AMERICAN SALARS LITHIUM INC. ("AMERICAN SALARS" or "the Company") (CSE: USLI, OTC: ASALF, FWB: Z3P, WKN: A3E2NY) has announced its entry into an agreement with Recharge Resources Ltd. ("Recharge" or "the Vendor") (CSE: RR) to acquire full ownership of the Pocitos 1 Lithium Salar Project ("Pocitos 1") in Salta, Argentina. The project spans 800 hectares near the town of Pocitos.

The project holds an NI 43-101 Mineral Resource Estimate ("MRE") completed in December 2023, indicating an inferred resource of 760,000 tonnes of lithium carbonate equivalent ("LCE"). This estimate encompasses the Pocitos 1 block (800 hectares) along with the adjacent Pocitos 2 block (532 hectares). All drilling forming the basis of the MRE was conducted exclusively on the Pocitos 1 block, which is being acquired by American Salars.

The Mineral Resource Estimate (MRE) was compiled by WSP Australia Pty Ltd. ("WSP"), renowned for its extensive expertise in lithium resources and involvement in major lithium projects worldwide. WSP will revise the MRE to account for the lithium resources specifically on the Pocitos 1 block, and forthcoming studies on porosity and permeability will further refine the updated MRE.

Nick Horsley, CEO & Director, expresses enthusiasm about acquiring the Pocitos 1 lithium salar project for our Argentina lithium portfolio. We now manage both the Candela II lithium salar project, with an inferred LCE of 457,000 tonnes, and the Pocitos 1 project. Together with its adjacent Pocitos 2 block, Pocitos 1 hosts 760,000 tonnes LCE. We eagerly anticipate collaborating with our technical team to update the NI 43-101 mineral resource estimate, focusing on our Pocitos 1 concession, which encompasses approximately 60% of the combined area used in the current mineral resource estimate and includes all drilling conducted to date.

Highlights from the NI 43-101 Mineral Resource Estimate:

•  The highest lithium value recorded using the packer sampling system was 169 ppm Lithium at a depth of 363 meters.

•  MT geophysics survey identified a large area to the west with a resistivity of 0.4 Ω·m and a depth exceeding 1 kilometer.

•  Ekosolve™DLE technology pilot plant test work conducted at the University of Melbourne achieved a 94.9% extraction efficiency from brines averaging 86 ppm lithium, recovering 80.76 ppm.

•  Significant brine flow was observed in wells PO1 and PO2 in 2018, with brine and gas detected in PO3 drilled in November 2022.

•  The company plans to commence a new drill/production well program upon receiving permits from the Salta Mines Department.

Additionally, on May 28th, 2024, the Vendor disclosed the completion of its environmental baseline assessment report, which will serve as the basis for a production environmental impact assessment ("EIA"). This marks a significant milestone in advancing towards the development and potential production at Pocitos 1.