Record Resources Explores Opportunities to Unlock Shareholder Value Driven by Unsolicited Interests

Calgary, Alberta--(Newsfile Corp. - November 2, 2026) - Record Resources Inc. (TSXV: REC) (the "Company" or "Record") is pleased to announce that it has appointed Research Capital Corporation as its exclusive financial advisor to explore opportunities to unlock and maximize shareholder value. The Company has received unsolicited expressions of interest from multiple parties regarding its assets and potential transactions, which the Company in conjunction with its appointed advisor will evaluate. The board of directors and the management team believe the Company's shares to be undervalued given its asset portfolio and will explore opportunities that can benefit all shareholders. The Company will explore and evaluate a broad range of strategic and financial alternatives, which may include, but its not limited to, a potential sale of its working interest in the Ngulu block in Gabon ("Ngulu"), potential acquisitions of international energy assets, spin-out of its natural hydrogen and gold property assets, or such other transaction as the board of directors determines is in the best interests of the Company and its shareholders. Ngulu Block, Gabon — Large Scale with Existing Oil Field Development and Inventory of High Impact Prospects Provides Significant Upside As previously announced on September 8, 2025, Record formed a strategic joint venture with a highly experienced operator in Africa ("Strategic Partner") and that the consortium has entered into a production sharing contract (the "PSC") with the Gabonese Republic and Gabon Oil Company ("GOC"), the national oil and gas company. The PSC is for the exploration, appraisal, development and production of oil and gas on Gabon offshore Ngulu block. Under the terms of the joint venture, Record and the Strategic Partner have formed a joint venture whereby each party has acquired a working interest of 20% and 55%, respectively. The remaining working interests are held by the GOC with a 15% working interest and the Republic of Gabon with a 10% working interest (carried). Under its strategic joint venture agreement with the Strategic Partner and operator of the Ngulu block, the Company is financially carried through the entry into the Ngulu block, obtaining technical and 3D data, reprocessing of seismic data, geological and geophysical activities, and the drilling of the first well on the block to total depth. As such the Company will not be cash-called until after the first well is drilled to its total depth. The Ngulu block, which covers 1,214 km2 and is equivalent to 54 Gulf of Mexico blocks, is in shallow water offshore central Gabon. This strategic block is located on trend to several sizable producing oil fields. The key aspects of the Ngulu Block include the Loba oil field discovery and over 28 seismically identified prospects in the Pre-salt Gamba / Dentale and Post-salt plays (figure 1). Figure 1 To view an enhanced version of this graphic, please visit: https://images.newsfilecorp.com/files/1769/321932_fe049375f493c928_001full.jpg Our marquee prospects on the block include Lepidote Deep (Post-salt play), the Palomite Complex including Deep (Pre-salt play) and shallow (Post Salt) prospects and the Pompano complex with both postsalt and subsalt prospects. The Company, in conjunction with its joint venture partner, is in the process of conducting seismic reprocessing work and an independent third-party resource report to outline the size and scope of the opportunities across the block, including the contingent resources at the Loba oil discovery and prospective resources in our marquee prospects. Loba Oil Complex: Existing Oil Development Offering Near-Term Production Potential The Loba discovery was made by Elf-Gabon's LOM-1 well, which targeted the Batanga and Anguille reservoirs. The LOM-1 well discovered a shallow oil zone (27o API gravity oil) in the Batanga Formation with 140 metres of gross oil column (70 metres net pay) and is similar to nearby producing fields Barbier, Barbier Southwest and Ablette. The Loba oil discovery was made in 60 metres of water depth and is approximately 10 kilometres from the Barbier field existing infrastructure, operated by international oil company Perenco. Management believes that low-cost options are available for the development of the Loba Complex, which include the initial Loba oil discovery and follow-on appraisal targets at Loba Deep and Loba East. The Loba complex (See figure 2 below), has potential production of ~20,000 bbl/d (1)(2)(3)(4) based on offset fields. Wells in analogous fields have shown Initial production rates ("IP rates") up to 7,600 Bbl/d of oil with a single completion (1)(2)(3)(4). These analogous wells are located within 40 km from the Loba Oil Complex and are in the same targeted reservoir. Record's planned Loba Marine 2 well is expected to flow at a rate above 5,000 barrels per day (bbl/d) assuming it is equipped with frac-pack and an ESP pump. This projection is partly based on the performance from the Batanga reservoir at the Barbier Southwest field, the same reservoir that Record is targeting. Mean contingent resources at the Loba oil discovery were estimated by the previous operator at 11.9MMbbls, whereas