Mr. Sherman Dahl reports

SKRR EXPLORATION INC. ANNOUNCES AMENDED LETTER OF INTENT FOR PROPOSED REVERSE TAKEOVER TRANSACTION WITH KENZ GLOBAL RESOURCES LTD.

SKRR Exploration Inc. and Kenz Global Resources Ltd. have entered into a third amending agreement dated July 7, 2026, amending the letter of intent dated July 31, 2025, as amended Oct. 29, 2025, and March 17, 2026, in respect of a proposed business combination, whereby SKRR proposes to acquire all of the issued and outstanding securities of Kenz in exchange for the issuance of securities of the company, which will result in Kenz becoming a wholly owned subsidiary of the company. The company and Kenz entered into the first two amending agreements, extending the outside date for the exclusivity period and completion of the proposed transaction to June 30, 2026. The third amending agreement further extends this date to Aug. 30, 2026, and changes other material terms regarding the proposed transaction.

Kenz is a private British Columbia corporation that, through Saudi Arabian subsidiaries, owns and operates several exploration blocks located in Saudia Arabia, including its 45-per-cent ownership interest in its current principal Miskah project, comprising 12 exploration licences held through its wholly owned subsidiary, Kenz Saudi Arabia. Kenz has been designated by the Saudi Ministry of Industry and Mineral Resources as the exclusive operator and manager of the Miskah project, providing Kenz with operational control and responsibility for management of the Miskah project and associated exploration programs. The amending agreement reflects this change in the principal property of Kenz, which was previously the AM ARTI property.

Kenz is currently negotiating an agreement pursuant to which Kenz will acquire immediate beneficial, voting and economic rights in and to a further 6-per-cent interest in the Miskah project, with transfer of legal title to the additional interest being processed under Saudi Arabian law, in consideration for 1.5 million common shares. In addition, pursuant to the Miskah agreement, Kenz will have the option to acquire a further 4-per-cent interest in the Miskah project in consideration of the issuance of a further one million common shares for a period of 36 months. Kenz currently holds a 45-per-cent interest in the Miskah project.

Kenz also holds a 63-per-cent interest in one issued exploration licence and three additional pending exploration licences located in Saudia Arabia comprising its non-principal AM ARTI property, through Kenz Saudi.

The other material terms of the LOI remain the same. See the company's news releases dated Aug. 1, 2025, and March 19, 2026.

If, and when, a definitive agreement is executed in connection with the proposed transaction, SKRR will issue a more comprehensive news release in accordance with Policy 5.2 of the exchange disclosing further details of the proposed transaction, including, among other things, financial information respecting Kenz, capitalization, shareholder approval (if required), and details of insiders and proposed directors and officers of the resulting issuer.

Trading halt

Trading will remain halted pending receipt and review of acceptable documentation pursuant to Section 2.2 of TSX Venture Exchange Policy 5.2 regarding a reverse takeover transaction.

Additional information

Additional information concerning the proposed transaction, SKRR, Kenz and the resulting issuer will be provided once determined in a subsequent news release and in the filing statement to be filed by SKRR in connection with the proposed transaction and which will be available under SKRR's SEDAR+ profile.

About SKRR Exploration Inc.

SKRR is a Canadian-based precious and base metal explorer with properties in Saskatchewan -- some of the world's highest-ranked mining jurisdictions. The primary exploration focus is on the Trans-Hudson corridor in Saskatchewan in search of world-class precious and base metal deposits. The Trans-Hudson orogen, although extremely well known in geological terms, has been significantly underexplored in Saskatchewan. SKRR is committed to all stakeholders, including shareholders, all its partners and the environment in which it operates.

We seek Safe Harbor.