Lithium Energi Exploration Commences Strategic Review - Seite 2

While the strategic review process is ongoing, the Company intends to continue to pursue its core strategic objectives so as to maintain and enhance the value of its current exploration assets in Argentina. “Arena is supportive of LEXI’s contemplation of different strategic alternatives, as well as its continued ongoing efforts in drilling and exploring its vast property portfolio. We have repeatedly invested in LEXI, and believe the time is right to unlock value in the Lithium Triangle and from LEXI’s assets,” stated Vincent DeVito, Managing Director of Arena Investors, LP, LEXI’s largest shareholder.

To maximize the value of LEXI’s portfolio of lithium brine assets, the Special Committee will retain a qualified investment bank as a financial advisor to assist in conducting the strategic review. There can be no assurance that the strategic review and the preliminary non-binding discussions will result in any binding offer or any other transaction, or of the pricing of any such possible transaction. LEXI will release further information at an appropriate time.

About Lithium Energi Exploration Inc.

Lithium Energi Exploration Inc. is an exploration company focused on the acquisition, exploration, and development of lithium brine assets in Argentina. Headquartered in Toronto, Ontario, with offices in Catamarca, Argentina, the Company’s shares are listed on the TSX Venture Exchange (TSXV: LEXI), the Frankfurt Exchange (FSE: L09), and the U.S. over-the-counter market (OTC: LXENF). LEXI’s portfolio of prospective lithium brine concessions in the Argentina Province of Catamarca (heart of the lithium triangle) includes approximately 57,000 hectares and a 20% interest in Triangle Lithium Argentina, S.A., which owns an additional 15,000 hectares – all located in and around the Antofalla Salar, one of the largest basins in the region, which is over 130 km long and up to 20 km across. LEXI is committed to innovation, sustainability, and quality, striving to differentiate itself from other players in the industry to maximize its potential for success. For more information, please visit our website at lithiumenergi.com.

About Arena Investors, LP

Arena Investors, LP is an institutional asset manager founded in partnership with The Westaim Corporation (TSXV: WED). With approximately $3.5 billion of assets under management as of December 31, 2022, and a team of over 100 employees in offices globally, Arena provides creative solutions for those seeking capital in special situations. The firm brings individuals with decades of experience, a track record of comfort with complexity, the ability to deliver within time constraints, and the flexibility to engage in transactions that cannot be addressed by banks and other conventional financial institutions.