Wealth Minerals Permitting Application for the Kuska Project Accepted

Rhea-AI Summary

Wealth Minerals (OTCQB: WMLLF) announced that on January 2, 2026 the Chilean Ministry of Mining accepted the CEOL application for the Kuska Project, triggering formal negotiations on final terms for the supreme presidential decree that will certify the Special Lithium Operating Contract.

The Kuska Project (Salar de Ollagüe, Antofagasta) hosts NI 43-101 indicated resources of 741,000 t LCE and inferred resources of 701,000 t LCE. A Feb 2024 PEA for a 20,000 tpa LCE operation reported an IRR 33% and pre-tax NPV10 US$1.65B. Wealth holds 95% ownership via Kuska Minerals LLC; the Quechua community holds 5%.

Positive

• CEOL application accepted by Chilean Ministry of Mining on January 2, 2026
• NI 43-101 Indicated 741,000 t LCE and Inferred 701,000 t LCE
• PEA shows IRR 33% and pre-tax NPV10 US$1.65B for 20,000 tpa LCE

Negative

• CEOL not yet finalized—negotiations remain before presidential decree
• PEA economics are pre-tax and based on studies, not a finalized development plan

Vancouver, British Columbia--(Newsfile Corp. - January 7, 2026) - Wealth Minerals Ltd. (TSXV: WML) (OTCQB: WMLLF) (SSE: WMLCL) (FSE: EJZN) (the "Company" or "Wealth") announces that on January 2, 2026, the Chilean Ministry of Mining issued an official resolution (the "Resolution") regarding the application acceptance for a Special Lithium Operating Contract ("CEOL") for the Kuska Project (see press releases dated May 27, 2025 and January 4, 2024). Due to the application acceptance, the Chilean Ministry of Mining subdivision tasked with the CEOL process is required to agree with Wealth Minerals and partners (such as Quechua Indigenous Community of Ollagüe, below as the "Kuska Consortium") on final terms and conditions to be included in the supreme presidential decree that will certify the CEOL. According to the Resolution, the Kuska Consortium has fully complied with the requirements of the CEOL application.

Hendrik van Alphen, CEO of Wealth Minerals, stated, "The team at Wealth Minerals has worked long and hard for this moment, and our perseverance has paid off. The significance of this news cannot be overstated, it means the door to Kuska Project development is now open, a project that has a billion-dollar value as per our studies done, announced and filed in 2024. This news is particularly timely, as global prices for Lithium Carbonate Equivalent have recently recovered from market lows and now exceed US$16,000 per tonne. We now move to complete the CEOL negotiation this month so that the CEOL contract can be finalized as soon as possible. This important milestone confirms the attractiveness of our Kuska Project, not only for Wealth shareholders but also for the State of Chile."

The Kuska Project

The Kuska Project is located in the Salar de Ollagüe, 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. The Kuska Project is owned by Kuska Minerals LLC, a Chilean legal entity whereby ownership is 95% for Wealth and 5% for the Quechua Indigenous Community of Ollagüe.

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. Presently the Company is working to diversify its asset base to include precious metal projects.

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

Follow Us:
Facebook - https://www.facebook.com/WealthMineralsLtd
Linkedin - https://www.linkedin.com/company/wealth-minerals
Twitter - https://www.twitter.com/WealthMinerals

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/279720

FAQ

What did Wealth Minerals (WMLLF) announce on January 2, 2026 about Kuska?

The Chilean Ministry of Mining accepted the CEOL application for Kuska, starting negotiations on final contract terms.

How much lithium resource does Kuska have according to Wealth Minerals' NI 43-101?

Kuska hosts 741,000 t indicated LCE and 701,000 t inferred LCE under NI 43-101.

What were the Kuska PEA economics cited by Wealth Minerals in 2024?

The Feb 2024 PEA reported an IRR of 33% and a pre-tax NPV10 of US$1.65B for a 20,000 tpa LCE project.

Who owns the Kuska Project and what is Wealth Minerals' stake (WMLLF)?

Kuska is owned by Kuska Minerals LLC with Wealth 95% and the Quechua Indigenous Community of Ollagüe 5%.

What is the next regulatory step after CEOL application acceptance for WMLLF?

The Ministry subdivision must agree with the Kuska Consortium on final CEOL terms to be included in the presidential decree.

Does the CEOL acceptance mean immediate project construction for Wealth Minerals (WMLLF)?

No; acceptance starts contract negotiations and the CEOL must be finalized before development can proceed.