Financing type:  non-brokered private placement

Offering:  $3-million principal amount of convertible debentures convertible into 25 million listed shares with 7.5 million detachable warrants

Conversion price:  12 cents per listed share

Maturity date:  Dec. 31, 2027, subject to an accelerated expiry if the lender requires repayment of the convertible debentures

Interest rate:  10.0 per cent per annum

Warrant exercise terms:  12 cents per listed share before Dec. 31, 2027, subject to an accelerated expiry if the lender requires repayment of the convertible debentures

Commissions in securities:  1.2 million finders' shares

Disclosure:  Refer to the company's news release dated May 1, 2025.