File: Attachment MegaWatt - news release - Delay in Filing Annual Financial Statements - MCTO - January 29, 2026.pdf

Megawatt Announces Delay in Filing Annual Financial Statements

Vancouver, British Columbia, January 29, 2026 -- MegaWatt Lithium and Battery Metals Corp. (CSE:MEGA) (FSE: WR20) (OTCQB: WALRF) (the "Company", "MegaWatt Metals" or "MegaWatt") announces that its audited annual financial statements for the year ended September 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 January 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 bi-weekly 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% interest in a company that holds a 100% interest (subject to a 1.5% NSR) in the Benedict Mountains Uranium Property, consisting of 2 mineral licenses covering an area of approximately 350 hectares in the Central Mineral Belt on the east coast of Labrador, Canada, approximately 200 km NE of Goose Bay (see press release dated April 1, 2024).

MegaWatt holds a 100% undivided interest (subject to a 1.5% NSR) on all base, rare earth elements and precious metals, in the Cobalt Hill Property, consisting of 8 mineral claims covering

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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% interest in a company that indirectly holds a 100% interest (subject to a 2% NSR) in the Tyr Silver Project (see press release dated October 15, 2020).

MegaWatt holds a 100% interest (subject to a 2% NSR) in and to the Route 381 Lithium Property, comprised of 40 mineral claims located in James Bay Territory, north of Matagami in the Province of Quebec, covering 2,126 hectares (see press release dated February 3, 2021), and a 100% 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 kms.

On Behalf of the Board of Directors,

MegaWatt Lithium and Battery Metals Corp. Casey Forward, CEO

1055 West Georgia Street, Suite 1500 Vancouver, BC, Canada V7X 1M5

For Further Information Please Contact:

Kelvin Lee, Chief Financial Officer klee@k2capital.ca, (236) 521-6500

The CSE does not accept responsibility for the adequacy or accuracy of this release.

Forward-Looking Statement Cautions:

This news release may contain statements which constitute "forward-looking information", including statements regarding the plans, intentions, beliefs and current expectations of the Company, its directors, or its officers with respect to the future business activities of the Company. The words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions, as they relate to the Company, or its management, are intended to identify such forward-looking statements. Forward looking statements made in this news release include the anticipated filing date of the Annual Financial Filings. Investors are cautioned that any such forward-looking statements are not guarantees of future business activities and involve risks and uncertainties, and that the Company's future business activities may differ materially from those in the forward-looking statements as a result of various factors, including, but not limited to, availability of funds, personnel and other resources necessary to conduct the business activities of the Company. There can be no assurances that such information will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. The Company does not assume any obligation to update any forward-looking information except as required under the applicable securities laws.

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