Battery X Metals Inc. (CSE: BATX) has maintained its mineral claims for the Y Lithium Project in good standing through May 2027 by paying a deficiency deposit of C$54,039.40 to the Government of Saskatchewan. The Vancouver-based explorer is now evaluating a potential Phase I geological mapping and sampling program to further assess the project’s lithium pegmatite potential.

The company’s wholly-owned subsidiary, YY Resources Inc., made the claim deposit effective August 12, 2026. This payment extends the good-standing dates for three of the four claims to May 16, 2027, and the remaining claim to May 18, 2027. Prior to this, the company had submitted an extension-of-time deposit of C$21,133.83 in May 2026, which had temporarily extended the claim dates to mid-August 2026.

Exploration Progress and Technical Work

The evaluation of future activities builds on technical work completed in 2025, including a high-resolution LiDAR survey valued at approximately C$71,078. This work qualified for a 1.5x exploration expenditure credit under Saskatchewan’s mineral exploration incentive program, satisfying the 2025 assessment work requirements.

A National Instrument 43-101 compliant technical report filed in October 2025 recommended integrating government datasets with LiDAR results to identify prospective areas. Based on these recommendations, management is assessing a Phase I program aimed at characterizing surficial and bedrock geology.

Financial Requirements for Claim Maintenance

To satisfy exploration expenditure requirements and recover the recent deposits, the company must complete eligible expenditures totaling approximately C$141,877.43 by the good-standing dates. This requirement consists of:

• C$54,039.40 for the current period
• C$87,838.03 for the subsequent period

Management has received quotations from third-party geological consultants totaling approximately C$127,425 for the currently contemplated scope of the Phase I program. If the company proceeds, it may broaden the scope to include additional eligible activities to meet the aggregate expenditure threshold.

What the Numbers Show

The current consultant quotations of C$127,425 fall short of the C$141,877.43 required to fully satisfy the exploration expenditure obligations and recover the deposits. This gap indicates that if the Phase I program proceeds as currently scoped, Battery X Metals will need to either expand the program’s scope or utilize additional deficiency deposits to maintain the claims without forfeiting funds.

Risk Factors and Forward-Looking Statements

The company noted that there is no assurance it will proceed with the Phase I program or incur the required expenditures. Failure to meet expenditure requirements could lead to the forfeiture of deposits, though the company may be eligible for further extension-of-time deposits or additional deficiency deposits, subject to regulatory limits. Deficiency deposits can be made for up to three consecutive assessment work periods; the current payment represents the first such period.

Battery X Metals Inc. (CSE: BATX) (OTCQB: BATXF) (FSE: R0W) has closed the second tranche of its previously announced non-brokered private placement. The transaction raised aggregate gross proceeds of $113,260.95 through the issuance of 41,185 units at a price of $2.75 per unit.

Each unit consists of one common share and one transferable common share purchase warrant. Each warrant entitles the holder to acquire one additional share at an exercise price of $3.00, exercisable until August 12, 2028. The securities issued under this tranche are subject to a statutory hold period expiring December 13, 2026.

Transaction Details

The closing of this second tranche brings the total aggregate gross proceeds raised through the entire private placement to C$713,261.45. This total was achieved through the issuance of an aggregate of 259,367 units across both tranches.

Use of Proceeds

The net proceeds from the private placement are intended to be allocated toward advancing the company's business initiatives. Specific uses include:

• Expenses related to corporate development and regulatory matters in connection with strategic capital markets initiatives.
• Payment of outstanding and future payables and indebtedness.
• Corporate awareness initiatives.
• General working capital purposes.

These proceeds are expected to support Battery X Metals' integrated 360° strategy across the battery metals value chain, encompassing exploration, rebalancing, and recycling. The company stated that the funds will aid in the continued advancement of next-generation solutions contributing to the global clean energy transition.

Future Closings

The remaining portion of the private placement is expected to close, in whole or in part, in one or more additional tranches on or before September 4, 2026. This timeline is subject to compliance with the policies of the Canadian Securities Exchange. The company noted that there can be no assurance that any additional tranche will be completed within the anticipated timeframe.

About Battery X Metals

Battery X Metals is an energy transition resource exploration and technology company. It focuses on domestic battery and critical metal resource exploration and the development of next-generation proprietary technologies. The company's strategy includes extending the lifespan of lithium-ion batteries and the recovery and recycling of battery materials. Its patent-pending lithium-ion battery rebalancing technology reportedly recovered approximately 99% of capacity lost due to cell imbalance in a demonstration conducted with the National Research Council of Canada.