Mr. Matthieu Bos reports

SRG ANNOUNCES THE CANCELLATION OF ALL OUTSTANDING RSUS AND GRANTS STOCK OPTIONS

SRG Mining Inc. has: (i) cancelled all outstanding restricted share units of the company, which had been awarded to certain officers, employees and consultants of the company; and (ii) granted annual stock options to certain officers.

Cancellation

As a result of the cancellation, an aggregate of 1.75 million RSUs granted to the RSUs holders by the company on March 1, 2022, were cancelled.

The board believes that the cancellation is in the company's best interests. If the subject RSUs were to be settled in common shares of the company, the company would be required to sell a portion of such newly issued common shares to cover its withholding tax obligations. In light of the relatively low trading volume and the degree of volatility of the common shares, the settlement of the subject RSUs in this fashion could materially and negatively impact the market price of the common shares. Alternatively, if the subject RSUs were to be settled in cash, the company would be required to draw on cash resources, which would be more usefully deployed to further develop its projects. Neither of these alternatives is deemed desirable or acceptable by the company or the RSU holders. In light of the foregoing, the board has determined that it is more appropriate for the company to revert to option grants to further align the interests of management with those of the shareholders taking into account the company's financial situation and its stage of development.

Other than the cancellation of the subject RSUs currently held by the RSU holders as described above, no other securities of the company would be affected, and the restricted share unit plan would not be amended in any way by the cancellation.

Annual grant

The company has granted to the directors and officers an aggregate of 4,096,713 stock options, each exercisable to acquire one common share at an exercise price of 48 cents on or before April 12, 2034, being the date that is 10 years from their date of grant. The incentive options granted in connection with the annual grant will vest in four equal instalments over 18 months, with 25 per cent of the incentive options vesting on the date hereof and 25 per cent of the incentive options vesting every six months afterward. All incentive options were granted in accordance with and subject to the amended stock option plan of the company dated April 14, 2023.

After: (i) the cancellation; and (ii) the annual grant, the maximum aggregate number of listed shares that are issuable pursuant to all of the company's incentive plans to insiders (as defined in the TSX Venture Exchange corporate finance manual) as a group represents 7.36 per cent of SRG Mining's issued and outstanding shares. Furthermore, in the 12-month period starting 12 months before the date of: (i) the cancellation; and (ii) the annual grant, the aggregate number of listed shares of SRG Mining issuable to insiders (as a group), any one consultant and any one person never exceeded the prescribed maximum number of common shares issuable under the TSX-V corporate finance manual Policy 4.4 (Security Based Compensation) and under the company's incentive plans.

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 at a grade of 4.2 per cent graphitic carbon. SRG Mining 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 environmental, social and governance credentials, the company is poised to become a reliable supplier while promoting sustainability and supply chain transparency.

SRG Mining is committed to generating sustainable, long-term benefits that are shared with the host countries and communities where it operates.

We seek Safe Harbor.