Mr. David Greenway reports

RECHARGE RESOURCES ENTERS AGREEMENT TO SELL POCITOS LITHIUM BRINE PROJECT TO REFOCUS ON NORTH AMERICAN PORTFOLIO

Recharge Resources Ltd. has entered into an agreement with American Salars Lithium Inc. to sell its 100-per-cent interest in the Pocitos 1 lithium brine project in Salta, Argentina. The terms of the transaction are outlined herein.

The company will refocus its attention on its North American assets including its Brussels Creek gold project in British Columbia, adjacent to New Gold's (TSX: NGD) ($2.15-billion market cap) New Afton mine, the Pinchi Lake project (currently under option to Ranchero Resources Ltd.), and its Georgia Lake lithium project in Ontario, as well as look to identify projects across North American with a focus on the energy metals and precious metals markets including copper, gold and uranium.

About Brussels Creek project

The B.C. property is an early stage exploration property, located approximately 24 kilometres west of Kamloops, and is immediately adjacent to New Gold's New Afton mine. The Brussels Creek project has 17 claims (66 cells) covering 1,350.43 hectares. The geological setting of the Brussels Creek project is very similar to New Afton, a silica-saturated copper-gold alkalic porphyry-style deposit, as well as the Highland Valley, Mount Polly, Kemess and Galore Creek deposits. Recent field observations noted the presence of a substantial mineralized quartz-feldspar porphyry body intruding the overlying Nicola group volcanics. Historic sampling and mapping on the Brussels Creek project, in 1983 and 1984, located a broad anomalous zone (200 metres by 400 metres) with gold values up to 3.5 grams per tonne. Grab samples taken from the Brussels Creek project in 2019 include values of 10.1 g/t Au (with 0.7 g/t palladium) and 11.5 g/t Au.

The interval that ran 7.44 grams gold came back in the quartered core as 16.35 g Au between 28.75 m and 29.25 m.

Over the 3.5 metres from 25.75 m and 29.25 m the quartered core averaged 5.08 grams per tonne. Gold mineralization starts at the overburden-bedrock contact.

This gold zone is hosted by quartz-feldspar porphyry intrusive likely associated with the Iron Mask plutonic suite. The mineralized zone is characterized by pervasive quartz sericite alteration with overprinting by clay-carbonate stockworks containing pyrite and sphalerite along with traces of chalcopyrite and galena.

The Brussels Creek project is largely underlain by a northwest trending, moderately southwest dipping sequence of andesitic volcaniclastic rocks and siltstones of the Upper Triassic Nicola Group. Some massive, well-indurated andesitic flows, flow breccias and agglomerates (Nicola Group) also occur. The Nicola rocks are cut by later porphyritic rhyolitic dikes, sills and plugs that are possibly related to the Iron Mask plutonic suite or younger rocks.

The area drilled focused on the southeast eTh/K anomaly coincident with strong IP response. Future work will zero in on the eTh/K anomaly A to the northwest of the 2023 drilling once archaeological studies are completed. Comparison of the gamma-ray spectrometry included in the two public domain surveys indicates notable eTh/K anomalies spatially correlating to identified zones of magnetic disruption and complex structure. The low eTh/K areas of interest may be delineating enhanced alteration. The ADUF mineral showing in particular is adjacent to anomaly A, proving encouragement for further investigation.

In these areas of anomalous gold, the rhyolitic rocks are quartz-sericite altered and country rocks are strongly altered to an assemblage of carbonate (ankerite and calcite), quartz, with sericite near the dike contacts and grading to chlorite further away. Outside of this zone, calcite, chlorite and locally epidote are predominant as a propylitic halo. As much as 5 per cent disseminated pyrite occurs in the altered rhyolite dike rock and adjacent carbonate altered andesitic volcaniclastic. Limonite after pyrite occurs as films on some fractures and as seams and blebs associated with quartz-calcite veins, and opaline silica veins.

As reported in the 1985 assessment report (No. 13877), anomalous gold values (85 to 3,500 ppb (parts per billion)) are localized in and about some of the smaller north-northwesterly-trending porphyry rhyolite dikes that cut the andesitic volcaniclastics and related siltstones. This zone is oriented NNW-SSE (north-northwest-south-southeast) and is about 400 m long and up to 200 m wide. In these areas of anomalous gold, the rhyolitic rocks are quartz-sericite altered and country rocks are strongly altered to an assemblage of carbonate (ankerite and calcite), quartz, with sericite near the dike contacts and grading to chlorite further away.

