ExGen's Phoenix Copper suspends chairman, CFO

Mr. Jason Tong reports EXGEN RESOURCES PROVIDES CORPORATE UPDATE, AND ANNOUNCES STOCK OPTION GRANT AND $200,000 PRIVATE PLACEMENT ExGen Resources Inc. has provided an update regarding Phoenix Copper Ltd., the operator of the Empire copper project in Idaho, in which ExGen holds a 20-per-cent carried interest. In addition, ExGen owns 1.33 million common shares of Phoenix. Phoenix announced on Feb. 9 the suspension of the executive chairman and the chief financial officer. The Phoenix chief executive officer, in a Feb. 10 news release, stated, "Work relating to the advancement of the Empire project and broader strategic options continues." ExGen management understands that Phoenix is in discussions with a number of industry groups which have potential interest in advancing the Empire project. Grant of stock options ExGen also announced that certain directors, officers, employees and consultants have been issued an aggregate of four million options pursuant to ExGen's option plan, with each such option being exercisable into one common share at an exercise price of 14 cents at any time on or before the fifth anniversary of its issuance. Each of the options vested on grant, other than 250,000 options granted to an investor relations consultant of the company, which will vest, as to 25 per cent of the options granted, on each of the three-, six-, nine- and 12-month anniversaries of the date of grant of the options. Of the options granted above, 500,000 options were granted to directors and officers of ExGen. ExGen is relying on exemptions from the formal valuation and minority approval requirements of Multilateral Instrument 61-101 and TSX Venture Exchange Policy 5.9 for the issuance of these options pursuant to Section 5.5(b) (Issuer Not Listed on Specified Markets) and Section 5.7(a) (Fair Market Value Not More Than 25% of Market Capitalization) of MI 61-101, respectively. Private placement offering ExGen also announced that it intends to complete a non-brokered private placement offering of units of ExGen at a price of 20 cents per unit, for gross proceeds of up to $200,000. Each unit will consist of one common share in the capital of ExGen issued on a Canadian exploration expense flow-through basis pursuant to the Income Tax Act (Canada) and one-half of one common share purchase warrant, with each full warrant entitling the holder thereof to purchase one regular common share in the capital of ExGen at a price of 25 cents per share for a period of 12 months from the closing date of the private placement. The closing of the private placement is expected to occur on or about March 15, 2026, and is subject to regulatory approval, including approval of the TSX Venture Exchange. For further details on the private placement, please contact the company. All securities issued in connection with the private placement will be subject to a hold period of four months and one day from the date of closing. No finders' fees will be payable in relation to the private placement. The company intends to use the proceeds from the private placement to advance the Telegraph porphyry copper-gold project in the Golden Triangle. About ExGen Resources Inc. ExGen is a project accelerator that seeks to finance exploration and development of its 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 nine exploration projects in Canada and the United States, four net smelter return royalties on projects in the Golden Triangle, British Columbia, Canada. ExGen also holds silver streams on the past-producing Andacollo gold mine in Chile, which is slated for a near-term production restart. We seek Safe Harbor.