TechEnergy Lithium Canada Inc. made a non-binding proposal to acquire Alpha Lithium Corporation (NEOE:ALLI) for approximately CAD 220 million on May 15, 2023. Tecpetrol offered to acquire all of the issued and outstanding common shares of Alpha for cash consideration of CAD 1.24 per share. Tecpetrol has the financial resources necessary to satisfy the Offer in full with cash on hand and does not require external financing. Transaction is subject to due diligence. The Offer is subject to certain conditions including there having been validly deposited under the Offer and not withdrawn that number of Shares which represent more than 50% of the outstanding Shares. Tecpetrol Investments S.L. cancelled the acquisition of Alpha Lithium Corporation on May 22, 2023. Alpha refused to consider Tecpetrol's proposal and did not engage with Tecpetrol following discussions between advisors. In consultation with its financial and legal advisors, Alpha?s board of directors has conducted a review and assessment of the Offer and determined it to be opportunistic, and not in the best interests of Alpha or its shareholders. Through these exchanges, Tecpetrol indicated an ability to improve the financial terms of its Offer if Alpha would agree to give Tecpetrol access to expedited due diligence so that Tecpetrol could determine an appropriate increase in price based on its findings. Tecpetrol remains prepared to engage immediately in good faith negotiations with Alpha, improve the Offer based on due diligence, and complete the transaction expeditiously with support from Alpha's board of directors. In light of Alpha's repeated refusal to engage constructively in discussions with Tecpetrol to increase the Offer Price, Tecpetrol intends to proceed directly with the Offer to Alpha shareholders. The Alpha Lithium Board of Directors has formed a special committee comprised of its four independent directors. On June 2, 2023, Tecpetrol announced its intention of taking the same bid directly to shareholders. As on June 8, 2023, Tecpetrol commenced a tender offer. The Offer is open for acceptance until 5:00 p.m. (Vancouver time) on September 22, 2023, unless the Offer is extended, accelerated or withdrawn by Tecpetrol in accordance with its terms. As of June 12, 2023. Tecpetrol Investments S.L. launches takeover offer to acquire Alpha Lithium Corp. As of June 23, the committee of board of directors of Alpha Lithium believed that the hostile bid is inadequate and unanimously recommend the shareholders to reject the hostile bid and not tender the shares. As of June 26, 2023, Kyle Stevenson, major shareholder of Alpha Lithium Corp. issues an open letter to his fellow shareholders declaring his opposition to the price and structure of Tecpetrol Investments S.L.?s hostile bid. As of September 22, 2023, Tecpetrol Investments S.L. has increased its all-cash offer to acquire Alpha Lithium Corporation ) to CAD 1.48 per share and has reduced the two-thirds minimum tender condition of the Offer to a majority of Alpha?s outstanding shares. In addition, in order to provide shareholders with sufficient time to tender their shares to the enhanced Offer, Tecpetrol has extended the expiry time of the Offer to 5:00 p.m. (Vancouver time) on 3 October 2023. Tecpetrol does not intend to make any further extensions or other amendments to the Offer. If the improved Offer is not successful, Tecpetrol intends to pursue other opportunities in the lithium sector. As on September 28, 2023, the Board of Directors of Alpha based on unanimous recommendation of the Special Committee of independent directors recommends that Alpha shareholders accept the revised take-over bid. As of October 3, 2023, Tecpetrol Investments S.L. announces today that it has extended the expiry time of its board-supported offer (the "Offer") to acquire all of the issued and outstanding common shares of Alpha Lithium Corporation ("Alpha") for CAD 1.48 in cash per share to 5:00 p.m. (Vancouver time) on 20 October 2023. As of October 21, 2023, TechEnergy Lithium Canada Inc. has taken-up and acquired 102,692,615 common shares of Alpha Lithium Corporation ("Alpha"), representing approximately 54% of the issued and outstanding Alpha shares, and all of the conditions to the Offer have been satisfied or waived (including the statutory minimum tender condition). Tecpetrol has extended the expiry time of the Offer by a mandatory period of 10 days to on October 31, 2023, in order to allow the remaining minority shareholders to tender their Alpha shares to the Offer. Following the mandatory 10-day extension period, Tecpetrol intends to pursue a subsequent acquisition transaction to complete the privatization of Alpha and acquire all Alpha shares not acquired pursuant to the Offer.

Credit Suisse Securities (USA) LLC is serving as financial advisor and Cozen O?Connor LLP is serving as legal advisor to Alpha. McMillan LLP is serving as legal advisor of Alpha Board's special committee. Longview Communications & Public Affairs is serving as government and public relations advisor and Kingsdale Advisors is serving as strategic shareholder and communications advisor to Alpha. BMO Capital Markets is serving as financial advisor and Vince Mercier, Andrew Mihalik and Mathieu Taschereau of Davies Ward Phillips & Vineberg LLP is serving as legal advisor to Tecpetrol. Laurel Hill Advisory Group acted as Depositary and Information Agent to Alpha. PI Financial Corp. acted as a fairness opinion provider to the special committee of Alpha.

TechEnergy Lithium Canada Inc. completed the acquisition of 67.4% stake in Alpha Lithium Corporation (NEOE:ALLI) for approximately CAD 210 million on October 31, 2023. TechEnergy Lithium Canada Inc., has taken-up and acquired an additional 35,873,662 Alpha shares during the mandatory extension period. Together with the Alpha shares acquired on October 20, 2023, Tecpetrol has acquired 138,566,277 Alpha shares, representing approximately 67.4% of the issued and outstanding Alpha shares. Tecpetrol also announces that it is currently in discussions with Alpha with respect to the orderly transition of the governance and operations of Alpha and a potential subsequent acquisition transaction that would provide for the acquisition by Tecpetrol of all of the Alpha shares not acquired pursuant to the Offer. Following completion of any such subsequent acquisition transaction, Tecpetrol would own 100% of the Alpha shares and Alpha would be a wholly-owned subsidiary of Tecpetrol. While Tecpetrol expects that a subsequent acquisition transaction with Alpha will be announced shortly, there can be no assurance that definitive agreements in respect of any such transaction will be entered into.