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Alchemist Completes Acquisition of Aqueous Resources LLC a Global Leader in Industrial Brine Pre-Treatment Solutions and Direct Lithium Extraction

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Alchemist completes acquisition of aqueous resources LLC a global leader in industrial brine pre-treatment solutions and direct lithium extraction.

Alchemist Mining Incorporated (the “Company” or “Alchemist”) (CSE: AMS) announce that, further to its news release dated June 13, 2023, it has closed (the “Closing”) its securities exchange agreement dated June 13, 2023 (the “Securities Exchange Agreement”) with Aqueous Resources LLC (“Aqueous”), a private arm’s length limited liability company based in Denver, Colorado, USA, pursuant to which the Company acquired all of the outstanding membership interests of Aqueous (collectively, the “Membership Interests”) from the holders of the Membership Interests (the “Members”), in exchange for common shares (each, a “Share”) in the capital of the Company (the “Transaction”). Upon Closing, Aqueous became a wholly-owned subsidiary of the Company.

Aqueous Limited Liability Company

Aqueous, a company existing under the laws of the State of Colorado, is the sole owner of patent pending technology for an electro-pressure membrane process and method for recovery and concentration of lithium chloride from aqueous sources (the “Technology”), and has built a complete pilot system for pre-treating, concentrating, and processing lithium enriched continental brines using their proprietary process in their laboratory facility in Denver.

On May 18, 2023, Aqueous received USD$250,000 from the Advanced Industries Early-Stage Capital and Retention Grant, a grant made through the Colorado Office of Economic Development and International Trade, designed to help Colorado-based advanced industries technology businesses develop and commercialize advanced technologies.

Aqueous also received USD$1,300,000 from the U.S. Department of Energy on July 10 2023. For details on the grant from the U.S. Department of Energy, see the Company’s press release of July 12, 2023.

Summary of the Transaction

Pursuant to the terms of the Securities Exchange Agreement, Alchemist acquired all of the outstanding Membership Interests and as consideration issued 17,500,000 Shares, on a pro rata basis, to the Members at a deemed price equal to $0.52 per Share.

Upon Closing, in accordance with the terms of conditions of the Securities Exchange Agreement, Fredrik Klaveness was appointed as a director to Alchemist’s board. Following the appointment of Mr. Klaveness, Alchemist’s board consists of Scott Taylor, Eric Boehnke, Jennie Choboter and Fredrik Klaveness.

Alchemist Completes Acquisition of Aqueous Resources LLC a Global Leader in Industrial Brine Pre-Treatment Solutions and Direct Lithium Extraction, VANCOUVER, BC, July 27, 2023

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