Battery X completes lidar, orthophoto survey at Y

Executive Summary

• Battery X Metals (via subsidiary YY Resources) has completed a high-resolution lidar and orthophoto survey at its Y lithium project in Northern Saskatchewan and engaged a firm to prepare an NI 43-101 technical report.
• The company has finalized the acquisition of the Belanger gold project in Ontario, making the final payment to Bounty Gold Corp. to secure a 100% interest subject to a 3% NSR.
• Battery X Metals settled $544,425.18 in outstanding indebtedness through the issuance of equity and warrants, significantly strengthening its financial position.

Key Details

• Y Lithium Project Exploration:

  • Completed high-resolution lidar and orthophoto survey program.
  • Submitted assessment report to the Saskatchewan Ministry of Energy and Resources.
  • Engaged an arm's-length geological consulting firm to prepare an NI 43-101 technical report.
  • Estimated cost of NI 43-101 report: ~$7,000 plus taxes.
  • Total cost of lidar survey: $56,400 plus taxes (fully paid).
  • Survey qualifies for a 1.5x exploration expenditure credit, resulting in $116,348 in assessment credits.
  • Project location: ~160 km NE of Stony Rapids, SK, near Bailey Lake; comprises 4 claims covering ~5,856 hectares.
  • Future exploration may include desktop analysis, historical till/sediment sampling review, geophysical surveys, and mapping.

• Belanger Project Acquisition (M&A):

  • Executed final payment of $5,500 to Bounty Gold Corp. on July 2, 2025.
  • Total cash consideration paid: $18,000.
  • Battery X Metals now holds a 100% interest in the Belanger project, subject to a 3% Net Smelter Return (NSR) royalty.
  • Option to purchase first 1% of NSR for $750,000 and remaining 2% for $2,000,000 prior to commercial production.
  • Project location: Ontario’s Birch-Uchi greenstone belt near Red Lake; spans 109 unpatented mining claims.

• Debt Settlement (Financing):

  • Settled aggregate indebtedness of $544,425.18.
  • Transaction 1: Issuance of 1,860,844 units to settle $446,603.75 of debt.
    • Deemed price: $0.24 per unit.
    • Each unit consists of one common share and one transferable common share purchase warrant.
    • Warrant terms: Exercisable for one additional common share at $0.315 per share.
    • Warrant expiry: Two years from August 1, 2025.
  • Transaction 2: Issuance of 407,587 debt shares to settle $97,821.43 of debt.
    • Deemed price: $0.24 per debt share.
  • Securities subject to statutory hold period expiring December 2, 2025.
  • Transactions with insiders (Massimo Bellini Bressi, Martino Ciambrelli, John Campbell, Howard Blank) were exempt from MI 61-101 valuation and minority approval requirements.

Notable Quotes

• "The completion of the lidar survey represents a key milestone in the company's 2025 exploration program."
• "This allows for a strategic reallocation of resources toward potential future exploration efforts and additional technical initiatives, such as the NI 43-101 technical report."