Mr. Mason Granger reports

SUPERNOVA SIGNS LETTER OF INTENT FOR ADDITIONAL ACREAGE AND CARRIED INTEREST IN OFFSHORE BLOCK LOCATED IN NAMIBIA'S WALVIS BASIN

Supernova Metals Corp., soon to be renamed Oregen Energy Corp., has entered into a letter of intent, dated May 26, 2025, with an arm's-length party to purchase an interest in an offshore petroleum exploration licence located in Namibia's Walvis basin, one of the Namibia's most prospective frontier basins.

Pursuant to the terms of the letter of intent, it is contemplated that the company will acquire an initial 4.9-per-cent indirect carried interest in the licence, with a right to increase its indirect carried interest up to 7.0 per cent. The interest in the licence includes full-carry-through exploration, appraisal, development and into production.

The Walvis basin has, in recent years, attracted growing attention from major industry players, including ExxonMobil, Chevron, Eco (Atlantic) Oil & Gas, Geo-Exploration, Chariot Oil & Gas, and Tower Resources, and is considered to hold material hydrocarbon potential based on historical drilling and continuing technical analysis.

This letter of intent aligns with the company's strategy to expand its offshore portfolio in Namibia, complementing its existing position in the Orange basin.

Currently, the company owns a 12.5-per-cent equity interest in WestOil Ltd., the licensed operator of Block 2712A with a 70-per-cent participating interest. As announced on May 20, 2025, the company will significantly increase its ownership in WestOil through the acquisition of an additional 36-per-cent equity interest. The result of this acquisition will increase the company's corresponding indirect net working interest in Block 2712A from 8.75 per cent to 33.95 per cent.

The company and a 4.5-per-cent minority equity owner in WestOil have also agreed to enter into a shareholder voting and operating agreement as part of the closing of the additional WestOil acquisition referenced above. Under the voting 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.

Supernova is currently undergoing a name change to Oregen Energy and rebranding to reflect its transformation into a frontier offshore oil and gas company focused on Namibia's emerging basins.

Readers are cautioned that the letter of intent is non-binding and does not obligate the company to complete a transaction, nor does it set out the consideration for a transaction. Final terms for a transaction have not yet been determined and remain subject to continuing due diligence, negotiation of definitive agreements and receipt of any required regulatory or third party approvals. There can be no assurance that a transaction will be completed on the terms outlined or at all. The company will provide further updates as developments occur.

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.