Pursuit Minerals Ltd. provided the following update on its maiden Stage 1 Drilling Program with the commencement of Drill Hole 2 ("DDH-2") on the Sal Rio 02 tenement. Drill Hole 2 (DDH-2) of the Stage 1 drilling programme has now commenced on site at the Rio Grande Sur Project following the recent completion of Drill Hole 1 (DDH-1) at the Maria Magdelena tenement which yielded exceptional high-grade intercepts of above 600mg/l from ~115m through to ~500m. The location of DDH-2 at Sal Rio 02 was selected by the geological onsite team following interpretation of the Transient Electromagnetic (TEM) survey results from field work carried out in late 2023.

The Sal Rio II tenement is located on the margins of the salar, and the TEM indicates the presence of a thick conductive layer which is considered highly prospective for lithium brine. Intercalation of volcanics, alluvial fan sediment and halite are characteristic of the margins of the mature salars, and this is supported not only by the TEM data for the tenements but also by the outcrops of volcanic rocks and alluvial presence of large alluvial deposits observed during the site visit by SRK in 2023. The average thickness is approximately 10m to 20m in the TEM data and is possibly composed of interbedded clastic sediments (e.g., silt, fine sand) and massive halite observed on the surface.

Relatively high values of resistivity are likely related to brine diluted by fresh or brackish water coming from the western margin of the salar. The Sal Rio II tenement is characterised by a large, thick and contiguous extremely low resistivity layer located from 20m depth to approximately 300m. The very high conductivity of this layer renders any collected TEM data below 250m uncertain, however low resistivity layers below this depth suggest that the layer continues at depth.

This layer is possibly composed of interbedded clastic sediments (e.g., silts, sands) or fractured volcanic rocks. The low resistivity layers suggest it is porous and host to high brine concentrations. Interpretation of specific lithologies near the margins from TEM data can be considered uncertain as the potential for unexpected lithologies to sub crop on the margins of mature Salars.