Mr. Ross Ewaniuk reports

WASKAHIGAN OIL & GAS CORP. PROVIDES CORPORATE UPDATE

Waskahigan Oil & Gas Corp. has provided an update on its proposed business combination transaction with Private.Ki Ltd., which was announced on Sept. 15, 2026. The company and Private.Ki continue to complete their respective due diligence and work toward a definitive transaction agreement, and have entered into an amendment to the letter of intent to extend certain deadlines and make other amendments.

Under the amending agreement, the deadline for entry into a definitive agreement has been extended to Nov. 30, 2026, and the targeted closing date has been extended to Jan. 31, 2027. Also, the purchase price for all issued and outstanding securities of Private.Ki has been amended to be $2.5-million, payable on closing with $500,000 in cash and by the issuance of five million postconsolidation common shares at a deemed price of 40 cents per postconsolidation share. There are no postclosing milestone payments. Additional amendments may be made, including further extensions if needed, subject to the mutual written agreement of the company and Private.Ki. All other terms of the proposed transaction remain as previously announced. Closing of the proposed transaction remains subject to conditions, including due diligence, execution of the definitive agreement, approval of the Canadian Securities Exchange and approval of the shareholders of the company, if required, and there can be no assurance that the proposed transaction will be completed.

The company is also pleased to announce that it has granted an aggregate of 1,997,228 stock options to certain of its directors and officers, with each option being exercisable into one common share of the at an exercise price of 10 cents per share for three years from the date of grant, subject to the terms and conditions of the company's share compensation plan, CSE policies, and such additional terms and conditions as may be contained in the stock option agreements to be entered into between the company and each of the optionees. The options vest on grant.

For background on the proposed transaction, see the company's news release dated Sept. 15, 2026, available on SEDAR+.

About Waskahigan Oil & Gas Corp.

Waskahigan Oil & Gas is a Canadian public company that is focused on identifying strategic merger-and-acquisition opportunities with the goal of creating long-term value for shareholders through disciplined growth and responsible operations.

We seek Safe Harbor.