Wealth Minerals Provides Update on Proposed Andacollo Oro Gold Project Acquisition

Rhea-AI Summary

Wealth Minerals (OTCQB: WMLLF) announced on October 29, 2025 that it will not proceed with the binding letter agreement dated September 24, 2025 to acquire a 100% royalty-free interest in the Andacollo Oro Gold Project (AOG Project) in Chile.

The Company cited Canadian regulatory requirements and new Chilean banking compliance delays that prevented required payments, and said it will return all funds raised for the AOG Project under the subscription agreements.

Wealth emphasized continued focus on its lithium portfolio, including a joint venture with the Quechua Indigenous Community of Ollagüe for the Kuska lithium project and work on Special Lithium Operating Contracts (CEOL).

Positive

• Return of subscriber funds following AOG cancellation
• Ongoing joint venture with Quechua community for Kuska
• Salar de Ollagüe included in new CEOL simplified procedure
• Active pursuit of partnerships under Chile's CEOL initiatives

Negative

• AOG acquisition terminated due to payment inability on Oct 29, 2025
• Regulatory and Chilean banking compliance delays halted transaction
• Raised capital for AOG must be returned to subscribers

Vancouver, British Columbia--(Newsfile Corp. - October 29, 2025) - Wealth Minerals Ltd. (TSXV: WML) (OTCQB: WMLLF) (SSE: WMLCL) (FSE: EJZN) (the "Company" or "Wealth") announces that pursuant to the binding letter agreement (the "Letter Agreement") made as of September 24, 2025 to acquire an indirect 100% royalty-free interest in the Andacollo Oro Gold Project ("AOG Project"), located in Chile (the "Transaction") and announced in a news release dated September 25, 2025, that the Company will not be proceeding with the Letter Agreement.

Canadian regulatory requirements combined with new Chilean banking compliance delays meant that the Company was unable to make the necessary payments to the vendor as specified in the Letter Agreement. As a result of this, the Company will be arranging to return all funds raised for the AOG Project in accordance with the terms of the subscription agreements signed by the Company.

Henk van Alphen, Wealth's CEO, said: "We are all disappointed by this turn of events that were largely beyond the Company's control. We knew that we had a short time frame to execute the next steps in the Andacollo acquisition and we were unable to process them in time. Notwithstanding this, we believe that the Company can and will get value for the significant lithium projects currently in its portfolio. I look forward to continuing to advance Wealth's lithium assets. Wealth is committed to working in Chile and to carry on with is successful business model of stakeholder engagement, as demonstrated by the Company's joint venture with the Quechua Indigenous Community of Ollagüe to develop the Kuska lithium project, and the recent inclusion of the Salar de Ollagüe in the new simplified procedure for the assignment of a Special Lithium Operating Contract (CEOL). Further, we are working presently to develop partnerships to take advantage of the new initiatives put forward by the Government of Chile through the new simplified procedure for the assignment of Special Lithium Operating Contracts (CEOL)."

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

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Linkedin - https://www.linkedin.com/company/wealth-minerals
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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 news release contains forward-looking statements and forward-looking information (collectively, "forward-looking statements") within the meaning of applicable Canadian and U.S. securities legislation. All statements, other than statements of historical fact, included herein including, without limitation, statements regarding the entry into of a definitive agreement with the Vendor, the completion of all conditions precedent to the Transaction, and the completion of the Transaction, 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: "believes", "expects", "anticipates", "intends", "estimates", "plans", "may", "should", "would", "will", "potential", "scheduled" or variations of such words and phrases and similar expressions, which, by their nature, refer to future events or results that may, could, would, might or will occur or be taken or achieved. In making the forward-looking statements in this news release, the Company has applied several material assumptions, including without limitation, market fundamentals will result in sustained gold and lithium demand and prices, the receipt of any necessary permits, licences and regulatory approvals in connection with the Transaction in a timely manner, the availability of financing on suitable terms for the continued operation of the Company's business and its ability to comply with environmental, health and safety laws.

Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to differ materially from any future results, performance or achievements expressed or implied by the forward-looking information. Such risks and other factors include, among others, requirements for additional capital, actual results of exploration activities, including on the Company's projects, the estimation or realization of mineral reserves and mineral resources, future prices of Gold and Lithium, changes in general economic conditions, changes in the financial markets and in the demand and market price for commodities, lack of investor interest in future financings, accidents, labour disputes and other risks of the mining industry, delays in obtaining governmental approvals (including TSX Venture Exchange acceptance of the Transaction), permits or financing or in the completion of other planned activities, risks relating to epidemics or pandemics, including impacts on the Company's business, financial condition and results of operations, changes in laws, regulations and policies affecting mining operations, title disputes, the timing and possible outcome of any pending litigation, environmental issues and liabilities, as well as the risk factors described in the Company's annual and quarterly management's discussion and analysis and in other filings made by the Company with Canadian securities regulatory authorities under the Company's profile at www.sedarplus.ca.

Readers are cautioned not to place undue reliance on forward-looking statements. The Company does not undertake any obligation to update any of the forward-looking statements in this news release or incorporated by reference herein, except as otherwise required by law.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/272458

FAQ

Why did Wealth Minerals (WMLLF) cancel the Andacollo Oro Gold Project acquisition on October 29, 2025?

The company cited Canadian regulatory requirements and new Chilean banking compliance delays that prevented the required payments under the September 24, 2025 letter agreement.

Will Wealth Minerals (WMLLF) return investor funds raised for the AOG Project?

Yes, the company stated it will arrange to return all funds raised for the AOG Project in accordance with the subscription agreements.

How does the AOG cancellation affect Wealth Minerals' lithium strategy (WMLLF)?

Management said the company will continue advancing its lithium assets, including the Kuska joint venture and pursuing CEOL-related partnerships in Chile.

What specific Chilean initiatives did Wealth Minerals (WMLLF) reference after the cancellation?

Wealth referenced the inclusion of Salar de Ollagüe in the new simplified procedure for assignment of Special Lithium Operating Contracts (CEOL) and related partnership efforts.

When was the binding letter agreement for the AOG Project originally dated for Wealth Minerals (WMLLF)?

The binding letter agreement was dated September 24, 2025.