the Loba Deep and Loba East carried respective mean prospective resources of 11 MMbbls each. Grondin Field. AAPG Memoir Giant Oil and Gas Fields of the Decade: 1968-1978 / Geology of Grondin Field. Peak field production at Grondin ~25,000 bbl/d. Baudroie field, Nguma Moabi TCM report 17, May 2006. Initial production 1972. Total production reported at 42,000 bbl/d. IPs up to 7,600 BBls/d. Torpille field, operator Societe des Petroles d'Afrique Equatoriale Francaise (Total Energies), 1972 report. Total field production reported as 25,000 BBls/d. We are unable confirm if the reports were prepared by a qualified reserves evaluator or auditor or in accordance with the COGE handbook. Figure 2 To view an enhanced version of this graphic, please visit: https://images.newsfilecorp.com/files/1769/321932_fe049375f493c928_002full.jpg High Impact Exploration Prospects Inventory Approximately 28 prospects have been delineated on vintage 3D seismic data by prior operators, with estimated sizes consistent with offsetting producing fields ranging from 35 MMboe to 250 MMboe per prospect. The application of DUG Technology's MP-FWI technology will allow the Company to more precisely identify and map our prospects in order to develop a drilling inventory of low-risk high-materiality appraisal and exploration targets from the enhanced dataset. Marquee prospects previously identified are described below: Lepidote Deep — Azile Channel Complex The Lepidote Deep prospect (Post-salt) has multiple stacked turbidite channels that can be tested from a single well targeting an estimated 800 metres of gross interval of stacked sands. An initial Lepidote 1 well was drilled in the 1970's on sparse 2D seismic data with the well encountering strong oil shows but was not drilled deep enough to penetrate the deeper prospective intervals. The Lepidote Deep prospect benefits from its proximity to established infrastructure with available capacity, supporting a potential cost-effective development project. Palomite Complex The Palomite complex provides exposure to test multiple prospective horizons in the post, Sub-salt and Pre-salt with a single well. The Palomite Post-salt Cluster targets stacked reservoirs in the Batanga, Anguille and Cape Lopez reservoirs, while the Palomite Pre-salt Cluster targets the Gamba and Dentale reservoirs in an optimal position from a reservoir and source rock maturity and charge standpoint. The old 3D seismic dataset provided inadequate imaging at the Pre-salt level, however, the application of DUG's MP-FWI technology is expected to significantly enhance imaging and materially improve structural interpretation. Pompano Dentex Complex The Pompano Dentex Complex has multiple stacked channel systems within three main targets, Batanga, Lower Anguille and Cap Lopez. Similar to the above Palomite Complex, the application of DUG's MP-FWI technology is expected to significantly enhance imaging and materially improve structural understanding and interpretation. Natural Hydrogen Assets Across Three Key Properties Offsetting Existing Industry Discoveries Lorrain-Bucke Natural Hydrogen Property Record's Lorrain-Bucke natural hydrogen property is located at Lake Temiskaming, Ontario and is 100 percent owned by the company. Lorrain-Bucke is adjacent to Quebec Innovative Materials Corporation's (QIMC.CN; over CDN $240 million market capitalization) hydrogen discovery. The Lorrain-Bucke property is strategically located between major rift faults in the Lake Temiskaming Graben structure, a tectonic feature recognized for its potential to host deep mantle-derived volatile-rich sources, including hydrogen. Hydrogen anomalies were identified at Lorraine-bucke by QIMC and Marc Richer-Lafleche of Quebec's Institut National de Recherche Scientifique (INRS) during the winter of 2025. Paradis Bay Natural Hydrogen Property The Paradis Bay 27 claims are located five kilometres west of the town of Ville Marie, Quebec, near the claims held by QIMC and border the town of Paradis Bay, Ontario. The claims are located along the eastward dipping Lake Timiskaming West Shore Fault system. In this area the sedimentary and volcanic formations dip westward and potentially create structural and hydrological conditions that can trap the accumulation of gases that contain hydrogen. The discovery of natural hydrogen gas seeps in the Lake Timiskaming area located on the border of Ontario and Quebec. Lake Timiskaming is located on the eastern boundary of a rift zone approximately 50 kilometres wide bounded by a series of northwest-southeast trending faults. Beauchamp Natural Hydrogen Property The Beauchamp natural hydrogen property, consisting of 300 claims, is situated on a broad northwesterly-trending Lake Timiskaming Rift zone, split by the Cross Lake Fault and extending northward to touch the western margin of the Lake Timiskaming Westshore fault. Exploration for hydrogen-bearing gas pools have yet to be undertaken on the Beauchamp property. Temiskaming rift faults and earlier crustal faults controlling the emplacement of Nipissing intrusions certainly extend deep into the crust below cover Proterozoic and Paleozoic sediments to tap hydrologic fluid flow in the Archean basement rocks and even magma pools in the upper mantle - conditions very favorable for generating hydrogen