Mr. David Greenway reports

RECHARGE RESOURCES RECEIVES FINAL MT REPORT FROM SOUTHERNROCK GEOPHYSICS

SouthernRock Geophysics SA has provided Recharge Resources Ltd. with its final report from the magnetotelluric (MT) survey conducted at the company's Pocitos lithium brine project in Salta, Argentina.

Jeremy Barrett, general manager of SouthernRock, stated: "The inversion models for the magnetotelluric data describe a very conductive setting throughout, although, in detail, it is generally comprised of an upper sub-one-ohm-metre layer overlying a slightly less conductive layer of about one ohm-metre of variable thickness that in turn overlies an extensive conductive interval of about 0.5 ohm-metre extending indeterminately to perhaps one-kilometre depth. Marginally higher resistivities of up to two or three ohm-metres in the eastern part of the northernmost survey line may represent a contrast in composition of the basin material or fluid salinity in an otherwise fairly homogenous conductive setting."

The data will now be incorporated into the company's National Instrument 43-101 report. As previously announced, the basis for the NI 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 NI 43-101 compliant report. WSP hydrologists have also visited the project and inspected the site and core.

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 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."

As previously announced, SouthernRock 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.

Pocitos 2 option

As a result of the MT signalling identifying a much larger potential at the Pocitos 1 project over the undrilled Pocitos 2 block, the board of Recharge has elected to rescind its option to acquire the Pocitos 2 block as announced on Feb. 27, 2023. Waiving the option to the Pocitos 2 smaller, untested block saves Recharge from making a cash payment of $744,800 (U.S.) as well as $1.5-million in share payments. Furthermore, the company has requested the return of $500,000 (925,926 shares at a deemed price of 54 cents) in Recharge shares paid to Spey Resources as a refundable deposit upon execution of the option back in February, 2023. The company will now focus its expenditure on further development and drilling to confirm the much larger potential at the Pocitos 1 block in preparation for the contemplated development of an up-to-20,000-tonne-per-year Ekosolve lithium plant at the Pocitos 1 project.

Recharge has also paid a fee to enter an auction for a property nearby Pocitos 1 on the Pocitos salar.

About the Pocitos lithium brine project

The Pocitos project is located approximately 10 kilometres from the township of Pocitos, where there are gas, electricity and Internet services. Pocitos 1 is approximately 800 hectares and is accessible by road. Collective exploration totals over $2-million (U.S.) developing the project, including surface sampling, trenching, TEM (transverse electromagnetic) and MT 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.

Lithium values of 169 parts per million from a drill hole three-packer test assayed from laboratory analysis conducted by Alex Stewart were recorded during the project's December, 2022, drill campaigns. 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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