American Salars Closes Acquisition of K20 Minerals and the Lake Throssell Sulphate of Potash Project in Western Australia

(TheNewswire)

VANCOUVER, BC TheNewswire - OCTOBER 23, 2026 American Salars Lithium Inc. ("AMERICAN SALARS" OR THE "COMPANY") (CSE: USLI, OTC: USLIF, FWB: Z3P, WKN: A3E2NY) is pleased to announce that, further to its news release dated August 28, 2026, it has completed the acquisition of 100% of the issued and outstanding shares of 1269280 WA Pty Ltd and its wholly owned subsidiary K20 Minerals Pty Ltd (together, "K20") (the "Transaction") pursuant to the share exchange agreement dated August 27, 2026 (the "Agreement") among the Company, K20 and all of the shareholders of K20 (the "Vendors"). K20 holds a 100% legal and beneficial interest in exploration licence E383065, covering approximately 296 square kilometres (29,600 hectares) in Western Australia, comprising the Lake Throssell sulphate of potash brine project (the "Project").

R. Nick Horsley, Chief Executive Officer of American Salars, commented: "With the closing of this acquisition, Lake Throssell is now part of the American Salars portfolio. Our immediate priority is to assemble and validate the historical technical data and determine the work required to support current technical disclosure on the Project under NI 43-101."

Closing of the Transaction

On closing, the Company issued an aggregate of 2,550,000 common shares (the "First Tranche Shares") to the Vendors at a deemed price of $0.17 per share, being the first of two equal tranches of the aggregate 5,100,000 common shares issuable under the Agreement. The Company has also paid the non-refundable initial payment of AUD $87,450 for tenement maintenance provided for in the Agreement.

The First Tranche Shares are subject to a statutory hold period under applicable Canadian securities laws expiring four (4) months and one day from the date of issuance, and to a contractual resale restriction under the Agreement expiring six (6) months from the date of issuance.

The remaining 2,550,000 common shares (the "Second Tranche Shares") are issuable to the Vendors on the date that is fourteen (14) months after closing and will be subject to a hold period of four (4) months and one day from the date of issuance.

Other Matters

No finder's fees were paid or are payable by the Company in connection with the Transaction. The Project remains subject to an existing 4% gross overriding royalty.

Next Steps

Following closing, the Company intends to:

• obtain and organize the historical technical database, models, samples, studies and source documentation; 

• evaluate the scope of confirmatory sampling, test pumping, drilling, hydrogeological and metallurgical work required; 

• confirm the title, tenure, heritage, environmental, water, infrastructure and permitting requirements relevant to E38/3065; and 

• determine the appropriate pathway and timing for preparation of an NI 43-101 technical report. 

ABOUT AMERICAN SALARS

American Salars Lithium is an exploration company focused on exploring and developing high-value battery metals projects to meet the demands of the advancing electric vehicle market.

On Behalf of the Board of Directors,

"R. Nick Horsley"

R. Nick Horsley, CEO

For further information, please contact:

American Salars Lithium Inc.

Phone: 604.740.7492

E-Mail: info@americansalars.com

Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.

Disclaimer for Forward-Looking Information

Forward-looking statements in this release include statements regarding the timing and completion of the issuance of the Second Tranche Shares, any shareholder or CSE approval that may be required in connection with that issuance, the Company's proposed review and validation of historical technical information, potential confirmatory work, and the possible preparation of an NI 43-101 technical report.

Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations, or intentions regarding the future. Such statements are subject to risks and uncertainties that may cause actual results, performance, or developments to differ materially from those contained in the statements. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits American Salars will obtain from them. These forward-looking statements reflect management's current views and are based on certain expectations, estimates and assumptions which may prove to be incorrect. A number of risks and uncertainties could cause actual results to differ materially from those expressed or implied by the forward-looking statements, including the results of the Company's review of the historical technical information and any future exploration of the Project. These forward-looking statements are made as of the date of this news release and American Salars assumes no obligation to update these forward-looking statements, or to update the reasons why actual results differed from those projected in the forward-looking statements, except in accordance with applicable securities laws.

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