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LITHIUM CHILE ANNOUNCES WELL CASING COMPLETED AND COMMENCEMENT OF PHASE 2 – THE PUMP TEST AND SAMPLING PROGRAM – AT SALAR DE ARIZARO IN SALTA, ARGENTINA

TSX Venture Exchange: LITH For Immediate Release OTC-BB: LTMCF CALGARY, ALBERTA, November 29, 2021 – Lithium Chile Inc. (“Lithium Chile” or the “Company”) announces the arrival and completion of the new casing and filter installation – which completes the production test well preparation on its 23,300-hectare Salar de Arizaro Property in Salta, Argentina. The Arizaro prospect is a potentially transformational project for Lithium Chile. The earlier exploration hole, located 100 meters east of the production test well, returned average lithium grades of 850 mg/l over 6 separate samples (see Lithium Chile’s press release May 17, 2021). The current production test is designed to obtain confirmation of those grades and to establish commerciality of the property for lithium production.

Lithium Chile now moves into Phase 2 – consisting of well clean-up and commencement of the pump test and sampling program.

Steve Cochrane, CEO of Lithium Chile, commented “We are delighted with the excellent progress being made on our Arizaro property. The installation of the new casings went extremely smoothly and I would like to take this opportunity to thank all our contractors and service providers in Argentina for their excellent work. Bringing this stage of the project in on time, on budget and without any safety or environmental incidents is a testament to their professionalism and care of the environment. We now move into Phase 2 – easily the most exciting phase of the program.”

ARIZARO PRODUCTION TEST WELL MOVES INTO PHASE 2

  •  The new well casings and filters arrived on schedule at the Arizaro Property on November 17, 2021 and work commenced immediately to install them. This work has now been completed and the pump test phase has commenced.
  • Phase 2 of the Arizaro property testing involves flushing of the 120-meter clastic zone to remove drilling mud contamination to allow for accurate sampling of the zone.
  • Immediately thereafter, the pump test and sampling will commence. This is expected to
    take 3 weeks to complete at which time the collected samples will be sent to be assayed.
  • Results are expected to be received in the second half of December.
  • On 26th November, a meeting was held in the aboriginal town of Tolar Grande with the town’s Indigenous leaders, the Secretary of Mining for Salta Province (Ms. Flavia Royon), representatives of Argentum Lithium (the wholly owned Argentinian subsidiary of Lithium Chile), the Galli Group, SMG and our drilling contractor Andina Perforaciones). This meeting was organized to recognize the excellent ESG work ongoing on the Company’s drill program at Arizaro and to confirm Lithium Chile’s ongoing commitment to inclusion and mutual respect while working with local communities.

WARRANT EXCERCISE

Lithium Chile is also pleased to announce the exercise of 442,117 warrants during the last week resulting in net proceeds of $171,312.76.

QUALIFIED PERSON

The technical information contained in this news release has been reviewed and approved by Mr. Gabriel Paganini, Mining Engineer, a “Qualified Person” registered in AusIMM under licence 317013 within the meaning of JORC 2012.

About Lithium Chile

Lithium Chile is advancing a lithium property portfolio consisting of 68,800 hectares covering sections of 10 salars and two laguna complexes in Chile and 23,300 hectares in Argentina.

Lithium Chile also owns 5 properties, totaling 22,429 hectares, that are prospective for gold, silver and copper. Exploration efforts are continuing on Lithium Chile’s Carmona gold/silver/copper property which lies in the heart of the Chilean mega porphyry gold/ silver/copper belt.

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

To find out more about Lithium Chile Inc., please contact Steven Cochrane, President and CEO via email: steve@lithiumchile.ca or alternately, Jose de Castro Alem, Argentina Manager via email jdecastroalem@gmail.com

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.

NOT FOR RELEASE IN THE UNITED STATES OF AMERICA Fundamental Research Corporation (FRC) Disclaimers and Disclosure

The opinions expressed in this report are the true opinions of the analyst about this company and industry. Any “forward looking statements” are our best estimates and opinions based upon information that is publicly available and that we believe to be correct, but we have not independently verified with respect to truth or correctness. There is no guarantee that our forecasts will materialize. Actual results will likely vary. The analyst and Fundamental Research Corp. “FRC” does not own any shares of the subject company, does not make a market or offer shares for sale of the subject company, and does not have any investment banking business with the subject company. Fees were paid by LITH to FRC. The purpose of the fee is to subsidize the high costs of research and monitoring. FRC takes steps to ensure independence including setting fees in advance and utilizing analysts who must abide by CFA Institute Code of Ethics and Standards of Professional Conduct. Additionally, analysts may not trade in any security under coverage. Our full editorial control of all research, timing of release of the reports, and release of liability for negative reports are protected contractually. To further ensure independence, LITH has agreed to a minimum coverage term including an initial report and three updates. Coverage cannot be unilaterally terminated. Distribution procedure: our reports are distributed first to our web-based subscribers on the date shown on this report then made available to delayed access users through various other channels for a limited time.

Forward Looking Statements This news release may contain certain forward-looking information and forward-looking statements within the meaning of applicable securities legislation (collectively “forward-looking statements”). Generally, forward-looking statements can be identified by the use of forward looking terminology such as “expected”, “anticipated”, “aims to”, “plans to” or “intends to” or variations of such words and phrases or statements that certain actions, events or results “will” occur. In particular, this news release contains forward-looking statements relating to, among other things: that the new participation in developing Chile’s assets is anticipated to drive prices for existing and new lithium properties; that the new process is expected to dramatically cut red tape and timing to allow exploitation and more production; that companies like Lithium Chile with existing prospective lithium properties are anticipated to benefit from the new rules, including that this will cut application times and make it significantly easier to develop their properties; that prices for exploration properties are expected to increase; the use of proceeds from the Offering; and the Company’s ability to obtain necessary approvals from the TSX Venture Exchange. Such forward-looking statements are based on various assumptions and factors that may prove to be incorrect, including, but not limited to, factors and assumptions with respect to: the general stability of the economic and political environment in which the Company operates; the timely receipt of required regulatory approvals; the ability of the Company to obtain future financing on acceptable terms; currency, exchange and interest rates; operating costs; the success the Company will have in exploring its prospects and the results from such prospects. You are cautioned that the foregoing list of material factors and assumptions is not exhaustive. Although the Company believes that the assumptions and factors on which such forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct or that any of the events anticipated by such forward-looking statements will transpire or occur, or if any of them do so, what benefits the Company will derive there from. Actual results could differ materially from those currently anticipated due to a number of factors and risks including, but not limited to: fluctuations in market conditions, including securities markets; economic factors; the risk that the new lithium exploration tender process does not yield the anticipated benefits to the Company, if at all; the risk that the Offering will not be completed as anticipated or at all, including the risk that the Company will not receive the approvals necessary in connection with the Offering; and the impact of general economic conditions and the COVID-19 pandemic. The Company does not undertake to update any forward-looking statements herein, except as required by applicable securities laws. All forward-looking statements contained in this news release are expressly qualified by this cautionary statement.

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