Lithium Chile Inc. provided an operational update involving the completion of two additional diamond drillholes and the Company's third production well. DIAMOND DRILL HOLES: The fourth diamond drill hole, ARDDH-04, was completed to a depth of 280-metres. The target brine bearing formation was encountered at a depth of 200-metres - the shallowest depth of any of the holes drilled to date.

Below 200-meters, the formation was comprised of broken halite with a significant content of loose, friable sand. Hydrasleeve sampling was carried out over the 80-metre horizon returning grades averaging 297 mg/l lithium, consistent with previous holes. To follow up on these results, ARDDH-04 will be twinned using the larger rotary rig to an expected depth of 600-metres.

The fifth diamond drill hole, ARDDH-05 has been drilled to a depth of 413-meters where drilling has been temporarily suspended to allow for sampling. Favorable lithium bearing brine strata was encountered at similar depths as ARDDH-04. Sampling, using Hydrasleeve technology, has begun and will continue to a depth of 400-meters.

After sampling has been completed, it is the Company's intention to continue drilling to a projected depth of 600-metres with continuous sampling being performed during drilling. Additional drilling and sampling on hole ARDDH-05 is expected to be completed during the first week of April whereafter the rig will move to the ARDDH-06 location. Sample results will be released when received.

PRODUCTION WELL: The third production well, ARGENTO-03, has been completed to a depth of 577-metres and the Company reported that brine mineralization potential has been established from depths of 350 to 470-metres. These results are consistent with the brine mineralization in the Company's first two production wells. The well is now being widened to allow for the installation of casing and liners.

Upon completion of these operations, a pump test will be performed which is anticipated to be completed by the end of April. Pump testing results will be released when received. The Company announced it has acquired its own downhole pump and generator.

A technical services team is currently working on site to set up and install this pump at ARGENTO-02, which is expected to take approximately one week. Once completed, a long-term pumping test is scheduled to begin. Data collected from the additional work being completed on the Salar de Arizaro will be reported in an updated 43-101 - expected during May 2023.