Mr. Cameron Tymstra reports

TARGA ANNOUNCES CLOSE OF PRIVATE PLACEMENT FOR GROSS PROCEEDS OF $2.6M

Targa Exploration Corp., further to the company's news release dated May 13, 2025, has closed its previously announced private placement for aggregate gross proceeds of approximately $2,611,200.

"I'd like to thank our investors, both new and old, for supporting Targa in this financing round," commented Targa chief executive officer Cameron Tymstra. "We are now fully funded to properly test the exciting gold target at Opinaca with the first-ever drill program on the project. We are very pleased to be working closely with the technical team at Kenorland Minerals again this year, who will continue to act as project operator for us at Opinaca. Airborne geophysics are under way, the results of which are expected to help with drill targeting on the seven-kilometre-long gold target trend. Drill permits will soon be applied for with a goal of drilling in Q3 of this year. Targa is now fully focused on making a new gold discovery at our 100-per-cent-owned Opinaca project."

Pursuant to the closing of the offering, the company issued an aggregate of 6,650,200 hard-dollar (HD) common shares of the company at a price of 10 cents per HD share, 1,959,001 flow-through (FT) shares of the company at a price of 12 cents per FT share and 12.05 million charity flow-through (CFT) shares of the company at a price of 14.2 cents per CFT share. Each FT share and CFT share will qualify as a flow-through share pursuant to Subsection 66(15) of the Income Tax Act (Canada). The net proceeds of the sale of the HD shares will be used for the exploration of the company's Opinaca gold project and for working capital purposes. The gross proceeds from the sale of the FT shares and CFT 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 tax act. 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 sale of the FT shares and CFT shares, and incur such expenses by Dec. 31, 2026.

In connection with the offering, the company paid finders' fees of an aggregate of $104,400 in cash and issued an aggregate of 1,024,000 finders' warrants of the company to certain eligible arm's-length finders. Each finder's warrant entitles the finder to purchase one common share of the company at a price of 25 cents per finder's warrant share until June 6, 2027.

All securities issued pursuant to and in connection with the closing of the offering, including finders' warrant shares issuable upon the exercise of finders' warrants, are and will be subject to a hold period expiring Oct. 7, 2025.

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, who is a qualified person within the meaning of National Instrument 43-101, Standards of Disclosure for Mineral Projects.

About Targa Exploration Corp.

Targa 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 its Opinaca gold project, where a significant gold-in-till anomaly has been identified over a strike length of seven kilometres.

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