TORONTO, Nov. 09, 2022 (GLOBE NEWSWIRE) —

Arena Minerals Inc. (“Arena” or the “Company”) (TSX-V: AN | OTCQX: AMRZF)

is pleased to announce it has completed exploratory drill hole R-03 on the Barreal II claim block, which forms part of the northernmost portion of the Sal de la Puna Project (“SDLP Project”) located in the Pastos Grandes basin within Salta province, Argentina. The rotary exploratory hole intersected two brine aquifers and was drilled down to a total depth of 620 metres below surface. The two brine aquifers consist of:

• 90 metres (90-120m) averaging 538 milligrams per litre (“mg/l”) lithium (“Li”)
• 
  255 metres (365-620m) averaging 641 mg/l Li
  
  .

Both discovered brine aquifers are predominantly composed of alluvial sands with minor halite. The lower aquifer commenced at a depth of 360 metres and intersected brines

assaying up to 695 mg/l Li, representing the highest grade reported intercept in the Pastos Grandes basin

. The aquifer remains open at depth as the drill hole was stopped at 620 metres in alluvial sands due to drill capabilities.

William Randall, President & CEO of Arena, stated, “Our second exploration hole delivers our best drill results to date, opening the northern portion of our claim blocks to resource development. The grades, brine quality and aquifer material warrant further drilling to expand this brine resource to the north onto our larger La Relojera and Barreal III claims.”

The brine maintains the favourable high-quality geochemistry with an average magnesium to lithium ration of 5.5 and sulphate to lithium ration of 10.5, similar to those encountered throughout the Pastos Grandes basin.

A map showing exact locations of drilling completed by Arena to date can be found below.

Exhibit 1

R-03 was completed as an observation well. Depth-specific brine sampling was carried out in R-03 over the entire brine column using double packer sampling systems. The entire hole intersected brines indicating fresh water is not predominant in this northern portion of the basin.

Drill Program Update

The production well (PW-1) has been completed on the main Almafuerte claim block. PW-1 has been completed in the lower gravel brine aquifer with screened stainless casing and gravel pack from 350 to 500 metres depth and blank casing and cement seal from 350 m to surface. This lower gravel aquifer was initially intersected in diamond drill hole DD-02 and averaged 503 milligrams per litre (“mg/l”) lithium (“Li”) with grades as high as 557 mg/l Li (for further details refer to press release dated

April 11, 2022

). The 30-day pumping test in PW-1 is scheduled to commence the week of November 14

^th

, 2022. Water level responses will be monitored during the pumping test in adjacent observation wells DD-02 which is also screened in the lower gravel unit and M-1 which is screened in the upper halite clay unit to 50 m depth.

R-02 has been drilled to a total depth of 411 metres at Patovica I, having intersected basement lithologies at 341 metres downhole. The drill hole intersected a mix of clay and sand horizons. Depth-specific brine samples have been collected and sent to the laboratory of analysis. Results are pending.

Arena is operating the drill program on behalf of Sal de la Puna Holdings Ltd., which is jointly owned by Arena (65%) and Ganfeng New Energy Technology Development (Suzhou) Co., Ltd. (“Ganfeng Lithium”; 1772.HK; OTCQX: GNENF) (35%).

The drill program initially focused on the Almafuerte and Graciela blocks which border Lithium America’s Pastos Grandes project to the south and south-east and consists of 3,000 metres, with the objective of both increasing the category of the current resource and increasing the SDLP Project’s resource base. Exploration holes are designed to test previously undrilled portions of the Pastos Grandes basin for the purpose of expanding the resource beyond the known aquifers in the Almafuerte and Graciela claims blocks.

The drill program is jointly designed and supervised by the Company and Atacama Water consultants. All brine samples are sent to SGS Laboratories, Salta, Argentina, an independent and fully international accredited laboratory for analysis for lithium multi-element Induction Coupled Plasma Spectroscopy. Arena has a regimented Quality Assurance, Quality Control program where at least 10% duplicates, blanks and standards are inserted into each sample shipment.

About Arena Minerals Inc.

Arena owns 65% of the Sal de la Puna Project covering approximately 13,200 hectares of the Pastos Grandes basin located in Salta, Argentina. The claims are highly prospective and share the basin with two advanced lithium brine projects. In addition to Sal de la Puna, the Company owns the Antofalla lithium brine project in Argentina, consisting of four claims covering a total of 6,000 hectares of the central portion of Salar de Antofalla, located immediately south of Albemarle Corporation’s Antofalla project. Arena has developed a proprietary brine processing technology using brine type reagents derived from the Antofalla project with the objective of producing more competitive battery grade lithium products.

Arena also owns 80 percent of the Atacama Copper property within the Antofagasta region of Chile, and 5.8 million shares of Astra Exploration. The projects are at low altitudes, within producing mining camps in infrastructure-rich areas, located in the heart of Chile’s premier copper mining district.

For more information regarding the Company, its management, expertise, and projects, please visit www.arenaminerals.com. An email registration allowing subscribers to directly receive news and updates is also available on the website.

The technical information contained in this news release has been reviewed and approved by William Randall, P.Geo, who is a Qualified Person as defined under NI 43-101. Mr. Randall is a director and is the Chief Executive Officer and President of Arena.

For more information, contact William Randall, President and CEO, at +1-416-818-8711 or Simon Marcotte, Corporate Development, at +1-647-801-7273 or [email protected].

On behalf of the Board of Directors of:

Arena Minerals Inc.

William Randall, President and CEO

Cautionary Note Regarding Accuracy and Forward-Looking Information

This news release may contain forward-looking information within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements, projections and estimates relating to the future development of any of the Company’s properties, the anticipating timing with respect to private placement financings, the ability of the Company to complete private placement financings, results of the exploration program, future financial or operating performance of the Company, its subsidiaries and its projects, the development of and the anticipated timing with respect to the Atacama project in Chile, the Antofalla and Sal de la Puna Projects in Argentina , and the Company’s ability to obtain financing. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. The statements made herein are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially because of factors discussed in the management discussion and analysis section of the Company’s interim and most recent annual financial statement or other reports and filings with the TSX Venture Exchange and applicable Canadian securities regulations. Estimates underlying the results set out in this news release arise from work conducted by the previous owners and the Company. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: general business, economic, competitive, geopolitical and social uncertainties; the actual results of current exploration activities; other risks of the mining industry and the risks described in the annual information form of the Company. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. Arena Minerals does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release.

A photo accompanying this announcement is available at

https://www.globenewswire.com/NewsRoom/AttachmentNg/65b3dc7a-c8ff-4338-af7a-65d2544c823b