Mr. David Greenway reports

RECHARGE RESOURCES RECORDS EXCEPTIONAL RESULTS FROM MT SURVEY TO INCREASE THE POTENTIAL OF THE KNOWN LITHIUM BRINE ACQUIFER IDENTIFIED FROM PREVIOUS DRILLING AT POCITOS LITHIUM BRINE PROJECT

Recharge Resources Ltd. has provided an update from SouthernRock Geophysics, which had surveyed a major zone with a resistivity of just 0.3 ohm-metre, implying a highly conductive ellipsoidal-shaped unit with a thickness of 750 metres and a length of 2.5 kilometres to a high value of 0.5 ohm-metre on Line 1900. Seawater with low sodium chloride content has a value 1.9 ohm-metres to 3.16 ohm-metres, so it is likely there are other ions such as lithium in the brines to reduce the resistivity to 0.3 ohm-metre to 0.5 ohm-metre.

Line 9600 also showed a hot spot near the surface at 700000E with a resistivity of 0.3 ohm-metre with a large ellipsoidal-shaped unit 450 metres in depth and 4.5 kilometres in length running from west to east below 0.5 ohm-metre. The north-south Line 1750 showed a 450-metre-thick unit with a resistivity of 0.5 ohm-metre running from the north and thinning to the south at a thickness of 250 metres about 250 metres below the surface.

Based on published drill data and geophysics from similar salar projects, the company expects prospective aquifer zones to exhibit resistivities below approximately two ohm-metres. Brine-rich porous units are expected to produce resistivities on the order of 0.5 ohm-metre to 1.0 ohm-metre.

Phil Thomas, qualified person, stated: "These are outstanding results and they collaborate well with 2018 and recent drill results. Brine with 160 parts per million lithium will show a very low resistivity in the order of 0.5 ohm-metre to 0.75 ohm-metre. The sub-0.5-ohm-metre resistivity unit measures 4.5 kilometres by 2.5 kilometres with 250-metre thickness estimated at 2.8 billion cubic metres of lithological units that could contain lithium-enriched brines" (refer to news release dated Jan. 31, 2023).

Line 9600 shows a flat-lying lithology typical of a salar with evaporitic material deposited in the basin. The main low-resistivity unit is 450 metres deep with a hot spot on the western section at 700000E.

Once again, having such a large unit with a resistivity of about 0.5 ohm-metre is very prospective.

The north-south section shows flat-lying sediments on the border between Pocitos 1 and Pocitos 2. There is a change in lithological units in the south that change from flat lying to dipping to the west, with a lower resistive unit about 200-metre depth in the southern section of the Pocitos properties.

As previously announced, the basis for the National Instrument 43-101 report is well under way after Recharge's qualified person, Phillip Thomas, set up the drill program in Argentina when he was there in November, 2022, and again in January, 2023, and most recently in May, 2023, to measure and review core, flow rates and assays to complement the work WSP will do complete a mineral resource estimate within the National Instrument 43-101 compliant report. WSP hydrologists have also visited the project and inspected the site and core.

Qualified person Phil Thomas, BSc (geology), FAusIMM, MAIG, has spent the past 22 years exploring for lithium brines, including building and operating a pilot plant for production at the Rincon salar (sold to Rio Tinto for $825-million (U.S.)); as well, he and his team explored the Pozuelos salar, producing an indicated and inferred resource from four exploration wells (recently sold to Ganfeng for $962-million (U.S.)).

Chief executive officer David Greenway summarized: "Recharge is pushing forward on all fronts with an inaugural NI 43-101, a pending drilling program and a subsequent NI 43-101 resource estimate. The MT [magnetotelluric] survey shows us exactly where the lithology has been concentrating conductive brines containing lithium. These developments should make for an exciting next period for Recharge and its stakeholders at the Pocitos lithium brine project."

About Pocitos lithium brine project

The Pocitos project is located approximately 10 kilometres from the township of Pocitos, where there is gas, electricity and Internet services. Pocitos (1 and 2) is approximately 1,352 hectares and is accessible by road. Collective exploration totalling over $2-million (U.S.) developing the project, including surface sampling, trenching, TEM (transient electromagnetic) geophysics and drilling three holes that had outstanding brine flow results. Locations for immediate follow-up drilling have already been designed and identified for coming exploration. The company's next step is to do a magnetotelluric geophysics survey to position the next drill holes. This survey will penetrate to more than 800 metres.

Lithium values of up to 169 parts per million from laboratory analysis conducted by Alex Stewart were recorded by during the project's drill campaigns as recent as December, 2022. A double-packer sampling system in HQ diamond drill holes was drilled to a depth of up to 409 metres. The flow of brine was observed to continue for more than five hours. All holes had exceptional brine flow rates.

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.

Mr. Thomas is independent of the company and is not a shareholder of Recharge Resources. Mr. Thomas visited the property to view the core between Jan. 15 and Jan. 22, 2023, and on May 8, 2023, to determine if additional flow tests could be arranged.

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.

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