrect. A number of risks and uncertainties could cause actual results to differ materially from those expressed or implied by the forward-looking statements, including American Salars results of exploration or review of properties that American Salars does acquire. These forward-looking statements are made as of the date of this news release and American Salars assumes no obligation to update these forward-looking statements, or to update the reasons why actual results differed from those projected in the forward-looking statements, except in accordance with applicable securities laws.

1  45ljht7ws9frxh.pdf

2  Lake Throssell SOP Project

3  Potassium sulfate price index - businessanalytiq

4  Lake Throssell SOP Project

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