Mr. Paul Sparkes reports

VORTEX ENERGY ENTERS INTO AGREEMENT TO ACQUIRE ADDITIONAL MINERAL LICENSE IN NEWFOUNDLAND

Vortex Energy Corp. has entered into an agreement with Galloper Gold Corp. to acquire an additional mineral licence contiguous to the northern border of its Robinsons River salt property in Newfoundland and Labrador. If completed, the acquisition will enhance the landmass of the company's portfolio of salt-prospective property in Newfoundland.

Under the terms of the agreement, the company has agreed to pay $162,800 in cash and issue 750,000 common shares of the company to Galloper on the closing date of the acquisition of the mineral licence. In addition, subject to the terms of the agreement, the company has agreed to (i) issue one million Vortex shares to Galloper in the event that the company completes a drill hole on the mineral licence which intersects a core length of at least 300 metres with an average grade of at least 90 per cent sodium chloride and (ii) issue three million Vortex shares and pay $1-million to Galloper if the company utilizes, on a commercial basis, any salt caverns on the mineral licence for underground energy storage.

Paul Sparkes, chief executive officer of the company, commented on the proposed acquisition: "The proposed addition of the mineral licence aligns with our long-term vision by providing us with the opportunity to capitalize on the synergies between our existing assets and the mineral licence, strategically located to the north. By expanding our footprint, we have enhanced the overall exploration potential of our Newfoundland assets and we are committed to maximizing this potential for the benefit of our stakeholders."

The acquisition of the mineral licence is expected to close in July of 2023. The closing of the acquisition of the mineral licence is subject to the satisfaction of customary closing conditions.

All Vortex shares issued pursuant to the agreement are subject to an 18-month contractual escrow arrangement, during which time, subject to customary exceptions, such Vortex shares may not be traded without the prior approval of the company. The Vortex shares issuable pursuant to the agreement will be released from the escrow arrangement in three equal tranches: one-third will be released after six months, a further one-third after 12 months and the remaining one-third after 18 months. In addition, all Vortex shares issued pursuant to the agreement shall be subject to a statutory four-month hold period pursuant to applicable Canadian securities laws. Galloper has also agreed, pursuant to the agreement, to customary orderly sale provisions with respect to sales by Galloper of any Vortex shares issued to Galloper in respect of the achievement of the milestones, pursuant to which Galloper has agreed to give prior notice of a proposed sale of such Vortex shares to the company and allow the company a period of time to organize a buyer for such Vortex shares.

About Vortex Energy Corp.

Vortex Energy is an exploration-stage company engaged principally in the acquisition, exploration and development of mineral properties in North America. The company is currently advancing its Robinson River salt project located approximately 35 linear kilometres south of the town of Stephenville in the province of Newfoundland and Labrador covering over 17,000 hectares. Leveraging the Robinson River salt project, the company is also exploring the development of technologies to efficiently store green hydrogen in salt caverns. Vortex also holds the Fire Eye project, which is located in the Wollaston domain of Northern Saskatchewan, Canada.

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