Mr. Cameron Tymstra reports

TARGA ANNOUNCES CLOSING OF FINAL TRANCHE OF NON-BROKERED PRIVATE PLACEMENT

Further to the company's news releases dated March 21, 2024, and March 28, 2024, Targa Exploration Corp. has closed the second and final tranche of its previously announced private placement for an additional 6.7 million units of the company at a price of 10 cents per hard-dollar unit for gross proceeds of $670,000. A total of 9.75 million hard-dollar units and 3.5 million charity flow-through units of the company were issued under the first and second tranches of the offering for aggregate gross proceeds of $1,587,500.

"I would like to thank our current shareholders and several new ones who participated in this financing for their continued support of Targa," commented Targa chief executive officer Cameron Tymstra. "I would like to welcome two well-respected Quebec-based funds, SIDEX and NQI, as new shareholders of Targa. We consider their participation and interest in Targa as a meaningful stamp of approval within the sector and speaks to the excitement and potential of our Opinaca project."

Each unit will consist of one common share of the company and one-half of a common share purchase warrant. Each warrant will entitle the holder thereof to acquire one additional share at a price of 25 cents per warrant share until the date that is 24 months following the closing date of the second tranche of the offering, subject to an acceleration clause. If the 10-day volume-weighted average trading price of the shares as quoted on the Canadian Securities Exchange is equal to or greater than 35 cents at the close of any trading day, then the company may, at its option, accelerate the expiry date of the warrants by issuing a press release announcing that the expiry date of the warrants shall be deemed to be on the 30th day following the issuance of the warrant acceleration press release. All warrants that remain unexercised following the accelerated expiry date shall immediately expire and all the rights of holders of such warrants shall be terminated without any compensation to such holder.

The net proceeds of the second tranche of the offering will be used for exploration of the company's Opinaca gold-lithium project and for working capital purposes.

All securities issued pursuant to the second tranche of the offering, including shares issuable upon the exercise of warrants, are subject to a hold period of four months and one day after the date of closing of the second tranche of the offering. A total of $2,400 was paid in cash and a total of 24,000 finder warrants were issued for finders' fees. The finder warrants will expire on May 1, 2026, and have an exercise price of 25 cents.

About the Opinaca project

The Opinaca project is located in the James Bay region of Quebec, approximately 40 kilometres south of Patriot Battery Metals' Corvette lithium discovery, 45 kilometres south of the all-season Trans-Taiga Road and 120 kilometres northwest of the Renard diamond mine. The Opinaca project covers 85,267 contiguous hectares of the Opinaca geological subprovince, dominantly a metasedimentary region with Neoarchean-aged igneous intrusions, including the Vieux Comptoir suite of granites. Till sampling in 2023 uncovered a five-kilometre-by-four-kilometre gold/arsenic/tungsten anomaly in the centre of the project as well as a higher-grade gold and lithium anomaly to the east.

About Targa Exploration Corp.

Targa Exploration is a Canadian exploration company engaged in the acquisition, exploration and development of lithium and gold mineral properties with headquarters in Vancouver, B.C. Targa's project portfolio consists of 15 projects in the provinces of Quebec, Ontario, Manitoba and Saskatchewan and covers over 400,000 hectares of prospective ground, most of which has never been explored previously for lithium or gold.

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