Overview of Arizona Lithium's activities for the period ending 31 March 2024

Arizona Lithium Limited (ASX: $AZL) is pleased to report its activities for the period ending 31 March 2024. The company awarded Rhythm Engineering Inc. the Drilling and Completion Engineering and Supervision Services work for the upcoming drilling program at the Prairie Lithium Project in Saskatchewan, Canada. The Pilot Plant completed the final phase of operation in February 2024, processing over 200,000L of brine and producing 13,500 Litres of lithium concentrate. Additionally, the company entered into a binding Mining Services Agreement for Big Sandy with Navajo Transitional Energy Company (NTEC) and settled the Big Sandy BLM claims dispute with Bradda Head Lithium. Arizona Lithium also participated in key industry conferences in the USA, Canada, and Singapore.

Executive Commentary on Arizona Lithium's Activities

During the March quarter, we continued to advance the Prairie Lithium Project, with Rhythm Engineering Inc. awarded the Drilling and Completion Engineering and Supervision Services work for the upcoming drilling program, with detailed planning continuing and field activities to commence during the current quarter in May 2024. In February, the Prairie Pilot Plant completed testing having processed over 200,000L of brine from Prairie, producing exceptional results to date. Upon the conclusion of the pilot plant, we look forward to reporting the full set of results to shareholders during the current quarter. For the Big Sandy Lithium Project in Arizona, AZL entered a binding Mining Services Agreement with Navajo Transitional Energy Company (NTEC), wholly owned by the Navajo Nation. All payments will be settled in shares of AZL at a predetermined price of ~A$0.075. We look forward to working with NTEC as they apply their extensive experience to advancing the high potential Big Sandy Lithium Project towards production. NTEC's CEO, Vern Lund, will join the board of AZL following shareholder approval. We were also pleased to announce the final settlement of the Big Sandy BLM claims dispute with Bradda Head Lithium. In this quarter we were honoured to receive an invite to the prestigious BMO Global Metals Conference, and attended key industry conferences in Toronto, Singapore and Australia. We look forward to exciting year ahead as we continue to advance both projects towards production.

Summary of Arizona Lithium's Activities and Outlook

Arizona Lithium (ASX: $AZL) made significant progress in the March quarter, with key highlights including the appointment of Rhythm Engineering Inc. for the upcoming drilling program at the Prairie Lithium Project in Saskatchewan, Canada. The company also completed the final phase of operation at the Pilot Plant, producing high-quality lithium concentrate. Additionally, Arizona Lithium entered into a binding Mining Services Agreement for the Big Sandy Lithium Project with Navajo Transitional Energy Company (NTEC) and settled the Big Sandy BLM claims dispute with Bradda Head Lithium. The company's participation in industry conferences demonstrates its commitment to networking and staying updated with industry trends. Looking ahead, Arizona Lithium aims to continue advancing both projects towards production, leveraging its partnerships and expertise to achieve its strategic goals.