Mr. David Greenway reports

POCITOS LITHIUM NI 43-101 INFERRED MINERAL RESOURCE ESTIMATED AT 143,000 TONNES LITHIUM METAL 760,000 TONNES LITHIUM CARBONATE EQUIVALENT

Recharge Resources Ltd.'s inferred mineral resource estimate (MRE) for its Pocitos I and II lithium brine project located in Salta province, Argentina, has been estimated at 143,000 tonnes of lithium metal, which when calculated for lithium carbonate equivalent (LCE) is 760,000 tonnes -- enough for a 38-year mine life at 100-per-cent recovery assumption. The inferred MRE technical report was authored by WSP Australia Pty. Ltd. and calculated the MRE with a cut-off grade of 100 parts per million lithium at 78,000 tonnes of lithium metal or 414,000 tonnes of LCE. This would provide a 20-year mine life.

WSP indicated in the report at the Dec. 4, 2023, Li2CO3 price of $16,573 (U.S.)/tonne, the annual revenue is estimated at $338-million (U.S.).

WSP has provided a very detailed block model of approximately 200 metres of depth in its inaugural National Instrument 43-101 compliant MRE and estimated the cost to achieve the next milestone of a measure and indicate resource by drilling one exploration and one production well. Total estimated cost of approximately $935,000 (U.S.) (plus taxes), or $1.3-million (plus taxes) for the proposed two-well program. 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 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. This comparison provided good correlation between the input data and estimated values. No obvious discrepancies were observed.

David Greenway, president and chief executive officer, expressed his enthusiasm: "I am thrilled with the estimated outcome of 760,000 tonnes of LCE, a testament to the dedicated efforts of WSP Global geologists, hydrologists and project engineers over the past three months. This estimate, coupled with the impressive projection of annual revenue at $338-million (U.S.), underscores the potential of our project. We are advancing vigorously on all fronts, especially with our inaugural NI 43-101 and an upcoming drill program, to further capitalize on this highly prospective report. These developments herald an exciting new phase for Recharge and its stakeholders at the Pocitos project."

Phillip Thomas, the company's qualified person, chief operating officer and director, recently made a visit to Shanghai, China, and met with Richlink Capital Pty. Ltd. and its clients and inspected a lithium chloride, and lithium n-butyl plant.

WSP utilized information gathered from the NI 43-101 technical report dated June 30, 2023, completed by Panopus Pte. Ltd. and the May, 2023, magnetotelluric survey, 2018 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 clients up to 20,000 tonnes of lithium carbonate per year, as previously announced under a letter of intent of offtake.

About Pocitos lithium brine project

The Pocitos project is located approximately 10 kilometres from the township of Pocitos where there is gas, electricity and accommodation. Pocitos 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 coming exploration. Lithium values of 169 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 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 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 ppm of lithium would have been recovered from 169 ppm.

Qualified person

Mr. Thomas, BSc, geology, 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 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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