Wealth Minerals' New Subsidiary Kuska Minerals Is Officially Established and Its Board Meets for the First Time

Rhea-AI Summary

Wealth Minerals (OTCQB: WMLLF) has successfully established its new subsidiary Kuska Minerals SpA, a joint venture with the Quechua Indigenous Community of Ollague for developing the Kuska lithium project in Chile. The newly formed board held its first meeting, with Marcelo Awad elected as chairman and includes representation from the Ollague Community through Victor Nina Huanca.

The company is awaiting a Special Lithium Operating Contract (CEOL) from the Ministry of Mining, which is currently conducting an indigenous consultation process. Once obtained, Kuska Minerals plans to complete its second exploration campaign and begin both pre-feasibility study and environmental impact assessment. This marks a historic milestone as the first mining project in Chile to integrate the local community into its ownership structure.

Positive

• First mining project in Chile to integrate local indigenous community into property ownership
• Strategic partnership ensures community benefits and environmental respect
• Board includes direct indigenous community representation
• Project has strong community support for execution

Negative

• CEOL permit still pending and subject to consultation process
• Second exploration campaign and feasibility studies yet to begin
• Project timeline dependent on regulatory approvals

Vancouver, British Columbia--(Newsfile Corp. - July 14, 2025) - Wealth Minerals Ltd. (TSXV: WML) (OTCQB: WMLLF) (SSE: WMLCL) (FSE: EJZN) (the "Company" or "Wealth") announces the completion of the formation of its subsidiary Kuska Minerals SpA ("Kuska Minerals"), in which it has partnered with the Quechua Indigenous Community of Ollagüe ("Ollagüe Community") to further advance the development of the Kuska lithium project in the Salar de Ollagüe, Antofagasta Region, Chile (see news release dated May 27, 2025).

Along with the formation of the new company, its board of directors was established and held its first meeting. The board is composed of Mr. Hendrik "Henk" van Alphen, Mr. Marcelo Awad, Mr. Francisco Lepeley, Mr. Stephen Foot, and Mr. Victor Nina Huanca. The latter is the representative designated by the Ollagüe Community, exercising its right to appoint a member of the Kuska Minerals board.

In its first meeting, the board of directors agreed on certain operating rules and elected Mr. Marcelo Awad as chairman. Additionally, the progress of the Kuska project was discussed, as well as all the upcoming tasks the company will undertake. In this regard, the company reports that, according to publicly available information, the Ministry of Mining is leading an indigenous consultation process for Ollagüe and a small number of other locations, where it has decided to prioritize the granting of Special Lithium Operating Contracts (CEOLs) as a precondition for granting such contracts. In the case of Kuska Minerals, the company hopes to have a CEOL in the near-term, in order to complete the second exploration campaign, and initiate the pre-feasibility study and, in parallel, the environmental impact assessment.

Regarding the formation of the Kuska Minerals board of directors, Henk van Alphen, Wealth's CEO and Kuska Minerals' board member, stated, "We are very pleased to see the JV with the Quechua Indigenous Community of Ollagüe become a reality and to share the new board with Víctor Nina. Since our arrival in the Ollagüe territory more than five years ago, we have been planning this joint venture, which will allow us to develop the lithium project with the highest standards of participation and transparency, thus ensuring that the community directly benefits from the project in several ways."

Meanwhile, Víctor Nina Huanca, president of the Quechua Indigenous Community of Ollagüe and new director of Kuska Minerals, said, "Not only are we making history by being the first mining project or operation in Chile to integrate the community into its property, but this association format and my participation on the board of directors will allow us to ensure that the project is carried out with due respect and care for the environment of our territory, always keeping in mind the principles of our Cosmovision. Our community supports the execution of this project and hopes that the required permits, including the CEOL, are granted in a timely manner."

About the Kuska Project

The Kuska Project is located on 10,200 hectares in the Salar de Ollagüe area, Antofagasta Region, Chile. Wealth Minerals Ltd. began developing the Project in 2019 and has completed two exploration campaigns to date, which also led to the publication of an initial resource estimate ("Estimated Lithium Resources Ollagüe Project" published on SEDAR+ on January 13, 2023) under Canadian NI 43-101 standards. The study estimates indicated resources of 741,000 tonnes of Lithium Carbonate Equivalent ("LCE") with an average concentration of 175 mg/L, in addition to inferred resources of 701,000 tonnes of LCE with an average grade of 185 mg/L. Additionally, the Company has advanced the study of various direct lithium extraction ("DLE") technologies and published a preliminary economic assessment ("PEA") in February 2024, prepared by DRA Global Limited, which yielded very attractive profitability values ​​(IRR of 33% and a NPV at 10% discount of US$1.65 billion, pre-tax in both cases) for a 20,000 tonne LCE per year project with a 20-year mine life. In September 2024, the Chilean government announced that Ollagüe had been selected as part of an initial shortlist of salt flats being prioritized for CEOLs. It has opened application processes for this project, in which Wealth participated. From now on, the new company, Kuska Minerals, will take ownership and control of the Project. The Kuska Project has been an example of mining project development with community involvement, which will be reinforced with the formation of the new company.

