Private placement -- non-brokered, convertible debenture

Financing type:  non-brokered private placement

Offering:  $12,871,538.06 (U.S.) ($17,694,618.20 (Canadian)) principal amount of convertible debenture, convertible into 58,506,991 listed shares

Conversion price:  22 U.S. cents (31.2136 Canadian cents) per listed share

Maturity date:  Oct. 16, 2031

Interest rate:  prime plus 7 per cent per annum, if paid in cash, or prime plus 10.0 per cent per annum, if paid in common shares

Commissions in securities:  1,589,147 finders' shares

Private placement -- non-brokered, convertible debenture

Financing type:  non-brokered private placement

Offering:  $3,528,461.94 (U.S.) ($5,006,181.80 (Canadian)) principal amount of convertible debenture, convertible into 16,038,463 listed shares

Conversion price:  22 U.S. cents (31.2136 Canadian cents) per listed share

Maturity date:  Oct. 16, 2031

Interest rate:  prime plus 7 per cent per annum, if paid in cash, or prime plus 10.0 per cent per annum, if paid in common shares

Additional details:  The loan conversion does not yield new cash proceeds to the corporation. It was issued in settlement of approximately $3,528,461.94 (U.S.) in existing principal and accrued liabilities owed under the credit agreement with Trafigura Pte. Ltd., dated Feb. 8, 2022 (as amended).

For more information, please refer to the company's news releases dated Sept. 29, 2026, and Oct. 15, 2026.