Battery Mineral Assets Corp. Supplies 2022 Abstract to Shareholders, and Outlines Subsequent Steps In the direction of the Re-Begin of Manufacturing at Punitaqui

Battery Mineral Assets Corp. (TSXV: BMR) (OTCQB: BTRMF) (“Battery” or “BMR” or the “Firm”) is happy to offer a abstract of the highlights of its accomplishments in 2022.

BMR had a transformational yr in 2022 with the highlighted accomplishments beneath:

• Funded and accomplished a really profitable Punitaqui useful resource drill program,
• Considerably strengthened its administration and board,
• Tremendously superior its allowing, having secured necessary milestones within the course of
• Robust focus of steady enchancment on neighborhood relations by proactively participating with its native communities
• Monetized non-core property,
• Secured non-dilutive convertible debt and bridge mortgage financing to assist fund its actions,
• Delivered better-than-expected metallurgical outcomes,
• Reported a sturdy preliminary NI 43-101-compliant mineral useful resource estimate for the 4 underground deposits at Punitaqui, two of which had not beforehand had useful resource estimates (San Andres and Cinabrio Norte).

The Firm views these accomplishments as a powerful base to permit additional development in direction of money flowing within the close to time period. Achievements for 2023 shall be underpinned by the momentum attained in 2022 as BMR continues so as to add worth for all stakeholders and shareholders.

Rising and Advancing Punitaqui

2022 was dominated by glorious drill outcomes from the Section I Punitaqui infill and step out drill program.

On Jan 14^th, the Firm introduced a 102-meter (“m”) intersection in gap DS-21-08 grading 1.41% copper (“Cu”) from 48m downhole at its Dalmacia deposit, which included an inner interval of 16m grading 3.52% Cu. Beforehand, it was believed that mineralization at Dalmacia was discontinuous, so this very lengthy intercept utterly modified the interpretation of the mineralization and was a superb shock for BMR.

Battery additionally introduced drilling from the San Andres deposit on February 22^nd, together with an interval from gap SAS-21-36 of 27.4m grading 1.55% Cu, together with 17.7m grading 2.12% Cu from 178.4m downhole.

On March 2^nd, BMR reported the outcomes of gap DS-21-21 at Dalmacia that included 53m grading 2.34% Cu from 68m downhole that included 17m grading 3.77% from 76m downhole – probably the greatest intercepts up to now.

At Cinabrio Norte, an exploration drill program focused the northern extension of the Cinabrio orebody and recognized a brand new important zone of high-grade mineralization within the northern portion of the goal space. The invention gap CNN-22-08 produced a 33.4m intercept grading 1.08% Cu together with 18.9m at 1.23% Cu. Up to now, the Section 1 useful resource drill program of 53 diamond drill holes totalling 13,731m has delineated a copper zone with over 350m vertical extent at Cinabrio Norte. On June 27^th BMR reported gap CNN-22-30 that lower a 164m interval grading 0.80% Cu together with 48.0m at 1.31% Cu, 12.5m at 0.91% Cu and 19.4m at 1.15% Cu. This zone and stays open to the north and at depth.

In a serious company replace on July 13^th, Battery introduced a number of optimistic information objects, together with the profitable completion of the Punitaqui mill evaluation program on schedule and inside finances. The outcomes of our metallurgical research that confirmed glorious total copper recoveries starting from 81% on the low finish at Cinabrio Norte as much as 96.5% on the Dalmacia deposit. The metallurgical research additionally demonstrated the flexibility to supply glorious copper concentrates from every of the 5 zones examined, starting from a low of 23.9% copper as much as 30.8% copper within the Cinabrio deposit.

