Mr. Richard Barnett reports

ALTIMA ENERGY PROVIDES MCTO STATUS UPDATE AND CONDITIONAL ACCEPTANCE TO CLOSE FINANCING FOR GROSS PROCEEDS OF $5,500,000

Altima Energy Inc. is providing a management cease trade order default status report in accordance with National Policy 12-203 (Management Cease Trade Orders), as well as receiving conditional approval from the TSX Venture Exchange to close the previously announced private placement for a total of $5.5-million.

MCTO update

On July 2, 2025, the company announced that it had applied for an MCTO with the B.C. Securities Commission in connection with the delay in filing of its audited annual financial statements for the year ended Feb. 28, 2025, related management's discussion and analysis, and chief executive officer and chief financial officer certificates, in addition to its National Instrument 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 chief executive officer and chief financial officer 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.

As of today's date, the company still expects that the required documents will be filed by Aug. 29, 2025. In addition, the company's interim financial report, related management's discussion and analysis, and certificates of the chief executive officer and chief financial officer for the first quarter of 2025 ended May 31, 2025, which are required to be filed by July 30, 2025, is expected to be filed by Sept. 1, 2025. The company will file the first quarter interim report in conjunction with, and immediately following, the filing of the required documents.

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.

Conditional approval for $5.5-million financing

On Aug. 1, 2025, the company received conditional acceptance from the exchange to close the financing.

Subject to final acceptance from the exchange and in accordance with the provisions of the subscription agreements, the company will issue a total of 20 million units at 27.5 cents per unit as follows:

• 20 million units, each unit consisting of one common share and one share purchase warrant, each warrant entitling the holder thereof to purchase one additional common share, exercisable for a period of two years from the date of issuance at a price of 40 cents per share on or before. A four-month hold period will be placed all securities issued under this financing.

A portion of the financing proceeds will be allocated to repay the loan of $2.3-million from Code Consulting Ltd., which is subject to the exchange approval before repaying the loan.

There will be finders' fees in connection with the financing in accordance with TSX Venture Exchange policies. No Insiders have directly and/or indirectly subscribed in the financing.

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.