Mr. David Greenway of Recharge Resources reports

RECHARGE RESOURCES ENTERS IN TO AGREEMENT TO ACQUIRE 50% INTEREST IN REDONDA COPPER PROJECT WITH RECENT DRILL INTERCEPTS OF UP TO 142.6 METERS .279% COPPER .0281 MOLYBDENUM

Recharge Resources Ltd. has entered into a binding earn-in option agreement with Stamper Oil & Gas Corp., whereby Recharge may earn up to a 50-per-cent interest in the Redonda project, located within the Vancouver mining division of British Columbia.

The project, previously explored by Teck Resources Ltd. (previously Teck Corp.), has had a total of 14 holes drilled, all showing consistent values with widespread mineralization near surface. Teck drilled a total of nine NQ core holes for a total of 1,681 metres (5,515 feet) at the project in 1979, with recent follow-up drilling completed in 2023 for a total of five holes and 799.81 m (2,624 feet).

The project encompasses nine claims covering a total of 2,726 hectares (6,736 acres) and is situated 40 kilometres northeast of Campbell River, B.C. The Redonda project benefits from year-round access via regularly scheduled barge service from Campbell River through Marine Link Transportation, a marine freight solutions provider. From Redonda Bay, access to the project is facilitated by five kilometres of recently upgraded logging road. Active logging operations ensure a well-maintained network of forest service roads throughout the claims area. Work in 2021 proceeded under a letter of support from the Klahoose First Nation, acknowledging its traditional territory, along with a free-use permit, drill permit and induced polarization (IP) exemption from British Columbia's Ministry of Energy, Mines and Low Carbon Innovation (EMLI).

Transaction terms

The optionor hereby grants to the optionee the sole and exclusive right and option to acquire a 50-per-cent interest in and to the property, free and clear of all liens, charges, encumbrances, claims, rights or interest of any other person, in accordance with the terms and conditions of this agreement. In order to exercise the option, payment of expenditures on the property of $113,000 must be sent to HomeGold Resources Ltd. on or before Dec. 31, 2024.

Additionally, Stamper has granted Recharge the right of first refusal and the potential to acquire a majority interest exceeding 50 per cent, with terms to be finalized at a later date.

Recharge may elect to purchase from the optionor at any time one-half of the net smelter return royalty (being 1.5 per cent) upon the payment to HomeGold Resources of $1.5-million.

An attached table reflects maintaining a 50-per-cent option on the property.

Further trenching sampling returned consistent values, with the drilling returning up to 45 metres of 0.18 per cent copper and 0.13 per cent molybdenum at surface, as outlined in an attached table.

The regional setting of the Redonda property is part of the Coast suture zone between the Wrangellia terrane and the Coast plutonic complex. In the claim area, early Cretaceous dioritic intrusive rocks of the Coast plutonic complex have been intruded by at least three later intrusive units, including a quartz plug, a previously interpreted wide hornblende dike that is locally brecciated over its 600-metre exposed length, and several smaller feldspar dikes that cut dioritic rocks near the southwest margin of the previously interpreted hornblende-rich body. Higher concentrations of copper-molybdenum mineralization are closely associated with the hornblende dike, particularly in areas where it has been brecciated. The geological setting of the mineralization on the Redonda mineral claims shares a number of features similar to those observed at the Okover copper-molybdenum porphyry deposit located 34 kilometres to the southeast, north of Powell River and the Gambier copper deposit in Howe Sound.

Qualified person

The scientific and technical information contained in this news release has been reviewed and approved by Lawrence Segerstrom, a consulting geologist who is a qualified person, as such term is defined under National Instrument 43-101 -- Standards of Disclosure for Mineral Projects.

About Recharge Resources Ltd.

Recharge Resources is a Canadian mineral exploration company focused on exploring and developing the production of high-value battery metals and uranium to create green, renewable energy to meet the demands of the advancing electric vehicle and fuel cell vehicle markets.

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