Coelacanth Energy Inc. (TSXV: CEI) (‘Coelacanth’ or the ‘Company’) is pleased to announce its financial and operating results for the three months and year ended December 31, 2024. All dollar figures are Canadian dollars unless otherwise noted.

2024 HIGHLIGHTS

• Drilled and completed three Lower Montney wells and completed a previously drilled Upper Montney well on its 5-19 pad at Two Rivers East. Average test production from the three Lower Montney wells was 1,624 boe/d (61% light oil) and test production from the Upper Montney well was 1,338 boe/d (54% light oil). ⁽²⁾

• Secured revolving bank credit facilities for a total of $52.0 million from a Canadian chartered bank.

• Substantially completed construction of pipelines to connect the 5-19 pad wells to the Two Rivers East facility.

• Initiated construction of its Two Rivers East facility for a Q2 2025 on-stream date.

(1) See ‘Non-GAAP and Other Financial Measures’ section.
(2) See ‘Test Results and Initial Production Rates’ section.

(1) See ‘Oil and Gas Terms’ section.
(2) See ‘Product Types’ section.
(3) See ‘Non-GAAP and Other Financial Measures’ section.

Selected financial and operational information outlined in this news release should be read in conjunction with Coelacanth’s audited financial statements and related Management’s Discussion and Analysis (‘MD&A’) for the year ended December 31, 2024, which are available for review under the Company’s profile on SEDAR+ at www.sedarplus.ca.

OPERATIONS UPDATE

In Q4 2024, Coelacanth achieved two more significant milestones in its vision of moving the Two Rivers Montney Project from a large Montney land block to a proven resource with decades of inventory.

In 2022 and 2023, Coelacanth was able to prove productivity in the Lower Montney over a significant portion of lands at Two Rivers that allowed for the decision to build-out infrastructure and to continue pad drilling at Two Rivers East. During 2024, Coelacanth completed the licensing phase of the infrastructure and started construction while also continuing to develop the Montney resource.

In Q4 2024, Coelacanth was able to substantially complete all pipelines required for its 5-19 pad that connected it from the pad to the future facility and then on to a midstream gathering system. Concurrently, Coelacanth completed a successful Upper Montney well at Two Rivers East and changed the completion design in the Lower Montney on the 5-19 pad. The Upper Montney completion proved significant productivity (previously announced test rate of 1,136 boe/d) (1) in a zone that can be mapped over a significant portion of Coelacanth’s lands and should materially increase drilling inventory. The new Lower Montney completions yielded increased overall test rates as well as increasing the oil percentage (3-well average test rates previously announced at 1,624 boe/d with 61% light oil) ⁽¹⁾ pointing to potentially higher per-well recoveries of oil and gas and corresponding per-well values than previously estimated.

Construction of the facility continued throughout Q1 2025 and is now substantially complete. With 9 wells and over 11,000 boe/d ⁽¹⁾ of test production waiting on completion of the facility, we anticipate yet another major milestone will be reached imminently. We look forward to reporting updates on the Two Rivers East project as new developments arise.

(1) See ‘Test Results and Initial Production Rates’ section for more details.

OIL AND GAS TERMS

The Company uses the following frequently recurring oil and gas industry terms in the news release:

Disclosure provided herein in respect of a boe may be misleading, particularly if used in isolation. A boe conversion rate of six thousand cubic feet of natural gas to one barrel of oil equivalent has been used for the calculation of boe amounts in the news release. This boe conversion rate is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.

NON-GAAP AND OTHER FINANCIAL MEASURES

This news release refers to certain measures that are not determined in accordance with IFRS (or ‘GAAP’). These non-GAAP and other financial measures do not have any standardized meaning prescribed under IFRS and therefore may not be comparable to similar measures presented by other entities. The non-GAAP and other financial measures should not be considered alternatives to, or more meaningful than, financial measures that are determined in accordance with IFRS as indicators of the Company’s performance. Management believes that the presentation of these non-GAAP and other financial measures provides useful information to shareholders and investors in understanding and evaluating the Company’s ongoing operating performance, and the measures provide increased transparency to better analyze the Company’s performance against prior periods on a comparable basis.

