Mr. Eli Dusenbury reports

ALPHAGEN ANNOUNCES PROPOSED DEBT SETTLEMENT

Alphagen Intelligence Corp. intends to settle outstanding debts in an amount of $329,370 owed to certain creditors of the company, including Eli Dusenbury (a director and the chief financial officer of the company), through the issuance of 2,251,330 common shares at a deemed price of 14.63 cents per share. The shares proposed to be issued pursuant to the debt settlement will be subject to a statutory four-month-and-one-day hold period in accordance with applicable securities laws. The closing of the debt settlement will be subject to certain customary conditions precedent, including the company's receipt of all necessary regulatory approvals, including the approval of the Canadian Securities Exchange. The debt settlement is expected to close on or about July 10, 2025.

As a result of Mr. Dusenbury's participation in the debt settlement, the debt settlement (to the extent of Mr. Dusenbury's participation) is a related-party transaction as defined under Multilateral Instrument 61-101 (Protection of Minority Securityholders in Special Transactions). The company is relying on the exemptions from the formal valuation and minority approval requirements found in sections 5.5(a) and 5.7(1)(a) of MI 61-101, as the fair market value of the transaction (as it relates to Mr. Dusenbury) is not more than 25 per cent of the company's market capitalization.

About Alphagen Intelligence Corp.

Alphagen is a publicly traded company, holding a portfolio of assets in gaming, entertainment, e-commerce and retail. Operational units include: Shape Immersive, a full-service metaverse studio building the future of Web3 gaming and virtual retail experiences for Fortune 500 companies and beyond through 3-D, spatial computing and game production; and Mana, a software-as-a-service solution and innovation lab that empowers partner companies to level up their community engagement by launching their own gaming platforms. Alphagen clients and partners include RTFKT, Olympics, Red Bull, Intel, TED and more.

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