Mr. Michael Murphy reports

GLOBAL BATTERY METALS ANNOUNCES CLOSING OF $1,000,000 NON-BROKERED PRIVATE PLACEMENT

Further to its news release dated April 27, 2023, Global Battery Metals Ltd. is closing its non-brokered private placement financing with the issuance of a total of 9,090,910 units of the company at a price of 11 cents per unit for proceeds of $1,000,000.10.

Each unit consists of one common share in the capital of the company and one share purchase warrant, whereby each warrant entitles the warrantholder to acquire one additional share at a price of 15 cents until May 11, 2025, being the date that is 24 months from the date of issuance.

The company plans to allocate the proceeds of the private placement primarily for working capital and to support the multistage drill program planned for the Leinster lithium project. No finder fees were paid in connection with the private placement.

All securities issuable in connection with the private placement are subject to a statutory four-month hold period that expires Sept. 12, 2023. Completion of the private placement remains subject to receipt of applicable regulatory approvals, including final acceptance by the TSX Venture Exchange.

Certain insiders of the company participated in the private placement acquiring an aggregate of three million units. The participation by insiders in the private placement constitutes a related party transaction as defined under Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions. The company is relying on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101, as neither the fair market value of the securities purchased by insiders, nor the consideration for the securities paid by such insiders, exceeds 25 per cent of the company's market capitalization. The company did not file a material change report in respect of the related party transaction at least 21 days before the closing of the private placement, which the company deems reasonable in the circumstances in order to complete the private placement in an expeditious manner.

About Global Battery Metals Ltd.

The company is an international mineral exploration and development company with a focus on metals that comprise and support the rapid evolution to battery power. It currently maintains economic interests in four battery metal projects: (1) an option to acquire up to 90 per cent in the drill-ready Leinster lithium property in Ireland; (2) a 100-per-cent interest in the drill-ready Lithium King property in Utah; (3) an option to acquire up to a 100-per-cent interest in the La Poile lithium project in Newfoundland; and (4) a 55-per-cent stake in Peru-based Lara copper property, which has over 10,000 metres of drilling. As previously disclosed, Minsur SA, a Peruvian mining company, entered into an option agreement with the company and Lara Exploration Ltd. to acquire the Lara copper property for staged payments of $5.75-million (U.S.). The company will retain a 0.75-per-cent net smelter royalty. Its common shares are listed on the TSX Venture Exchange and the Frankfurt Stock Exchange.

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