Mr. David Greenway reports

RECHARGE RESOURCES ACQUIRES POCITOS II

Recharge Resources Ltd. has finalized negotiations to acquire the adjacent concession Pocitos II lithium brine project that covers 532 hectares, increasing the Pocitos area project to a total of 1,332 hectares, located near the Pocitos township in Salta province, Argentina.

The impetus to acquire the property came from the outstanding geophysics from the recent magnetotellurics survey and the need to have a larger area to pump brine to its proposed Ekos Research Pty. Ltd.'s Ekosolve technology direct lithium extraction lithium production system.

The terms of the acquisition are:

1. $25,000 (U.S.) cash payable to the vendor on Feb. 1, 2024;
2. $75,000 (U.S.) cash payable to the vendor after three months from the date of the purchase agreement;
3. $700,000 (U.S.) cash payable to the vendor after six months from the date of the purchase agreement.

An option has been provided to the vendor for the company to pay, in lieu of cash, 20 per cent ($140,000 (U.S.)) in common shares of the company to the vendor at the vendor's discretion at a 10-per-cent volume-weighted average price discount subject to a four-month restricted hold from the date of issuance.

"We are thrilled to announce the acquisition of the Pocitos II project, expanding our reach to 1,332 hectares in the prolific Salta province, Argentina. This strategic expansion not only signifies our growing footprint in the lithium sector but also reinforces our commitment to developing sustainable and high-yield lithium resources. The integration of Pocitos II into our portfolio represents a significant milestone for Recharge Resources as we continue to solidify our position in the lithium market and work towards meeting the global demand for clean energy solutions," commented David Greenway, chief executive officer of Recharge.

This is another milestone in the company's endeavour to build an up-to-20,000-tonne DLE plant at the Pocitos project to supply Richlink Capital Pty. Ltd. clients up to 20,000 tonnes of lithium carbonate per year, as previously announced under a letter of intent of offtake. Phillip Thomas, its qualified person, chief operating officer and director, recently made a visit to Shanghai, China, met with Richlink and its clients, and inspected a lithium chloride and lithium n-butyl plant.

Mr. Thomas commented: "We are delighted to have acquired the project in the centre of the salar as it makes sense given the geometry of proposed pumping plans, the low resistivity measured in the recent magnetotelluric survey of less than one ohm.m and gets us a prime location in the middle of the salar. The company is pushing forward on all fronts with a pending drill program to continue to build on this soon-to-be-released [mineral resource estimate] report. These developments should make for an exciting next period for Recharge and its stakeholders at the Pocitos I and II project."

The full National Instrument 43-101 report dated June 30, 2023, written by Mr. Thomas 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 I and II project is located approximately 10 kilometres from the township of Pocitos, where there is gas, electricity and accommodation. Pocitos 1 is approximately 800 hectares, and Pocitos II is 532 hectares and is accessible by road. Collective exploration totals over $2.0-million (U.S.) for developing the project, including surface sampling, trenching, transient electromagnetic 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 coming exploration. Lithium values of 169 parts per million from the 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 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.

Ekosolve technology pilot plant testwork at University of Melbourne produced lithium carbonate (Li2CO3) at a purity of 99.89 per cent, where extraction of the lithium from the brines was above 94 per cent -- that is, 159 ppm of lithium would have been recovered from 169 ppm.

Qualified person

Phillip Thomas, BSc geol, MBusM, FAusIMM, MAIG, MAIMVA, (CMV), a qualified person as defined under National Instrument 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 joined the company in the capacity of COO and director on Nov. 21, 2023, and is a shareholder of the company.

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.