Lithium Chile’s Subsidary , Argentum Lithium, Awarded 8,445 Hectares on the Salar de Arizaro by Remsa

TSX Venture Exchange: LITH For Immediate Release OTC-QB: LTMCF

CALGARY, ALBERTA, January 8, 2024 – Lithium Chile Inc. (“Lithium Chile” or the “Company”) is proud to announce that it’s 100% owned Argen�nian subsidiary, Argentum Lithium S.A. (“Argentum”), has been awarded Block IV in the recently completed bidding round in the Salar de Arizaro. Block IV is an 8,445hectare concession and was awarded by the Salta Provincial Mining and Energy Corpora�on (“REMSa”). Argentum was one of thirteen companies that competed in a public tender process that encompassed five different Blocks.

Block IV was the largest of the five blocks. Strategically located north of Lithium Chile’s 20,800-hectare project in the Arizaro basin, Block IV is situated approximately 18 kilometers north of the ARDDH-02 well that the Company has already drilled.

Steve Cochrane, Lithium Chile’s President, and CEO stated, “Being awarded Block IV is a wonderful achievement for us! It has the poten�al to significantly increase our lithium resource without the added expense. We have the equipment, capable team and infrastructure already in place, which posi�ons us to swi�ly advance the project. Adding an addi�onal 8,400 hectares to our already substan�al land posi�on makes Lithium Chile a dominant player in the basin.”

Salar de Arizaro: Block IV & Exis�ng Arizaro Project

Extensive geological data on Block IV is already available - from an explora�on program completed by Portofino Resources Inc. (“Portofino”) during 2023. That explora�on ac�vity included:

1) 40+ surface samples brine samples were collected and analyzed;

2) 35 trenches were completed confirming shallow brine tables;

3) 69,000 metres of geophysical surveys using VES technology revealed a sub-terranean aquifer with depths up to 1000 metres; and

4) Low resis�vity horizons were iden�fied and interpreted as brine bearing targets.

Capitalizing on the extensive work and knowledge gained by Portofino during the explora�on program carried out on Block IV, Lithium Chile has signed a Partnership Agreement (the “Agreement”) with Portofino outlining a joint venture arrangement. The Agreement would enable Portofino to acquire a 50% net equity interest in Block IV, by contribu�ng 50% of award expenses and explora�on costs. Comple�on of the joint venture is con�ngent on Portofino raising the necessary funds and entering into a defini�ve agreement - an�cipated to be completed in the next 60 days.

In accordance with the commitment made by Lithium Chile in its successful bid, Lithium Chile has made to REMSa the ini�al payment for the award of US $5,739,915.

An Environmental Impact Study (“EIS”) will be filed immediately for an explora�on program to be completed on Block IV during 2024. The Company’s established infrastructure near Block IV allows for op�mized resource u�liza�on and seamless integra�on of explora�on ac�vi�es. This proximity-driven approach underscores the Company’s commitment to maximizing efficiency and expedi�ng the project �meline.

Salar de Arizaro: Block IV, Proposed Explora�on Program

Lithium Chile also proudly announces a significant milestone in its commitment to environmental stewardship and community engagement. On December 4th, the Company presented the Environmental Impact Assessment (“EIA”) for the produc�on stage of the Arizaro project, to the enforcement authority of the Ministry of Mining and Energy of the Province of Salta.

The comprehensive study, prepared by Lithium Chile in collabora�on with renowned environmental legal consultancy EC& Asociados SRL, reflects the Company's dedica�on to responsible environmental prac�ces and sustainable project development. Notably, members of the Tolar Grandes community ac�vely par�cipated in the crea�on of the Environmental Baseline, with community-appointed monitors contribu�ng their valuable insights.

Embodying the 'Philosophy of Shared Value', Lithium Chile ensured the integra�on of par�cipa�ng stakeholders throughout the study's elabora�on. Periodic mee�ngs facilitated the gathering of opinions and experiences, emphasizing a collec�ve approach to addressing environmental and social aspects of the proposed development.

Central to the EIA's objec�ves is the assurance of informa�on transparency and ci�zen par�cipa�on, especially among communi�es within the area of direct influence and indirect influence. The study, available to all ci�zens interested in environmental aspects of mining projects in the region, aligns with Sustainable Development Goals, par�cularly the fourth principle included therein: ‘Quality Educa�on’.

ABOUT LITHIUM CHILE:

Lithium Chile is an explora�on and lithium resource company with a property por�olio consis�ng of 111,978 hectares in Chile and 29,245 hectares in Argen�na. The Company has filed its NI 43-101 Report and Preliminary Economic Assessment, which can be viewed on the Company’s profile at SedarPlus.ca

Lithium Chile also owns 4 proper�es, totaling 21,329 hectares, that are prospec�ve for gold, silver and copper. Explora�on efforts are con�nuing on Lithium Chile’s Carmona gold/silver/copper property which lies in the heart of the Chilean mega porphyry gold/ silver/copper belt.

Lithium Chile’s common shares are listed on the TSX-V under the symbol “LITH” and on the OTC-QB under the symbol “LTMCF”.

To find out more about Lithium Chile, please contact Steven Cochrane, President and CEO via email: [email protected] or Michelle DeCecco, Vice President and COO, via email [email protected].

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

FORWARD LOOKING STATEMENTS:

This news release may contain certain forward-looking informa�on and forward-looking statements within the meaning of applicable securi�es legisla�on (collec�vely "forward-looking statements"). Generally, forward-looking statements can be iden�fied by the use of forward-looking terminology such as "expected", "an�cipated", "aims to", "plans to" or "intends to" or varia�ons of such words and phrases or statements that certain ac�ons, events or results "will" occur. Such forward-looking statements are based on various assump�ons and factors that may prove to be incorrect, including, but not limited to, factors and assump�ons with respect to: the general stability of the economic and poli�cal environment in which the Company operates and the �mely receipt of required regulatory approvals. You are cau�oned that the foregoing list of material factors and assump�ons is not exhaus�ve. Although Lithium Chile believes that the assump�ons and factors on which such forwardlooking statements are based upon reasonable assump�ons, undue reliance should not be placed on the forward-looking statements because Lithium Chile can give no assurance that they will prove to be correct or that any of the events an�cipated by such forward-looking statements will transpire or occur, or if any of them do, what benefits Lithium Chile will derive therefrom. Lithium Chile does not undertake to update any forward-looking statements herein, except as required by applicable securi�es laws. All forward-looking statements contained in this news release are expressly qualified by this cau�onary statement.