ExGen Closes Acquisition of Lithium Properties in Nevada
ExGen Closes Acquisition of Lithium Properties in Nevada
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED
STATES
VANCOUVER, British Columbia, July 09, 2026 -- ExGen Resources Inc. (TSX.V: EXG; OTC: BXXRF) (“ ExGen” or the
“Company”) is pleased to announce that, further to its news releases dated October 17, 2025, and April 30, 2026, the
Company has completed the acquisition of an interest in three lithium properties in Nevada, including claims pursuant to two
option agreements, and other associated assets (the “ Acquisition”), from an arm’s length private company and its wholly
owned subsidiary (the “Vendors”, and each a “Vendor”). Pursuant to an asset purchase agreement between ExGen and the
Vendors dated April 29, 2026 (the “Purchase Agreement ”), ExGen acquired an option to purchase certain claims comprising
the Spark South lithium property. In addition, pursuant to the Purchase Agreement, ExGen acquired options to purchase two
additional properties providing exposure to two other prospective lithium districts in Nevada.
NEVADA NORTH LITHIUM PROJECT (“NNLP”)
The Nevada North Lithium Project (“ NNLP”) located in Elko County, Nevada is held by Neveda North Lithium LLC, a joint
venture between Surge Battery Metals Inc. (“Surge Battery”) (70.54%) and Evolution Mining Limited (“Evolution”) (29.46%).
On May 14, 2026, Surge Battery announced a measured and indicated resource upgrade of the NNLP consisting of 657.5
million tonnes grading 3,007 ppm lithium containing 10.5 million tonnes of Lithium Carbonate Equivalent (LCE), (Surge Battery
News Release, May 14th, 2026).
Neveda North Lithium LLC has also commenced an advanced metallurgical optimization program with Kemetco Research Inc.
to support the continuing prefeasibility study (PFS) for the project (Surge Battery News Release, April 1 st, 2026).
Surge Battery also announced the closing of a $36 million strategic financing and the addition of two strategic advisors (Surge
Battery News Release, June 25th, 2026).
THE SPARK SOUTH LITHIUM PROJECT
The Spark South Lithium Project is adjacent to the southern boundary of the Nevada North Lithium Project (“NNLP”) in Elko
County, Nevada,
The Spark South Lithium Project is believed to have a similar geological setting to the neighboring Nevada North Lithium
Project and has the potential to host similar mineralization.
ExGen cautions that exploration on its properties is early stage and past results or discoveries on neighboring properties,
including Surge Battery’s Nevada North Lithium Project, may not necessarily be indicative of the presence of mineralization on
any of ExGen’s Projects including the Spark South Lithium Project.
Jason Riley, Chief Executive Officer of ExGen, commented, “The closing of this transaction marks the culmination of over a
year of dedicated effort and capital to secure a core position for ExGen in the Elko County lithium district. Our neighbors,
Surge Battery and Evolution, have achieved tremendous milestones already this year, including a newly updated resource
calculation and an upsized $36 million dollar financing. We look forward to future catalysts and an exciting second half of the
year.”
THE PURCHASE AGREEMENT
In order to acquire a 100% undivided interest in and to the Spark South Lithium Project, the Libra Lithium Project and the
Augusta Lithium Project, ExGen will be required to meet further obligations, as detailed in the news release of April 30, 2026.
Under the Purchase Agreement, ExGen acquired the Vendors’ legal and beneficial interest in: (a) the Spark South lithium
project in Elko County, Nevada, consisting of 297 claims, through the purchase of an option on 234 claims and through direct
purchase of 63 claims from the Vendors (the “ Spark South Lithium Project ”); (b) an option to purchase the Libra lithium
project in Esmeralda County, Nevada consisting of 107 claims (the “ Libra Lithium Project ”); (c) an option to purchase the
Augusta lithium project in Churchill County, Nevada consisting of 32 claims (the “ Augusta Lithium Project ”, and together
with the Spark South Lithium Project, the Libra Lithium Project, and the Augusta Lithium Project, the “ Projects”); (d) a 1.5%
net smelter returns royalty on all mineral production from 111 claims located in Elko County, Nevada previously granted by
ExGen to a Vendor (the “NSR”), which was terminated at closing; and (e) with the exception of any cash or cash equivalents
owned by one of the Vendors (including, for greater certainty, any common shares in the capital of ExGen (“ExGen Shares ”)),
any and all other property and assets owned or asserted by the Vendors (the “Other Property and Assets”, and together with
the Projects and the NSR, the “ Assets”). As mentioned above, certain of the claims comprising the Spark South Lithium
Project, and the claims comprising the Libra Lithium Project and the Augusta Lithium Project, were held by a Vendor pursuant
to option agreements (the “Option Agreements ”) with a third party. ExGen acquired the rights and obligations of such Vendor
under the Option Agreements at closing. In addition, at closing, ExGen entered into an option agreement directly with the
property owner for optioned claims comprising the Spark South Lithium Project and the Libra Lithium Project.
