Mr. Paul Cowley reports

INDIGO EXPLORATION CLOSES $1,325,444 OVER-SUBSCRIBED PRIVATE PLACEMENT FINANCING

Indigo Exploration Inc. has closed its oversubscribed non-brokered private placement, previously announced on Jan. 30, 2025, and extended on March 13, 2025. The company issued 22,090,737 units at a price of six cents per unit for gross proceeds of $1,325,444.22. The company paid a total of $88,434.10 in finders' fees and 1,473,902 non-transferable broker warrants at an exercise price of 10 cents.

Each unit comprises one common share in the capital of the company and one transferable share purchase warrant of the company, whereby each warrant entitles the holder thereof to purchase one additional share at an exercise price of 10 cents at any time before 5 p.m. Vancouver time on March 31, 2027, being the second anniversary of the date of issuance.

The company expects to use the proceeds of the private placement to carry out exploration work on the company's Hot property, a uranium project located in the past-producing Shirley basin of Wyoming, and for general working capital purposes.

Bradley Parkes, a director of the company, participated in the offering, purchasing 200,000 units for gross proceeds of $12,000. Participation by the insider in the offering is considered a related party transaction pursuant to Multilateral Instrument 61-101, Protection of Minority Security Holders in Special Transactions. The company is exempt from the requirements to obtain a formal valuation and minority shareholder approval in connection with the insider's participation in the offering, in reliance of sections 5.5(a) and 5.7(a) of MI 61-101, respectively, on the basis that participation in the offering by the insider did not exceed 25 per cent of the fair market value of the company's market capitalization. The company did not file a material change report in respect of the related party transaction at least 21 days before the closing of the offering, which the company deems reasonable in the circumstances as the details of the participation by insider of the company were not settled until shortly prior to closing of the offering and the company wished to complete the offering in an expeditious manner.

All securities issued under the offering are subject to a hold period expiring Aug. 1, 2025, in accordance with applicable securities laws and the policies of the TSX Venture Exchange. The offering remains subject to final approval of the TSX Venture Exchange.

The company also announces that, pursuant to the company's 10-per-cent rolling stock option plan and in compliance with the policies of the TSX Venture Exchange, it has repriced 200,000 incentive stock options to certain consultants of the company from 16.5 cents per share to seven cents per share. In addition, the company granted incentive stock options to certain directors and officers of the company to purchase up to an aggregate of 1.3 million common shares of the company. These options are exercisable for a period of five years at a price of seven cents per share.

We seek Safe Harbor.