SRG Announces Update on Financing, Offtake and Strategic Partnerships

Montreal, Quebec, January 18, 2023 – SRG Mining Inc. (TSXV: SRG) (“SRG” or the “Company”) today announced further details on the financing, offtake and strategic partnership discussions to advance the development of the Lola Graphite Project in the Republic of Guinea (the “Lola Graphite Project”) into a fully integrated supplier of battery anode material to the North American and European markets. As the Company looks back on the transformational year of 2022 where it attracted significant investment from the La Mancha Fund, it is pleased to announce the progress it has made on the implementation of the integrated business model. The integrated business model would result in the creation of a mine-to-market active anode material producer, hosting a large high-purity graphite production mine and concentrator in Africa and a value-added, coated spherical purified graphite (“CSPG”) conversion facility in Europe or North America.

Financing, Offtake and Strategic Partnership Discussions Progressing

The Company is advancing discussions with multiple parties who have expressed interest in providing financing to advance SRG towards first production. The Company is very encouraged by the level of interest it has received from several high-quality investors to provide both debt and equity financing to fund the construction of the first phase of the Lola Graphite Project. In addition to the existing offtake agreements, several Western and Asian parties have also expressed interest in a significant and long-term offtake agreement for the Lola Graphite Project concentrate production. The Company has made available, large one-tonne samples from its bulk sample pilot plant to prospective offtakers to complete the necessary quality assessments ahead of progressing the discussions on commercial terms for its high quality, battery-grade graphite concentrate. As the Company is developing its CSPG strategy several parties have expressed interest in joining forces with SRG to become a Tier One supplier to the Western end markets.