Mr. Paul Clarke reports

CANCAMBRIA ENERGY ANNOUNCES SECOND UPSIZE AND CLOSING OF NON-BROKERED PRIVATE PLACEMENT FOR GROSS PROCEEDS OF $3,275,350

Further to the news releases dated Jan. 5, 2026, and Jan. 15, 2026, Cancambria Energy Corp. has closed a second upsize of its non-brokered private placement for gross proceeds of $3,275,350, through the sale of 8,188,375 units at a price of 40 cents per unit. Each unit is composed of one common share and one share purchase warrant. Each warrant will entitle the holder to acquire one additional common share of the company at an exercise price of 50 cents per warrant share for a period of three years following the closing of the offering. The units, shares, warrants and any shares issued upon the exercise of the warrants will be subject to a hold period of four months and one day, expiring May 30, 2026.

The net proceeds from the offering will be used to finance the procurement of long-lead items pursuant to the start of the 2026 drilling program, continuing technical resource evaluation of the Kiskunhalas concession area, support of the joint venture process for the BA-IX tight gas field, and general corporate purposes.

Dr. Paul Clarke, chief executive officer of Cancambria, stated: "We are very pleased to announce the successful close of our twice-upsized private placement and are grateful for the continued support of our existing shareholders, as well as the strong interest from new investors joining Cancambria. In addition, the offering included participation by management and key company associates who collectively purchased shares representing approximately 5 per cent of the units offered. This financing positions the company well as we continue preparations to initiate the Kiskunhalas project drilling program. The proceeds will be used to secure long-lead time items critical to advancing our development plans. We appreciate the confidence our shareholders have placed in our strategy, and we look forward to delivering meaningful progress this year."

The company paid a cash finder's fee of $156,924 and issued 392,310 non-transferable finders' warrants. Each finder's warrant entitles the holder to acquire one common share at a price of 50 cents per finder's warrant share, expiring Jan. 29, 2029. Other than being non-transferable, each finder's warrant is otherwise on the same terms as the warrants. The units, shares, warrants, warrant shares, finders' warrants and finders' warrant shares are collectively referred to herein as the securities.

The units were offered pursuant to available prospectus exemptions set out under applicable securities laws and instruments, including National Instrument 45-106 (Prospectus Exemptions).

Insiders of the company participated in the offering and purchased a total of 250,000 units, which constitutes a related-party transaction within the meaning of Multilateral Instrument 61-101 (Protection of Minority Security Holders in Special Transactions). The company relied on exemptions from the formal valuation and minority shareholder approval requirements provided under subsections 5.5(a) and 5.7(a) of MI 61-101 on the basis that participation in the offering by insiders would not exceed 25 per cent of the fair market value of the company's market capitalization.

Other corporate matters

Pursuant to the company's press release dated Dec. 2, 2025, and the consulting service agreement entered into between Cancambria and Larry Busnardo, in his role as vice-president, investor relations, the company agreed to pay a cash consulting fee of $15,500 (U.S.) per month. The agreement has a term of three years and may be terminated by either party upon 30 days written notice.

About Cancambria Energy Corp.

Cancambria is a Canadian-based exploration and production company specializing in tight gas development. With a globally experienced leadership team, Cancambria focuses on high-quality, derisked projects with direct access to profitable markets. Leveraging the industry's most advanced technologies, the company aims to commercialize its flagship asset, the 100-per-cent-owned Kiskunhalas project in southern Hungary, a significant gas condensate resource in the heart of Europe.

We seek Safe Harbor.