Mr. Gordon Tainton reports

AZARGA METALS SHARE CONSOLIDATION

Azarga Metals Corp. plans to consolidate its issued and outstanding common shares on the basis of one postconsolidation share for every 10 preconsolidation shares. The consolidation is set to be effective June 27, 2023.

There are currently 208,079,416 issued and outstanding shares. Following the consolidation, it is expected that there will be approximately 20,807,941 shares outstanding. No fractional shares will be issued. Any fractional shares resulting from the consolidation will be rounded down to the nearest whole share if the fraction is less than one-half of a share and will be rounded up to the nearest whole share if the fraction is at least one-half of a share. New CUSIP and ISIN numbers have been issued for the postconsolidation shares, being 05478A208 and CA05478A2083, respectively. Azarga's shares will continue to trade under the symbol AZR and Azarga's name will not change following the consolidation.

The exercise, or conversion, price and the number of shares issuable under any of the company's outstanding convertible securities, will be proportionately adjusted upon the effectiveness of the consolidation. Registered shareholders as of the effective date who hold shares represented by a physical certificate or direct registration advice (DRS advice) will receive a letter of transmittal from the transfer agent for the company, Computershare Investor Services Inc., with instructions on how to exchange their existing certificates or DRS advices for certificates or DRS advices representing postconsolidation shares. Beneficial shareholders holding their shares through an intermediary, such as a brokerage firm, bank, dealer or similar organization, should note that such intermediary may have different procedures for processing the consolidation than the procedures for registered shareholders. Beneficial shareholders who have any questions in this regard are encouraged to contact their intermediary.

We seek Safe Harbor.