Mr. Richard Barnett reports

ALTIMA ENERGY PROVIDES BI-WEEKLY MCTO STATUS UPDATE AND CORPORATE UPDATE

Altima Energy Inc. is providing a biweekly default status report in accordance with National Policy 12-203, Management Cease Trade Orders, as well as a corporate update on its proposed target acquisitions in Northern Alberta and the status of the previously announced private placement for up to $5.5-million.

MCTO (management cease trade order) update

On July 2, 2025, the company announced that it had applied for a management cease trade order with the British Columbia Securities Commission (BCSC) in connection with the delay in filing of its audited annual financial statements for the year ended Feb. 28, 2025, related management discussion and analysis, and chief executive officer and chief financial officer certificates in addition to its NI 51-101 disclosure for oil and gas activities for the financial year ended Feb. 28, 2025, by the prescribed filing deadline. At that time, based on information then-available, the company expected to file the required documents by Aug. 29, 2025. The MCTO was issued on July 2, 2025, and restricts its CEO and CFO from trading in securities of the company, whether direct or indirect, until the company files the required documents and the BCSC revokes the MCTO. The company's management continues to work diligently to complete the required documents. The company still expects that the required documents will be filed by Aug. 29, 2025.

Deposit on property acquisition

The company would also like to announce that it has paid an additional non-refundable deposit of $150,000 for the advancement of the prospective acquisition of the Red Earth property in Northern Alberta, which is located in close proximity to the company's existing Red Earth assets. The total consideration in the non-binding proposal dated Jan. 23, 2025, to acquire the Red Earth asset is $1.05-million. This is an arm's-length acquisition. While the company has not entered into a binding agreement with respect to this acquisition at this time and there is no guarantee that the acquisition will be completed, however, the company anticipates entering into a final binding agreement with respects to the acquisition upon the closing of the financing.

Private placement update

On July 8, 2025, the company announced that it has negotiated a private placement for gross proceeds of up to $5.5-million, subject to acceptance by the TSX Venture Exchange (see news release dated July 8, 2025). The company anticipates to close the private placement on or about Friday, July 18, 2025.

The company confirms that since the date of the original announcement: (i) other than as described above and in its original announcement, there have been no changes to the information set out in the original announcement that would be expected to be material to an investor; (ii) there has been no failure by the company in fulfilling its stated intentions with respect to satisfying the provisions of the alternative information guidelines set out in NP 12-203; (iii) there has not been any other specified default by the company under NP 12-203 and no such other default is anticipated; and (iv) there is no other material information concerning the affairs of the company that has not been generally disclosed.

The company confirms it will continue to satisfy the provisions of the alternative information guidelines set out in NP 12-203 so long as it remains in default of the requirement to file the required documents.

About Altima Energy Inc.

Altima Energy is a Vancouver-headquartered oil and gas exploration and production company with a strategic focus on unlocking the potential of hydrocarbon assets across North America. Committed to efficient resource development, Altima combines cutting-edge technology and industry expertise to drive operational excellence and deliver sustainable growth. With a focus on long-term value creation, Altima is dedicated to enhancing returns for its shareholders while maintaining a disciplined approach to asset management.

We seek Safe Harbor.