Trillion Energy Corporate Update and AGM

• On March 31, 2026, Trillion Energy announced a corporate update highlighting a $15 million earn-in agreement to acquire a 29% working interest in the M47 Block in southeastern Turkey. The company must fund $9.5 million in 2026 and $5.5 million in 2027, bearing 80% of the costs for the next two exploration wells and associated seismic work.
• Management is actively seeking a buyer for its 49% stake in the South Akcakoca Sub-Basin (SASB) offshore natural gas project, while previously announced farm-in agreements on M47, M46C, and M46D blocks have been cancelled.
• This follows a March 27, 2026 announcement detailing a Fourth Supplemental Indenture requiring the company to raise a minimum of CAD $10 million via a brokered equity offering by September 30, 2026. If successful, $11 million of convertible debentures will convert to equity at the financing price, and ~$5.37 million will be forgiven. Failure triggers immediate repayment of the full ~$16.4 million outstanding debt.
• Q3 2025 interim financials show cash of ~$0.6 million, negative working capital of ~$0.17 per share, and a net loss of ~$2.36 million, with significant foreign exchange and impairment charges.

• The $15 million M47 earn-in commitment is highly material but structurally negative given the company's severe liquidity constraints. Trillion must raise ~$10 million to avoid a debt default by September 2026, while simultaneously committing $9.5 million for M47 in the same calendar year. This creates a ~$19.5 million capital requirement in under six months against a $0.6 million cash balance.
• The debt restructuring terms guarantee extreme dilution. The conversion price for the $11 million debentures will be set at the lowest price of the new equity financing, meaning existing shareholders will face immediate and substantial value erosion.
• The SASB asset sale attempt is a defensive liquidity measure, not a growth catalyst. It signals management's recognition that the current balance sheet cannot sustain operations or exploration commitments.
• The cancellation of prior farm-in agreements and the pivot to a capital-intensive earn-in structure indicate deteriorating partner confidence and increased execution risk.

• Trillion Energy is a micro-cap oil and gas explorer and producer with operations concentrated in Turkey.
• Flagship Project (Historical): South Akcakoca Sub-Basin (SASB), a 49% working interest offshore Black Sea natural gas development. Currently marketed for sale due to capital constraints.
• New Strategic Focus: M47 Block in southeastern Turkey, an onshore exploration asset. The company will earn a 29% working interest by funding $15 million in work programs, including 80% of the next two exploration wells.
• Secondary Asset: 19.6% working interest in the Cendere onshore oil field.
• Royalty Terms: Royalty structures are not disclosed in the provided materials.