Outside of this zone, calcite, chlorite and locally epidote are predominant as a propylitic halo. As much as 5 per cent disseminated pyrite occurs in the altered rhyolite dike rock and adjacent carbonate altered andesitic volcaniclastic. Limonite after pyrite occurs as films on some fractures and as seams and blebs associated with quartz-calcite veins, and opaline silica veins.

XRF assays throughout the three drill holes show high potassic alteration. complex faulting and shearing was evident towards the bottom of holes 2 and 3. Highly siliceous and sheared feldspar-quartz porphyry was observed near the end of hole 2.

About Murray Ridge (Pinchi Lake) nickel project (the Pinchi Lake project)

The Murray Ridge and Pinchi Lake nickel projects are located approximately 15 to 30 kilometres northwest of Fort St. James and 120 km northwest of Prince George in central British Columbia. The Pinchi Lake project was previously explored by Nanton Nickel Corp. It consists of three separate claim blocks totalling 3,922.64 hectares that were carefully selected to cover the best sampling results (greater than 0.20 per cent nickel in rocks) reported by Nanton Nickel Company in 2013 shortly after the discovery of the Decar nickel property owned FPX Nickel Corp. Awerite was confirmed to be a constituent of the nickel values.

The Decar nickel project geology which lies 60 kilometres southwest is analogous suite of ultramafic intrusions are hosts to widely disseminated coarse grained awaruite mineralization. compositionally, awaruite (Ni2Fe to Ni3Fe) comprises approximately 75 per cent nickel, 25 per cent iron and 0 per cent sulphur and, therefore, it is considered natural steel. Absence of sulphur allows a concentrate to be shipped directly to steel mills without incurring smelting and refining costs, and minimal environmental problems.

The project was announced under option to Ranchero Resources on Nov. 21, 2023.

About Georgia Lake project

Georgia Lake north and west -- lithium properties -- Ontario

The Georgia Lake north and west properties are located approximately 160 km northeast of Thunder Bay, Ont., within the Thunder Bay mining division. Recharge's property is contiguous to the north and west boundaries of Rock Tech Lithium's Georgia Lake lithium property and consists of two claim blocks totalling 320 hectares and 432 hectares.

The Rock Tech Lithium Georgia Lake project is host to several spodumene-bearing pegmatite dikes. Lithium mineralization was discovered in 1955 and subsequently explored by several historic owners. Rock Tech's property hosts a National Instrument 43-101 mineral resource, as reported in Rock Tech's preliminary economic assessment filed on Rock Tech's SEDAR+ profile, with an effective date of March 15, 2021. The mineral resource is summarized in the attached table.

Management cautions that past results or discoveries on adjacent properties (in example, Rock Tech Lithium Georgia Lake project) may not necessarily be indicative to the presence of mineralization on the company's properties (in example, Georgia Lake).

The transaction

Recharge has entered into an agreement with American Salars (the purchaser) whereby American Salars is acquiring a 100-per-cent interest in the Pocitos 1 lithium brine project by issuing to Recharge (the vendor) five million common shares and assuming a certain tax liability owed by Recharge estimated to not be more then $250,000 (U.S.) and an outstanding invoice due to WSP Australia of $80,000.00 (U.S.).

Recharge has agreed to a 24-month escrow with quarterly releases every six months. Recharge has agreed to a further voluntary escrow whereby they have agreed not to sell more then 10,000 shares per day in any given trading day and cumulatively no more than 50,000 shares in a normal business week. The company has further agreed to proxy all votes to management of American Salars.

At closing of the transaction, the purchaser shall issue to the vendor 2.5 million warrants (the bonus warrants), with each bonus warrant entitling the vendor to acquire one common share of the purchaser at an exercise price of 75 cents for a period of five years, which bonus warrants will be exercisable by the vendor upon the Pocitos 1 property having a measured, indicated and inferred combined (M+I+I) resource of one million tonnes LCE (lithium carbonate equivalent), subject to the receipt of a technical report (as that term is defined in Section 1.1 of NI 43-101) confirming that the property has the required M+I+I resources (as such terms are defined in Section 1.2 of NI 43-101).

Subject to a 2.5 per cent of net smelter royalty of the minerals produced on a FOB basis from the -property, the royalty stream can be purchased for $1.5-million for 1.5 per cent (60 per cent) of the royalty.

Furthermore, Recharge will no longer pursue the acquisition of Pocitos 2 as announced on Dec. 19, 2023.

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.