Mr. Massimo Bellini Bressi reports

BATTERY X METALS ANNOUNCES NON-BROKERED PRIVATE PLACEMENT, PROPOSED DEBT SETTLEMENT, AND CONVERTIBLE LOAN

Battery X Metals Inc. has determined to undertake a non-brokered private placement financing, consisting of the issuance of an aggregate of 12 million units of the company at a price of five cents per unit for aggregate gross proceeds of up to $600,000.

Each unit will consist of one common share in the capital of the company and one transferable common share purchase warrant of the company, with each warrant entitling the holder to acquire one additional share at a price of 7.5 cents per warrant share for a period of 24 months from the date of closing.

The closing of the private placement is anticipated to occur on or about Dec. 20, 2024, and is subject to certain conditions, including, but not limited to, the receipt of all necessary regulatory approvals, including the approval of the Canadian Securities Exchange.

The net proceeds of the private placement are intended to be used for general working capital and outstanding payables. The securities issued under the private placement will be subject to a statutory hold period expiring four months and one day from the date of issuance.

Proposed debt settlement

In line with its continued efforts to strengthen its balance sheet, the company intends to settle debt totalling $600,000 owed to certain creditors of the company in consideration for the issuance of an aggregate 12 million units of the company at a deemed price of five cents per debt settlement unit.

Each debt settlement unit will consist of one share and one transferable common share purchase warrant, with each debt settlement warrant exercisable to purchase one additional common share of the company at an exercise price of 7.5 cents per debt settlement warrant share for a period of two years from the date of closing of the debt settlement. The securities issued under the debt settlement will be subject to a statutory hold period expiring four months and one day from the date of issuance.

The closing of the debt settlement is expected to occur on or around Dec. 20, 2024.

Insiders may participate in the private placement and the debt settlement, and such participation may constitute a related party transaction under Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions. The company intends to rely on exemptions from the formal valuation and minority shareholder approval requirements provided under subsections 5.5(a) and 5.7(a) of MI 61-101, on the basis that participation in the private placement and debt settlement by insiders will not exceed 25 per cent of the fair market value of the company's market capitalization. No finders' fees are payable in connection with the private placement.

Convertible loan agreement

The company has entered into a convertible loan agreement dated Dec. 11, 2024, with an arm's-length third party, with a principal balance outstanding of $101,289.51, which is interest free with a maturity date of 12 months from the date of entry into the loan agreement.

Pursuant to the loan agreement, the company may elect to convert the loan into units of the company at a deemed price of five cents per loan unit.

Each loan unit will consist of one share and one transferable common share purchase warrant, with each loan warrant exercisable to purchase one additional common share of the company at an exercise price of 7.5 cents per loan warrant share for a period of two years from the date of issuance. The securities issued under the loan agreement will be subject to a statutory hold period expiring four months and one day from the date of issuance.

About Battery X Metals Inc.

Battery X Metals is committed to advancing the global clean-energy transition through the development of proprietary technologies and domestic battery metal and critical metal resource exploration. The company focuses on extending the lifespan of electric vehicle (EV) batteries, through its portfolio company, LIBRT1, recovering battery-grade metals from end-of-life lithium-ion batteries, and the acquisition and exploration of battery metal and critical metal resources.

We seek Safe Harbor.