First Lithium Expands Ascotan Project with New Mining Concessions

Toronto, Ontario--(Newsfile Corp. - August 26, 2026) - First Lithium Minerals Corp. (CSE: FLM) (OTC Pink: FLMCF) (FSE: X28) ("First Lithium" or the "Company") is pleased to announce that it has successfully staked 900 ha of new mining concessions at the Ascotan project ("Ascotan" or "Project") in the Salar de Ascotan, Antofagasta Region, Chile.

Based on the positive results of sedimentary brine geochemical program (Ref. Press release: "First Lithium Reports up to 1,300 mg/L Lithium in Brine Samples at Ascotan Project", June 9, 2026) the Company decided to stake 900 ha of new mining concessions brining the total land package at the Ascotan project to approximately 6,400 ha. The newly staked mining concessions strengthen the company's position in an area prospective for lithium, boron, and potash mineralization.

The staked mining concessions can expand the geochemical sampling program where the collection of brine or sediments samples might be possible and improve access to future exploration programs and operations. Two of the newly staked mining concessions adjoin Ascotan's immediate project area, which First Lithium identified as priority drill targets for its resource delineation strategy. The expansion increases the contiguous land package of the Salar de Ascotan project (Figure 1).

Figure 1. Location of new mining concessions at Ascotan Project (OCA Project), Salar de Ascotan, Chile, August 2026

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Designated by the Chilean government's National Lithium Strategy as a priority location for lithium exploration and development, the Salar de Ascotan is rapidly becoming a prominent lithium project which aligns with the government's goal to enhance Chile's standing in the global lithium market. The newly staked mining concessions contribute to the company's strategy of consolidating the Ascotan project on a larger scale, aiming to secure potential areas for future mineral extraction or processing as well as analyze scenarios for possible future operations.

Rob Saltsman, President & CEO of the Company, commented: "Expanding the mining concessions at Ascotan broadens the project area and aligns with our long-term exploration and development goals. By incorporating new concessions and consolidating properties, we achieve greater flexibility for future exploration activities, which enhances our strategy for scaling the project."

The Company is continuing its field exploration and expecting to commence a 1,500-meter drilling program at the Ascotan project in the 2026/27 exploration season. The exploration drilling program is conditional upon access to capital and obtaining government permits, licences, and community agreements.

About the Ascotan Project

The Ascotan Project comprises approximately 6,400 ha of mining concessions located in the Salar de Ascotan in the Antofagasta Region of northern Chile. Salar de Ascotan corresponds to a classic continental closed basin 'saline salar' in the desert environment of the Andean Highlands of northern Chile, with approximately 1,757 km2 of the basin area and 243 km2 of surface area. Project area is represented by soft and hard saline crusts and clay playas at the altitude of 3,716 m.a.s.l. Mineralization in the Salar de Ascotan project is primarily represented by different fractions comprised of chloride and sulfate brines, dendritic material, consisting of sand, silt and clay intercalated in the salar sediments, and various precipitated salt compounds. Selective analyzed sedimentary brine samples yielded lithium concentrations ranging from 93.5 mg/L to 1,299.5 mg/L (Note: sedimentary brine samples are selective in nature and may not be representative of the overall mineralization or characteristics of the salar geology from which they were sampled). The project has a well-developed infrastructure and is located 150 km from the town of Calama, Chile, accessible via Highway 21 that runs along the western edge of the salar. The Ferrocarril de Antofagasta a Bolivia (FCAB) railway, passing through nearby town of Ollague, serves as the primary transportation link between Antofagasta, Chile and La Paz, Bolivia. Multiple operating copper mines in the area add access to power, mining infrastructure, and qualified labour. The results of two extensive geophysical surveys developed a preliminary hydrogeological model suggesting a gradually increasing brine signature starting at approximately 200 m beneath the surface with widths up to 400 m reaching a bedrock at approximately 600 m at depth. The Company received environmental approvals and signed cooperation agreement with the local indigenous community. Based on the priority drill targets assessment, the Company is planning to proceed to its inaugural brine resource exploration program in the northeastern property area of the salar. In 2024, the Chilean government through the National Lithium Strategy identified and approved Salar de Ascotan as a priority salar for lithium exploration and exploitation, aiming to strengthen Chile's position in the global lithium market.

About First Lithium Minerals

First Lithium Minerals is a Canadian mineral exploration and development company. The Company is exploring for lithium and alkali metals at its 100%-owned Ascotan Project comprised of approximately 6,400 ha of mining concessions at the Salar de Ascotan in the Antofagasta Region of northern Chile. Two property-wide geophysical surveys identified priority exploration drill targets for potential brine mineralization. The Company is currently planning its inaugural exploration drilling program. The Company is also exploring for gold at its 100%-owned Lidstone Gold Project comprised of 9,600 ha of mining claims in northwestern Ontario, Canada.

Additional information about the Company is available on the Company's website: www.firstlithium.ca

Qualified Person

Aldo Moreno Salinas is the VP of Exploration for First Lithium Minerals and the Qualified Person ("QP") as defined by National Instrument 43-101 ("NI 43-101") has reviewed and approved the technical content of this press release. Mr. Moreno is a seasoned geologist with 40 years of experience in exploration and evaluation of metallic and non-metallic mineral deposits, has a degree in geology from Universidad de Chile, is a member of the Chilean Professional Association of Geologists No. 437 and registered in the Public Records of Competent Persons No. 328.

For further information, please contact:

First Lithium Minerals Corp.

40 King Street West, Suite 2400
Toronto, Ontario
M5H 3Y2
Tel: 416-402-2428
Email: [email protected]
Rob Saltsman, CEO and Director

Caution Regarding Forward-Looking Statements

This news release contains "forward-looking information" within the meaning of applicable securities laws. Any such forward-looking information may be identified by words such as "expects", "anticipates", "intends", "contemplates", "believes", "projects", "plans", and similar expressions. Readers are cautioned not to place undue reliance on forward-looking information. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: prospecting and exploration activities, geological, geophysical, and geochemical surveys, its results and interpretation, sedimentary brine samples collection and its geochemical and/or geological interpretation, studies and interpretations of historical exploration and geological information, drill target definition, permitting, licences, environmental laws and regulations, changes in government regulations and laws, obtaining social licence to explore and operate, community engagements, planning and timing of exploration activities, the discovery and delineation of mineral deposits/resources/reserves, general business, economic, competitive, reliance on third parties, the actual results of operations, and other risks of the natural resources industry. The staking of mineral claims or concessions is speculative in nature and there is no assurance that these claims or concessions will yield an economically viable mineral deposit or that ongoing geological exploration will result in the definition of a mineral resource. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. The Company disclaims any obligation to update or revise any forward-looking statements information, except in accordance with applicable securities laws. Accordingly, readers should not place undue reliance on forward-looking information.

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