Mr. David Greenway reports

POCITOS ONE WSP FINAL DRAFT NI 43-101 INFERRED MINERAL RESOURCE ESTIMATE RECEIVED FOR INTERNAL REVIEW

Recharge Resources Ltd. has received the WSP inferred mineral resource estimate (MRE) report for its Pocitos One lithium brine project in Salta province, Argentina. The report is currently being reviewed by the company's qualified person (QP) and other data providers such as Ekosolve. The report contains information and estimates on the next milestones of drilling, a production well and a 20,000-tonne Ekosolve plant.

WSP calculated the inferred MRE with a cut-off grade limit and a total resource measurement of lithium metal.

WSP has provided a very detailed block model in its inaugural National Instrument 43-101-compliant MRE, and estimated the cost to achieve the next milestone of a measured and indicated resource by drilling one exploration and one production well. The report includes some of the cost estimates from Ekosolve Ltd. for a 20,000-tonne lithium carbonate plant, using solvent extraction that is inclusive of an HCl (hydrochloric) acid plant and a lithium carbonate plant. Block grades were checked visually onscreen using Maptek Vulcan software, and viewed in cross-sections and plans against the drill hole composites grades. Recharges' QP has advised this comparison provided good correlation between the input data and estimated values. No obvious discrepancies were observed.

David Greenway, president and chief executive officer, commented: "I am delighted that we will be able to release the maiden MRE shortly, which will enhance the data we have on this highly prospective project. The company is pushing forward on all fronts with our inaugural NI [National Instrument] 43-101, with a pending drill program to continue to build on this MRE report. These developments should make for an exciting next period for Recharge and its stakeholders at the Pocitos project."

WSP utilized information gathered from the NI 43-101 technical report dated June 30, 2023, completed by Panopus Pte. Ltd. and the May, 2023, MT (magnetotellurics) survey, 2018 TEM (transient electromagnetic) survey, drilling programs, core logs and core porosity data from Geoanalysis and Core Laboratories to prepare the resource estimate. This is another milestone in the company's endeavour to build up to a 20,000-tonne Ekosolve direct lithium extraction (DLE) plant at the Pocitos project in order to supply Richlink Capital's clients up to 20,000 tonnes of lithium carbonate per year, as previously announced under a letter of intent of offtake.

Phil Thomas, the company's QP, chief operating officer (COO) and director, recently made a visit to Shanghai China and met with Richlink and its clients, and inspected a lithium chloride and lithium n-butyl plant.

The full NI 43-101 report, dated June 30, 2023, and entitled "Technical report for the Pocitos salar lithium concession, Salta province, Argentina," can be found on the company's website and on SEDAR+ under the company's issuer profile.

About Pocitos lithium brine project

The Pocitos One project is located approximately 10 kilometres from the township of Pocitos where there is gas, electricity and accommodation. Pocitos One 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 and MT 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.

Ekosolve Ltd. produced lithium carbonate at a purity of 99.89 per cent, where extraction of the lithium from the brines was above 94 per cent, that is, 159 parts per million of lithium would have been recovered from 169 ppm.

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 has joined the company in the capacity of COO and director on Nov. 21, 2023. He is a shareholder.

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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