Energizer Resources Inc. (TSX: EGZ) (OTCBB: ENZR) (FWB: YE5) (“Energizer” or the “Company”) is pleased to outline its strategies and timelines for the development of its Molo Graphite deposit in Madagascar.

Energizer released its positive PEA study in late February. In a brief period of time, Energizer has advanced the Molo project, and assembled a team of professionals focused on mine development.

Targeting Accelerated Timeline to Development

In just 15 months from initial discovery, Energizer has delivered the following milestones:

• Graphite discovered in November 2011
• NI 43-101 resource delineation completed December 2012
• Preliminary economic analysis study (PEA study) released in February 2013

Energizer is now focused on the next series of milestones. These include:

• Commencement of a full Feasibility Study in Q2 2013

o This includes construction of two pilot plants, each at a different accredited lab to;

i) Produce the necessary quantity of samples for presentation to potential off take partners

ii) Optimize flake size distribution

iii) To further upgrade our concentrates from purities between 98% and 98.6% graphitic carbon to battery grade target purity levels of greater than 99%

• Full Feasibility Study completion targeted for Q4 2013
• Start of mine construction targeted for Q2 2014
• Production targeted for Q4 2015

Energizer has assembled and contracted a mine development team with world-class experience and proven expertise necessary to rapidly move the project forward.

• DRA Mineral Projects, an EPCM group located in Johannesburg, are the largest builder of mines in Africa
• MINOPEX , a wholly owned subsidiary of DRA, are contract mine operators
• Panalpina, the world’s largest mining logistics company, has hands on experience in Madagascar as they handled all the logistics for the recently completed $6.5billion Sherritt Ambatovy nickel mine

Energizer is currently engaged in off take discussions with key graphite producers and manufacturers. The Company is also in discussions with leading financial institutions for moving the project from the delivery of a full Feasibility Study, through to construction and production.

Energizer’s completion of a PEA Study places it in a very small group of graphite companies.

According to US-based research firm House Mountain Partners, in January 2012 there were 9 junior exploration companies involved in graphite exploration on the TSX, TSX-Venture, ASX and the AIM Exchanges. Today, there are over 82 companies managing 150 graphite projects in 13 countries.

Of those 82 graphite companies;

• 9 have a compliant resource (NI 43-101 or JORC)
• 3 have a PEA study (a PEA includes an economic analysis of the potential viability of a third party validated mineral resource, with quantifiable metallurgical results, capital expenditures (CAPEX) and operating expenditures (OPEX))
• 1 has a full Feasibility Study
• Only 1 graphite company (Energizer Resources) is listed on the Toronto Stock Exchange
• No company has an off take agreement

Industry Analysts Predict Very Few Graphite Mines will Enter Production

According to industry analysts, there is a shortage of primary sources of economic graphite in the world today. The majority of graphite exploration projects today have been either recycled, renamed or resold. While there has been a surge of new graphite projects over the past year, it is believed only a very few will succeed in bringing a graphite mine into production.

Molo Attributes

• Large, expandable NI 43-101 compliant resource that is able to meet market demand as required
• All flake deposit
• Full suite of flake sizes, which enables Energizer to supply products to all market segments
• Indian Ocean location is close to key Asian purchasing and upgrading markets for graphite

Changing Strategies in the Market

Graphite is entering a new era. Graphite is moving from an industrial mineral to a strategic mineral, similar to that of lithium, vanadium and rare earths.

• British Geological Service has now ranked graphite in the top ten on its list of critical minerals
• Graphite has moved ahead of lithium, cobalt and platinum group elements on The Critical Supply Index
• There is ample opportunity to capitalize on the value-added benefits of a fully integrated supply chain in the new graphite era

According to industry analysts, China, the graphite market leader, has adopted a new paradigm.

• China dominates world production of graphite, which is mostly of the low grade quality, but does not control it to the extent it does other minerals, like rare earth elements.
• In order to improve control, mine capacity and scale will be an important factor for China. There are aggressive plans to consolidate current mines to form a State monopoly, from 210 operating mines today down to 20 in this decade
• Imposed combined 37% duty and VAT taxes on all exports of graphite
• Strict duty and environmental regulations on new and existing graphite mines will constrain exports further
• Existing mines are aging, and the accessible ore is now much deeper resulting in capacity decreases and expected increases in mining costs

New Energy-Based Technologies

Graphite, unlike most other minerals, has multiple layers of demand. Industry analysts expect new demand for graphite will be driven by energy-based technologies.

Historically, forecasts for electric vehicle sales have overpromised and under-delivered, consequently, automakers are now providing conservative sales forecasts.

Automakers now understand that the path to consumer acceptance of electric vehicles (EVs) is first through the adoption of hybrid vehicles. This is underscored by the fact that the Toyota Prius is now the world’s third best-selling car. The evidence of the growing acceptance of EVs was demonstrated by the announcement of Motor Trend’s 2013 Car of the Year, the Tesla Model S. The first time a full electric vehicle has ever won this award.

Paralleling the rapid advancement of batteries for electric vehicles, another important growth segment is the advancement of batteries for large-scale energy storage for commercial and grid-level applications.

About Energizer Resources

Energizer Resources Inc. is a mineral exploration and development company based in Toronto, Canada, which is focused on developing the Molo flaked graphite deposit in Fotodrevo, southern Madagascar. The Molo deposit is located in the Green Giant Graphite project, and is part of the joint venture (JV) property with Malagasy Minerals Limited in Madagascar. Energizer has a 75% ownership interest and is the operator of the Project.

For more information, please visit our website atwww.energizerresources.com

Or contact:

Brent Nykoliation, Senior Vice President, Corporate Development

Toll Free: 800.818.5442 or 416.364.4911 Email: bnykoliation@energizerresources.com

Or Craig Scherba, President and COO

Safe Harbour: This press release may contain forward-looking statements that may involve a number of risks and uncertainties. Actual events or results could differ materially from expectations and projections set out herein.

Cautionary Statement: The above resource estimates were calculated in accordance with National Instrument 43-101 as required by Canadian securities regulatory authorities. For United States reporting purposes, Industry Guide 7 (under the Securities Exchange Act of 1934), as interpreted by the Staff of the SEC, applies different standards in order to classify mineralization as a reserve. Among other things, the terms “measured”, “indicated” and “inferred” mineral resources are required pursuant to National Instrument 43-101, the U.S. Securities and Exchange Commission does not recognize such terms. Canadian standards differ significantly from the requirements of the U.S. Securities and Exchange Commission, and mineral resource information contained herein is not comparable to similar information regarding mineral reserves disclosed in accordance with the requirements of the U.S. Securities and Exchange Commission.

Mineral resources are not mineral reserves and do not have demonstrated economic viability. This mineral resource estimate includes inferred resources that are normally considered too speculative geologically to have economic considerations applied to them that would enable them to be categorized as mineral reserves. There is also no certainty that the inferred mineral resource will be converted to the measured and indicated mineral resource categories through further drilling, or into a mineral reserve once economic considerations are applied.

U.S. investors should understand that “inferred” mineral resources have a great amount of uncertainty as to their existence and great uncertainty as to their economic and legal feasibility. In addition, investors are cautioned not to assume that any part or all of the Company’s mineral resources constitute or will be converted into reserves.