Mr. Jason Tong reports

EXGEN SIGNS BINDING LOI TO ACQUIRE LITHIUM PROPERTY IN NEVADA

ExGen Resources Inc. has entered into a binding letter of intent (the binding LOI) to acquire the Spark North lithium project in Elko county, Nevada, consisting of 111 claims totalling approximately 2,300 acres prospective for lithium from an arm's-length private company (the vendor). The property is north of Surge Battery Metals Inc.'s Nevada North lithium project in Elko county, Nevada. In a news release dated Sept. 24, 2024, Surge Battery Metals announced that the Nevada North lithium project had the highest-grade lithium clay deposit in the United States (11.24 Mt (million tonnes) LCE (lithium carbonate equivalent) grading 3,010 ppm (parts per million) Li at a 1,250 ppm cut-off). The technical report for the Nevada North lithium project was prepared for Surge Battery Metals by authors Jeffrey D. Phinisey of TAG Resources LLC and Bruce M. Davis, independent geostatistical consultant, and titled "Technical Report on Mineral Resource Estimate for the Nevada North Lithium Project, Elko County, Nevada USA," dated effective Oct. 9, 2024, and as announced on Sept. 24, 2024.

The binding LOI and the acquisition of the Spark North lithium project are subject to TSX Venture Exchange approval. ExGen cautions that past results or discoveries on properties in proximity to ExGen's properties, including the Nevada North lithium project, may not necessarily be indicative of the presence of mineralization on any of the company's properties.

The binding LOI outlines the terms of the acquisition as follows:

• ExGen to provide a cash payment of $250,000 to the vendor. The first $100,000 is due on completion of due diligence or waiver of the due diligence condition in respect of the Spark North lithium project. The $150,000 balance is due on closing of the transfer to ExGen of the claims for the Spark North lithium project (the closing).
• ExGen to issue five million common shares to the vendor on closing.
• ExGen to grant a 1.5-per-cent NSR (net smelter return) in favour of the vendor, with a 0.75-per-cent NSR buyback (half of the NSR) at ExGen's option for $1-million.
• The closing of the acquisition of the Spark North lithium project is also subject to conditions as are customary for transactions similar to the acquisition.

Jason Riley, chief executive officer of ExGen, commented: "We have evaluated a number of properties over the past few years and are excited to acquire a position in the Lithium district in Elko county, Nevada. We look forward to completing our due diligence and closing this acquisition shortly."

Qualified person

Kieran Downes, PhD, PGeo, a qualified person as defined by National Instrument 43-101, has reviewed and verified the technical information provided in this release.

About ExGen Resources Inc.

ExGen, formerly Boxxer Gold Corp., is a project accelerator that seeks to finance exploration and development of its projects through joint ventures and partnership agreements. This approach significantly reduces the technical and financial risks for ExGen, while maintaining the upside exposure to new discoveries and potential cash flow. The company intends to build a diverse portfolio of projects across exploration stages and various commodity groups. ExGen currently has five projects in Canada and the United States.

We seek Safe Harbor.