ExGen Closes Acquisition of Lithium Properties in Nevada

ExGen Resources Inc. has completed the acquisition of interests in three lithium properties in Nevada: Spark South, Libra, and Augusta. The transaction involves acquiring a 100% undivided interest in Spark South, plus options to purchase Libra and Augusta, along with associated assets and terminated royalties. Consideration consists of 21,000,000 ExGen shares and a cash payment of CAD$125,000.

Of the shares issued, 17,909,700 are distributed pro rata to vendor shareholders, subject to a resale restriction (hold period) expiring October 31, 2026. Additionally, a 1.5% net smelter returns (NSR) royalty on 111 claims previously granted by ExGen was terminated at closing.

The Spark South Project is adjacent to the Nevada North Lithium Project (NNLP), held by Surge Battery Metals and Evolution Mining, which recently upgraded its resource to 657.5M tonnes grading 3,007 ppm Li (10.5M tonnes LCE) and closed a $36M strategic financing.

ExGen Resources Inc. (EXG) announced the closing of its acquisition in April 2026, following a binding letter of intent signed in October 2025. The market was already aware of the transaction, characterizing the closing as a routine follow-up. The deal involves the issuance of 21 million shares, representing approximately 19% of the pre-close share count. These terms and the share count had been disclosed months prior to the closing.

Strategically, the acquisition positions ExGen directly adjacent to Surge Battery, a well-funded, high-grade lithium neighbor, enhancing the district's profile and potential for future joint ventures or partnerships. The transaction requires minimal immediate cash outlay of $125,000 and shifts future capital requirements to milestone-based payments and exploration expenditures. The news aligns with previous expectations and does not introduce new surprises or material changes to the company's financial trajectory.

ExGen Resources Inc. (EXG) operates as a project accelerator, focusing on acquiring discounted mineral assets, advancing them through exploration and joint ventures, and retaining minority interests, royalties, or streaming rights. The company’s flagship assets include the Spark North Lithium Project in Nevada, the Empire Mine, which carries a 20% carried interest, in Idaho, and the Telegraph and Southmore projects located in British Columbia's Golden Triangle.

ExGen is transitioning toward a royalty and streaming model, a shift evidenced by recent silver stream agreements on the Andacollo Oro Project in Chile. These agreements aim to generate unhedged cash flow starting in 2027.