Early Warning Report

BUTTE ENERGY INC.

SUITE 3123 – 595 BURRARD STREET

VANCOUVER, BC V7X 1J1

TEL: 604-609-6110

EARLY WARNING REPORT

July 11, 2022 TSXV – BEN.H

Vancouver, British Columbia – Butte Energy Inc. (TSXV – BEN.H) (the “Company”)

has been advised that i n connection with the completion of a Private Transaction, Thomas Humphreys,

has become an insider of Butte Energy Inc., and Brian Paes-Braga is no longer an insider of the Company

as further described below.

Early Warning Language

The C ompany has been advised that Thomas Humphreys acquired ownership and direction or control

over 60,000,000 Butte Energy Inc., common shares, representing 18.79% of the issued and outstanding

common shares of the Company pursuant to a private transaction . Prior to the completion of the

Transaction, Mr. Humphreys owned no securities of the Company.

The Company further announces that Mr. Paes -Braga sold 62,000,000 common shares, representing

19.41% of the issued and outstanding common share s of the Company pursuant t o a private transaction .

The Company has cancelled 1,000,000 incentive stock options granted to the Quiet Cove Foundation, a

charitable organization controlled by Mr. Paes -Braga. Following the transaction, Mr. Paes -Braga has

direct ownership and/or control, over 240,000 common shares of the Company representing 0.08% of the

issued and outstanding common shares.

The Company has been advised that Mr. Humphreys and Mr. Paes-Braga and his related entities acquired

or disposed of these securities for investment purposes and will be disclosed in Early Warning Reports to

be filed on SEDAR. Mr. Humphreys and Mr. Paes -Braga may in the future acquire or dispose of

securities of the Company, through the market, privately or otherwise, as circumstances or market

conditions warrant.

The Company accepted the resignat ion of Mrs. Lindsey Le Ho as Chief Financial Officer and Corporate

Secretary. The Company would like to thank Mrs. Le Ho for her services and wish her success in her

future endeavours . The Com pany has appointed Ms. Kia Russell as C hief Financial Officer and

Corporate Secretary of the Company.

The Company did not proceed with the non -brokered private placement previously announced on March

24, 2022.

On behalf of BUTTE ENERGY INC.

“Geir Liland”

Chief Executive Officer

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For further information please contact:

Tel: 604.609.6110

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.

Statements included in this announcement, including statements concerning our plans, intentions and expectations,

which are not historical in nature are intended to be, and are hereby identified as, “forward‐ looking statements”.

Forward‐looking statements may be identified by words including “anticipates”, “believes”, “intends”,

“estimates”, “expects” and similar expressions. The Company cautions readers that forward‐ looking statements,

including without limitation those relating to the Company's future operations and business prospects, are subject to

certain risks and uncertainties that could cause actual results to differ materially from those indicated in the

forward‐looking statements.