Mr. Casey Forward reports

MEGAWATT ANNOUNCES DELAY IN FILING ANNUAL FINANCIAL STATEMENTS

Megawatt Lithium and Battery Metals Corp.'s audited annual financial statements for the year ended Sept. 30, 2025, including the related management discussion and analysis, and chief executive officer and chief financial officer certifications (collectively, the annual financial filings) were not filed by the required filing deadline of Jan. 28, 2026 (the filing deadline).

The annual financial filings were not filed on or before the filing deadline as the company's auditors have advised that they require additional time to complete the audit due to administrative matters and the company holding certain properties outside British Columbia.

The company is working on the steps required to complete the annual financial filings and expects to be able to file the annual financial filings by March 28, 2026. The company will provide updates as further information relating to the annual financial filings becomes available.

The company has voluntarily applied to the applicable securities regulatory authorities and received a management cease trade order (MCTO) imposed against the chief executive officer and chief financial officer of the company precluding them from trading securities of the company. The MCTO will be in effect until the annual financial filings are filed and requires that the annual financial filings be filed on or before March 28, 2026.

Until the annual financial filings are filed, the company intends to issue biweekly default status reports in accordance with National Policy 12-203 -- Management Cease Trade Orders. The company intends to satisfy the provisions of the alternative information guidelines during the period it remains in default of the filing requirements. The company confirms that there is no other material information relating to its affairs that has not been generally disclosed.

About Megawatt Lithium and Battery Metals Corp.

Megawatt is a British Columbia-based company involved in the acquisition and exploration of mineral properties.

Megawatt has acquired a 100-per-cent interest in a company that holds a 100-per-cent interest (subject to a 1.5-per-cent net smelter return) in the Benedict Mountains uranium property, consisting of two mineral licences covering an area of approximately 350 hectares in the Central Mineral belt on the east coast of Labrador, Canada, approximately 200 kilometres northeast of Goose Bay (see press release dated April 1, 2024).

Megawatt holds a 100-per-cent undivided interest (subject to a 1.5-per-cent NSR) on all base, rare-earth elements and precious metals, in the Cobalt Hill property, consisting of eight mineral claims covering an area of approximately 1,727.43 hectares located in the Trail Creek mining division in the province of British Columbia, Canada.

Additionally, the company has acquired a 100-per-cent interest in a company that indirectly holds a 100-per-cent interest (subject to a 2-per-cent NSR) in the Tyr silver project (see press release dated Oct. 15, 2020).

Megawatt holds a 100-per-cent interest (subject to a 2-per-cent NSR) in and to the Route 381 lithium property, comprising 40 mineral claims located in James Bay Territory, north of Matagami in the province of Quebec, covering 2,126 hectares (see press release dated Feb. 3, 2021), and a 100-per-cent interest in 229 additional mineral exploration claims prospective for lithium, also in the James Bay area of Quebec covering an area of 12,116 hectares or 121 square kilometres.

We seek Safe Harbor.