Argentina Lithium & Energy Corp. announced that it has exercised two option agreements to obtain 100% interest in key properties at its Rincon West, Antofalla North, and Pocitos lithium projects, all located in Salta Province, northwest Argentina, within the Lithium Triangle. The Rincon West/Pocitos option, now exercised, encompasses 2,390.5 hectares of properties at the Company's Rincon West Project, including those on which the successful phase 1 drill program was completed earlier this year.

The exercised option also includes 15,857 hectares of properties at the Company its Pocitos Project, which is currently undergoing a 170 line-km TEM geophysical survey program to map the subsurface for potential future drill targeting. The exercised Pipo/Alcalina option encompasses 5380.5 hectares of properties at The Company's Antofalla North Project, for which the Company recently announced accelerated exploration plans for 2024. The early exercise of both options was completed through the Company's Argentine subsidiary Argentina Litio y Energia S.A. ("ALE").

The Pipo/Alcalina options was announced on August 4, 2021, encompassing three mining concessions totaling 5,380.5 hectares, conditional on USD 4,000,000 in cash payments payable over 42 months and on USD 7,000,000 in work expenditure commitments. The Company had previously completed USD 800,000 in option payments and has now paid the remaining balance of USD 3,200,000. The work commitment conditions have been waived, and the cash exercise of the Pipo/Alcalina Option grants 100% ownership of Alcalina V, Pipo I and Pipo II, which are considered core properties at the Company's Antofalla North project.

The option exercise was finalised by completing the outstanding cash payments specified in the option agreement. The prior property holders have accepted the full option exercise and have agreed to waive any outstanding work commitment specified in the original agreement. The original property holder group retains a 2% NSR on the properties, which the Company has the further option to purchase at any time for a cash payment of USD 5,000,000.