Mr. Cameron Tymstra reports

TARGA ANNOUNCES NON-BROKERED PRIVATE PLACEMENT

Targa Exploration Corp. has arranged a non-brokered private placement for gross proceeds of up to $500,000. The offering will consist of the sale of hard-dollar units of the company at a price of two cents per HD unit and flow-through (FT) shares of the company at a price of two cents per FT share.

Each HD 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 six cents per warrant share until the date that is 24 months following the closing date (as defined below), 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 eight 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 news 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 news 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.

Each FT share will consist of one common share of the company and will be issued as a flow-through share as defined in Subsection 66(15) of the Income Tax Act (Canada) and in Section 359.1 of the Quebec Tax Act with respect to purchasers in Quebec.

The net proceeds of the offering will be used for exploration of the company's Opinaca gold project and for working capital purposes. The gross proceeds from the issuance of the FT shares will be used to incur eligible Canadian exploration expenses in Quebec that qualify as flow-through mining expenditures as such terms are defined in the Income Tax Act (Canada). The company has agreed to renounce such qualifying expenditures with an effective date of no later than Dec. 31, 2025, in an amount of not less than the total amount of the gross proceeds raised from the issuance of FT units, and incur such expenses by Dec. 31, 2026.

Closing of the offering is anticipated to occur on or about May 30, 2025, and is subject to customary closing conditions. In connection with the offering, the company may pay finders' fees to eligible finders. All securities issued in connection with the offering will be subject to a statutory hold period of four months and a day from the closing date.

About the Opinaca gold project

The Opinaca project is located in the James Bay region of Quebec, approximately 45 kilometres south of the all-season Trans-Taiga Road and 140 kilometres northeast of the Eleonore gold mine. The Opinaca project covers 85,267 contiguous hectares of the Opinaca geological subprovince, dominantly a metasedimentary region with neoarchean-aged igneous intrusions, including of the Vieux Comptoir suite of granites. Till sampling and prospecting work in 2023 and 2024 has identified a seven-kilometre-long gold target trend near the centre of the project. Boulder sampling in 2024 returned a dozen boulders with anomalous (more than 0.1 gram per tonne (g/t)) gold values, including up to 6.7 g/t Au.

Qualified person

The disclosure of scientific and technical information contained in this news release has been reviewed and approved by Adrian Lupascu, MSc, PGeo, exploration manager of Targa Exploration Corp., who is a qualified person within the meaning of National Instrument 43-101, Standards of Disclosure for Mineral Projects.

About Targa Exploration Corp.

Targa Exploration is a Canadian exploration company engaged in the acquisition, exploration and development of gold mineral properties with headquarters in Vancouver, B.C. Targa's principal asset is it's Opinaca gold project, where a significant gold-in-till anomaly has been identified over a strike length of seven kilometres.

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