IberAmerican Lithium Corp. provided an update on the progress made with respect to the regulatory advancements of the permits underlying its 100% owned Lithium Alberta & Carlota properties located in the Galicia region of northwestern Spain. A three-year extension of the investigation permit underlying the Lithium Alberta project was granted by the Xunta de Galicia ("Xunta") on October 2, 2023.

From an administrative perspective, the only pending task is the legal transfer of the investigation permit No. 5186 from Strategic Minerals Spain, SLU ("SMS") to IberAmerican Lithium Spain, SLU ("IberSpain"). To date, all of the necessary documents to effect the aforementioned transfer have been submitted with the Xunta and are currently being processed.

In tandem with progress at the Lithium Alberta project, the Company is poised to advance exploration initiatives at the Lithium Carlota project. The application for investigation permit No. 5191 has been transferred to IberSpain from SMS. IberSpain has submitted all requisite documentation, including an exploration plan, to the Xunta.

Currently, the Company awaits the issuance of the permit, poised to commence further operations upon receipt.