Mr. David Greenway reports

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

Recharge Resources Ltd., further to its news release dated Sept. 15, 2023, has closed its final tranche of its non-brokered private placement, and raised an additional $877,500 through the issuance of units and $150,084 through the issuance of flow-through units. The combined total gross proceeds raised from the offering is $3,000,084.

David Greenway, chief executive officer of Recharge Resources, commented: "We are pleased to announce the successful closing of our non-brokered private placement, reflecting the robust confidence our shareholders have for lithium and Recharge. This marks a significant milestone for the company, empowering us to intensify our lithium exploration endeavours in Argentina, a region abundant with opportunities. We are eager to leverage this momentum to unlock the vast potentials of the Pocitos 1 project and contribute to the global renewable energy ecosystem."

The final tranche consisted of 3.51 million units at a price of 25 cents per unit and 454,800 flow-through units at a price of 33 cents per FT unit. Each unit comprised one common share and one transferable warrant, with each transferable 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 comprised one flow-through common share and one transferable non-flow-through warrant, with each transferable FT warrant entitling the holder to purchase one common share for a period of 12 months at a price of 35 cents per share.

All securities issued in connection with the final tranche of the private placement (being the units, the FT units and the securities comprising each of the foregoing) are subject to a four-month-and-a-day hold period expiring on Jan. 20, 2024, in accordance with applicable Canadian securities laws.

Acceleration provision

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 warrants and FT warrants by issuing a press release or other form of notice permitted by the warrant certificate to the holders thereof, and, in such case, the warrants and FT warrants will expire at 4 p.m. (Vancouver time) on the 30th day after the date on which such notice is given by the company. Any warrants which remain unexercised at 4 p.m. (Vancouver time) on the 30th day following the giving of such notice will expire at that time.

In addition, the 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 private placement for its drill program, property payments and general working capital. The company intends to spend the funds available to it as stated in this news release. There may be circumstances, however, where, for sound business reasons, a reallocation of funds may be necessary.

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.

Mutual Release with A.I.S. Resources Ltd.

Further, the company announces it has entered in to a full and final mutual release with A.I.S. Resources as it pertains to the Pocitos 1 and Pocitos 2 assets. Pocitos 1 is being acquired by Recharge as announced on Aug. 15, 2023. The mutual release further concludes and settles a contested invoice from A.I.S. to Recharge billed under a previously terminated management consulting agreement. Recharge also releases A.I.S. from liability as it relates to the Pocitos 1 and 2 projects. Total consideration of $50,000 in cash and an additional $50,000 payable by the issuance of 166,667 shares of Recharge will be paid to A.I.S. This concludes all business between Recharge and A.I.S., and the potential for any claim by A.I.S. as it relates to the development of Recharge's Pocitos 1 lithium brine project.

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.

Market awareness

As part of Recharge's continuing strategy to raise the profile of Recharge's projects to investors, the company has further extended its engagement with TD Media LLC, also known as Lifewater Media Digital Agency, based in Sugarland, Texas, United States. Lifewater Media specializes in delivering omni-channel programmatic advertising, artificial intelligence implementations and predictive KPI (key performance indicator) modelling through its use of detailed, real-time measurements for brand campaigns. The extended engagement with Lifewater Media will be for an additional 60-day term expiring on Dec. 20, 2023, or until budget exhaustion for an additional fee of $200,000 (U.S.). The engagement of Lifewater Media was previously extended for a period of six months expiring on Oct. 21, 2023, as announced in the company's news release dated June 26, 2023. Lifewater Media and Recharge are not related parties and operate at arm's length. Neither Lifewater Media nor its principals have any interest in the company's securities, directly or indirectly, or any right or intent to acquire such an interest. Lifewater can be reached via e-mail at info@lifewatermedia.com.

Recharge has also re-engaged the marketing services of MIC Market Information & Content Publishing GmbH of Leverkusen, Germany, for a period of six months for a fee of 500,000 euros. MIC will utilize its on-line programs with the aim of increasing investor awareness and interest in the company as well as attracting potential new investors through various on-line platforms and methods of engagement until March 31, 2024. An initial tranche of 125,000 euros has been advanced to MIC. The promotional activity is expected to occur by email, Meta and Google. MIC does not have any prior relationship with the company, other than previous marketing engagements. MIC can be reached by e-mail at contact@micpublishing.de.

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.