Record Resources Announces $500,000 Brokered LIFE Offering to Advance Strategic Growth Initiatives in Gabon, Africa

Record Resources Inc. ("Record" or "the Company") announced on December 8, 2025, a brokered private placement for gross proceeds of $500,000. The financing, led by Research Capital Corporation, will be structured as a Listed Issuer Financing Exemption (LIFE) offering. The offering consists of units priced at $0.06 each, with each unit comprising one common share and one common share purchase warrant. Each warrant is exercisable at $0.09 for a period of 30 months.

The proceeds are intended to advance the company's new strategic growth plans in Gabon, Africa, and for general working capital. The release also reiterated the terms of its joint venture (JV) and Production Sharing Contract (PSC) for the Ngulu block (offshore Block C-7). Record holds a 20% working interest, which is fully carried by its strategic partner (the operator, with a 55% interest) through the initial four-year term, including the commitment to drill one exploration well.

The news is material and positive for the company. The financing, while small, provides essential capital to fund corporate overhead while its JV partner advances the Gabon oil project. Insider participation in the offering is a vote of confidence in the new strategy. The deal being brokered by Research Capital adds a layer of institutional validation.

The primary value of this announcement is the reinforcement of the company's transformational pivot from a struggling Canadian mineral explorer to an international oil and gas play. The key feature of the Gabon JV is Record's 20% fully carried interest. This structure provides shareholders with exposure to a potentially high-impact exploration well without the company having to bear the significant associated drilling costs, which it is in no position to afford. This massively de-risks the project from a financial standpoint for Record.

This financing follows the initial JV announcement in September 2025 and the subsequent appointment of experienced ex-Tullow Oil executives to the board in November 2025. These events form a clear and logical progression, adding credibility to the new oil and gas focus.

However, the size of the financing ($500,000) is a concern. Based on the company's historical burn rate, this capital will not last long, suggesting further dilutive financings will be necessary in the near future to cover ongoing general and administrative expenses. The investment case remains highly speculative and is almost entirely dependent on the exploration success of its partner in Gabon.

Record Resources Inc. is a junior resource company that has recently undergone a complete strategic pivot. Until mid-2025, the company was focused on a disparate portfolio of early-stage hydrogen and mineral (primarily gold) properties in Ontario, Canada.

The company's new flagship project is its 20% working interest in the Ngulu exploration block, offshore Gabon, West Africa. This interest was acquired through a strategic joint venture with Reconnaissance Energy Africa Ltd. (TSXV: RECO), which acts as the operator. The block contains the existing Loba oil discovery, which the company believes has near-term production potential, and an inventory of 28 identified exploration prospects. The most significant aspect of the deal is that Record's interest is fully carried by its partner through the initial 4-year exploration phase, which includes the drilling of one well.