Increase In Lithium Carbonate At The Tolillar Salar

VANCOUVER - Alpha Lithium Corporation reported substantial increases to both indicated and inferred categories of lithium carbonate (Li2CO3) equivalent (LCE) resources in the Tolillar Salar in Salta, Argentina. The updated resource estimate includes 3,626,000 tonnes of indicated and 1,393,000 tonnes of inferred LCE. Alpha’s latest drilling campaign resulted in a 70% increase to the “indicated resource” category and a 20% increase to the “inferred resource” category.

Brad Nichol, President & CEO, said, “A 70% increase in the indicated resources of Tolillar clearly demonstrates the very high quality of this resource and represents a significant increase in the asset’s value for Alpha’s shareholders. In the context of our ongoing strategic review process, since October 2021, comparable assets in close proximity to Tolillar have been sold at an average of US$163 per tonne of measured and indicated resources. The majority of those transactions were completed by western companies and we are pleased to have seen significant interest from multinational parties in our strategic review process. I am very keen to deliver maximum value for Alpha’s shareholders and this updated resource estimate is a noteworthy development in that regard.”

The updated resource estimate is still considered preliminary, as it was prepared primarily to assist multiple parties that have entered into standard Non-Disclosure Agreements as part of the sale of the Company’s Tolillar asset and/or the Company’s consideration of a potential corporate-level transaction. In the interest of time and the dissemination of meaningful information, and resulting from an externally imposed timeline, Alpha has published this resource estimate while two drilling rigs are still active in Tolillar and only 37%, or 10,200 of the 27,500-hectare site, has been explored.

The resource estimate also includes 13,237,000 tonnes of potassium equivalent (KCl) in the indicated, and a further 5,320,000 tonnes of KCI in the inferred, category. The current values are subsequent to the Company’s maiden resource estimate.