Mr. Matthieu Bos reports

SRG AND C-ONE SIGN NON-BINDING TERM SHEET

SRG Mining Inc. and Carbon One New Energy Group Co. Ltd. (C-One) have signed a non-binding term sheet to invest approximately $16.9-million ($12.7-million (U.S.)) in SRG.

The term sheet offers substantial additional advantages to the parties and updates the previously announced agreement of July 9, 2023. SRG will maintain its listing on the TSX Venture exchange but has agreed to redomicile outside of Canada. The proposed transaction will therefore not require clearance from the Canadian government under the Investment Canada Act. The company and C-One have agreed to negotiate expeditiously the definitive transaction agreements, including pricing, which are largely based on the agreements of July 9, 2023, between the parties.

The alliance between C-One and SRG remains unchanged and will focus on the development of a strategy to upgrade SRG and third party graphite concentrates that meet all of C-One's requirements and end-product specifications. The parties have agreed to develop the anode material alliance in the Kingdom of Morocco. The parties believe Morocco is strategically located in close proximity to the SRG's assets in the Republic of Guinea. In Morocco, which has free trade agreements with both the United States as well as the European Union, the anode material alliance will have access to key markets and customers.

Closing conditions to the transaction include the redomiciliation of SRG outside of Canada as well as certain development milestones for the anode alliance in Morocco. Other customary closing conditions include recordals and registration with certain Chinese regulatory agencies. The transaction is also subject to approval by the TSX Venture Exchange.

Upon closing of the private placement, SRG and C-One will enter into an investor rights agreement similar to the agreement announced on July 9, 2023. Among its key provisions, C-One will have the right to nominate two directors -- one of whom will be independent -- to SRG's board.

Matthieu Bos, president and chief executive officer of SRG, expressed optimism, stating: "The updated term sheet provides SRG and C-One with substantial assurances regarding the transaction timeline. We are confident that with these modest changes to the transaction, SRG and C-One will rapidly advance the development of the Lola graphite project as well as accelerate the development of a large-scale industrial facility to produce 100,000 tonnes per annum of coated, spheroidized and purified graphite in Morocco.

"We are confident that C-One will work expeditiously with our team to advance the definitive transaction agreements. C-One shares our vision, and the vision of our shareholders, and has the experience to help us advance towards becoming a fully integrated anode material producer outside of China, creating value for SRG stakeholders in the Republic of Guinea, along with our international shareholders," added Mr. Bos.

About SRG Mining Inc.

SRG Mining is a Canadian-based mining company focused on developing the Lola graphite project located in the Republic of Guinea, West Africa. The Lola graphite project has proven and probable reserves of 41 million tonnes at a grade of 4.14 per cent graphitic carbon. SRG aims to develop a fully integrated source of battery anode material to supply the European and North American lithium-ion and fuel cell markets. With attractive operating costs, proximity to European end-markets and strong ESG (environmental, social, governance) credentials, the company is poised to become a reliable supplier while promoting sustainability and supply chain transparency. SRG is committed to generating sustainable, long-term benefits that are shared with the host countries and communities where it operates.

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