Mr. Gordon Tainton reports

AZARGA METALS BALANCE SHEET RESTRUCTURE UPDATE

Azarga Metals Corp. is providing an update on the restructuring of its balance sheet announced on June 5, 2023.

In addition to the settlement of the shareholder loans and certain related party debt, one additional creditor has agreed to settle all of its accrued fees (excluding GST) in the amount of $80,759.77 in exchange for 538,398 common shares to fully extinguish the debt.

This brings the total debt to $1,904,601.82, being settled by 12,697,342 common shares at a deemed price of 15 cents made up of:

• Shareholder loans in the amount of $1,763,842, principal and interest, to convert into an approximate 11,758,944 common shares at a deemed price of 15 cents;

• Certain related party consulting fees in the amount of $60,000 to convert into 400,000 common shares, reduced from $91,667 as previously announced to meet TSX Venture Exchange policies;

• Legal fees in the amount of $80,759.77 into 538,398 common shares.

The issue of common shares to settle the debts are subject to final approval from the TSX Venture Exchange.

We seek Safe Harbor.