Mr. Balraj Mann reports

FIRST HYDROGEN ANNOUNCES CLOSING OF FINANCING AND DEBT SETTLEMENT

First Hydrogen Corp. has provided an update further to the news release of April 2, 2026, previously announced non-brokered private placement of units and concurrent debt settlement as further described below.

Non-brokered private placement

The company received gross proceeds of $310,000 from the issuance of one million units of the company at a price of 31 cents per unit. Each unit consists of one common share of the company and one share purchase warrant. Each warrant will entitle the holder to acquire one share at 45 cents for a period of two years from the date of closing.

In connection with the private placement, subject to the approval of the TSX Venture Exchange, the company will pay an eligible arm's-length finder a cash finder fee of $24,800 and will issue 80,000 non-transferable finder warrants. Each finder warrant will entitle the holder to acquire one share at 45 cents for a period of two years from the date of closing.

The company intends to use the net proceeds from the private placement for working capital and general corporate purposes.

Debt settlement

Convertible debentureholders will be settling $2,744,425 in principal, consisting of $2,204,425 of convertible debentures due on Nov. 22, 2028, and $540,000 of convertible debentures due on July 9, 2026, plus $118,328 of aggregate accrued interest, for a total of $2,862,753, by issuing 9,234,687 units on the same terms as the units issuable in connection with the private placement.

Subject to the approval of the TSX Venture Exchange, in connection with arranging the negotiated early debt settlement, a 5-per-cent fee will be paid by the issuance of 461,734 common shares and 461,734 share purchase warrants. Each warrant will be exercisable at 45 cents to acquire one common share for a period of two years from the date of closing. The warrants are non-transferable in accordance with TSX-V policies.

The debt settlement represents the portion of the company's previously announced (April 2, 2026) financing that was offered to and accepted by all convertible debentureholders.

All securities issued in connection with the private placement and the debt settlement will be subject to a statutory four-month-and-one-day hold period in accordance with applicable securities law.

About First Hydrogen Corp.

First Hydrogen, based in Vancouver, Montreal, Germany and London, United Kingdom, is a company focused on zero-emission vehicles, green hydrogen production and distribution. The company has designed and built two hydrogen-fuel-cell-powered light commercial vehicles. The FCEV are road legal in the United Kingdom (excluding Northern Ireland) with 6,000 kilometres of testing completed and have achieved a range of 630-plus kilometres on a single refuelling. The vehicles have been trialled in real-world conditions with fleet operators in the United Kingdom.

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