Neighborhood Relations

In the identical press launch, BMR’s native workforce demonstrated its dedication to a powerful focus of steady enchancment on neighborhood relations by proactively participating with its native communities via in-person conferences. Particularly, quite a few formal and casual conferences have been held with residents of the city of Punitaqui and the neighborhood of Potrerillos, in addition to residents round our Los Mantos plant, the Dalmacia and San Andres deposits and the Cinabrio mine. Numerous agreements have been initiated and sentiment in direction of Punitaqui is majority optimistic. Our personal workforce is being aided in these endeavours by the steering of Integratio Mediação Social e Sustentabilidade (“Integratio”) to construction an ESG firm coverage together with social applications to be carried out as soon as operations restart. Integratio is a socio-environmental administration, strategic relationship, and stakeholder engagement guide group working for over 17 years and based mostly in Belo Horizonte, Brazil.

Raised Non-dilutive Capital

On March 31^st, Battery introduced the closing of a C$10.375 million (“M”) convertible debenture with very favorable phrases together with an 8% rate of interest with a time period of three years and a conversion worth of C$0.65 per share. This enticing and non-dilutive financing allowed Battery to drill much more meters than was initially deliberate. General, the Section I program included almost 33,000m of diamond drilling and the outcomes exceeded administration expectations.

On June 13^th, the Firm additionally introduced a sale lease-back transaction of a property held by our 100%-owned working subsidiary, Ozzie’s Inc., for web proceeds of C$4M. This non-dilutive monetization transaction supplied BMR with additional monetary assets to advance its company and operational initiatives.

On October 21^st, BMR introduced it had entered right into a 120-day mortgage settlement to borrow as much as US$4M from Weston Power LLC, one among its largest shareholders. The proceeds from this shall be obtained by BMR in a number of advances and bear curiosity at 6% for the primary 90 days and eight% thereafter. This mortgage offers Battery with extra non-dilutive funding to advance its Punitaqui copper mining complicated in direction of a restart of manufacturing.

Shortly thereafter, BMR introduced the sale of an industrial actual property property situated in Leduc, Alberta by its wholly owned working subsidiary, ESI Power Providers Inc., that supplied web proceeds of C$2M. The proceeds of this sale are being utilized in direction of advancing the Punitaqui copper mine in direction of a re-start and preliminary manufacturing, and for extra working capital.

In mixture, the Firm raised web proceeds of roughly C$15.6M in 2022, via a collection of strategic, non-dilutive financing transactions. The Firm estimates that, between January 1^st, 2022, and November thirtieth, 2022, it had invested roughly C$14.1M advancing the Punitaqui venture.

Additions and Enhancements to Administration and Board

In Q2 and Q3, Battery’s efforts centered on rising and bettering human and monetary assets, in addition to allowing, metallurgy and ESG initiatives.

Max Satel joined BMR as its full-time Chief Monetary Officer. Max has added important worth to BMR via main quite a few financing initiatives, delivering well timed and correct budgets and forecasts, in addition to monetary stories in accordance with relevant accounting requirements, implementing and bettering inner controls, driving company price financial savings, main ESG reporting efforts, and aiding with numerous company initiatives to create sustained worth.

In August, the Firm made three key additions to the BMR workforce, together with two additions to our Board of Administrators and a really important administration rent. BMR appointed its long-time technical advisor, mining engineer and chartered accountant Derek White to its Board. Derek was former President and CEO of KGHM Worldwide Ltd. from 2012 to 2015, and former Govt Vice President, Enterprise Growth and Chief Monetary Officer of Quadra FNX Mining Ltd. from 2004 to 2012. Later that month, Battery appointed Julia Aspillaga to its Board. Julia is a Chileanmining government and accomplice of a number of mining exploration firms having labored in Chile and in a number of different Latin American nations for the reason that 1980’s. The third addition to the workforce in August was the appointment of a brand new mine normal supervisor for Punitaqui who’s a local of Chile, a mining engineer and holds a grasp’s diploma in Enterprise Administration with greater than 25 years of expertise within the areas of operations, technical companies and tasks in open pit and underground mining.

