Mr. Jason Tong reports

EXGEN SIGNS PURCHASE AGREEMENT TO ACQUIRE SPARK NORTH LITHIUM PROJECT IN NEVADA

ExGen Resources Inc., further to ExGen's previous news release dated Dec. 5, 2024, has entered into an asset purchase agreement dated Jan. 21, 2025, 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 Spark North lithium project is north of Surge Battery Metals Inc.'s (TSX-V: NILI) Nevada North lithium project in Elko county, Nevada. In a news release dated Sept. 24, 2024, Surge Battery Metals Inc. announced that the Nevada North lithium project had the highest-grade lithium clay deposit in the United States (11.24 million tonnes LCE grading 3,010 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 Inc. 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 purchase agreement 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. It is expected that the closing of the acquisition will occur on or before Feb. 17, 2025.

The purchase agreement outlines the terms of the acquisition as follows:

• ExGen to provide a cash payment of $250,000 to the vendor on the closing of the acquisition. ExGen has provided the vendor with: (i) a $25,000 non-refundable deposit; and (ii) a secured refundable loan for $225,000, which, together with the deposit, will comprise the cash consideration on closing. If closing does not occur by Feb. 17, 2025, the loan will be due and is required to be repaid in full by the vendor, together with interest, on Feb. 18, 2025. The loan is secured by all the assets of the vendor and accrues interest, payable in arrears, at 8 per cent per annum.

• ExGen to issue five million common shares to the vendor on closing.

• ExGen to grant a 1.5-per-cent net smelter returns royalty 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 believe the Lithium district in Elko county, Nevada, will see increased activity in the next few years and we are excited to be acquiring this initial well-positioned property in the district."

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 the company's 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.

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