Mr. Jon Ward reports

TARGA COMPLETES ACQUISITION OF THREE LARGE PEGMATITE LITHIUM EXPLORATION PROJECTS FROM SHAWN RYAN

Targa Exploration Corp., further to its news release dated April 17, 2023, has completed the acquisition of a 100-per-cent interest in and to the Leaf River lithium project, the Raglan South lithium project (the Ungava project) and the Musquaro Lake lithium project from a syndicate of sellers consisting of Shawn Ryan, Wildwood Exploration Inc., Isaac Fage, Callum Ryan, Simon Cash and Adam Fage.

Located in the northern and eastern regions of Quebec, the projects comprise 3,488 active claims, covering an area of approximately 165,916 hectares. The company believes that the projects hold great potential for spodumene-bearing lithium pegmatites.

Jon Ward, president and chief executive officer of Targa, commented: "We are thrilled to complete the acquisition of the projects from Shawn Ryan and his syndicate. The projects provide Targa with an opportunity to explore a new highly prospective lithium zone in Quebec, Canada. This acquisition complements Targa's portfolio of projects as we continue to build towards our vision of being the leading lithium explorer in Canada and provide value for our stakeholders."

As consideration for the projects, Targa: (i) issued the sellers an aggregate of 7.5 million common shares in the capital of Targa; (ii) paid Wildwood an aggregate of $315,000 in cash; and (iii) granted Shawn Ryan a 1-per-cent net smelter return royalty on the projects. An additional aggregate amount of $315,000 is payable to Wildwood following completion of an equity financing by Targa for gross proceeds of at least $1-million. All consideration shares issued to the sellers will be subject to a four-month hold period. In addition, the sellers have agreed to a voluntary escrow arrangement, whereby one-third of the consideration shares will be released from escrow every four months after May 1, 2023, with the first such release date to occur on Sept. 1, 2023.

For additional information regarding the projects, please refer to Targa's news release dated April 17, 2023.

Exploration plan

Targa is currently planning a comprehensive and regional-scale geological mapping and prospecting program across its properties. The purpose of the program is to locate and sample potential lithium-bearing pegmatite occurrences. The program will also include detailed orthoimagery and topography surveys conducted utilizing drones. These surveys are designed to help identify outcrops and structures related to prospective lithium-bearing pegmatites. Upon completion and compilation of the initial geological, geophysical and prospecting surveys, Targa will then prioritize areas for additional exploration work, including further detailed geological mapping, surface sampling and geophysical surveys to define targets for drill testing.

About Targa Exploration Corp.

Targa Exploration is a Canadian exploration company engaged in the acquisition, exploration and development of mineral properties with headquarters in Vancouver, B.C.

Qualified person

The scientific and technical content of this news release has been reviewed and approved by Lorne Warner, PGeo, who is a qualified person as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects.

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