Mr. David Greenway reports

RECHARGE RESOURCES' 2023 DRILLING CAMPAIGN AT POCITOS 1 LITHIUM BRINE PROJECT PLANS ANOTHER MILESTONE UNDER OFFTAKE LOI TO SUPPLY UP TO 20,000 TONNES PER YEAR OF LITHIUM CARBONATE EQUIVALENT

Recharge Resources Ltd. has applied to Argentina's Department of Mines to drill a fourth hole, after the success of the three previous holes hitting the targeted lithium-bearing brine aquifers at its Pocitos 1 lithium brine project in Salta, Argentina.

The position of the next drill hole has been positioned to maximize the size of the potential resource using the previously completed TEM (transient electromagnetic) geophysics and drilling data.

As previously announced, the basis for the National Instrument 43-101 report is well under way after Phillip Thomas set up the drill program in Argentina when he was there in November, 2022, and again in January, 2023, to measure and review core, flow rates, and assays to create the anticipated NI 43-101-compliant report. Mr. Thomas, BSc (geol), FAusIMM MAIG, has spent the past 22 years exploring for lithium brines, including building and operating a pilot plant for production at Rincon Salar (sold to Rio Tinto for $825-million (U.S.)), as well as developing the Pozuelos salar with his team, producing an indicated and inferred resource from four exploration wells (recently sold to Ganfeng for $962-million (U.S.)). Mr. Thomas is independent of the company and is not a shareholder of Recharge Resources.

This is another planned milestone in the company's endeavour to build up to a 20,000-tonne lithium extraction Ekosolve plant at its Pocitos 1 project in order to supply Richlink Capital Pty. Ltd.'s battery materials clients up to 20,000 tonnes of lithium chloride/carbonate per year as previously announced under letter of intent. Richlink's clients were given an update in China on plans and progress Recharge has made.

Lithium is selling in the spot market at 477,500 yuan per tonne, or the equivalent of $70,752 (U.S.) per tonne, according to TradingEconomics.com (Jan. 30, 2023).

Stakeholders are encouraged to visit the company's website to learn more about Ekosolve.

David Greenway, chief executive officer and director, states: "The world needs more lithium battery materials and Pocitos 1 continues to present that it may be a significant contributor to the supply puzzle being solved by gigafactories of lithium product. The future of the Pocitos 1 project continues to improve and we couldn't be more excited by these results. The recent results have achieved a consistent lithium concentration 40 ppm [part per million] higher than what was previously recorded with substantial brine flow. Our next goal of establishing an NI 43-101-compliant mineral resource, a scoping study of the project and formalizing our offtake agreement for lithium carbonate is getting closer."

About Pocitos 1 lithium brine project

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

Lithium values of up to 125 ppm from laboratory analysis conducted by Alex Stewart were recorded by AIS Resources Ltd. during the project's first drill campaign in May, 2018. AIS used a double packer sampling system in HQ diamond drill holes drilled to a depth of 409 metres. The flow of brine was 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 a National Instrument 43-101 mineral resource calculation.

Qualified person

Mr. Thomas, BSc (geol), 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.