gas. The presence of broad shallow-dipping low conductive areas at deeper levels may reflect more a highly conducting sedimentary layer but these responses may also indicate a layer containing a trapped hydorgenic gas pool. Both faults extend to the southeast. The Lake Timiskaming Westshore (LTW) fault enters Lake Timiskaming at New Liskeard and runs along the west shore of Lake Timiskaming; the Cross Lake fault parallels the LTW fault to cut the northwest corner of Record Resources Paradis Bay property and extends into Lake Timiskaming. Two 100% Owned Gold Exploration Properties Near Existing Mines Amikougami Gold Exploration Property The 100% owned Amikougami gold exploration property is 4,000 metres north-northwest from Agnico Eagle's Macassa Mine (2025 production: 312,729 oz gold). The southern and western boundaries of the property are shared with claims held by Agnico Eagle (formerly Kirkland Lake Gold). Otto Gold Exploration Property The 100% owned Otto gold exploration property contains 3 patented claims and is 41.44 hectares in size, located approximately 2.4 kilometres southwest from the discovery location on Otto Lake and 0.6 kilometres from the west margin of Vigrass Lake. Gold was discovered in 1906 on the north shore of Otto Lake, sparking original gold rush into Kirkland Lake Gold camp. About Record Resources Record Resources is an E&P company advancing high impact oil and gas plays with large-in-place resources and scalability. The company is a carried partner in a newly formed consortium developing oil and gas projects in Central Gabon's Ngulu Block, a mature yet under-explored hydrocarbon basin. Record also holds an interest in natural hydrogen exploration assets in Ontario, Canada, offsetting recent discoveries and other mineral interests. For more information, please contact: Michael Judson, Chairman & CEO Record Resources Inc. Robert Kramberger, VP Capital Markets Record Resources Inc. [email protected] T. +1 514-758-8080 Website: recordresourcesinc.com LinkedIn: https://www.linkedin.com/company/record-ressources Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION Certain information in this press release contains forward-looking information. This information is based on management's reasonable assumptions and beliefs in light of the information currently available to the Company and is made as of the date of this press release. Information regarding expectations of future results, performance, achievements, prospects or opportunities or the markets in which the Company operates is forward-looking information. The forward-looking information in this press release include statements regarding the possibility of a transaction involving the Company, the continued implementation of the Company's business plan, the ability to achieve value-maximization, and the Company's current business plan. Statements containing forward-looking information are not facts but instead represent management's expectations, estimates and projections regarding future events or circumstances. Forward-looking information is based on assumptions that management considers reasonable given the information currently available. Actual results may differ materially from those expressed or implied by the forward-looking information. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially, including but not limited to: the timing thereof; whether the Company will undertake any transaction and, if so, the terms, timing and completion thereof and any value resulting therefrom; general economic, market and business conditions; changes in law, regulation or policy; competitive dynamics in the industry in which the Company operates; the Company's ability to implement its current business plan; the Company's ability to retain key personnel; and other factors, many of which are beyond the control of the Company, as described in the documents filed with the Canadian securities regulatory authorities from time to time and which are available under the Company's profile on SEDAR+ at www.sedarplus.ca. Readers are urged to consider the uncertainties, risks and assumptions carefully in evaluating the forward-looking information and are cautioned not to place undue reliance on such information. The Company has no intention, and undertakes no obligation, to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities law. This press release is not an offer to sell or the solicitation of an offer to buy the securities in the United States or in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to qualification or registration under the securities laws of such jurisdiction. The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and such securities may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent registration or an applicable exemption from U.S. registration requirements and applicable U.S. state securities laws. Abbreviations bbl barrels of oil bbl/d barrels of oil per day MM millions MMbbl millions of barrels of oil boe barrel of oil equivalent boepd barrel of oil equivalent per day bopd barrel of oil per day MMboe million barrels of oil equivalent km2 square kilometres   THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES To view the source version of this press release, please visit https://www.newsfilecorp.com/release/321932