MegaWatt Announces Proposed Consolidation of Shares

Vancouver, British Columbia, March 09, 2026 (GLOBE NEWSWIRE) — MegaWatt Lithium and Battery Metals Corp. (CSE:MEGA) (FSE: WR20) (OTCQB: WALRF) (the “Company“, “MegaWatt Metals” or “MegaWatt”) announces that, at the annual general meeting of shareholders of the Company held on February 19, 2026, the shareholders approved, among other things, the consolidation of the common shares in the capital of the Company (the “Shares”) on the basis of one (1) post‑consolidation Share for a minimum of ten (10) pre-consolidation Shares, with the exact consolidation ratio to be determined by the board of directors of the Company.

The Company intends to consolidate the Shares on the basis of one (1) post-consolidation Share for every twelve (12) pre-consolidation Shares (the “Consolidation”).

The Company currently has 37,250,400 Shares issued and outstanding on a pre-consolidation basis.  Upon completion of the Consolidation, there will be approximately 3,104,200 Shares issued and outstanding, subject to adjustment for rounding.

No fractional shares will be issued as a result of the Consolidation. Any fractional shares resulting from the Consolidation will be rounded up or down to the nearest whole Share. The Company’s outstanding incentive stock options and warrants will be proportionately adjusted on the same basis (12:1) to reflect the Consolidation, with corresponding adjustments to the applicable exercise prices made in accordance with their respective terms.

The Consolidation is subject to the approval of the Canadian Securities Exchange (the “CSE”).  The Company’s name and stock symbol are expected to remain unchanged following the Consolidation.

About MegaWatt Lithium and Battery Metals Corp.

MegaWatt is a British Columbia based company involved in the acquisition and exploration of mineral properties.

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 an area of approximately 1,727.43 hectares located in the Trail Creek Mining Division in the Province of British Columbia, Canada.

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, (604)961-0296

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

Forward-Looking Statements:

This news release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements relating to the completion of the Consolidation. Forward-looking information is subject to known and unknown risks, uncertainties, and other factors that may cause actual results, events, or developments to differ materially from those expressed or implied by such forward-looking information, many of which are beyond the control of the Company. Although the Company believes that the assumptions underlying such forward-looking information are reasonable, they may prove to be incorrect. Investors are cautioned that forward-looking information is not a guarantee of future performance or events and that actual results may differ materially from those projected in the forward-looking information. The Company’s forward-looking information represents management’s best judgment based on information currently available. The Company undertakes no obligation to update or revise any forward-looking information, whether as a result of new information, future events, or otherwise, except as required by applicable law. No securities regulatory authority has either approved or disapproved of the contents of this news release.