Alpha Lithium Comments on Shareholder Support

VANCOUVER, British Columbia, June 30, 2023 (GLOBE NEWSWIRE) -- Alpha Lithium Corporation (NEO: ALLI) (OTC: APHLF) (German WKN: A3CUW1) (“Alpha” or the “Company”) today commented on shareholder feedback received in connection with the hostile offer (the “Hostile Offer”) for the common shares of Alpha (“Common Shares”) announced June 8, 2023, including the open letter published on June 26, 2023 by Alpha’s major shareholder Kyle Stevenson. The Board unanimously determined that the Hostile Offer is not in the best interests of the Company or its current shareholders.

Brad Nichol, President and CEO of the Company commented: “As a public company, shareholder feedback is tremendously helpful to Alpha’s Board and management in ensuring our vision for the Company aligns with the owners of the Company: the shareholders. I’m very appreciative that Mr. Stevenson made his perspective known, and that perspective is generally consistent with the feedback I’ve received directly from many of our other shareholders.” Mr. Nichol continued: “For months we have been, and will continue to, assess all available transactions on the basis of the benefit they provide to shareholders, with particular regard to the unique and compelling characteristic of each of our assets.”

The full text of Mr. Stevenson’s open letter is set out below for reference. The Company notes that the letter was issued by Mr. Stevenson, not Alpha, and although Alpha is not aware of any misstatement therein, Alpha has not independently verified and assumes no responsibility for the accuracy or completeness of the information contained therein.

To my fellow shareholders,

My name is Kyle Stevenson. I currently own 9,200,000 common shares of Alpha and securities convertible to acquire 1,300,000 additional shares of Alpha. To the best of my knowledge, I am the single largest shareholder of Alpha Lithium.

I have been heavily involved in the Argentine lithium exploration and development industry since 2016, when I became President, CEO and a director of Millennial Lithium Corp. We developed the Pastos Grandes lithium brine project in Argentina, approximately 70 kilometers northeast of Alpha’s Tolillar project. We sold Millennial to Lithium Americas Corp. in 2022, in a transaction valuing Millennial at approximately C$491,000,000. This experience gave me considerable insight into the exploration and development of Argentine lithium brine assets, and their value in strategic M&A transactions.