FIDDLEHEAD RESOURCES ANNOUNCES REPRICING OF STOCK OPTIONS

Executive Summary of Most Recent Release (May 25, 2026)

• Fiddlehead Resources Corp. announced the repricing of 3,975,000 outstanding incentive stock options.
• Exercise price reduced from $0.20 to $0.08 per common share.
• Repricing is subject to TSX Venture Exchange and disinterested shareholder approval for insider-held options.
• Option expiry dates remain unchanged (majority expire October 17, 2034; minority January 2, 2036).
• Shareholder meeting anticipated June 25, 2026 for necessary approvals.

Dilution and Shareholder Value

• The repricing reduces the strike price to match current trading levels ($0.08), making options immediately in-the-money or near-at-the-money.
• This increases potential dilution if exercised, as 3.975 million new shares could enter circulation over time without immediate cash inflow to the company.
• Compared to previous expectations (options at $0.20), this signals management acknowledges the stock price has not met prior targets, potentially eroding confidence in long-term valuation growth.

Business Model

• Exploration and production of light oil, NGLs, and natural gas primarily in Alberta, Canada.
• Focus on the Ferrier assets following operatorship transfer in August 2025.