Argentina Lithium & Energy Corp. (TSX-V: LIT) (FSE: OAY3) (OTC: PNXLF) is pleased to announce closing of the US$90 million¹ investment in AR$ equivalent in Argentina Litio y Energia S.A. by Stellantis (defined below) as previously announced in the Company’s news release dated September 27, 2023. Stellantis is one of the world’s leading automakers and mobility providers with iconic brands including Abarth, Alfa Romeo, Chrysler, Citroën, Dodge, DS Automobiles, Fiat, Jeep^®, Lancia, Maserati, Opel, Peugeot, RAM, Vauxhall, Free2Move and Leasys.

Pursuant to the Transaction, Peugeot Citroen Argentina S.A., a subsidiary of Stellantis N.V. has invested the ARS$ equivalent of US$90 million¹ in Argentina to acquire shares of ALE. Further, the Company has granted Stellantis the right to exchange all of the ALE Shares for up to 19.9% of the outstanding common shares of Argentina Lithium (on an undiluted basis) in the future, subject to certain conditions set out in an exchange agreement. In connection with the Transaction, the parties have also entered into a lithium offtake agreement, a shareholders’ agreement with respect to ALE and, upon exercise of the Exchange Right, Argentina Lithium and Stellantis will enter into an investor rights agreement. The proceeds of the Transaction will be used to advance development of the Company’s lithium projects held through its wholly owned subsidiary in Argentina, and for general corporate purposes.

As a result of the Transaction, Stellantis owns 19.9% of the issued and outstanding ALE Shares and Argentina Lithium owns 80.1%.

About Stellantis

Stellantis N.V. is one of the world’s leading automakers and a mobility provider. Its storied and iconic brands embody the passion of their visionary founders and today’s customers in their innovative products and services, including Abarth, Alfa Romeo, Chrysler, Citroën, Dodge, DS Automobiles, Fiat, Jeep^®, Lancia, Maserati, Opel, Peugeot, RAM, Vauxhall, Free2Move and Leasys. Powered by their diversity, Stellantis leads the way the world moves – aspiring to become the greatest sustainable mobility tech company, not the biggest, while creating added value for all stakeholders as well as the communities in which it operates.

About Argentina Lithium

Argentina Lithium & Energy Corp is focused on acquiring high quality lithium projects in Argentina and advancing them toward production in order to meet the growing global demand from the battery sector. The management group has a long history of success in the resource sector of Argentina and has assembled a first-rate team of experts to acquire and advance the best lithium properties in the “Lithium Triangle”. The Company is a member of the Grosso Group, a resource management group that has pioneered exploration in Argentina since 1993.