Non-GAAP Financial Measures

Adjusted funds flow (used)
Management uses adjusted funds flow (used) to analyze performance and considers it a key measure as it demonstrates the Company’s ability to generate the cash necessary to fund future capital investments and abandonment obligations and to repay debt, if any. Adjusted funds flow (used) is a non-GAAP financial measure and has been defined by the Company as cash flow from (used in) operating activities excluding the change in non-cash working capital related to operating activities, movements in restricted cash deposits and expenditures on decommissioning obligations. Management believes the timing of collection, payment or incurrence of these items involves a high degree of discretion and as such may not be useful for evaluating the Company’s cash flows. Adjusted funds flow (used) is reconciled from cash flow from (used) in operating activities as follows:

Net transportation expenses
Management considers net transportation expenses an important measure as it demonstrates the cost of utilized transportation related to the Company’s production. Net transportation expenses is calculated as transportation expenses less unutilized transportation and is calculated as follows:

Operating netback
Management considers operating netback an important measure as it demonstrates its profitability relative to current commodity prices. Operating netback is calculated as oil and natural gas sales less royalties, operating expenses, and net transportation expenses and is calculated as follows:

Capital expenditures
Coelacanth utilizes capital expenditures as a measure of capital investment on property, plant, and equipment, exploration and evaluation assets and property acquisitions compared to its annual budgeted capital expenditures. Capital expenditures are calculated as follows:

Capital Management Measures

Adjusted working capital (deficiency)
Management uses adjusted working capital (deficiency) as a measure to assess the Company’s financial position. Adjusted working capital is calculated as current assets and restricted cash deposits less current liabilities, excluding the current portion of decommissioning obligations.

Non-GAAP Financial Ratios

Adjusted Funds Flow (Used) per share
Adjusted funds flow (used) per share is a non-GAAP financial ratio, calculated using adjusted funds flow (used) and the same weighted average basic and diluted shares used in calculating net loss per share.

Net transportation expenses per boe
The Company utilizes net transportation expenses per boe to assess the per unit cost of utilized transportation related to the Company’s production. Net transportation expenses per boe is calculated as net transportation expenses divided by total production for the applicable period.

Operating netback per boe
The Company utilizes operating netback per boe to assess the operating performance of its petroleum and natural gas assets on a per unit of production basis. Operating netback per boe is calculated as operating netback divided by total production for the applicable period.

Supplementary Financial Measures

The supplementary financial measures used in this news release (primarily average sales price per product type and certain per boe and per share figures) are either a per unit disclosure of a corresponding GAAP measure, or a component of a corresponding GAAP measure, presented in the financial statements. Supplementary financial measures that are disclosed on a per unit basis are calculated by dividing the aggregate GAAP measure (or component thereof) by the applicable unit for the period. Supplementary financial measures that are disclosed on a component basis of a corresponding GAAP measure are a granular representation of a financial statement line item and are determined in accordance with GAAP.

PRODUCT TYPES

The Company uses the following references to sales volumes in the news release:

Natural gas refers to shale gas.
Oil and condensate refers to condensate and tight oil combined.
Other NGLs refers to butane, propane and ethane combined.
Oil and NGLs refers to tight oil and NGLs combined.
Oil equivalent refers to the total oil equivalent of shale gas, tight oil, and NGLs combined, using the conversion rate of six thousand cubic feet of shale gas to one barrel of oil equivalent as described above.

The following is a complete breakdown of sales volumes for applicable periods by specific product types of shale gas, tight oil, and NGLs:

TEST RESULTS AND INITIAL PRODUCTION RATES

The 5-19 Lower Montney well was production tested for 9.4 days and produced at an average rate of 377 bbl/d oil and 2,202 mcf/d gas (net of load fluid and energizing fluid) over that period which includes the initial cleanup where only load water was being recovered. At the end of the test, flowing wellhead pressure and production rates were stable.

