Mr. David Greenway reports

RECHARGE RESOURCES ENTERS INTO AN AGREEMENT TO ACQUIRE 100% INTEREST IN THE POCITOS 1 PROJECT IN SALTA, ARGENTINA

Recharge Resources Ltd. has entered into a purchase agreement with property owner Ekeko SA to acquire a 100-per-cent interest in the Pocitos 1 project, located within the Salar de Pocitos in Salta province, Argentina (mining licence file No. 19457), with terms and conditions of the transaction outlined below.

The offer provided for in the agreement was made by Ekeko to Recharge, after Ekeko advised Recharge that the previous optionee, AIS Resources Ltd., did not remedy certain defaults, subsequently did not complete on its contractual obligations to acquire Pocitos 1 and, as a result, the option expired on June 30, 2023. The period for curing any default ended July 31, 2023.

David Greenway, chief executive officer and director of Recharge Resources, commented on the recent acquisition, saying: "We're thrilled to confirm our acquisition of a 100-per-cent interest in the Pocitos 1 project from Ekeko SA. With a competitive price that notably does not include royalty payments, this move solidifies our commitment to our stakeholders and the broader market. With the signing of this agreement, we have demonstrated our confidence in the potential of the Pocitos 1 lithium brine project. We eagerly anticipate the progress that this venture promises, and look forward towards the maiden resource estimate and the development of this exciting project in Salta, Argentina."

Terms of the transaction

Under the terms of the agreement, Recharge acquired a 100-per-cent ownership interest in the 800-hectare Pocitos 1 project located within the Salar de Pocitos in Salta province, Argentina, by fulfilling the following conditions:

1. The agreed price of $1.2-million (U.S.), to be made as follows:
   1. The sum of $850,000 (U.S.) that will be paid on the agreement signing date. Due within five days after signing of the agreement.
   2. The sum of $350,000 (U.S.) to be placed in trust within 30 days of the agreement signing date that will be payable at the time of issuance of the certificate of title to the Pocitos 1 project.
   3. Recharge has agreed to pay for taxes payable as part of the transaction due in April, 2024.
   4. There are no royalties associated with the Pocitos 1 project.

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 (transient electromagnetic) and MT (magnetotellurics) geophysics, and drilling three wells that had outstanding brine flow results. Locations for immediate follow-up drilling have already been designed and identified for upcoming exploration.

Lithium values of 169 parts per million (ppm) from drill hole 3 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 were 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. A National Instrument 43-101 report has been released on the Pocitos 1 project.

Recharge is awaiting the completion of the process engineering work, to be completed by Ekosolve Ltd., to produce and assay the lithium chloride being produced, where extraction was above 94 per cent of the contained lithium in the brine.

WSP Australia is waiting on the results of Core Laboratories Australia porosity work to be completed before it delivers the company's maiden resource estimate at Pocitos 1, that will result in an update of the NI 43-101 report completed by qualified person (QP) Phillip Thomas in June, 2023.

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.

Mr. Thomas is independent of the company and is not a shareholder of Recharge Resources. Mr. Thomas visited the Pocitos 1 property to view the core between Jan. 15 and Jan. 22, 2023, and May 8, 2023, to select core to be sampled for resource estimate calculations.

About Recharge Resources Ltd.

Recharge 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.