About Wealth Minerals Ltd.

Wealth is a mineral resource company with interests in Canada and Chile. The Company's focus is the acquisition and development of lithium projects in South America.

The Company opportunistically advances battery metal projects where it has a peer advantage in project selection and initial evaluation. Lithium market dynamics and a rapidly increasing metal price are the result of profound structural issues with the industry meeting anticipated future demand. Wealth is positioning itself to be a major beneficiary of this future mismatch of supply and demand. In parallel with lithium market dynamics, Wealth believes other battery metals will benefit from similar industry trends.

For further details on the Company readers are referred to the Company's website (www.wealthminerals.com) and its Canadian regulatory filings on SEDAR+ at www.sedarplus.ca.

On Behalf of the Board of Directors of

WEALTH MINERALS LTD.

"Hendrik van Alphen"
Hendrik van Alphen
Chief Executive Officer

For further information, please contact:
Marla Ritchie, Michael Pound or Henk van Alphen
Phone: 604-331-0096 or 604-638-3886

For all Investor Relations inquiries, please contact:
John Liviakis
Liviakis Financial Communications Inc.
Phone: 415-389-4670

For all Public Relations inquiries, please contact:
Nancy Thompson
Vorticom, Inc.
Office: 212-532-2208 | Mobile: 917-371-4053

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Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release, which has been prepared by management.

Cautionary Note Regarding Forward-Looking Statements

This press release contains forward-looking statements and forward-looking information (collectively, "forward-looking statements") within the meaning of applicable Canadian and US securities legislation. All statements, other than statements of historical fact, included herein including, without limitation, statements regarding the anticipated content, commencement, timing and cost of exploration programs, anticipated exploration program results, the discovery and delineation of mineral deposits/resources/reserves, the Company's expectation that it will be able to enter into agreements to acquire interests in additional mineral projects, and the anticipated business plans and timing of future activities of the Company, are forward-looking statements. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate and similar expressions, or are those, which, by their nature, refer to future events. The Company cautions investors that any forward-looking statements by the Company are not guarantees of future results or performance, and that actual results may differ materially from those in forward-looking statements as a result of various factors, including, but not limited to, the state of the financial markets for the Company's equity securities, the state of the commodity markets generally, variations in the nature, quality and quantity of any mineral deposits that may be located, variations in the market price of any mineral products the Company may produce or plan to produce, the inability of the Company to obtain any necessary permits, consents or authorizations required, including TSXV acceptance, for its planned activities, the inability of the Company to produce minerals from its properties successfully or profitably, to continue its projected growth, to raise the necessary capital or to be fully able to implement its business strategies, and other risks and uncertainties disclosed in the Company's latest interim Management Discussion and Analysis and filed with certain securities commissions in Canada. All of the Company's Canadian public disclosure filings may be accessed via www.sedarplus.ca and readers are urged to review these materials, including the technical reports filed with respect to the Company's mineral properties.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/258702

FAQ

What is the significance of Wealth Minerals' (WMLLF) Kuska Minerals subsidiary formation?

Kuska Minerals represents the first mining project in Chile to integrate indigenous community ownership, partnering with the Quechua Indigenous Community of Ollague for lithium development.

Who are the key board members of Kuska Minerals?

The board includes Marcelo Awad (Chairman), Hendrik van Alphen, Francisco Lepeley, Stephen Foot, and Victor Nina Huanca representing the Ollague Community.

What permits does Wealth Minerals need for the Kuska lithium project?

The company needs a Special Lithium Operating Contract (CEOL) from the Ministry of Mining, which is currently under indigenous consultation process.

What are the next steps for Wealth Minerals' Kuska lithium project?

After obtaining the CEOL, the company plans to complete the second exploration campaign, initiate pre-feasibility study, and conduct environmental impact assessment.

How will the Ollague Community benefit from the Kuska Minerals project?

The community will benefit through direct property ownership, board representation, and ensure the project respects local environmental and cultural considerations.