Mr. Jason Riley reports

EXGEN CLOSES ACQUISITION OF LITHIUM PROPERTIES IN NEVADA

Further to its news releases dated Oct. 17, 2025, and April 30, 2026, ExGen Resources Inc. has completed the acquisition of an interest in three lithium properties in Nevada, including claims pursuant to two option agreements and other associated assets, from an arm's-length private company and its wholly owned subsidiary. Pursuant to an asset purchase agreement between ExGen and the vendors dated April 29, 2026, ExGen acquired an option to purchase certain claims comprising the Spark South lithium property. In addition, pursuant to the purchase agreement, ExGen acquired options to purchase two additional properties providing exposure to two other prospective lithium districts in Nevada.

Nevada North lithium project (NNLP)

The Nevada North lithium project, located in Elko county, Nevada, is held by Nevada North Lithium LLC, a joint venture between Surge Battery Metals Inc. (70.54 per cent) and Evolution Mining Ltd. (29.46 per cent).

On May 14, 2026, Surge Battery announced a measured and indicated resource upgrade of the NNLP consisting of 657.5 million tonnes grading 3,007 parts per million lithium containing 10.5 million tonnes of lithium carbonate equivalent (LCE) (see Surge Battery's news release dated May 14, 2026).

Nevada North Lithium has also commenced an advanced metallurgical optimization program with Kemetco Research Inc. to support the continuing prefeasibility study (PFS) for the project (see Surge Battery's news release dated April 1, 2026).

Surge Battery also announced the closing of a $36-million strategic financing and the addition of two strategic advisers (see Surge Battery's news release dated June 25, 2026).

The Spark South lithium project

The Spark South lithium project is adjacent to the southern boundary of the NNLP in Elko county, Nevada.

The Spark South lithium project is believed to have a similar geological setting to the neighbouring Nevada North lithium project and has the potential to host similar mineralization.

ExGen cautions that exploration on its properties is early stage and past results or discoveries on neighbouring properties, including Surge Battery's Nevada North lithium project, may not necessarily be indicative of the presence of mineralization on any of ExGen's projects, including the Spark South lithium project.

Jason Riley, chief executive officer of ExGen, commented: "The closing of this transaction marks the culmination of over a year of dedicated effort and capital to secure a core position for ExGen in the Elko county lithium district. Our neighbours, Surge Battery and Evolution, have achieved tremendous milestones already this year, including a newly updated resource calculation and an upsized $36-million financing. We look forward to future catalysts and an exciting second half of the year."

The purchase agreement

In order to acquire a 100-per-cent undivided interest in and to the Spark South lithium project, the Libra lithium project and the Augusta lithium project, ExGen will be required to meet further obligations, as detailed in the news release of April 30, 2026.

Under the purchase agreement, ExGen acquired the vendors' legal and beneficial interest in: (a) the Spark South lithium project in Elko county, Nevada, consisting of 297 claims, through the purchase of an option on 234 claims and through direct purchase of 63 claims from the vendors; (b) an option to purchase the Libra lithium project in Esmeralda county, Nevada, consisting of 107 claims; (c) an option to purchase the Augusta lithium project in Churchill county, Nevada, consisting of 32 claims; (d) a 1.5-per-cent net smelter return royalty on all mineral production from 111 claims located in Elko county, Nevada, previously granted by ExGen to a vendor, which was terminated at closing; and (e) with the exception of any cash or cash equivalents owned by one of the vendors (including, for greater certainty, any common shares in the capital of ExGen), any and all other property and assets owned or asserted by the vendors. As mentioned above, certain of the claims comprising the Spark South lithium project, and the claims comprising the Libra lithium project and the Augusta lithium project, were held by a vendor pursuant to option agreements with a third party. ExGen acquired the rights and obligations of such vendor under the option agreements at closing. In addition, at closing, ExGen entered into an option agreement directly with the property owner for optioned claims comprising the Spark South lithium project and the Libra lithium project.

Terms of the purchase agreement

The acquisition is subject to TSX Venture Exchange final acceptance. No finders' fees were paid by ExGen in respect of the acquisition. Certain terms of the acquisition were as follows:

• ExGen issued 21 million ExGen shares to a vendor on closing, 17,909,700 of which will be distributed pro rata to the shareholders of such vendor immediately following closing. The acquisition or the issuance of the payment shares will not result in any new insiders of ExGen or a change of control of ExGen. The payment shares are subject to resale restrictions pursuant to applicable securities laws with the hold period expiring on Oct. 31, 2026.
• ExGen made a cash payment of $125,000 to the vendors.

Qualified person

Andrew Wilkins, PGeo, is the responsible officer for Lithos Geological Inc. and is the qualified person as defined by National Instrument 43-101 responsible for the accuracy of the technical information contained in this news release. Lithos Geological has a permit to practise (No. 1004267) with Engineers and Geoscientists of British Columbia (EGBC).

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 eight exploration projects in Canada and the United States and four NSR royalties on projects in the Golden Triangle in British Columbia, Canada. ExGen also holds a silver stream on the past-producing Andacollo gold mine in Chile, which is slated for a near-term production restart.

We seek Safe Harbor.