Lithium Power International Limited: Activity Report for the Quarter ended December 2022

SYDNEY, Australia, Feb. 01, 2023 (GLOBE NEWSWIRE) -- Lithium Power International Limited (ASX:LPI) ("LPI" or "the Company") is pleased to provide shareholders with an overview of quarterly activities for the period ending 31 December 2022 ("Quarter", "Reporting Period"), including subsequent events that might have a significant impact between 31 December 2022 and the issuance date of this Report.

HIGHLIGHTS

• Completed consolidating ownership of 100% of Maricunga Lithium Project.
  • Merger with Salar Blanco LLC to acquire its 31.31% of Maricunga completed on 20 December 2022.
  • Completed the Plan of Agreement with JV partner Bearing Lithium to acquire its 17.14% interest in Maricunga on 22 December 2022.
• Battery grade lithium carbonate produced with 99.92% purity from Maricunga.
  • Significantly exceeds industry standard specifications for battery grade lithium carbonate of 99.5%.
  • Samples sent to potential lithium buyers for analysis as part of LPI's financing plans for mine development at Maricunga.
• Completed the acquisition of water rights for Maricunga.
  Purchased 62 litres/second CAN 6 rights replace a long-term lease that was previously held for only part of Maricunga's requirements.(1)

• Commenced RC and diamond drilling at East Kirup lithium prospect, Western Australia.
  Several zones encountered indicated the potential for pegmatites at part of the LPI's Greenbushes project in the south-west of Western Australia.

• MSB continues with its project financing process.
  Non-binding terms sheets being evaluated from parties interested in providing both equity and debt for Maricunga development. Progress as expected during upcoming months.

To read the company's full ASX release with the results of its Activity Report for the Quarter ended December 2022, please click here.

^{(1) LPI had a 23-year lease for up to 28 l/s from the CAN 6 water rights.}

For further information, please contact:

Cristobal Garcia-Huidobro, CEO or Andrew Phillips - CFO Lithium Power International

E: [e-mail]
Ph: [phone]
www.lithiumpowerinternational.com
@LithiumPowerLPI

Jane Morgan - Investor and Media Relations
Ph: + 61 (0) 405 555 618
E: [e-mail]

For U.S. and other international investor relations enquiries:

Arrowhead Business and Investment Decisions, LLC Thomas Renaud | Managing Director
42 Broadway, 17th Floor, New York, NY 10004 Ph: [phone]
E: [e-mail]