Mr. Jason Cubitt reports

ProAm Explorations Corp. has provided an update to its news release dated May 1, 2026, announcing the delay in the filing of its financial statements for the period ended Dec. 31, 2025, and the related management discussion and analysis and chief executive officer and chief financial officer certifications, together with its annual oil and gas disclosure prescribed by National Instrument 51-101, Standards of Disclosure for Oil and Gas Activities, for the year ended Dec. 31, 2025, which are required to be filed on or before April 30, 2026, and its request for a management cease trade order (MCTO) relating to the late filing of the required filings. The annual oil and gas disclosure referred to above relates to the non-material legacy assets held by the company.

On May 1, 2026, the company's principal securities regulator in Canada, the British Columbia Securities Commission, issued the company an MCTO under the provisions of National Policy 12-203, Management Cease Trade Orders, in connection with the late filing of the required filings, so as to permit the continued trading in the company's common shares by persons other than the company's chief executive officer and chief financial officer and such other directors, officers and persons as determined by the applicable regulatory authorities. The company expects to file the annual filings on or before May 30, 2026.

Until the required filings are filed, the company intends to comply with the provisions of the alternative information guidelines as set out in NP 12-203 for as long as it remains in default, including the issuance of biweekly default status reports in the form of a news release. The company has imposed an insider trading blackout pending the filing of the required filings.

The company confirms that, since the date of the announcement: (i) there has been no material change to the information set out in the announcement that has not been generally disclosed; (ii) there has not been any other specified default by the company under NP 12-203; (iii) the company is not subject to any insolvency proceedings as of the date of this news release; and (iv) there is no material information concerning the affairs of the company that has not been generally disclosed.