LITH:CC - Lithium Chile Completes Second Production Well on their Salar de Arizaro Project Argentina - A 255 Metre Thick Brine Aquifer Identified - Doubles Thickness of Brine Aquifer Intersected in the First Production Well and has Been Advised the Chengze Investm

(TheNewswire)

CALGARY, ALBERTA – TheNewswire - November 3, 2022 – Lithium Chile Inc.(“Lithium Chile” or the “Company”) (TSX:LITH) (OTC:LTMCF) is pleased to provide an operational update on its Phase Twodevelopment program at Salar de Arizaro (“ Arizaro ”) inArgentina. The Company reports the completion of its second productionwell, Argento 2, drilled to a total depth of 649 metres. The brineaquifer identified was 255 metres thick; a significant increase fromthe 132 metre aquifer on its maiden well previously reported in itsinitial NI 43-101 report (see NR February 8, 2022), with an indicatedand inferred resource of 1,420,000 tonnes of lithium carbonateequivalent (LCE).

PHASE TWO PROGRAM HIGHLIGHTS:

• The second production well, Argento 2, was drilled 3.6kilometers southeast of the first production well, Argento 1, whichwas completed in September 2021.

• Argento 2 encountered the target brine aquifer between343 metres and 598 metres. This equates to a total aquifer of 255metres thick, or 123 metres thicker than the Company’s initialArgento 1 discovery.

• The Company is confident that the proximity betweenArgento 1 and Argento 2, combined with almost double the thickness ofa lithium bearing formation than Argento 1, the estimated lithiumresource should be as good or better than the maiden well.

• Using a diamond drill rig, Argento 2 was initiallydrilled to a depth of 450 metres.  The Company then used itscontracted rotary drilling rig, set up at the same location, drillingto a total depth of 649 meters using a 9 7/8-inch tricone bit.

• Samples taken between 360 metres to 450 metres from thediamond drill hole on Argento 2 returned assays results as high as 350mg/l lithium.

• It is the Company’s intention to install casing intothe well, targeting the potential producing zone prior to commencementof aquifer testing and brine sampling. This will provide support toupdate the estimated 43-101 resource early in the first quarter2023.

• The large rotary rig will mobilize to the new location(shown on Figure1 ) to begin drilling the 3rd production well,Argento 3.

With the knowledge gained from the recent drillingactivity on the Company’s Salar de Arizaro project, the Company hascontracted another diamond drill rig. Four to five new explorationwells will be drilled to expand testing on other sections of theproperty. The ongoing exploration program is yielding valuableunderstanding of the structure and composition of the underlyinglithium bearing aquifer.

Steve Cochrane, President, and CEO comments, “Thecompletion of the second production well is a major milestone inLithium Chiles development. Firstly, moving out 3.6 kilometers andhitting the brine bearing formation just 23meters deeper in the basin then the first production well is extremelyencouraging. Secondly, almost doubling the thickness of the lithiumbrine aquifer from 132 meters to 255 meters should significantlyincrease the resource potential on the Salar de Arizaro. My sincereappreciation and congratulations to all the great work our teammembers are doing in both Argentina and Chile”.

Figure 1 –“Drilled, In Operation & Proposed Wells” – Arizaro,Argentina

ORDER FROM THE INVESTMENT REVIEWDIVISION, CANADA:

Lithium Chile has been advised that Chengze LithiumInternational Limited ("Chengze") received an Order from the Investment ReviewDivision , Canada.  Chengze owns approximately19.35% of Lithium Chile's outstanding common shares.  At this time,Chengze is reviewing the directions of the Order, and their legaloptions.

Qualified Person, QA/QCStatements:

Michael Rosko, MS, PG, of Montgomery and Associates(M&A) of Santiago, Chile, is a registered geologist (CPG) inArizona, California and Texas, a registered member of the Society forMining, Metallurgy and Exploration (SME No. 4064687), and a qualifiedperson as defined by National Instrument 43-101. Mr. Rosko hasextensive experience in salar environments and has been a qualified person on many lithium brine projects. Mr. Roskoand M&A are completely independent of Lithium Chile. Mr. Rosko hasreviewed and approved the scientific and technical content of thisnews release.

About Lithium Chile:

Lithium Chile is advancing a lithium property portfolioconsisting of 84,478 hectares covering sections of 11 salars and 2laguna complexes in Chile and 23,300 hectares in Argentina.

Lithium Chile also owns 5 properties, totaling 21,329hectares that are prospective for gold, silver and copper. Explorationefforts are continuing on Lithium Chile’s Carmona gold/silver/copperproperty which lies in the heart of the Chilean mega porphyry gold/silver/copper belt.

Lithium Chile’s common shares are listed on the TSX-Vunder the symbol “LITH” and on the OTC-BB under the symbol“LTMCF”.

To find out more about Lithium Chile Inc., pleasecontact Steven Cochrane, President and CEO via email:steve@lithiumchile.ca or Michelle DeCecco, Vice President of CorporateDevelopment via email michelle@lithiumchile.ca or at403-390-9095.

Forward Looking Statements:

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATIONSERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSXVENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACYOF THIS RELEASE.

NOT FOR RELEASE IN THE UNITED STATES

This news release may contain certain forward-lookinginformation and forward-looking statements within the meaning ofapplicable securities legislation (collectively "forward-lookingstatements"). Generally, forward-looking statements can beidentified by the use of forward-looking terminology such as"expected", "anticipated", "aims to","plans to" or "intends to" or variations of suchwords and phrases or statements that certain actions, events orresults "will" occur. Such forward-looking statements arebased on various assumptions and factors that may prove to beincorrect, including, but not limited to, factors and assumptions withrespect to: the general stability of the economic and politicalenvironment in which the Company operates; the timely receipt ofrequired regulatory approvals; the risk that the new lithiumexploration tender processes does not yield the anticipated benefitsto the Company; the ability of the Company to obtain future financingon acceptable terms; currency, exchange and interest rates; operatingcosts; the success the Company will have in exploring its prospectsand the results from such prospects and the COVID-19 pandemic. LFG.You are cautioned that the foregoing list of material factors andassumptions is not exhaustive. Although the Company believes that theassumptions and factors on which such forward-looking statements arebased upon are reasonable, undue reliance should not be placed on theforward-looking statements because the Company can give no assurancethat they will prove to be correct or that any of the eventsanticipated by such forward-looking statements will transpire oroccur, or if any of them do so, what benefits the Company will derivethere from. The Company does not undertake to update anyforward-looking statements herein, except as required by applicablesecurities laws. All forward-looking statements contained in this newsrelease are expressly qualified by this cautionary statement.

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