Sturdy NI 43-101 Compliant Useful resource Estimate

The Firm made its most necessary announcement up to now, because it reported the outcomes of its first ever NI 43-101-compliant useful resource estimate for the 4 underground deposits at our Punitaqui copper mining complicated of 6.2M tonnes grading 1.14% Cu in indicated class together with 3.1M tonnes grading 0.93% Cu within the inferred class. It had at all times been the Firm’s purpose to stipulate 4M – 5M tonnes of complete assets, so this useful resource estimate greater than exceeded administration targets. BMR’s technical workforce consider the Firm has glorious alternatives to develop these assets additional via extra drilling. That is significantly evident on the Dalmacia deposit the place the assets reported have been contained inside solely ~1/3 of the identified mineralized hall.

Environmental Permits Milestones

Battery introduced one other main milestone in September with the approval by the Chilean Atmosphere Evaluation Service (“SEA”) for the Environmental Affect Declaration (“DIA”) pertaining to mining at its Cinabrio mine and San Andres deposit. The approval of the DIA permits BMR to maneuver ahead with beginning mining operations in 2023 and restarting the mill at its Punitaqui copper mining complicated quickly after. The DIA is an environmental allow which grants the permission to mine at a price of as much as 100,0000 tonnes per thirty days (~ 3,300 tonnes per day) on the Cinabrio and San Andres zones.

Battery has additionally obtained an environmental allow via a Consulta de Pertinencia accepted by SEA on Might 17, 2022. This approval authorizes BMR to develop the tailings capability by 1M tonnes. The Firm has additionally filed a Closure Plan and Operational Allow for 100,0000 tonnes of mining per thirty days at Cinabrio and San Andres for approval by Sernageomin on July 18, 2022, and August 11, 2022 respectively. Sernageomin is a Chilean authorities company. Its perform is to offer geological info and recommendation, technical help to authorities, private and non-private pursuits, and to control the mining business in Chile. Feedback to BMR’s Closure Plan are anticipated earlier than yr finish and the Battery intends to reply to the primary spherical of feedback for the Operational Allow earlier than yr finish.

2023 and Past

BMR is targeted on securing the ultimate funding for the restart of mining and resumption of copper focus manufacturing from its Punitaqui copper mining complicated in Chile. Battery estimates the remaining funding required for this at roughly US$15M. The Firm is in superior discussions with a number of events and has the purpose of closing a funding settlement by Q1 2023 that might present this funding with out fairness dilution. As soon as this funding is obtained, BMR is able to start mine rehabilitation and improvement with plant commissioning to happen quickly afterwards. The timeframe to finish mine rehabilitation and mine improvement is estimated at 4 to 6 months. The Firm expects the ramp up from first manufacturing to the total manufacturing price of 20M to 25M kilos of copper in focus each year to require an additional 4 to 6 months.

Concurrently, BMR intends to proceed exploration actions on its present land package deal across the Cinabrio mine space and different areas in and across the Dalmacia deposit. As well as, work is advancing effectively to judge potential native acquisitions that might provide extra ore to the Punitaqui mill, and regionally, a number of accretive alternatives have been recognized to amass different producing or near-producing copper/gold, stand-alone property. Moreover, BMR shall be submitting environmental permits for the Dalmacia mine and filtered tailings tasks within the following weeks.

Martin Kostuik, Battery’s CEO, and director acknowledged, “2022 has been a yr of accomplishments, all of which add to the worth of the Punitaqui mine in Chile and in addition de-risk the near-term resumption of operations and cashflow at Punitaqui. From exploration, engineering, neighborhood and allowing successes to realizing a number of non-dilutive technique of funding to permit BMR to advance the venture, our workforce seems to be ahead to making the most of the renewed optimistic market sentiment for close to time period copper pricing and putting ourselves in a powerful place to take part in a sturdy copper sector in 2023. With a number of events and due diligence advancing effectively, we look ahead to securing the rest of the funding required early subsequent yr to advance the mine and resume operations of the copper processing mill shortly thereafter.”