Tecpetrol Investments S.L. 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 The Offer is subject to certain conditions including there having been validly deposited under the Offer and not withdrawn that number of Shares which represent more than 50% of the outstanding Shares. 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for acceptance until 5:00 p.m. (Vancouver time) on September 22, 2023, unless the Offer is extended, accelerated or withdrawn by Tecpetrol in accordance with its terms.

Credit Suisse Securities (USA) LLC is serving as financial advisor and Cozen O'Connor LLP is serving as legal advisor to Alpha. BMO Capital Markets is serving as financial advisor and Davies Ward Phillips & Vineberg LLP is serving as legal advisor to Tecpetrol. Laurel Hill Advisory Group acted as Depositary and Information Agent to Alpha.

Tecpetrol Investments S.L. cancelled the acquisition of Alpha Lithium Corporation (NEOE:ALLI) 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 (the “Board”) has formed a special committee comprised of its four independent directors (the “Special Committee”).