Excellon Resources Inc. — Capital/Financing Update 2022

Jul 15, 2022

#600 - 535 Howe St Vancouver, BC, V6Z 2Z4 Canada P. 778-588-5473

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RECHARGE RESOURCES ADOPTS ROLLING RSU PLAN

Vancouver, BC – July 14[th] , 2022 - Recharge Resources Ltd. (“Recharge” or the “Company”) (RR: CSE) (RECHF: OTC) (SL5: Frankfurt) is pleased to announce that the Board of Directors have approved the adoption of a 10% rolling Restricted Share Unit Plan (“RSU Plan”) whereby the Company may issue up to 10% of its issued capital as Restricted Share Units to eligible directors, officers and consultants of the Company. The RSU Plan will replace the Company’s existing fixed Restricted Share Unit Plan which was approved by shareholders at the Company’s annual general meeting held March 27, 2020. The RSU Plan was adopted by the Company to provide incentives to its executives to better align interests with shareholders while preserving the Company’s cash for furthering its business.

At the next annual general meeting of shareholders on August 16, 2022, the Company will ask shareholders to ratify and confirm the adoption of the RSU Plan.

About Recharge Resources

Recharge Resources is a Canadian mineral exploration company focused on exploring and developing the production of high-value battery metals to create green, renewable energy to meet the demands of the advancing electric vehicle and fuel cell vehicle market. The current price of lithium carbonate CIF China on 10 June 2022 was 455,000 Yuan or approximately $67,607 per tonne (Fastmarkets Report).

On Behalf of the Board of Directors,

“David Greenway”

David Greenway, CEO

For further information, please contact:

Recharge Resources Ltd. Mr. Joel Warawa Phone: 778-588-5473 E-Mail: info@recharge-resources.com Website: recharge-resources.com

Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.

Disclaimer for Forward-Looking Information

Certain statements in this release are forward-looking statements, which reflect the expectations of management regarding Recharge’s intention to continue to identify potential transactions and make certain corporate changes and applications. Forward looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits Recharge will obtain from them. These forward-looking statements reflect managements’ current views and are based on certain expectations, estimates and assumptions which may prove to be incorrect. A number of risks and uncertainties could cause actual results to differ materially from those expressed or implied by the forward-looking statements, including Recharge’s results of exploration or review of properties that Recharge does acquire. These forward-looking statements are made as of the date of this news release and Recharge assumes no obligation to update these forward-looking statements, or to update the reasons why actual results differed from those projected in the forward-looking statements, except in accordance with applicable securities laws.