Mr. Nick Rodway reports

EARLY WARNING REPORT FILED

Nick Rodway, chief executive officer and a director of HM Exploration Corp., has filed an early warning report pursuant to the requirements of National Instrument 62-103 (the Early Warning System and Related Take-Over Bids and Insider Reporting Issues). A copy of the report filed by Mr. Rodway can be viewed at HM's SEDAR+ profile.

This report relates to 281,001 common shares and 140,500 warrants of HM that were acquired on Nov. 26, 2025, through the company's closing of its private placement financing of 11-cent units, with each unit consisting of one common share of the company and one-half of one common share purchase warrant of the company, with each warrant entitling the holder to acquire one additional common share at an exercise price of 16 cents for a period of 36 months from the closing date. HM's address is as follows: 1450, 789 West Pender St., Vancouver, B.C., V6C 1H2.

The occurrence that triggered the requirement to file the report was that Mr. Rodway acquired 281,001 units through his company, 1240533 B.C. Ltd.

Immediately before the financing, the acquiror had beneficial ownership, or exercised control or direction, both directly and indirectly, over 2,412,500 shares and 500,000 options, representing approximately 17.31 per cent of the outstanding shares of HM on an undiluted basis and 20.17 per cent of the outstanding shares of HM on a partially diluted basis.

Immediately after purchasing the acquired shares and the acquired warrants, the acquiror has beneficial ownership or exercises direction or control over, directly and indirectly: (a) 2,693,501 shares; (b) 500,000 options; and (c) 140,500 warrants, representing approximately 11.70 per cent of the outstanding shares of HM on an undiluted basis and 13.92 per cent on a partially diluted basis.

The average cost per unit is 11 cents for aggregate consideration of $30,910.11.

Mr. Rodway may, from time to time, increase or decrease his beneficial ownership or control of HM shares depending on market or other conditions; however, he has no current intention to acquire or dispose of any securities of the company.