Announcement of completion of Well 2 at Formentera

Patagonia Lithium Ltd (ASX: $PL3) has successfully completed the second well, Well 2 (JAM24-04), at Formentera, reaching a depth of 347 meters. The well recorded very porous compacted sands, conductivity above 200 uS, and a high specific gravity (SG) of 1.196. The company is pleased with the consistency of the conductivity and specific gravity, which indicates promising results for the project.

Executive Chairman's Impression on Well 2 Results

Phillip Thomas, Executive Chairman of Patagonia Lithium, expressed his satisfaction with the results of Well 2, stating, 'I'm impressed with the consistent results being seen at well two that is turning out to be better than well one from an SG perspective. The high brine flow that only took 32 minutes to fill a 200L tank was impressive from the 302m level. I was present for the 15th 200L extraction (a total of 3,000L) at packer test 9 from well two. Well three is JAM 24-08 and this will commence once our PVC 4 inch lining has been inserted into well two.'

Summary of Completion of Well 2 and Future Plans

The completion of Well 2 at Formentera by Patagonia Lithium has yielded promising results, with high specific gravity and porous compacted sands. The company plans to continue drilling to approximately 300-350m depth to obtain further assays and intends to drill a well in the Cilon concession once approved. Patagonia Lithium's projects in Salar de Jama and Incahuasi Salar show significant potential, and the company remains focused on exploration and development in the lithium sector. With the successful completion of Well 2, the company is optimistic about the future prospects of its projects and aims to continue its exploration efforts in the region.