American Salars Lithium Completes Acquisition of Lake Throssell Potash Brine Project

VANCOUVER, BC – October 23, 2026 – Leads & Copy – American Salars Lithium Inc. has finalized the acquisition of K20 Minerals Pty Ltd, thereby incorporating the Lake Throssell sulphate of potash brine project in Western Australia into its portfolio. The company announced the completion of the transaction, which was originally detailed in a news release dated August 28, 2026. K20 Minerals holds a 100% interest in exploration licence E38/3065, which spans approximately 296 square kilometres in Western Australia.

The acquisition was completed pursuant to a share exchange agreement dated August 27, 2026, between American Salars Lithium Inc., K20 Minerals Pty Ltd, and the shareholders of K20, referred to as the Vendors. As part of the closing, American Salars issued 2,550,000 common shares, representing the first of two equal tranches totaling 5,100,000 shares, at a deemed price of $0.17 per share. Additionally, the company made a non-refundable initial payment of AUD $87,450 for tenement maintenance as stipulated in the agreement.

The initial tranche of shares is subject to a statutory hold period of four months and one day under Canadian securities laws, along with a contractual resale restriction that expires six months from the issuance date. The remaining 2,550,000 common shares are scheduled to be issued to the Vendors 14 months after the closing date and will also be subject to a four-month and one-day hold period.

R. Nick Horsley, Chief Executive Officer of American Salars, stated that the primary focus following the acquisition is to assemble and validate the historical technical data associated with the Lake Throssell project. The company aims to determine the necessary work to support current technical disclosure requirements under NI 43-101. No finder’s fees were paid or are payable by the company in connection with this transaction. The project is subject to an existing 4% gross overriding royalty.

Moving forward, American Salars plans to obtain and organize the historical technical database, including models, samples, studies, and source documentation. The company will then evaluate the scope of confirmatory sampling, test pumping, drilling, hydrogeological, and metallurgical work required. Further steps include confirming the title, tenure, heritage, environmental, water, infrastructure, and permitting requirements for E38/3065, and determining the appropriate path and timeline for the preparation of an NI 43-101 technical report.

American Salars Lithium is an exploration company focused on the exploration and development of battery metals projects to cater to the growing demands of the electric vehicle market.