TSXV:ALLI

Alpha Lithium Encounters 351 mg/L Lithium Brine in Tolillar Salar, Argentina

Alpha Lithium Corporation (TSX.V: ALLI) (OTC: APHLF) (Frankfurt: 2P62) (" Alpha " or the " Company ") is very pleased to announce drilling results from its original six-well program. The drilling program was an essential component of Alpha's initial exploration campaign in the 100% owned, 27,500 hectare, Tolillar Salar located in Salta Province, Argentina.

The objectives for the initial campaign were to (i) improve our understanding of the conceptual hydrogeological model of the salar and (ii) determine lithium grades and hydraulic parameters for the brine aquifer. Both objectives were successfully achieved and provided confidence to continue with a second exploration campaign.

To date, Alpha has drilled a total of six exploratory holes to varying depths. The first well was very shallow and drilled primarily to confirm and provide a baseline for the original Vertical Electrical Sounding ("VES") geophysical survey completed in 2020. The remaining five production holes were drilled to depths of between 78 and 352 meters. Each well was cased with 6" or 8" production casing and then discharge tested to evaluate well efficiency, sustainable pumping capacity and aquifer parameters. Brine samples were collected during testing of each well and sent for analysis to SGS Laboratory in the regional capital city of Salta. As the drilling campaign progressed, the technical team recalibrated the VES surveys with the newly obtained information and continually refined the subsequent targets and depths.

The drilling results demonstrated continual improvement and the most recently tested wellbores encountered consistent lithium grades of between 345 and 351 mg/L.

The first three exploration wells encountered lithium grades ranging from 194 to 218 mg/L from pumping tests with flow rates ranging between 55 and 100 m 3 /hour. The flow rate on the final hole, with 351 mg/L of lithium concentration, reached 130 m 3 /hour. A higher pump rate was feasible but was limited by the maximum achievable capacity of the pumping equipment.

In addition to high flow rates and lithium concentrations, the Tolillar Salar also produced brine with very low levels of impurities. For example, the range of magnesium to lithium ratios ("Mg:Li") was between 4.90 and 5.37, with an average for the five wells at 5.0, a top quartile result for salars in Argentina.

Brad Nichol, President and CEO commented, "We are obviously very satisfied to present the fantastic results for our first chapter of drilling in the Tolillar Salar. The original wellbore drilled by previous owners in 2018 resulted in 204 mg/L of lithium from samples taken at 190 meters and a calculated transmissibility of 60 m 3 /hour. This drilling program produced better than a 70% improvement in lithium concentration and a more than 300% improvement in reservoir transmissibility." Nichol added, "What's more, our technical team studied and tweaked in real time and continually improved the results – leaving us with enormous confidence to undertake a second, larger campaign focused on the delivery of a resource."

Summary Results for Drill Holes

Drill Hole
ID
Screen Top
(m)
Screen Bottom
(m)
Drill Depth
(m)
Grade
(Li mg/L)
Mg:Li
Ratio
WBALT2 47.5 125.5 127 210 5.37
WBALT3 53.5 119.5 120 218 4.90
WBALT4 12.0 78.0 78 194 4.92
WBALT5 174.0 343.0 352 351 4.89
WBALT7 40.0 346.0 352 345 4.90

Based on the early success, the Company has already undertaken drilling two additional production wells and two fresh-water wells on the Tolillar Salar. Two of these wells have been drilled and are awaiting testing and a third well is currently being drilled.

Now armed with continually improved geological and hydrogeological models, the Company is planning and licensing to drill another ten, or more, production wells and expand the geophysics study to include another 70 points of VES soundings (more than double the original VES survey).

The objective for the second campaign is to define and expand the lithium resource using a combination of VES surveys, core-holes, production wells and pressure-monitoring wellbores.

