Mr. Geir Liland reports

ORONOVA ENERGY INC. CLOSES $15 MILLION NON-BROKERED PRIVATE PLACEMENT OF SUBSCRIPTION RECEIPTS

Oronova Energy Inc. has closed its non-brokered private placement of 60 million subscription receipts at a price of 25 cents per subscription receipt for aggregate gross proceeds of $15-million. The offering was announced on Nov. 20, 2025, in connection with the company's announcement of its intention to acquire a 100-per-cent interest in the Cameron gold project from First Mining Gold Corp. by way of a reverse takeover transaction under the policies of the TSX Venture Exchange to form a new gold exploration and development company, Seva Mining Corp.

The offering consisted of the issuance of the following components by the company and 1001416725 Ontario Ltd., a wholly owned subsidiary of the company (FinCo), at a price of 25 cents per subscription receipt:

• An aggregate of 48,594,000 subscription receipts issued by FinCo for aggregate gross proceeds of $12,148,500;
• An aggregate of 11,406,000 subscription receipts of the company for aggregate gross proceeds of $2,851,500.

In connection with the transaction, each subscription receipt will convert into one common share in the capital of the company subject to the satisfaction of certain escrow release conditions, including the completion of the proposed transaction and requisite approval of the TSX-V. The proceeds of the offering will be held in escrow pending satisfaction of the escrow release conditions. When released from escrow, proceeds from the offering will be used to finance payment obligations and exploration expenditures relating to the project and for general working capital purposes.

It is anticipated that, on closing of the transaction, the company will pay cash finders' fees of $150,180 to certain eligible finders.

The offering remains subject to the final approval of the TSX-V.

Completion of the transaction is subject to a number of conditions, including but not limited to, TSX-V acceptance and, if applicable, disinterested shareholder approval. Where applicable, the transaction cannot close until the required shareholder approval is obtained. There can be no assurance that the transaction will be completed as proposed or at all.

We seek Safe Harbor.