Energizer Resources Provides Clarification on Previous News Release Disclosures - Seite 2

1 - Mineral resources are classified according to the Canadian Institute of Mining definitions.

2 - "Low grade" mineral resources are stated at a cut-off grade of 2% C and excludes the 'high grade" mineral resources.

3 - "High grade" mineral resources are stated at a cut-off grade of 4% C.

4 - Eastern and Western high grade assays are capped at 13% C and 15% C respectively.

5 - A relative density of 2.36 t/m3 was used assigned to the mineralized zones for the mineral resource estimation.

6 - Please refer to the Company's technical report entitled "Molo Graphite Project, Fotadrevo, Province of Toliara, Madagascar, Preliminary Economic Assessment Technical Report Update" dated April 12, 2013 and the technical report titled "Molo Graphite Project, Fotadrevo, Province of Toliara, Madagascar" dated September 25, 2014 available under the Company's profile at www.sedar.com for a discussion in respect of certain key assumptions, parameters and methods in respect to the mineral resource disclosure.

The Company's news release dated April 3, 2013 reported only pre-tax results from its graphite grade and operating sensitivity analysis for the Molo graphite project. Pre-tax results alone should not be relied upon. For post-tax results, please refer to the Company's technical report entitled "Molo Graphite Project, Fotadrevo, Province of Toliara, Madagascar, Preliminary Economic Assessment Technical Report Update" dated April 12, 2013 available under the Company's profile at www.sedar.com. The Company wishes to add the following qualified person(s) for the below referenced news releases:

• For news release dated March 26, 2012: Craig Scherba, P.Geo., President and COO is the qualified person who reviewed and approved the technical information provided in this release.

• For news release dated January 24, 2013: Mr. Glenn Bezuidenhout, DRA Process Director (Process QP) is the qualified person who reviewed and approved the technical information provided in this release

• For news release dated October 17, 2013: Mr. Oliver Peters, M.Sc., MBA, P.Eng. (Ontario), Principal Metallurgist and President of Metpro Management Inc. is the qualified person who reviewed and approved the technical information provided in this press release.

• For news release dated February 25, 2014: Mr. Glenn Bezuidenhout, DRA Process Director (Process QP) is the qualified person who reviewed and approved the technical information provided in this press release.

• For news release dated February 28, 2014: Mr. Craig Scherba, P.Geo., President and COO is the qualified person who reviewed and approved the technical information provided in this press release.

The Company would like to clarify that a news release dated September 11, 2014, entitled "Tesla's New Giga-Plant Will Double the World's Demand for Flake Graphite and Energizer Resources Inc. May Just Be Sitting on the Mother Lode" was not issued by the Company, but rather was issued by U.S-based Uptick Newswire ("the Uptick Release"). A fee of US $2000 was paid to Uptick Newswire for an interview and distribution of an editorial-type article to its database. Prior to the dissemination of the "Uptick Release", the Company had previously engaged Uptick Newswire for a 1-month awareness campaign in August 2014, at a fee of US$4,000.