Mr. Matthieu Bos reports

SRG UPDATE ON REDOMICILIATION AND STRATEGIC PARTNERS

SRG Mining Inc. has provided further details on the previously announced redomiciliation of SRG to another jurisdiction, as well as an update on the strategic partnership and financing discussions.

Redomiciliation to United Arab Emirates

Following a comprehensive review of various jurisdictions, the company has selected the Abu Dhabi Global Market (ADGM) in the United Arab Emirates (the UAE) as the preferred jurisdiction for redomiciliation. The UAE redomiciliation will provide the company with expanded strategic optionality. Additionally, the UAE has a double taxation treaty and a bilateral investment treaty with the Republic of Guinea, where SRG's main asset, the Lola graphite project, is located.

The company is taking immediate steps toward the UAE redomiciliation, which is not conditional on the previously announced transaction with Carbon ONE New Energy Group Co. Ltd. (C-ONE). The UAE redomiciliation shareholder vote is anticipated in Q2 2024. The company intends to retain its listing on the TSX Venture Exchange, and, therefore, will require approval from the TSX-V for the UAE redomiciliation. The company must complete a formal application process for the UAE redomiciliation with the ADGM registration authority in order to continue as an ADGM company, and, consequently, will also require approval from the ADGM registration authority for the UAE redomiciliation. The company has retained Norton Rose Fulbright and a specialist tax adviser to assist with the UAE redomiciliation.

Strategic partnership and financing discussions progressing

Following the announcement of the transaction with C-ONE, the company has met with several other strategic partners that have expressed interest to become a Tier 1 supplier to the Western battery end-markets. The company is currently evaluating the various strategic options.

Concurrently, the company has been advancing discussions with multiple high-quality parties which have expressed interest in providing financing to advance SRG toward first production. The company is seeking both debt and equity financing to finance the construction of the first phase of the Lola graphite project, as well as the anode material plant to produce coated spherical purified graphite (CSPG).

SRG will provide further comment only if a specific transaction or process is concluded, or if further disclosure is required or deemed appropriate. There can be no assurance that the company will pursue any transaction or that a transaction, if pursued, will be completed.

About SRG Mining Inc.

SRG Mining is 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 42 million tonnes (Mt) at a grade of 4.2 per cent graphitic carbon (Cg). SRG aims to develop a fully integrated source of battery anode material to supply the European 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.

We seek Safe Harbor.