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Arena Minerals Drills 300 Metre Gravel Aquifer Averaging 503 Mg/L Lithium at Sal de la Puna Project; Mobilizes Additional Drill Rigs

Arena Minerals Inc. ("Arena" or the "Company") (TSX-V: AN) is pleased to announce it has completed drilling of its first diamond drill hole (DD-02) at the Sal de la Puna Project ("SDLP Project") located in the Pastos Grandes basin within Salta province, Argentina. The diamond drill hole is located on the Almafuerte claim and intersected a continuous brine column from 140 metres to the total drilled depth of 646 metres. The entire sampled brine column averaged 496 milligrams per litre ("mgl") lithium ("Li").

An uninterrupted gravel aquifer was intersected between 334 metres and 634 metres down hole, representing the thickest gravel sequence drilled in the basin. The gravel aquifer averaged 503 mg/l Li with grades as high as 557 mg/l Li at 550 metres below surface. Gravel and sand aquifers typically have favourable effective porosity values and high flow rates, which translate to highly productive wells. DD-02 was completed as an observation well with 2-inch diameter blank and screened PVC casing to 450 m depth.

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Arena Minerals Announces Commencement of Resource Drilling at Sal de la Puna Lithium Project

Arena Minerals Inc. ("Arena" or the "Company") (TSX-V: AN) is pleased to announce the commencement of drilling on the Sal de la Puna Project ("SDLP Project") located in the Pastos Grandes basin within Salta province, Argentina. Arena is operating the drill program on behalf of Sal de la Puna Holdings Ltd., which is jointly owned by Arena (65%) and Ganfeng New Energy Technology Development (Suzhou) Co., Ltd. ("Ganfeng Lithium"; 1772.HK; OTCQX: GNENF) (35%).

The drill program is focused on the Almafuerte and Graciela blocks which border Millennial Lithium's Pastos Grandes project to the south and south-east and consists of 3,000 metres with the objective of both increasing the category of the current resource and increasing the SDLP Project's resource base. For more information on the drill program please refer to press release dated October 28, 2021.

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Arena Minerals Initiates Comprehensive Work Program Focused on Resource Expansion and Processing at the Sal De La Puna Lithium Project in Argentina

THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Arena Minerals Inc. ("Arena" or the "Company") (TSX-V: AN) is pleased to announce that the Board of Sal de la Puna Holdings Ltd. has approved a comprehensive development work program for the Sal de la Puna Project. Sal de la Puna Holdings owns 100% interest in the Sal de la Puna Project ("SDLP") in the Pastos Grandes Basin located in Salta, Argentina, and is jointly owned by Arena (65%) and Ganfeng New Energy Technology Development (Suzhou) Co., Ltd. ("Ganfeng Lithium"; 1772.HK; OTCQX: GNENF) (35%).

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