Mr. Dan Sutton reports

SYNTHOLENE ENERGY CORP. ANNOUNCES $1.5 MILLION NON-BROKERED PRIVATE PLACEMENT

Syntholene Energy Corp. intends to conduct a non-brokered private placement of units of the company at a price of 45 cents per unit for gross proceeds of up to $1.5-million.

Each unit will consist of one common share of the company and one-half of one common share purchase warrant. Each warrant will entitle the holder thereof to acquire one common share at an exercise price of 63 cents for a period of two years from the date of issuance of the warrant, subject to an acceleration provision in accordance with the terms of the warrant.

The company intends to use the proceeds of the financing for future testing and production at the company's demonstration facility in Husavik, Iceland, and for general working capital.

Dan Sutton, Syntholene's chief executive officer, said: "We are pleased with the preliminary results we are seeing at our demonstration facility. The company has been producing low-cost clean hydrogen as the key first step towards a larger commercial project that could become a significant supplier of clean synthetic fuel. Financings of this nature strengthen our balance sheet as the company continues testing and production at the demonstration facility, while advancing work on offtakes, project financing and other strategic matters."

The offering is expected to close on or about July 21, 2026, or such other date or dates as the company may determine. The company may pay certain commissions in connection with the financing, as permitted by applicable securities laws and the policies of the TSX Venture Exchange.

The company expects that insiders of the company may participate in the financing. The extent of insider participation, if any, has not been determined at this time. Any insider participation will be disclosed in accordance with the policies of the TSX Venture Exchange and applicable securities laws.

The units issued pursuant to the financing, and any common shares underlying the warrants, will be subject to a statutory hold period of four months and one day from the date of issuance, in accordance with applicable securities laws. Completion of the financing remains subject to the receipt of all required regulatory approvals, including approval of the TSX Venture Exchange.

About Syntholene Energy Corp.

Syntholene is actively commercializing its novel hybrid thermal production system for low-cost clean fuel synthesis. The target output is ultrapure synthetic jet fuel, which the company seeks to manufacture at 70 per cent lower cost than the nearest competing technology today. The company's mission is to deliver the world's first truly high performance, low-cost and carbon-neutral synthetic fuel at an industrial scale, unlocking the potential to produce clean synthetic fuel at lower cost than fossil fuels, for the first time.

Syntholene operates the world's first geothermally integrated high temperature electrolysis demonstration facility in Husavik, Iceland, which is now producing 99.9-plus per cent purity hydrogen.

Founded by experienced operators across advanced energy infrastructure, nuclear technology, low-emissions steel refining, process engineering and capital markets, Syntholene aims to be the first team to deliver a scalable modular production platform for cost-competitive synthetic fuel, thus accelerating the commercialization of carbon-neutral e-fuels across global markets.

We seek Safe Harbor.