Ms. Michelle DeCecco reports

MONUMENTAL ENERGY ANNOUNCES SUCCESSFUL INITIAL PRODUCTION FROM NGAERE-1 WELL AND PROVIDES OUTLOOK FOR 2026

Monumental Energy Corp. (further to the company's news release dated Jan. 13, 2026) has perforated, and has released strong initial production results from, the Ngaere-1 well, in partnership with New Zealand Energy Corp. and L&M Energy Ltd. NZEC is the holder of a 50-per-cent interest in the petroleum mining licences PML 38140 and PML 38141 located in onshore Taranaki, New Zealand, pursuant to a joint operating agreement between NZEC and L&M Energy.

The partnership enables Monumental to participate in certain mutually agreed upon appraisal and development workover projects with NZEC to increase oil and gas production from the area covered by the licences. The parties have selected the Ngaere-1 well as the first project under the partnership.

Ngaere-1

The Ngaere-1 well was perforated into a previously untested bypass pay zone less than two weeks ago under the recently executed funding and gainshare agreement between the partnership (see the company's news release dated Jan. 13, 2026, and NZEC's news release dated Feb. 4, 2026).

Following perforation, the well immediately flowed oil and gas, producing 580 barrels of crude oil within the first six hours of operation. Production was temporarily shut in to allow additional tanker capacity to arrive on site to transport the crude for delivery to port and subsequent refining.

Since recommencing operations, the Ngaere-1 workover well has produced approximately 3,000 barrels of crude oil to date, currently stabilizing at approximately 120 barrels of oil per day, without the benefit of additional stimulation and optimization activities, which are planned for a future date.

For context, Brent crude oil prices are currently above $85 (U.S.) per barrel, with New Zealand crude typically achieving only a modest discount to Brent pricing. Operating costs in New Zealand are primarily denominated in New Zealand dollars (currently approximately at $1 (U.S.) equals $1.68 (N.Z.)).

Although the Ngaere-1 well was originally drilled more than 30 years ago, the upper zone that is now producing was not previously evaluated, resulting in limited historical log data for this interval. Despite this uncertainty, the well flowed oil and gas immediately upon perforation, and initial production revenues have already recovered the workover costs within the first weeks of operation.

The next phase of work will focus on continued production and reservoir evaluation while preparing for a recompletion program designed to increase drawdown on the reservoir, which is expected to further enhance production rates and ultimate recoverable reserves.

The partnership considers the initial results highly encouraging given the historical log uncertainty and believes they demonstrate the potential for similar opportunities across the field.

Waihapa H1 AND Ngaere-2

Following the strong initial results from the cost-effective perforation of the Mount Messenger formation at the Ngaere-1 well, the partnership has agreed to immediately advance similar perforation operations at the Waihapa H1 and Ngaere-2 wells.

These perforations are expected to take place as soon as operational logistics permit and will target the same formation that has demonstrated encouraging early production at Ngaere-1.

The company's management believes these additional perforations represent a low-cost, high-impact opportunity to unlock previously bypassed hydrocarbon zones within existing wells. Success at these locations could further validate the broader potential of the Mount Messenger formation across the permit area and provide additional near-term production growth.

Outlook for 2026

Monumental has also led and co-financed an application to extend the Ngaere permit area by approximately 4,050 acres, financing 50 per cent of the application costs.

The proposed extension area lies between the Cheal oil field and the Ngaere wells currently under evaluation within the Ngaere field. Seismic data indicate the potential for additional hydrocarbon accumulations within this corridor, particularly at shallower depths similar to those currently being evaluated. The application has been posted on the New Zealand regulator's website and is currently under review. As part of the review process, the regulator will consider geological and production evidence supporting the potential extension of the Ngaere field into the proposed acreage.

In addition, Monumental is actively pursuing further onshore permit applications within the Taranaki basin with the objective of establishing a longer-term position focused primarily on natural gas development. Two additional permit areas are currently under submission with the regulator.

The company believes that onshore Taranaki represents the most promising region in New Zealand capable of addressing the country's growing natural gas supply shortage. Monumental is therefore actively pursuing opportunities in this region with the goal of supporting both near-term gas supply and longer-term energy development.

Government funding

On Jan. 12, 2026, the government of New Zealand announced the opening of its Energy Development Fund, which is designed to support new natural gas exploration and development projects within the country.

Monumental Energy is currently evaluating several opportunities within its portfolio that its technical team believes may qualify for funding under this program. The company believes that participation in this initiative could help accelerate the development of domestic gas resources and support New Zealand's efforts to address growing energy supply constraints.

About Monumental Energy Corp.

Monumental Energy is an exploration company focused on the acquisition, exploration and development of properties in the critical and clean energy sectors. The company is building a strategic position in New Zealand's onshore Taranaki basin, targeting near-term oil production and longer-term natural gas development.

The company has partnered with New Zealand Energy on production optimization and workover opportunities across existing fields. The company also holds securities of NZEC and a call option and royalty interest related to the Copper Moki wells.

Monumental additionally maintains exposure to the critical mineral sector through a 2-per-cent net smelter return royalty on Summit Nanotech's interest in the Salar de Turi lithium project in Chile.

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