Mr. Martin Kostuik reports

BATTERY MINERAL RESOURCES CORP. ANNOUNCES AGREEMENTS WITH JAVELIN GLOBAL COMMODITIES

Battery Mineral Resources Corp.'s Chilean subsidiary, Minera BMR SpA, has entered into a marketing agreement, a master purchase and sale agreement, a copper concentrate prepayment, and advance payment term arrangements with Javelin Global Commodities. It is intended that, pursuant to the agreements, Javelin will market the copper concentrate, gold, silver and other metals produced at the Punitaqui plant located at the Punitaqui mining complex, provide a $5-million (U.S.) copper concentrate prepayment and offer advance payment terms in respect of shipments of product delivered from time to time in an amount of up to $20-million (U.S.).

Marketing agreement

Pursuant to the marketing agreement, Minera appoints Javelin as its exclusive marketing agent for sales of product to be produced at Punitaqui for a term of 11 years. In consideration for provision of marketing services, Javelin will earn a variable commission based on product price receivable by Minera from the sale of product facilitated through Javelin's marketing activities. The marketing agreement is subject to preagreed-upon exclusions for certain product, which will not be marketed by Javelin.

$5-million (U.S.) copper concentrate prepay

Javelin has agreed, subject to certain terms and conditions, to prepay to Minera $5-million (U.S.) in respect of future deliveries of copper concentrate made by Minera to Javelin. The prepaid amount is repayable by Minera on or before Dec. 31, 2026, through the delivery of copper concentrate or in cash. The outstanding balance of the prepaid amount will be subject to an advance payment fee chargeable from the date of the advance until the prepaid amount is reduced to zero at a rate equal to the three-month secured overnight financing rate (subject to an SOFR floor of 2.00 per cent) plus 7.00 per cent per annum. The proceeds of the prepay are intended to be used to help finance the Punitaqui restart.

In this regard, personnel hiring for the resumption of full operations at Punitaqui remains on schedule. Final mine maintenance at the San Andres mine, including rehabilitation of ground support, reactivation of compressed air, ventilation, power and water in preparation for resumption of full mining operations, commenced in late November with the aim of full operational commissioning of the plant in first quarter and plant start-up in second quarter of 2024.

Payment term arrangement of up to $20-million (U.S.)

Javelin will establish an advance payment term arrangement in an aggregate amount of up to $20-million (U.S.). The facility will be used for: (a) eligible accounts receivable and inventory on vessel up to the maximum amount of the facility; (b) eligible shed inventory at the Minera storage yard, subject to a sublimit of $2.5-million (U.S.); and (c) eligible bulk inventory at agreed terminals, subject to a sublimit of $5-million (U.S.). An upfront discount of 1 per cent of the maximum facility amount and an administration discount of $2,000 (U.S.) per week shall be paid by Minera to Javelin, which may be offset against the price payable by Javelin for the product shipments. In consideration of Javelin making advance payments, Minera shall pay to Javelin an advance payment discount at a rate equal to the three-month SOFR (subject to an SOFR floor of 2.00 per cent) plus 7.00 per cent per annum on the principal amount outstanding under the facility from time to time. BMR and Minera are providing a pledge of certain assets, including over shares in Minera and over rights under certain material agreements of BMR and Minera, as conditions of the facility and the other agreements.

Chief executive officer commentary

Martin Kostuik, Battery Mineral's CEO, stated: "The consummation of these agreements with Javelin marks a very critical step in terms of placing the Punitaqui mine into operational readiness and first concentrate production. We welcome Javelin as a partner and look forward to leveraging their marketing prowess to maximize the value that the sale of copper concentrates will bring to BMR shareholders."

Conditionality and security

While the agreements have been entered into, the availability of the copper concentrate prepay and the ability of Minera to borrow under the working capital facility are each subject to the satisfaction of certain terms and conditions.

Battery Mineral has agreed to guarantee all obligations and liabilities of Minera under the agreements. Minera's obligations under the agreements will be secured by liens in favour of Javelin over assets and material agreements of Minera and Battery Mineral.

There are no conversion features into securities of the company that are associated with the copper concentrate prepayment or the advance payment term arrangements, and no bonus securities are to be paid in connection with the agreements.

About Battery Mineral Resources Corp.

Battery Mineral is a battery mineral company providing shareholders exposure to the global megatrend of electrification while being focused on growth through cash flow, exploration and acquisitions in favourable mining jurisdictions. Battery Mineral's mission is the discovery, acquisition and development of battery metals (namely cobalt, lithium, graphite and copper) in North America, South America and South Korea and to become a premier and responsible supplier of battery minerals to the electrification marketplace. Battery Mineral is currently pursuing a near-term resumption of operations of the Punitaqui mining complex, a past copper-gold-silver producer, in the Coquimbo region of Chile. Battery Mineral is the largest mineral claim holder in the historic Gowganda cobalt-silver camp in Ontario, Canada, and continues to pursue a focused program to build on the recently announced one-million-plus-pound high-grade cobalt resource at McAra. In addition, Battery Mineral owns 100 per cent of ESI Energy Services Inc. (including ESI's wholly owned U.S. operating subsidiary, Ozzie's Inc.), a profitable mainline pipeline and renewable energy equipment rental and sales company with operations in Alberta, Canada, and Arizona, United States. Battery Mineral is based in Canada, and its shares are listed on the TSX Venture Exchange under the symbol BMR and on the OTCQB under the symbol BTRMF.

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