Montreal, Quebec - TheNewswire - April 25, 2022 - SRG Mining Inc. (TSXV:SRG) (“SRG” or the “Company”) announced today that Sprott Private Resource Lending II (Collector), LP (“Sprott”), has converted the full outstanding amount of capital owed under the previously announced Sprott convertible debt facility to common shares of the Company (the “Conversion”).

The total principal amount of US$482,371 has been converted at the pre-agreed conversion price of C$0.69 per share. As a result, SRG has issued 881,550 common shares (the “Shares”) to Sprott (the “Recipient”). In addition to the Shares, the Company has paid the Recipient in cash accrued interest and certain expenses. The Recipient has waived its entitlement to an early pre-payment fee.

The Conversion is an important step by SRG to simplify its balance sheet, deepen the relationship with a leading financial institution and broaden the SRG shareholder register. The Conversion by Sprott, following the recent investment by La Mancha Capital Advisory LLP, is also a strong endorsement of the Company’s updated strategy to become a fully integrated mine-to-market supplier of active anode material.

“The conversion completed today cements the relationship with Sprott as a dedicated partner that provides capital through all phases of SRG’s development. Partners that provide flexible financing solutions are instrumental the success of SRG and we thank Sprott for their continued support as we advance the Lola Graphite Project towards production,” said Benoit La Salle, Chairman of the Board and Matthieu Bos, Chief Executive Officer.

About SRG Mining

SRG Mining Inc. is a Canadian-based mining company focused on developing the Lola Graphite Project located in the Republic of Guinea, West Africa. The Lola Graphite Project has Probable Reserves of 42Mt at a grade of 4.2% Cg. SRG aims to develop a fully integrated source of battery anode material to supply the European lithium-ion and fuel cell markets. With attractive operating costs, proximity to European end-markets and strong ESG credentials, SRG is poised to become a reliable supplier while promoting sustainability and supply chain transparency. SRG is committed to generating sustainable, long-term benefits that are shared with the host countries and communities where it operates.

For additional information, please visit SRG’s website at www.srgmining.com.

Contact:

SRG Mining Inc.                                               

1320 Graham, Suite 132                                        

Ville Mont-Royal, Québec       

H3P 3C8       

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Statements

This press release contains “forward-looking information” within the meaning of Canadian securities legislation. All information contained herein that is not clearly historical in nature may constitute forward-looking information. Generally, such forward-looking information can be identified by the use of forward-looking terminology such as, “simplify”, “deepen”, “become”, “continue”, “advance”, or variations of such words and phrases or state that certain actions, events or results “will”, “may”, “could”, “would” or “might” occur. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: (i) volatile stock price; (ii) the general global markets and economic conditions; (iii) the possibility of write-downs and impairments; (iv) the risk associated with exploration, development and operations of mineral deposits and mine plans for the Company’s mining operations; (v) the risk associated with establishing title to mineral properties and assets including permitting, development, operations and production from the Company’s operations being consistent with expectations and projections; (vi) fluctuations in commodity prices, finding offtake takers and potential clients or enforcing such agreements against same and other risks and factors described or referred to in the section entitled “Risk Factors” in the MD&A of the Company and which is available at www.sedar.com, all of which should be reviewed in conjunction with the information found in this news release. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such forward-looking information. Such forward-looking information has been provided for the purpose of assisting investors in understanding the Company’s business, operations and exploration plans and may not be appropriate for other purposes. Accordingly, readers should not place undue reliance on forward-looking information. Forward-looking information is given as of the date of this press release, and the Company does not undertake to update such forward-looking information except in accordance with applicable securities laws.