Mr. Cameron Tymstra reports

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

Targa Exploration Corp., further to the company's news release dated Aug. 13, 2026, has closed the first tranche of its previously announced private placement for gross proceeds of approximately $1,428,294. The company expects to complete a second and final tranche of the offering by Sept. 3, 2026.

Pursuant to the first tranche closing of the offering, the company issued 7,720,512 flow-through (FT) units of the company at a price of 18.5 cents per FT unit. Each FT unit will qualify as a flow-through share pursuant to Subsection 66(15) of the Income Tax Act (Canada).

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 30 cents per warrant share until the date that is 24 months following the closing date of the first 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 60 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.

The net proceeds of the offering will be used for exploration of the company's mineral exploration projects and for working capital purposes. The company will use an amount equal to the gross proceeds from the sale of the FT units 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 will renounce all such qualifying expenditures, in favour of the subscribers of the FT units, on or before Dec. 31, 2026, in an amount of not less than the total amount of the gross proceeds raised from the issuance of FT units, and incur such qualifying expenditures on or before Dec. 31, 2027.

Closing of the offering is subject to customary closing conditions and all securities issued pursuant to the first tranche of the offering, including shares issuable upon the exercise of warrants or finders' warrants, are and will be subject to a hold period of four months and one day after the date of closing of the first tranche of the offering.

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. The company's focus is on early-stage projects in premier mining jurisdictions with strong potential for making Tier 1 grassroots precious metals discoveries. Targa's principal asset is its Opinaca gold project in Quebec, where widespread gold mineralization was recently discovered during a maiden drill campaign in 2025. The company has also recently acquired options to acquire interests in the Venidero and El Zanjon gold-silver projects in Santa Cruz, Argentina.

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