Mr. Daniel Russell reports

SYNEX RENEWABLE ENERGY CORPORATION ANNOUNCES REGULATORY APPROVALS

The B.C. Utilities Commission, the Province of British Columbia, and the BC Hydro and Power Authority have each provided the respective requisite approval in connection with the previously announced statutory plan of arrangement pursuant to the Business Corporations Act (British Columbia) whereby Sitka Power Inc. will acquire all of the issued and outstanding common shares of Synex Renewable Energy Corp. for $2.40 in cash per common share. With all required shareholder, court and regulatory approvals having been obtained, the arrangement is expected to be completed on or about Aug. 1, 2025, although the arrangement remains subject to customary closing conditions that cannot be satisfied until completion.

Further details regarding the arrangement, including the regulatory approvals, closing conditions and the benefits for the shareholders of the company, can be found in the company's management proxy circular dated April 24, 2025, in respect of the meeting, which can be found under the company's SEDAR+ profile.

About Synex Renewable Energy Corp.

Synex, based in Vancouver, B.C., is a company engaged in the development, acquisition, ownership and operation of renewable energy projects in Canada. It has ownership interests in 11 megawatts of operating hydro projects in British Columbia, and owns a Vancouver Island grid connection and utility carrying on business as Kyuquot Power Ltd. The company also has 9.4 megawatts of construction-ready run-of-river projects, applications and land tenures on another 24 potential hydroelectric sites totalling over 150 megawatts of capacity, and approximately 16 wind development sites that could provide up to 4,700 megawatts of clean power in British Columbia.

About Sitka Power Inc.

Sitka is a small-scale Canadian renewable energy developer and independent power producer, headquartered in Calgary, Alta., who is active in British Columbia, Alberta, Saskatchewan and Ontario.

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