MegaWatt Metals Provides Corporate Update, Including Advancing Clean-Energy Focus Through Agreement to Acquire Uranium Property

●  Acquired Canada-based uranium property

●  Closed non-brokered private placement

Vancouver, British Columbia, May 08, 2024 (GLOBE NEWSWIRE) -- MegaWatt Lithium and Battery Metals Corp. (CSE:MEGA) (FSE: WR20) (OTCQB: WALRF) (the "Company", "MegaWatt Metals" or “MegaWatt”) is pleased to provide a corporate update regarding the Company’s recent developments and upcoming milestones.

MegaWatt’s CEO, Casey Forward, commented: “We successfully completed a private placement capital raise a month ago. And on April 1 we announced a major milestone toward advancing our clean-energy focus through our agreement to acquire Labrador Mineral Resources Inc. and their Canada-based Benedict Mountains Uranium Property. While we already hold a project in Australia that is prospective for uranium mineralization, the Benedict Mountains Uranium Property represents a new level of opportunity for MegaWatt to benefit from multiple long-term drivers supporting the uranium sector: Canada is 1 of the top 3 uranium producing nations; uranium prices are strongly trending upward and are up 30% over last year’s average; the US and 20 other countries plan to triple their nuclear power capacity by 2050 [1]; and market analysts are forecasting an average uranium supply deficit of 35 million pounds per year over the next decades [2]. With all the renewed market interest in uranium and its clean energy applications, the MegaWatt team is excited about the year ahead and the new milestones we expect to reach as we continue to advance our portfolio of mineral assets and build shareholder value.”

Acquisition of Labrador Mineral Resources Inc. and its Uranium Property

As announced in the Company’s news release of May 7, 2024, titled “MegaWatt Completes the Acquisition of Labrador Mineral Resources Inc.,” and further to its news release of April 1, 2024, the Company completed the acquisition (the “Transaction”) of all of the issued and outstanding shares in the capital of Labrador Mineral Resources Inc. (“Labrador”).

Labrador 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.

Closing of Private Placement

As announced in the Company’s news releases of March 8, 2024, titled “MegaWatt Announces Closing of Non-Brokered LIFE Offering and First Tranche of Concurrent Private Placement of Shares,” and of March 15, 2024, titled “MegaWatt Metals Announces Closing of Final Tranche of Concurrent Private Placement of Shares and Engagement of Outside The Box Capital for Marketing Services,” MegaWatt Metals closed its concurrent non-brokered private placement of common shares in the capital of the Company by the issuance of 4,290,000 shares (first tranche) and 1,300,000 shares (second tranche) at $0.10 per share for combined gross proceeds of $559,000.