Positive Copper-Cobalt Sample Results As Evaluation Advances of Offshore Stockpiles

Amid a booming market, Coniagas is exploring offshore copper and cobalt opportunities for processing in Quebec, a strategic gateway to the emerging North American EV industry

The Company is excited to announce significant initial sample results, showcasing encouraging copper and cobalt grades from the offshore stockpiles identified for evaluation using the Re-2Ox hydrometallurgical process. This development marks an essential step in our mission to become a leading supplier of critical battery metals for the North American electric vehicle (EV) industry.

The preliminary assays reveal copper and cobalt concentrations of 1.76% Cu and 0.36% Co from one of the identified stockpiles containing 3,000,000 tonnes, highlighting the potential for high-grade materials. These results reinforce the urgency of further detailed analysis and underscore our strategic focus on securing quality feedstock for our domestic operations.

Strategic Importance and Industry Context

As China continues to dominate the global clean energy manufacturing sector, accounting for a staggering 85% of the world’s investment in this area in 2022, Coniagas’ efforts to localize production and secure a reliable supply chain are crucial, according to The New York Times. The strategic location of our full production facility in Quebec will leverage the province’s robust infrastructure, green power, and access to critical ports, positioning Coniagas at the forefront of North America’s EV battery supply chain revolution.

Our feed-first approach not only ensures the consistency and quality of materials but also aligns with broader geopolitical efforts to reduce reliance on Chinese imports. Recent industry reports highlight the significant challenges posed by China’s control over 70% of the planet’s lithium refining capacity and up to 95% of production for other crucial EV battery materials, as detailed by Bloomberg. By developing a domestic loop using recycled critical metals, Coniagas is poised to help disrupt this dependency and foster a more sustainable and secure supply chain.

Comments from Leadership

Frank Basa, P.Eng., Order of Engineers Ontario, President and CEO of Coniagas, emphasized, “Our feed-first strategy is crucial in establishing Coniagas as a key player in refining and processing high-grade copper, nickel, and cobalt products. This includes producing cobalt sulfate for the expanding domestic EV cell manufacturing market, a sector that is essential for reducing our dependence on Chinese imports.”

Matthew Halliday, P.Geo., Qualified Person (QP) for Coniagas, added, “The upcoming steps in our evaluation process are designed to ensure the quality and consistency of our stockpile materials. Our collaboration with SGS in Quebec is vital for advancing the Re-2Ox process towards pilot and full-scale production.”

Commitment to Sustainability and Innovation

Coniagas remains dedicated to advancing its strategic vision of becoming a leading supplier of critical battery metals. Our approach not only addresses immediate supply chain vulnerabilities but also contributes to the long-term sustainability of the EV industry. As highlighted in recent discussions from The Information, ethical sourcing and stringent environmental standards are essential strategies for the West to compete with China’s dominance in battery production. Our initiatives are geared towards fostering a responsible and ethical supply chain that meets the highest environmental and labor standards, positioning Coniagas as a leader in sustainable battery metal production.

Qualified Person

The technical information in this news release was reviewed and approved by Matthew Halliday, P.Geo., member of the Ordre des Géologues du Québec, who is a Qualified Person in accordance with National Instrument 43-101.

Quality Control and Reporting Protocols

The assay results are from OnSite Laboratories in Cobalt, Ontario. The material is crushed to 75% passing -2 mm (10 mesh), a 250 g split of this material is pulverized to 85% passing 75 microns (200 mesh) and analyzed by Aqua Regia with an Atomic Absorption Spectrometry (AAS) finish. All samples were run in replicate, and CRMs were included for Cu and Co.

About Coniagas Battery Metals Inc.

Coniagas Battery Metals Inc. is a Canadian junior mining company focused on nickel, copper, cobalt, and platinum group metals in Quebec. Our strategy is to create shareholder value through the development of our mineral properties, with the goal of becoming a critical metals supplier to the EV market.

Coniagas has achieved notable success with geophysics and shallow drilling at its 100% owned Graal project near Saguenay, Quebec, consistently hitting mineralization. This success has confirmed an open-pit deposit model along a 6 km strike of high-grade nickel and copper, with cobalt, platinum, and palladium byproducts. Upcoming plans include further drilling, a Ni 43-101 resource report, metallurgical testing, and consultations with First Nations. The Graal project and immediate work plan are outlined in detail in the “NI 43-101 Technical Report Graal Nickel & Copper Project, Saguenay-Lac-St-Jean, Quebec, Canada” dated January 17, 2024. The report is available along with other information at the Company’s website.

“Frank J. Basa” Frank J. Basa, P. Eng., Order of Engineers Ontario

Chief Executive Officer

For further information, contact: Frank J. Basa, P. Eng. Ontario

Chief Executive Officer

416-625-2342

or:

Wayne Cheveldayoff, Corporate Communications

P: 416-710-2410

E: [email protected]

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Caution Regarding Forward-Looking Statements

This news release may contain forward-looking statements regarding Coniagas Battery Metals Inc. (“Coniagas” or the “Company”) which include, but are not limited to, comments that involve future events and conditions, which are subject to various risks and uncertainties. Except for statements of historical facts, comments that address the Coniagas trading on the TSX Venture Exchange, resource potential, upcoming work programs, geological interpretations, receipt and security of mineral property titles, availability of funds, and others are forward-looking. No assurance can be given that any of the foregoing will be achieved. Forward-looking statements are not guarantees of future performance and actual results may vary materially from those statements. General business conditions are factors that could cause actual results to vary materially from forward-looking statements. The Company does not undertake to update any forward-looking information in this news release or other communications unless required by law.