Qualified Person, QA/QC Statements:

Michael Rosko, MS, PG, of Montgomery and Associates (M&A) of Santiago, Chile, is a registered geologist (CPG) in Arizona, California and Texas, a registered member of the Society for Mining, Metallurgy and Exploration (SME No. 4064687), and a qualified person as defined by National Instrument 43-101. Mr. Rosko has extensive experience in salar environments and has been a qualified person on many lithium brine projects. Mr. Rosko and M&A are completely independent of Alpha Lithium. Drilling was conducted by Andina S.R.L. of Salta, Argentina utilizing two Prominas rotary drilling rigs. Sampling was conducted during step, and long term, pumping tests and samples were processed using an ICP mass spectrophotometer by SGS Laboratory in Salta, Argentina utilizing a 32 elements suite analysis protocol. The Company has a robust QA/QC and sample management program that includes duplicates, blanks and standard samples when lab batches are prepared. Mr. Rosko has reviewed and approved the scientific and technical content of this news release.

ON BEHALF OF THE BOARD OF Alpha Lithium CORPORATION

"Brad Nichol"

Brad Nichol
President, CEO and Director

For more information:
Alpha Lithium Investor Relations
Tel: +1 844 592 6337
info@alphalithium.com

About Alpha Lithium (TSX.V: ALLI) (OTC: APHLF) (Frankfurt: 2P62)

Alpha Lithium is a team of industry professionals and experienced stakeholders focused on the development of the Tolillar and Hombre Muerto Salars. In Tolillar, we have assembled 100% ownership of what may be one of Argentina's last undeveloped lithium salars, encompassing 27,500 hectares (67,954 acres), neighboring multi-billion-dollar lithium players in the heart of the renowned "Lithium Triangle". In Hombre Muerto, we continue to expand our 5,000+ hectare (12,570 acres) foothold in one of the world's highest quality, longest producing lithium salars. Other companies in the area exploring for lithium brines or currently in production include Orocobre Limited, Galaxy Lithium, Livent Corporation, and POSCO in Salar del Hombre Muerto; Orocobre in Salar Olaroz; Eramine SudAmerica S.A. in Salar de Centenario; and Gangfeng and Lithium Americas in Salar de Cauchari.

Forward-Looking Statements

This news release contains forward-looking statements and other statements that are not historical facts. Forward-looking statements are often identified by terms such as "will", "may", "should", "anticipate", "expects" and similar expressions. All statements other than statements of historical fact, included in this news release are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations include the results of further brine process testing and exploration and other risks detailed from time to time in the filings made by the Company with securities regulators. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and the Company will update or revise publicly any of the included forward-looking statements as expressly required by applicable law.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. No securities regulatory authority has reviewed nor accepts responsibility for the adequacy or accuracy of the content of this news release.


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Australian billionaire Gina Rinehart has become a formidable force in the global mining industry.

After taking the helm of her father’s iron ore mining firm Hancock Prospecting in 1993, Rinehart embarked upon a diversification strategy that has vastly expanded her resource empire. Today, Australia’s richest person has investments in many of the world’s most strategic commodities such as lithium, rare earths, copper, potash and natural gas.

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SQM REPORTS EARNINGS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2024

Highlights


  • SQM reported total revenues for the nine months ended September 30, 2024 of US$3,455.0 million compared to total revenues of  US$6,155.9 million for the same period last year.

  • Net loss (1),(2) for the nine months ended September 30, 2024 of (US$524.5) million or (US$1.84) per share, compared to net income (2) of  US$1,809.5 million or US$6.33 per share for the same period last year.

  • Solid sales volumes in lithium, iodine, and fertilizer businesses.

  • SPN and Potassium businesses posted healthy growth showing market recovery.

  • Slight increase in iodine prices, due to strong market demand and limited supply.

  • First lithium sales from the SQM International lithium division.

SQM will hold a conference call to discuss these results on Wednesday, November 20, 2024 at 10:00am ET (12:00pm Chile time).

Participant Dial-In (Toll Free): 1-844-282-4852

Participant International Dial-In: 1-412-317-5626

Webcast: https://event.choruscall.com/mediaframe/webcast.html?webcastid=xdNdTppQ

SANTIAGO, Chile , Nov. 20, 2024 /PRNewswire/ -- Sociedad Química y Minera de Chile S.A. (SQM) (NYSE: SQM; Santiago Stock Exchange: SQM-B, SQM-A) reported today net loss ( [1] ),(2)   for the nine months ended September 30, 2024 , of (US$524.5) million or (US$1.84) per share, compared to US$1,809.5 million or US$6.33 per share reported for the same period last year.

