Vancouver, British Columbia--(Newsfile Corp. - May 16, 2023) - Wealth Minerals Ltd. (TSXV: WML) (OTCQB: WMLLF) (SSE: WMLCL) (FSE: EJZN) (the "Company" or "Wealth") announces that starting June 1, 2023 it has engaged Francisco Lepeley to be CEO of Wealth Minerals Chile SpA. Mr. Lepeley has a long track record of top management experience at leading Chilean companies, having served for nine years as CFO for several of Antofagasta PLC mines in Chile, four years as CFO of the world's second largest salmon farming company ($1.4B in annual revenue), and most recently as CFO of CAP S.A., Chile's leading iron ore and steel producer. Mr. Lepeley will lead Wealth's in-country expansion as the Company ramps up activity at its Ollagüe and Atacama Projects. Marcelo Awad remains as Executive Director of Wealth Minerals Chile SpA.

Hendrik van Alphen, Wealth's CEO, commented: "We are honored to have someone of Francisco's caliber join our Company. We are at the stage where we need a more robust presence inside Chile and need Francisco's entrepreneurial and project development skills, and his experience in large M&A, equity and debt transactions. Now that Chile has a clear policy for lithium asset development (see press release of April 24, 2023) our team is working in overdrive to advance our Ollagüe and Atacama Projects both operationally with planned field work, and strategically with financial and development partners. Francisco is just the person to ensure Wealth capitalizes on this new phase of our Company's path."

Marcelo Awad, Executive Director of Wealth Minerals Chile SpA, noted: "I have known Francisco for many years and can attest to his professionalism and skill at managing challenging situations to emerge with successful outcomes. I look forward to him joining the Wealth team as the new Chilean lithium policy gives new impetus to our work."

About Wealth Minerals Ltd.

Wealth is a mineral resource company with interests in Canada and Chile. The Company's focus is the acquisition and development of lithium projects in South America.

The Company opportunistically advances battery metal projects where it has a peer advantage in project selection and initial evaluation. Lithium market dynamics and a rapidly increasing metal price are the result of profound structural issues with the industry meeting anticipated future demand. Wealth is positioning itself to be a major beneficiary of this future mismatch of supply and demand. In parallel with lithium market dynamics, Wealth believes other battery metals will benefit from similar industry trends.

For further details on the Company readers are referred to the Company's website (www.wealthminerals.com) and its Canadian regulatory filings on SEDAR at www.sedar.com.

On Behalf of the Board of Directors of

WEALTH MINERALS LTD.

"Hendrik van Alphen"
Hendrik van Alphen
Chief Executive Officer

For further information, please contact:
Marla Ritchie, Michael Pound or Henk van Alphen
Phone: 604-331-0096 or 604-638-3886

For all Investor Relations inquiries, please contact:
John Liviakis
Liviakis Financial Communications Inc.
Phone: 415-389-4670

For all Public Relations inquiries, please contact:
Nancy Thompson
Vorticom, Inc.
Office: 212-532-2208 | Mobile: 917-371-4053

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Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release, which has been prepared by management.

Cautionary Note Regarding Forward-Looking Statements

This press release contains forward-looking statements and forward-looking information (collectively, "forward-looking statements") within the meaning of applicable Canadian and US securities legislation. All statements, other than statements of historical fact, included herein including, without limitation, statements regarding the anticipated content, commencement, timing and cost of exploration programs, anticipated exploration program results, the discovery and delineation of mineral deposits/resources/reserves, the Company's expectation that it will be able to enter into agreements to acquire interests in additional mineral projects, and the anticipated business plans and timing of future activities of the Company, are forward-looking statements. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate and similar expressions, or are those, which, by their nature, refer to future events. The Company cautions investors that any forward-looking statements by the Company are not guarantees of future results or performance, and that actual results may differ materially from those in forward looking statements as a result of various factors, including, but not limited to, the state of the financial markets for the Company's equity securities, the state of the commodity markets generally, variations in the nature, quality and quantity of any mineral deposits that may be located, variations in the market price of any mineral products the Company may produce or plan to produce, the inability of the Company to obtain any necessary permits, consents or authorizations required, including TSXV acceptance, for its planned activities, the inability of the Company to produce minerals from its properties successfully or profitably, to continue its projected growth, to raise the necessary capital or to be fully able to implement its business strategies, and other risks and uncertainties disclosed in the Company's latest interim Management Discussion and Analysis and filed with certain securities commissions in Canada. All of the Company's Canadian public disclosure filings may be accessed via www.sedar.com and readers are urged to review these materials, including the technical reports filed with respect to the Company's mineral properties.