Mr. David Greenway reports

RECHARGE RESOURCES ANNOUNCES SECOND TRANCHE OF NON-BROKERED PRIVATE PLACEMENT FOR COMBINED $3,000,084

Recharge Resources Ltd., further to its news release dated Aug. 30, 2023, has arranged a second tranche closing of its non-flow-through private placement to raise additional gross proceeds of $877,500 and close the flow-through unit portion of the private placement for gross proceeds of $150,084. The combined total gross proceeds to be raised from the first tranche financing and the second tranche financing will be $3,000,084.

The second tranche financing will consist of 3.51 million units at a price of 25 cents per unit and 454,800 flow-through (FT) units at a price of 33 cents per FT unit. Each unit comprises one common share and one transferable warrant, with each warrant entitling the holder to purchase one additional common share for a period of 12 months at a price of 33 cents per share. Each FT unit comprises one flow-through common share and one transferable non-flow-through warrant, with each FT warrant entitling the holder to purchase one common share for a period of 12 months at a price of 35 cents per share.

The company also announces that further to its news release dated Aug. 30, 2023, it closed the first tranche of the non-brokered private placement, raising gross proceeds of $1,972,500 on Sept. 1, 2023.The company allotted and issued 7.89 million non-flow-through (NFT) units at 25 cents per first tranche unit, each comprising of one common share and one non-flow-through share purchase warrant. Each first tranche warrant is exercisable into one additional common share of the company for a period of 12 months at a price of 33 cents per share. All securities issued in connection with the first tranche financing are subject to a four-month-and-one-day hold period expiring on Jan. 2, 2024, in accordance with applicable Canadian securities laws.

In the event the company's common shares close at or greater than 50 cents per share for a period of five consecutive trading days, the company may accelerate the expiry date of the first tranche warrants, warrants and FT warrants by issuing a news release or other form of notice permitted by the warrant certificate to the holders thereof, and in such case, the first tranche warrants, warrants and FT warrants will expire on the 30th day after the date on which such notice is given by the company. In addition, the first tranche warrants, warrants and FT warrants shall contain certain provisions such that the holder shall only be entitled to exercise such warrants to the extent that the holder will own (together with any person acting jointly or in concert with the holder), directly or indirectly, less than 10 per cent of the issued and outstanding common shares of the company immediately following such exercise.

The company will use the proceeds from the first tranche financing and second tranche financing for its drill program, property payments and general working capital. All securities issued will be subject to a four-month-and-one-day hold period from the date of issuance pursuant to applicable securities legislation.

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.