Mr. Geoff Balderson reports

FREE BATTERY OPTIONS CABLE LAKE PROPERTY AND ANNOUNCES PRIVATE PLACEMENT

Free Battery Metal Ltd. has entered an into option assignment agreement dated Oct. 1, 2025, with Citizen Mining Corp. and Doctors Investment Group Ltd., pursuant which Free Battery has acquired an undivided 80-per-cent interest in an existing option agreement between Citizen and Doctors dated Nov. 12, 2024. Citizen will retain the remaining 20-per-cent interest.

Under the terms of the option agreement, Citizen holds the right to acquire a 100-per-cent interest in the Cable Lake property, located in British Columbia, consisting of minerals claims totalling approximately 20,600 hectares, from Doctors upon satisfaction of the following obligations:

• Payment to Doctors of:
  • $250,000 on or before Nov. 12, 2025;
  • $300,000 on or before Nov. 12, 2026;
  • $300,000 or before Nov. 12, 2027;
  • $300,000 or before Nov. 12, 2028;
• The incurrence of $200,000 in exploration expenditures at the property on or before Dec. 31, 2025;
• The incurrence of $1.8-million in exploration expenditures at the property on or before Dec. 31, 2028.

The property is subject to a 2-per-cent net smelter return royalty, one-half of 1 per cent (0.5 per cent) of which may be purchased by Citizen for $1.5-million.

As consideration for the assignment agreement, the company will pay Citizen an aggregate of $250,000, consisting of $50,000 upon execution of the assignment agreement (paid) and $200,000 (the second assignment fee) upon the company completing a financing of not less than $750,000 on or before Dec. 31, 2025. If the company fails to complete the financing and pay the second assignment fee by Dec. 31, 2025, the assignment agreement will automatically terminate, and the company's 80-per-cent interest in the option agreement will revert to Citizen.

Private placement

The company is also pleased to announce its intention to carry out a non-brokered private placement of up to four million common shares at a price of 25 cents per share. All shares issued pursuant to the offering will be subject to a hold period expiring four months and one day from the date of issue. Finders' fees may be payable on all or a portion of the offering in accordance with the policies of the Canadian Securities Exchange.

The company intends to use the net proceeds from the offering for the second assignment fee, for exploration work on the company's exploration properties, including the property, for new property acquisitions and for general working capital.

About Free Battery Metal Ltd.

Free Battery Metal is a publicly traded company exploring for lithium. Free Battery is committed to responsible mining practices and is actively exploring the Mound Lake property in Northwestern Ontario, a property comprising 243 single-cell unpatented mining claims totalling approximately 4,860 hectares, and the Lac Binette property in Quebec's Upper Laurentians, a property comprising two mineral claims totalling 117.6 hectares. The company sees lithium and other rare metals as critical commodities in supporting the global move toward green technologies, including the transition to electric vehicles.

We seek Safe Harbor.