Lithium Chile Inc. announced a substantial increase of 24% to the resource at its Salar de Arizaro Project, Argentina from the results of an updated NI 43-101 compliant resource report. The Company reports a new, increased Project total of 4,122,000 tonnes of Lithium Carbonate Equivalent ("LCE") from measured, indicated, and inferred resource categories. HIGHLIGHTS: Total LCE resource increased by 24% since reporting the results of the Preliminary Economic Assessment for a new total of 4,122,000 tonnes LCE.

The increased LCE resource related to the Salar de Arizaro project is comprised of: 261,000 tonnes in the measured category; and 2,237,000 tonnes in the indicated category; and 1,624,000 tonnes in the inferred category. Diamond drill hole ARDDH-08 contributed an increase of 559,518 tonnes of indicated and 188,886 tonnes of inferred LCE resource. The resource increase at ARDDH-08 resulted from an average lithium grade of 538 mg/L from well depths between approximately 200-300 metres and an average lithium grade of 343 mg/l from well depths between approximately 300 to 570 metres, such that a total sampled interval of 370 metres of the reservoir containing lithium brines has been established.

Over 260,000 tonnes LCE associated with the ARGENTO-02 well was reclassified from the indicated category to the measured category due to the long-term pumping test and additional brine sampling that was conducted. NEXT STEPS IN RESOURCE UPDATE: An updated analysis of the area around ARDDH-08 contained in the reserve model is underway and will be added to the NI 43-101 compliant report once completed. An update to the Company's 2023 Prefeasibility Study Report is expected by the end of the second quarter which will confirm reserve volumes and a potential production profile.

OTHER ARGENTINIAN DEVELOPMENTS: Block IV Permitting: The baseline Environmental Impact Study for the new Block IV exploration program was completed and submitted to the Salta Mining Ministry at the end of February 2024. This will allow for the Company's exploration drill program on Block IV, which is currently expected to begin in the second half of 2024. Water Wells: Drilling of hole ARDDH-09 is nearing completion at which time the drilling rig will be moving to a number of locations on the Company's south-western claims with the objective of substantiating the fresh-water aquifer characteristics needed for production.

These locations surround and offset Lithium Chile's existing fresh water well that substantiated significant fresh-water deliverability. Drilling is also continuing with a rotary rig on production well ARGENTO-06. Those results will be released when they become available.