Mr. Jon Ward reports

TARGA ANNOUNCES $3 MILLION NON-BROKERED PRIVATE PLACEMENT

Targa Exploration Corp. has arranged a non-brokered private placement for gross proceeds of up to $3-million. The offering will consist of the sale of: (i) hard-dollar units of the company at a price of 40 cents per HD unit; (ii) flow-through units of the company at a price of 46 cents per FT unit; and (iii) Quebec super-flow-through units of the company at a price of 46 cents per super FT unit. Aggregate gross proceeds of the offering are expected to be at least $3-million, consisting of a combination of HD units, FT units and super FT units, with a maximum of 3.75 million HD units, two million FT units and 3,125,000 super FT units being offered.

Each unit will consist of one common share of the company and one-half common share purchase warrant. Each whole warrant will entitle the holder thereof to acquire one additional common share of the company at a price of 70 cents until the date which is 24 months following the closing date (as defined herein). Each FT unit and super FT unit will be issued as a flow-through share, as defined in Subsection 66(15) of the Income Tax Act (Canada). Each super FT unit will also be issued as a flow-through share, as defined in Section 359.1 of the Quebec Tax Act, with respect to purchasers in Quebec.

The net proceeds of the offering will be used for exploration at the company's lithium projects and for working capital purposes. The gross proceeds from the issuance of the FT units and super FT units will be used to incur eligible Canadian exploration expenses that qualify as flow-through critical mineral mining expenditures. The company has agreed to renounce such qualifying expenditures with an effective date of no later than Dec. 31, 2023, in an aggregate amount of not less than the total amount of the gross proceeds raised from the issuance of FT units and super FT units.

The closing of the offering is anticipated to occur on or about July 20, 2023, and is subject to customary closing conditions. In connection with the offering, the company may pay finders' fees to eligible finders. All securities issued in connection with the offering will be subject to a statutory hold period of four months and one day from the closing date.

About Targa Exploration Corp.

Targa Exploration is a Canadian lithium exploration company engaged in the acquisition, exploration and development of lithium mineral properties, with headquarters in Vancouver, B.C. Targa's lithium project portfolio consists of 10 projects in the provinces of Quebec, Ontario, Manitoba and Saskatchewan, and covers over 275,000 hectares of prospective ground, most of which has never been explored previously for lithium.

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