Mr. David Greenway reports

RECHARGE RESOURCES EXECUTES OFFTAKE LETTER OF INTENT TO SUPPLY BETWEEN 10,000 AND 20,000 TONNES OF LITHIUM WITH RICHLINK CAPITAL PTY LTD

Recharge Resources Ltd. has executed a letter of intent with Richlink Capital Pty. Ltd. for the supply of a minimum of 10,000 tonnes and up to 20,000 tonnes annually of lithium chloride or, at Richlink's discretion, lithium carbonate to two of its clients in China from the Pocitos 1 lithium brine project in Salta, Argentina, where the company is about to embark on a production-ready well drill program.

Richlink and its clients will contract to purchase a minimum of 10,000 tonnes and up to 20,000 tonnes of lithium chloride salt offered that is 99.5-per-cent-purity grade or higher once the Pocitos 1 Ekosolve facility is fully commissioned near the town of Pocitos. The lithium chloride will be sold from the port in Antofagasta, Chile.

After Recharge's drill program is completed, the company will immediately embark on a resource and reserve statement and then complete a bankable feasibility study in conjunction with EkoSolve.

Once the product is produced, it will be packed in 25-kilogram bags and sent by container truck to Antofagasta, Chile, and secured in the bond store prior to shipment. Approximately 27 tonnes will be packed into each 40-foot container and approximately 93 containers are expected to be shipped out each quarter to China until the contract is fulfilled.

Recharge's trading terms are revolving letter of credit with the usual documentation each quarter. The delivery can be either free on board or on a cost, insurance and freight basis. The price will be negotiated on the benchmark price (as quoted by Fastmarkets MB) four weeks before the laycan commences. The current benchmark price quoted by Trading Economics is 501,193 Chinese renminbi or U.S.-dollar equivalent of $70,293 per tonne as at Sept. 23, 2022.

Richlink and/or its clients will be provided with the opportunity on a first-priority basis to also become strategic investors through combination of debt and private placement at the time of plant financing, with the proceeds directed toward building an Ekosolve plant that can produce lithium chloride and lithium carbonate.

The obligations of the parties will be subject to customary conditions and any other conditions agreed to by the parties in the definitive agreement, including:

1. Each party's satisfactory completion of due diligence;
2. The board of directors of each party approving the proposed supply transaction;
3. The parties' execution of the definitive agreement;
4. The receipt of any applicable regulatory approvals and third party consents;
5. There being no material adverse change in the operations, prospects, condition (financial or otherwise) or assets of either party.

The agreement further contemplates certain development milestones for Recharge:

1. In October, 2022, Recharge intends to drill a production-diameter exploration well. Based on past results, the two wells drilled by A.I.S. Resources Ltd. in 2018 generated significant volumes of brine with lithium assays in excess of 125 parts per million. Investors should note that A.I.S. Resources did not report the results in a National Instrument 43-101 compliant report.
2. In November, 2022, Recharge intends to drill an additional one or two exploration holes to compute and publish a mineral resource at the Pocitos 1 concession. Recharge will also commence an environmental baseline study and start preparing for a mining permit.
3. In March, 2023, Recharge intends to complete a definitive feasibility study on Pocitos to build a 10,000-tonne-to-20,000-tonne plant. Work is currently being undertaken at the University of Melbourne in preparation to size the plant components when the assays and brine release tests are completed.
4. In June, 2023, Recharge aims to complete a capital raise and start construction of the facility due for completion in June, 2025, to December, 2025.

Chief executive officer and director David Greenway stated: "With two exploratory discovery wells in place, Recharge is about to commence its 2022 fully funded drill program for a production-ready well at the Pocitos 1 lithium brine project. We are honoured to be working with Mr. George Su and his clients at Richlink Capital Pty. Ltd. Confirming offtake interests and strategic financing for an Ekosolve production facility are top priorities at the advanced-stage Pocitos 1 lithium brine project. We thank all those that have assisted us in bringing this project to this stage and look forward to continuing the path forward to the benefit of all stakeholders, including Richlink, its clients, the community of Pocitos, as well as stakeholders of Recharge Resources and our growing team in Australia, Argentina, the USA and Canada."

About Pocitos 1 lithium brine project

The Pocitos 1 project is located approximately 10 kilometres from the township of Pocitos, where there are gas, electricity and telephone Internet services. Pocitos 1 is approximately 800 hectares and is accessible by road. Previous exploration and development teams have spent over $1.5-million (U.S.) exploring the project, including surface sampling, trenching, TEM (transient electromagnetic) geophysics and drilling of two 400-metre holes that had outstanding brine flow results. Locations for immediate follow-up drilling have already been designed and identified for coming exploration.

Lithium values of up to 125 parts per million from laboratory analysis conducted by Alex Stewart were recorded by A.I.S. Resources during the project's first drill campaign in May, 2018. A.I.S. Resources used a double packer in HQ diamond drill holes drilled to a depth of 409 metres and the flow rate of the hole was substantial and observed to continue for more than five hours. Both drill holes had exceptional brine flow rates. Recharge's plan is to drill a third production-ready drill hole to work toward an NI 43-101 resource calculation.

Qualified person

Phillip Thomas, BSc (geology), MBusM, FAusIMM, MAIG, MAIMVA, CMV, a qualified person as defined under NI 43-101 regulations, has reviewed the technical information that forms the basis for portions of this news release and has approved the disclosure herein.

About Recharge Resources Ltd.

Recharge Resources is a Canadian mineral exploration company focused on exploring and developing the production of high-value battery metals to create green, renewable energy to meet the demands of the advancing electric vehicle and fuel cell vehicle market.

We seek Safe Harbor.