ML Millennial Lithium Corp

Arena Minerals Inc. ("Arena" or the "Company") (TSX-V: AN) is pleased to announce that it has completed the acquisition from Centaur Resources Pty Ltd. ("Centaur") of the Sal de la Puna lithium project which was the subject of its news releases dated March 29, May 26 and June 28, 2021 (the "Centaur Acquisition"), and that it has closed the first tranche of its $10 million subscription receipts private placement announced July 12, 2021.

William Randall, President and Chief Executive Officer of the Company, commented, “With recent developments in the Pastos Grandes basin closing this acquisition secures Arena with a strategic and key land package within a world class basin. Closing the acquisition of Sal de la Puna project as part of the Centaur Acquisition, with the support of our partner Ganfeng Lithium and strategic financing by Lithium Americas, is a transformative event for Arena.”

Private Placement

The Company has closed an initial tranche of its subscription receipts private placement, issuing 42,857,143 subscription receipts to Lithium Americas Corporation ("Lithium Americas") (TSX: LAC; NYSE: LAC) at a price of $0.14 per subscription receipt for aggregate consideration of $6 million. The Company anticipates closing a second tranche for the remainder of the placement shortly, which will include participation by GFL International Co. Ltd., a subsidiary of Ganfeng Lithium Co., Ltd (“Ganfeng Lithium”) (1772.HK; OTCQX: GNENF).  

Upon the closing of the Company's share purchase agreement with Centaur Resources Pty Ltd., the subscription receipts were exchanged without payment of additional consideration for units of the Company consisting of one common share of the Company (a "Common Share") and one-half of one common share purchase warrant (each whole warrant, a "Warrant"). Each Warrant entitles the holder to acquire one Common Share of the Company at $0.25 for a period of 24 months from the date of issuance. Following the exchange of the subscription receipts, Lithium Americas held 42,857,143 Common Shares and 21,428,571 Warrants.

Sal de la Puna Acquisition

Arena has completed the previously announced acquisition of all of the shares of Centaur Resources Holdings from Centaur, particulars of which are contained in the Company's news releases of May 26 and June 28, 2021. The aggregate consideration for the acquisition was approximately USD $22 million. Through this acquisition, the Company has acquired a 100% interest in the Sal de la Puna lithium brine project, which covers approximately 11,000 hectares of the Pastos Grandes basin located in the Puna region of Salta province, sharing the basin with Millennial Lithium Corp. (TSX-V:ML). Please refer to the Company's previous news releases respecting the Centaur Acquisition for further information respecting the Sal de la Puna project.

As disclosed in the Company's news release of March 29, 2021, the Company took an assignment of the right to acquire Centaur Resources Holdings from LITH-ARG Acquisition LLC ("LITH-ARG") pursuant to a binding MOU. Under the terms of the MOU, LITH-ARG agreed to assign to Arena all right, title and interest in a heads of agreement entitling it to acquire Centaur Resources Holdings in consideration for payment by Arena to LITH-ARG or to its direction of 49,345,314 common shares of Arena, 18,384,519 share purchase warrants each entitling the holder to acquire one common share of Arena at a price of $0.16 cents per common share for a period of 24 months following closing and a cash payments of $1.98-million (U.S.). These payments were made concurrently with the closing of the Centaur Acquisition. The shares issued in connection with the binding MOU are subject to a four month plus one day hold period.

Arena agreed to pay a finder's fee to an arm's length finder in connection with the binding MOU. The finders fee consists of 5% of the shares issued in connection with the MOU (not the private placement or Centaur Acquisition) and is subject to the approval of the TSX Venture Exchange.

About Arena Minerals Inc.

Arena 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 covering approximately 5,000 hectares within the Antofagasta region of Chile. The project is at low altitudes, within producing mining camps in infrastructure-rich areas, located in the heart of Chile's premier copper mining district. Arena holds 5.82 million shares of Astra Exploration Ltd as a result of the sale of its 80% interest in the Pampa Paciencia epithermal gold property, also located in northern Chile, to Astra Exploration Ltd.

To view our website, please visit www.arenaminerals.com. In addition to featuring information regarding the Company, its management, and projects, the site also contains the latest corporate news, a long form text explaining the unique business model of the Company (under the tab "the Company Explained") and an email registration allowing subscribers to receive news and updates directly.

For more information, contact William Randall, President and CEO, at +1-416-818-8711 or Simon Marcotte, Vice-President Corporate Development, at +1-647-801-7273 or smarcotte@arenaminerals.com.

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, Hombre Muerto or Pocitos 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.