Mr. Jason Riley reports

EXGEN SIGNS BINDING LOI TO ACQUIRE SILVER STREAM ON PAST-PRODUCING GOLD MINE

ExGen Resources Inc. has entered into a binding letter of intent dated Dec. 15, 2025 (LOI), with an arm's-length private company (the PrivateCo) to acquire a silver stream on a past-producing gold mine located in Chile.

Under the terms of the LOI, ExGen paid $500,000 (U.S.) in consideration for the acquisition of a 33.4 per cent silver stream until 333,334 ounces of silver have been delivered to ExGen and then a 16.7 per cent silver stream on any further silver produced from the property.

Jason Riley, chief executive officer of ExGen, commented, "ExGen has been evaluating various potential streaming and royalty deals and we are excited to have signed our first silver stream with this LOI."

The property

The property is currently owned by a group of private individuals (the vendors). PrivateCo is seeking to purchase the property through an option with the vendors, and ExGen's payment was made on behalf of PrivateCo directly to the vendors (as per the requirements of the LOI).

Terms of the LOI

Subject to the terms and conditions of the LOI, certain terms of the transaction are as follows:

• ExGen has provided a cash payment of $500,000 (U.S.) to the vendors on behalf of PrivateCo.
• ExGen will pay to PrivateCo a delivery price for the silver delivered pursuant to the silver stream equal to 20 per cent of the spot silver price, as determined by a major exchange, which exchange will be determined by the parties, acting reasonably.
• Pursuant to the binding LOI, PrivateCo is required to deliver a minimum of 4,200 ounces of silver to ExGen each calendar quarter beginning with the second quarter of 2027 (the quarterly minimum). If the quarterly minimum is not met, the vendor will make up any shortfall to ExGen with an equivalent value of gold.
• ExGen will have preferential rights to participate in any future streaming or royalty transactions by PrivateCo on property.
• The parties may enter into definitive streaming agreement containing terms and conditions as set out in the LOI and any other terms and conditions as are customary for transactions of a similar nature.

About ExGen Resources Inc.

ExGen is a project accelerator that seeks to finance exploration and development of the company's projects through joint ventures and partnership agreements. This approach significantly reduces the technical and financial risks for ExGen, while maintaining the upside exposure to new discoveries and potential cash flow. ExGen intends to build a diverse portfolio of projects across exploration stages and various commodity groups. ExGen currently has seven projects in Canada and the United States.

We seek Safe Harbor.