(PRNewsfoto/Sociedad Quimica y Minera de Chile, S.A. (SQM))

Gross profit (3) reached US$1,033.3 million (29.9% of revenues) for the nine months ended September 30, 2024 , lower than US$2,674.3 million (43.4% of revenues) recorded for the nine months ended September 30, 2023 . Revenues totaled US$3,455.0 million for the nine months ended September 30, 2024 , representing a decrease of 43.9% compared to US$6,155.9 million reported for the nine months ended September 30, 2023 .

The Company also announced net income for the third quarter of 2024 of US$131.4 million or US$0.46 per share, a decrease of 72.6% compared to US$479.4 million or US$1.68 per share for the third quarter of 2023. Gross profit for the third quarter of 2024 reached US$280.8 million , 62.7% lower than the US$753.6 million reported for the third quarter of 2023. Revenues totaled US$1,076.9 million for the third quarter of 2024, a decrease of 41.5% compared to US$1,840.3 million for the third quarter of 2023.

SQM's Chief Executive Officer, Ricardo Ramos , stated, "We are publishing our third quarter 2024 financial results with positive volume growth in almost all of our business lines compared to last year. Fertilizer markets have shown solid market dynamics with a market size recovery. Our Specialty Plant Nutrition volumes grew more than 20% year-on-year while our revenues in this business line increased close to 12%."

He continued, "Iodine demand continued to be strong, leading to an increase in our sales volumes and revenues compared to last year. Prices continued to move up slightly quarter over quarter since the beginning of this year and we have used part of our inventories to answer market needs."

Mr. Ramos further stated, "In lithium, we reported sales volumes of more than 51 thousand metric tons of lithium products, an 18% growth year-on-year, demonstrating strong demand in the market. As anticipated, prices during the third quarter continued their downward trend, with average realized prices 24% lower than the second quarter this year. Although demand continues to grow at a strong pace, mainly driven by strong EV sales growth in China , we continue to see the prices pressured by an oversupply that persists despite the curtailment announcement we have seen over the past few weeks."

Mr. Ramos closed by saying, "Our more than 30-year track record in the lithium market has proved that we have a long-term view in this business. Despite current market prices, we strongly believe in the lithium market and its fundamentals which are highly related to the clean energy transition. SQM is in a strong competitive position and well prepared to continue developing our projects in Chile and abroad to harvest the benefits of this transition."

About SQM

SQM is a global company that is listed on the New York Stock Exchange and the Santiago Stock Exchange (NYSE: SQM; Santiago Stock Exchange: SQM-B, SQM-A). SQM develops and produces diverse products for several industries essential for human progress, such as health, nutrition, renewable energy and technology through innovation and technological development. We aim to maintain our leading world position in the lithium, potassium nitrate, iodine and thermo-solar salts markets.

For further information, contact:

Gerardo Illanes / gerardo.illanes@sqm.com
Isabel Bendeck / isabel.bendeck@sqm.com

For media inquiries, contact:

Maria Ignacia Lopez / ignacia.lopez@sqm.com
Pablo Pisani / pablo.pisani@sqm.com

Cautionary Note Regarding Forward-Looking Statements

This news release contains "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as: "anticipate," "plan," "believe," "estimate," "expect," "strategy," "should," "will" and similar references to future periods. Examples of forward-looking statements include, among others, statements we make concerning the completion and implementation of the proposed partnership with Codelco, the development of Salar Futuro Project, Company's capital expenditures, financing sources, Sustainable Development Plan, business and demand outlook, future economic performance, anticipated sales volumes and sales prices, profitability, revenues, expenses, or other financial items, anticipated cost synergies and product or service line growth.

Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are estimates that reflect the best judgment of SQM management based on currently available information. Because forward-looking statements relate to the future, they involve a number of risks, uncertainties and other factors that are outside of our control and could cause actual results to differ materially from those stated in such statements, including our ability to successfully implement the Sustainable Development Plan. Therefore, you should not rely on any of these forward-looking statements. Readers are referred to the documents filed by SQM with the United States Securities and Exchange Commission, including the most recent annual report on Form 20-F, which identifies other important risk factors that could cause actual results to differ from those contained in the forward-looking statements. All forward-looking statements are based on information available to SQM on the date hereof and SQM assumes no obligation to update such statements, whether as a result of new information, future developments or otherwise, except as required by law.

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