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Supernova Metals Corp (2)
Symbol SUPR
Shares Issued 32,513,994
Close 2025-05-09 C$ 0.48
Market Cap C$ 15,606,717
Recent Sedar Documents

Supernova completes Block 2712A NI 51-101 tech report

2025-05-22 19:06 ET - News Release

Mr. Mason Granger reports

SUPERNOVA ANNOUNCES COMPLETION OF NI 51-101 TECHNICAL REPORT AND UPDATE ON FUTURE OPERATORSHIP OF BLOCK 2712A

Supernova Metals Corp., soon to be renamed Oregen Energy Corp., has completed its technical report and has filed its F1 and F3 forms pursuant to National Instrument 51-101 in connection with its interest in Block 2712A in Namibia's Orange basin -- a pivotal step as the company prepares to take full control of operatorship over this high-potential asset.

Currently the owner of a 12.5-per-cent equity interest in WestOil Ltd., the licensed operator of Block 2712A with a 70-per-cent participating interest, the company will significantly increase its position through the acquisition of an additional 36-per-cent equity interest in WestOil, which will increase its total ownership in WestOil to 48.5 per cent, corresponding to a 33.95-per-cent net working interest in Block 2712A. The company presently has an 8.75-per-cent net working interest in the block.

More significantly, the company and a 4.5-per-cent minority equity owner of WestOil have agreed to enter into a shareholder voting and operating agreement as part of the closing of the acquisition. Under the agreement, the company and the minority shareholder have agreed to co-operatively vote their 53-per-cent collective shareholdings in WestOil thereby granting majority control to Oregen over all operational and administrative decisions, ensuring that Oregen will assume strategic direction over the exploration and development program for the 70-per-cent working interest in the block.

The remaining minority 47 per cent of WestOil is held by shareholders who will continue to participate, on a paying working interest basis only, on all exploration activities on Block 2712A.

This major development underscores Oregen's evolution into an emerging participant in one of the most promising frontier basins globally, positioning the company to lead a transformative exploration campaign in Namibia. "Securing a controlling interest and future operatorship of Block 2712A is a defining moment for Oregen," said chief executive officer Mason Granger. "This positions us not just as a partner, but as the operator in one of the world's most exciting offshore oil plays. With the NI 51-101 technical report completed and the WestOil transaction nearing close, we are fully aligned to initiate a high-impact 3-D seismic program this fall. We thank our partners, Petrovena Energy, Namcor, stakeholders and our shareholders for their continued support as we enter this pivotal new phase."

The company is also pleased to announce that it has retained Flowcomms Ltd. as its strategic communications and digital engagement partner. Flowcomms specializes in investor-focused content creation, social media and market-facing communications. With a strong record in the natural resources sector, Flowcomms will support Supernova in building its on-line presence and strengthening investor engagement as the company advances its exploration plans. The company has agreed to pay Flowcomms a quarterly fee of $6,250 for the initial 12-month term.

The company and Flowcomms act at arm's length and Flowcomms does not currently have any direct or indirect interest in the company or its securities. Flowcomms' place of business is 167-169 Great Portland St., fifth floor, Marylebone, London Borough of Westminster, London, W1W 5PF.

About Supernova Metals Corp.

Supernova is an oil exploration company focused on acquiring and advancing natural resource opportunities globally. The company is primarily focused on increasing its ownership interest in Block 2712A located in the Orange basin, offshore Namibia. The company is also actively exploring other investment and acquisition opportunities in the Orange and surrounding basins.

We seek Safe Harbor.

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