Mr. Cameron Tymstra reports

TARGA ANNOUNCES NON-BROKERED PRIVATE PLACEMENT

Targa Exploration Corp. has arranged a non-brokered private placement for gross proceeds of up to $1,375,000. The offering will consist of the sale of hard-dollar units of the company at a price of 10 cents per hard-dollar unit and charity flow-through units of the company at a price of 17.5 cents per charity flow-through unit.

Each unit will consist of one common share of the company and one-half of a common share purchase warrant. Each warrant will entitle the holder thereof to acquire one additional share at a price of 25 cents per warrant share until the date which is 24 months following the closing date (as defined herein), subject to an acceleration clause. If the 10-day volume-weighted average trading price of the shares as quoted on the Canadian Securities Exchange is equal to or greater than 35 cents at the close of any trading day, then the company may, at its option, accelerate the expiry date of the warrants by issuing a press release announcing that the expiry date of the warrants shall be deemed to be on the 30th day following the issuance of the warrant acceleration press release. All warrants that remain unexercised following the accelerated expiry date shall immediately expire and all the rights of holders of such warrants shall be terminated without any compensation to such holder.

Each charity flow-through unit will be issued as a flow-through share as defined in Subsection 66(15) of the Income Tax Act (Canada) and 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 of the company's Opinaca gold-lithium project and for working capital purposes. The gross proceeds from the issuance of the charity flow-through units will be used to incur eligible Canadian exploration expenses in Quebec that qualify as flow-through mining expenditures as such terms are defined in the Income Tax Act (Canada). The company has agreed to renounce such qualifying expenditures with an effective date of no later than Dec. 31, 2024, in an amount of not less than the total amount of the gross proceeds raised from the issuance of charity flow-through units, and incur such expenses by Dec. 31, 2025.

Closing of the offering is anticipated to occur on or about March 28, 2024, 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 the Opinaca project

The Opinaca project is located in the James Bay region of Quebec, approximately 40 kilometres south of Patriot Battery Metals' Corvette lithium discovery, 45 kilometres south of the all-season Trans-Taiga Road and 120 kilometres northwest of the Renard diamond mine. The Opinaca project covers 85,267 contiguous hectares of the Opinaca geological subprovince, dominantly a metasedimentary region with Neoarchean-aged igneous intrusions, including of the Vieux Comptoir suite of granites. Till sampling in 2023 uncovered a five-kilometre-by-four-kilometre gold/arsenic/tungsten anomaly in the centre of the project as well as a higher-grade gold and lithium anomaly to the east.

Qualified person

The disclosure of scientific and technical information contained in this news release has been reviewed and approved by Adrian Lupascu, MSc, PGeo, exploration manager of Targa Exploration, who is a qualified person within the meaning of National Instrument 43-101, Standards of Disclosure for Mineral Projects.

About Targa Exploration Corp.

Targa is a Canadian exploration company engaged in the acquisition, exploration and development of lithium and gold mineral properties with headquarters in Vancouver, B.C. Targa's project portfolio consists of 15 projects in the provinces of Quebec, Ontario, Manitoba and Saskatchewan and covers over 400,000 hectares of prospective ground, most of which has never been explored previously for lithium or gold.

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