Mr. Nikolaos Cacos reports

ARGENTINA LITHIUM ANNOUNCES RECEIPT OF DRILL PERMIT FOR THE PASO DE SICO PROPERTY AT ITS RINCON WEST LITHIUM PROJECT

Argentina Lithium & Energy Corp. has received the exploration permit for the Paso de Sico mining concession, part of the Rincon West project located adjacent to Rio Tinto's Rincon project in Salta province, Argentina. The two-year permit is issued by the provincial Secretariat of Mines and Energy for exploration work, including diamond and rotary drilling. The company intends to mobilize a diamond drill shortly to begin a six-hole exploration program to evaluate the potential for lithium brines within the property.

Nikolaos Cacos, president and chief executive officer, stated: "The grant of the drilling permit is a long-awaited step which allows us to advance the Rincon West project evaluation. Recent drilling on our West block properties has successfully identified extensive host formations saturated with lithium-rich brines. We intend to execute a similar program on this northern block, which is currently undrilled. We have also identified Paso de Sico as the likely site of any potential future processing plant and related extraction facilities for the project due to its very favourable setting. The Paso de Sico property is adjacent to major provincial and national highways and is crossed by a new 345-kilowatt power corridor."

Including the planned program at Paso de Sico, approximately 8,000 metres of drilling are planned throughout the Rincon West project over the next 18 months to complete brine resource, water resource and related drilling. This work continues to be financed by the prepaid drilling contract established in 2023 for up to 15,500 metres of drilling (see the latest financial statements for details).

The Paso de Sico property is a contiguous assemblage of four mining concessions totalling 791.3 hectares located at the northern edge of the Salar de Rincon. The property is located 50 kilometres northwest of the village of Olacapato, where the company maintains an operational base.

In the Oct. 6, 2022, news release, the company announced the acquisition of the Paso de Sico option, an agreement with a local vendor to earn a 100-per-cent interest in the properties. Terms of the Paso de Sico option agreement include cash payments totalling $1.5-million (U.S.) paid over two years and a total of $2.3-million (U.S.) of exploration and development expenditures over a three-year period beginning at the grant of the exploration permit. Currently, there is one payment of $400,000 (U.S.) remaining. The option agreement grants a 3-per-cent net smelter return royalty to the vendor, which can be purchased by the company for an additional $1.5-million (U.S.).

Qualified person

Frits Reidel, CPG, is a qualified person as defined in National Instrument 43-101, is the principal of Atacama Water Consultants and is independent of Argentina Lithium. Mr. Reidel has reviewed the work carried out by the company's exploration team at the early-stage Rincon West property. The disclosure in this news release has been reviewed and approved by Mr. Reidel.

About Argentina Lithium & Energy Corp.

Argentina Lithium & Energy is focused on acquiring high-quality lithium projects in Argentina and advancing them toward production in order to meet the growing global demand from the battery sector. The company's strategic investment by Peugeot Citroen Argentina SA, a subsidiary of Stellantis NV, one of the world's leading automakers, places Argentina Lithium in a unique position to explore, develop and advance its four key projects covering over 70,000 hectares in the Lithium Triangle of Argentina. Management has a long history of success in the resource sector of Argentina and has assembled some of the most prospective lithium properties in the world-renowned Lithium Triangle. The company is a member of the Grosso Group, a resource management group that has pioneered exploration in Argentina since 1993.

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