Recharge Resources Ltd. announced the Ministerio de Produccion y Desarrollo Sustentable del Gobierno de Salta (Minister of Production and Sustainable Development) (the MPSD) has approved the Company's drill permit for an additional two 2 wells on the Pocitos 2 block at the Pocitos Lithium Brine Project, located near Pocitos township in Salta Province, Argentina. The objective of this drill program will be to upgrade the recently announced NI 43-101 Inferred Mineral Resource Estimate (MRE) by providing drill hole, porosity and permeability data that was absent as the Pocitos 2 project has not been previously drilled. Given the drill hole spacing, the Company's geologists will be targeting a proven and probable category as well as collecting pre-engineering pumping data in preparation for building a EkosolveTM direct lithium extraction (DLE) pilot plant and follow on full scale 20,000 tonne per year plant at the project.

The recently announced MRE for the Pocitos Lithium Brine Project was prepared by WSP Australia Pty Ltd. (WSP) and was estimated at 143,000 tonnes of in-situ lithium metal, and 13,000 tonnes lithium metal yield (using porosity estimates) which equates to a lithium carbonate equivalent of 760,000 tonnes and 69,000 tonnes respectively. The LCE is calculated from the ratio of lithium carbonate to Li metal (5.32:1). The calculations assume no process losses.

In the latest pilot plant test at Ekosolve 94.9% of the lithium metal was extracted as lithium carbonate. The geophysics and block model prepared by WSP shows a sandy unit extending across Pocitos 2 that has higher porosity - refer Page 14-4 NI 43-101 Report NI 43-101 Technical Report- Pocitos I and II, Salta Province, Argentina. Its geology team is keen to drill this area to define the magnitude of the sandy halite units and the brines they contain.

WSP indicated in the Report at the December 4, 2023, Li2CO3 price of $16,573/tonne, the annual revenue is estimated at $338 million (for a 20,000 TPY plant). Operating costs were estimated by Ekosolve Ltd. to be $2300 - $2750 per tonne or $55 million at $2,700 per tonne in the WSP NI 43-101 report.