Mr. David Thornley-Hall reports

MEGAWATT ANNOUNCES CLOSING OF ACQUISITION OF REMAINING 20% INTEREST IN 1256714 B.C. LTD.

Further to Megawatt Lithium and Battery Metals Corp.'s news releases of April 5, 2022, and July 6, 2023, the company has now completed the acquisition of the remaining 20 per cent of the issued and outstanding shares in the capital of 1256714 B.C. Ltd. (B.C. Co.). The company now holds 100 per cent of the issued and outstanding shares in B.C. Co.

B.C. Co. owns a 100-per-cent interest (subject to a 2-per-cent NSR (net smelter return)) in two prospective silver-zinc projects in Australia, being the Tyr silver project and the Century South silver-zinc project. For details of these two projects, please refer to the company's news release dated Oct. 15, 2020. In connection with the closing of the transaction and pursuant to the terms and conditions of the share purchase agreement dated July 4, 2023, among the company, B.C. Co. and a shareholder of B.C. Co., the company has issued 500,000 common shares in the capital of the company to the shareholder at a deemed price of 23.5 cents per payment share on the closing date. The payment shares are subject to a statutory hold period of four months and one day in accordance with applicable securities legislation ending on Nov. 14, 2023. The transaction is an arm's-length transaction and no change in management or the board of directors of Megawatt occurred in connection with the transaction.

About Megawatt Lithium and Battery Metals Corp.

Megawatt is a British Columbia-based company involved in the acquisition and exploration of mineral properties in Canada. The company holds a 100-per-cent undivided interest, subject to a 1.5-per-cent NSR on all base, rare earth elements and precious metals, in the Cobalt Hill property, consisting of eight mineral claims covering an area of approximately 1,727.43 hectares located in the Trail Creek mining division in the province of British Columbia, Canada.

Additionally, the company has acquired an 80-per-cent interest in a company that indirectly holds a 100-per-cent interest (subject to a 2-per-cent NSR) in two prospective silver-zinc projects in Australia, being the Tyr silver project and the Century South silver-zinc project (see press release dated Oct. 15, 2020), an indirect 100-per-cent interest (subject to a 1-per-cent NSR) in and to certain mining tenements in Northern Territory and New South Wales, Australia, prospective for nickel-cobalt-scandium and rare earth elements.

The company holds a 100-per-cent interest (subject to a 2-per-cent NSR) in and to the Route 381 lithium property, comprising 40 mineral claims located in James Bay Territory, north of Matagami in the province of Quebec, covering 2,126 hectares (see press release dated Feb. 3, 2021), and a 100-per-cent interest in 229 additional mineral exploration claims prospective for lithium, also in the James Bay area of Quebec, covering an area of 12,116 hectares or 121 square kilometres.

We seek Safe Harbor.