Alpha Lithium Files Improved Preliminary Economic Assessment and Provides Update on Strategic Review Process

VANCOUVER, British Columbia, Sept. 21, 2023 (GLOBE NEWSWIRE) -- Alpha Lithium Corporation (NEO: ALLI) (OTC: APHLF) (Germany WKN: A3CUW1) (“Alpha” or the “Company”) a company developing a portfolio of highly prospective lithium assets in Argentina, today filed the results of a Preliminary Economic Assessment (“PEA” or “PEA #2”) for its wholly owned Tolillar lithium brine project in the Salta Province of Argentina (“Tolillar”), under the Company’s profile at www.sedarplus.ca and on its website at www.alphalithium.com. The Company also provides an update on its ongoing strategic review process, which continues with active discussions with multiple, multinational parties.

A series of announcements have occurred over the past weeks, which supports the Company’s view on the long-term value of the Company’s projects.

1. Alpha announced its inaugural Preliminary Economic Assessment (“PEA #1”) on July 10, 2023 (see July 10, 2023 news release),
2. On July 17, 2023, Alpha announced a 70% increase in “indicated resources” and a 30% “inferred resource” increase (see July 17, 2023 news release),
3. The Company subsequently undertook to incorporate the improved resource estimate into an improved PEA, resulting in a second Preliminary Economic Assessment (“PEA #2”), initially announced on August 14, 2023 (see August 14, 2023 news release), and filed in final form on SEDAR+ today.
   

Brad Nichol, President & CEO of Alpha, commented, “Our Strategic Review Process continues, and Alpha is well-positioned with our unique and highly attractive assets. We are engaged in ongoing and active discussions with multiple parties and are focused on producing meaningful value for our shareholders.” Nichol continued, “Even with conservative estimates, Alpha’s Tolillar project continues to be a significant lithium carbonate project with exceptional and increasing potential. Today’s filing of PEA #2 details the C$2.3 billion NPV potential of the Tolillar project, and we look forward to realizing that value to the benefit of our shareholders.”

With today’s announcement, Alpha has provided six technical updates in less than three months and has achieved significant increases to 43-101 Resource Estimates related to its portfolio of highly prospective lithium assets in Argentina.

• The Tolillar project stands out as one of the few in the world that is of this scale, independent, and wholly owned. Furthermore, its critical, abundant on-site freshwater supply makes it a rare and highly unique prospect.
• The Hombre Muerto project is adjacent to those of multi-billion-dollar industry leaders such as POSCO (Sal de Oro project), Allkem Ltd (Sal de Vida project), both of which are at advanced stages of development, and Livent Corp, which has been producing high-quality lithium chemicals for over two decades from its Fenix project.

PEA #2 for Tolillar Salar, Argentina