Mr. Jason Tong reports

EXGEN CLOSES FIRST TRANCHE OF PRIVATE PLACEMENT

Further to its June 9, 2026, news release, ExGen Resources Inc. has completed the closing of the first tranche of the previously announced non-brokered private placement offering, subject to final approval of the TSX Venture Exchange. ExGen issued 8.05 million units at a price of 10 cents per unit for gross proceeds of $805,000. Each unit consists of one common share and one-half of one common share purchase warrant. Each whole warrant entitles the holder thereof to acquire one common share at a price of 15 cents per share for a period of two years after the closing. The terms of the warrants have been amended since ExGen's initial announcement on June 9, 2026, to extend the term and remove the acceleration clause previously disclosed therein.

The net proceeds from the private placement will be used for potential exploration on ExGen's properties, potential future acquisitions and general working capital. Finders' fees of 3 per cent of the gross proceeds of the private placement was paid in cash on a portion of this private placement to certain finders. ExGen anticipates completing a second-tranche closing on or around July 9, 2026.

All securities issued in connection with the closing of the first tranche of the private placement are subject to a hold period that expires on Oct. 26, 2026. For further details on the private placement, please contact ExGen.

About ExGen Resources Inc.

ExGen is a project accelerator that seeks to finance exploration and development of the company's projects through joint ventures and partnership agreements. This approach significantly reduces the technical and financial risks for ExGen while maintaining the upside exposure to new discoveries and potential cash flow. ExGen intends to build a diverse portfolio of projects across exploration stages and various commodity groups. ExGen currently has eight exploration projects in Canada and the United States, four NSR (net smelter return) royalties on projects in the Golden Triangle in British Columbia, Canada, and ExGen also holds a silver stream on the past-producing Andacollo gold mine in Chile, which is slated for a near-term production restart.

We seek Safe Harbor.