TERMS OF THE PURCHASE AGREEMENT
The Acquisition is subject to TSX Venture Exchange (“TSXV”) final acceptance. No finder’s fees we paid by ExGen in respect
of the Acquisition. Certain terms of the Acquisition were as follows:
• ExGen issued 21,000,000 ExGen Shares (the “Payment Shares ”) to a Vendor on Closing, 17,909,700 of which will be
distributed pro rata to the shareholders of such Vendor immediately following closing. The Acquisition or the issuance
of the Payment Shares will not result in any new insiders of ExGen or a change of control of ExGen. The Payment
Shares are subject to resale restrictions pursuant to applicable securities laws with the hold period expiring on October
31, 2026.
• ExGen made a cash payment of CAD$125,000 to the Vendors.
QUALIFIED PERSON
Mr. Andrew Wilkins, PGeo, is the Responsible Officer for Lithos Geological Inc. and is the Qualified Person as defined by
National Instrument 43-101 responsible for the accuracy of the technical information contained in this news release. Lithos
Geological Inc. has a permit to practice number 1004267 with Engineers and Geoscientists of British Columbia (EGBC).
ABOUT EXGEN RESOURCES INC.
ExGen is a project accelerator that seeks to fund exploration and development of our projects through joint ventures and
partnership agreements. This approach significantly reduces the technical and financial risks for ExGen, while maintaining the
upside exposure to new discoveries and potential cash flow. ExGen intends to build a diverse portfolio of projects across
exploration stages and various commodity groups. ExGen currently has 8 exploration projects in Canada and the US, 4 NSR
Royalties on projects in the Golden Triangle, BC, Canada and ExGen also holds a Silver Stream on the past producing
Andacollo gold mine in Chile, which is slated for a near-term production restart.
For more information on ExGen please contact:
ExGen Resources Inc.
Jason Tong
Chief Financial Officer
Email: [email protected]
Cell: 604-889-7827
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.
Forward-Looking Information: This news release contains certain forward-looking information. All statements included
herein, other than statements of historical fact, are forward-looking information and such information involves various risks and
uncertainties. There can be no assurance that such information will prove to be accurate, and actual results and future events
could differ materially from those anticipated in such information. In particular, this news release contains forward-looking
information in relation to: the Acquisition, including TSXV final acceptance of the Acquisition, and the distribution of 17,909,700
of the Payment Shares to a Vendor’s shareholders following Closing; the Spark South Lithium Project, including ExGen’s
belief that work completed on the Spark South Lithium Project shows that ExGen’s property hosts a similar geological setting
as Surge Battery’s Nevada North Lithium Project; ExGen’s business model, goals and approach as a project accelerator,
including ExGen’s intention to fund projects through joint ventures and partnerships, and its intention to diversify its portfolios
of projects across exploration stages and commodity groups; and the near-term production restart of the Andacollo gold mine
in Chile. There can be no assurance that such information will prove to be accurate, and actual results and future events could
differ materially from those anticipated in such information. In the forward looking information contained in this news release,
ExGen has made numerous assumptions, based upon practices and methodologies which are consistent with the mineral
industry. In addition, ExGen has assumed: ExGen's current and initial understanding and analysis of the Assets and the
Projects and the exploration potential of the Projects; the ability of ExGen or third parties to discover viable exploration targets
and the positive results of exploration on the Projects; TSXV final acceptance of the Acquisition; the continued market
acceptance of its joint venture partnership model and its business model, goals and approach; the ability of ExGen and its
partners to raise future equity financing, if needed, at prices acceptable to ExGen or its partners, including any future capital
required for the Projects; ExGen's general and administrative costs remaining sustainable; the availability of potential
acquisitions and prices acceptable to ExGen; and the feasibility and reasonableness of conducting exploration on, and
developing any of, ExGen’s projects. While ExGen considers these assumptions to be reasonable, these assumptions are
inherently subject to significant uncertainties and contingencies. Additionally, there are known and unknown risk factors which
could cause ExGen's observations, actual results, performance or achievements to be materially different from any future
results, performance or achievements expressed or implied by the forward-looking information contained herein. Known risk
factors include, among others: the possibility that the analytical results from future core sampling does not return significant
grades of lithium or any other mineralization; uncertainties relating to interpretation of drill results and the geology; continuity
and grade of mineralization; there is no certainty that any work programs will result in significant or successful exploration of
the Projects or development of the Projects into a producing mine; uncertainty as to the actual results of exploration and
development or operational activities; uncertainty as to the availability and terms of future financing; uncertainty as to timely
availability of permits and other governmental approvals; ExGen may not be able to comply with its ongoing obligations
regarding its properties; the early stage development of ExGen and its projects, and in particular, the Projects; general
business, economic, competitive, political and social uncertainties; capital market conditions and market prices for securities,
junior market securities and mining exploration company securities; commodity prices, in particular copper, gold, silver,
lithium and zinc prices; competition; changes in project parameters as plans continue to be refined; accidents and other risks
inherent in the mining industry; lack of insurance; delay or failure to receive board or regulatory approvals; changes in
legislation, including environmental legislation, affecting ExGen; conclusions of economic evaluations; and lack of qualified,
skilled labour or loss of key individuals. A description of additional risk factors that may cause actual results to differ materially
from forward-looking information can be found in ExGen's disclosure documents on the SEDAR+ website at
www.sedarplus.ca. Although ExGen has attempted to identify important factors that could cause actual results to differ
materially from those contained in forward-looking information, there may be other factors that cause results not to be as
anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information.
ExGen does not undertake to update any forward-looking information except in accordance with applicable securities laws.