Mr. Mike Hodge reports

SAVILLE ANNOUNCES EFFECTIVE DATE OF SHARE CONSOLIDATION

Further to the news release dated Dec. 12, 2023, the TSX Venture Exchange has approved the consolidation of its issued and outstanding common shares on the basis of one new share for every 20 currently outstanding shares. The consolidation will become effective at the opening of the market on Dec. 20, 2023. The company's symbol shall remain as SRE.

Currently, a total of 101,846,567 shares are issued and outstanding. Accordingly, upon the consolidation becoming effective and subject to adjustments for rounding, a total of 5,092,328 shares will be issued and outstanding. There is no maximum number of authorized shares. No fractional postconsolidated shares will be issued as a result of the consolidation. Shareholders who would otherwise be entitled to receive a fraction of a postconsolidated share will be rounded up to the nearest whole number of postconsolidated shares, and no cash consideration will be paid in respect of fractional shares.

The exercise price and number of shares, issuable upon the exercise of outstanding options and warrants, will be proportionally adjusted upon the implementation of the proposed consolidation in accordance with the terms thereof.

Odyssey Trust Company will mail letters of transmittal to the shareholders, providing instructions on exchanging preconsolidation share certificates for postconsolidation share certificates. Shareholders are encouraged to send their share certificates, together with their letter of transmittal, to Odyssey in accordance with the instructions in the letter of transmittal.