American Salars terminates SPA with American Brines

Executive Summary

• American Salars Lithium Inc. provided a comprehensive corporate update on its lithium exploration portfolio across Argentina, Brazil, Quebec, and the United States.
• The company is advancing exploration activities on its Jaguaribe hard-rock project in Brazil, with initial sampling identifying spodumene-bearing pegmatites with grades up to 3.72% Li2O.
• The company terminated its previously announced share purchase agreement to acquire the Black Rock project from American Brines Lithium Inc. in Nevada.

Key Details

• Jaguaribe Project (Ceara, Brazil):
  • Holds an 18,083-hectare hard-rock lithium project in a historic pegmatite province previously mined for lithium, coltan, and tin.
  • Initial sampling identified spodumene-bearing LCT pegmatites returning grades up to 3.72% Li2O.
  • Notable rare earth element values were also identified in the initial samples.
  • Phase 2 systematic exploration work has commenced to evaluate additional LCT pegmatite targets and expand sampling across high-potential mineralized trends.
  • The project is located approximately four hours by paved highway from the port and international airport in Fortaleza.
• Quebec Lithium Portfolio (Canada):
  • Gaspe Region Properties: Road-accessible areas with historical grab samples ranging from 30 ppm to 255 ppm lithium. Target sizes are approximately 300 meters by 400 meters. Historical samples included serpentinite/greenstone with concentrations of Rb, Ta, and U, similar to recent LCT pegmatite discoveries.
  • Lac Simard Project: Spans 3,958 acres within a growing hard-rock lithium belt. It is adjacent to Sayona Mining's Tansim project and near the Viau-Dallaire lithium showings. Early mapping and sampling are evaluating multiple outcropping pegmatites and structural trends prospective for LCT-style mineralization.
  • Xenia West and East Claim Groups: Located about 30 kilometers southeast of Val d'Or. These projects cover ground prospective for LCT pegmatites, benefiting from excellent road access and proximity to active mining infrastructure. Historical work indicates pegmatitic intrusions and structural corridors prospective for lithium mineralization.
• Black Rock Project (Nevada, USA):
  • The company has terminated the previously announced share purchase agreement with American Brines Lithium Inc. regarding the acquisition of the Nevada Black Rock project.
• Technical Review:
  • Technical content regarding the Jaguaribe project and Quebec lithium portfolio was reviewed and approved by Mitchell E. Lavery, PGeo, an independent qualified person as defined by National Instrument 43-101.