The A5-19 Basal Montney well was production tested for 5.9 days and produced at an average rate of 117 bbl/d oil and 630 mcf/d gas (net of load fluid and energizing fluid) over that period which includes the initial cleanup where only load water was being recovered. At the end of the test, flowing wellhead pressure and production rates were stable.

The B5-19 Upper Montney well was production tested for 6.3 days and produced at an average rate of 92 bbl/d oil and 2,100 mcf/d gas (net of load fluid and energizing fluid) over that period which includes the initial cleanup where only load water was being recovered. At the end of the test, flowing wellhead pressure and production rates were stable.

The C5-19 Lower Montney well was production tested for 5.8 days and produced at an average rate of 736 bbl/d oil and 2,660 mcf/d gas (net of load fluid and energizing fluid) over that period which includes the initial cleanup where only load water was being recovered. At the end of the test, flowing wellhead pressure and production rates were stable.

The D5-19 Lower Montney well was production tested for 12.6 days and produced at an average rate of 170 bbl/d oil and 580 mcf/d gas (net of load fluid and energizing fluid) over that period which includes the initial cleanup where only load water was being recovered. At the end of the test, flowing wellhead pressure and production rates were stable.

The E5-19 Lower Montney well was production tested for 11.4 days and produced at an average rate of 312 bbl/d oil and 890 mcf/d gas (net of load fluid and energizing fluid) over that period which includes the initial cleanup where only load water was being recovered. At the end of the test, flowing wellhead pressure was stable, and production was starting to decline.

The F5-19 Lower Montney well was production tested for 4.9 days and produced at an average rate of 728 bbl/d oil and 1,607 mcf/d gas (net of load fluid and energizing fluid) over that period which includes the initial cleanup where only load water was being recovered. At the end of the test, flowing wellhead pressure and production rates were stable.

The G5-19 Lower Montney well was production tested for 7.1 days and produced at an average rate of 415 bbl/d oil and 1,489 mcf/d gas (net of load fluid and energizing fluid) over that period which includes the initial cleanup where only load water was being recovered. At the end of the test, flowing wellhead pressure and production rates were stable.

The H5-19 Lower Montney well was production tested for 8.1 days and produced at an average rate of 411 bbl/d oil and 1,166 mcf/d gas (net of load fluid and energizing fluid) over that period which includes the initial cleanup where only load water was being recovered. At the end of the test, flowing wellhead pressure was stable and production was starting to decline.

A pressure transient analysis or well-test interpretation has not been carried out on these nine wells and thus certain of the test results provided herein should be considered to be preliminary until such analysis or interpretation has been completed. Test results and initial production rates disclosed herein, particularly those short in duration, may not necessarily be indicative of long-term performance or of ultimate recovery.

Any references to peak rates, test rates, IP30, IP90, IP180 or initial production rates or declines are useful for confirming the presence of hydrocarbons, however, such rates and declines are not determinative of the rates at which such wells will continue production and decline thereafter and are not indicative of long-term performance or ultimate recovery. IP30 is defined as an average production rate over 30 consecutive days, IP90 is defined as an average production rate over 90 consecutive days and IP180 is defined as an average production rate over 180 consecutive days. Readers are cautioned not to place reliance on such rates in calculating aggregate production for the Company.

FORWARD-LOOKING INFORMATION

This document contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. The use of any of the words ‘expect’, ‘anticipate’, ‘continue’, ‘estimate’, ‘may’, ‘will’, ‘should’, ‘believe’, ‘intends’, ‘forecast’, ‘plans’, ‘guidance’ and similar expressions are intended to identify forward-looking statements or information.

More particularly and without limitation, this news release contains forward-looking statements and information relating to the Company’s oil and condensate, other NGLs, and natural gas production, capital programs, and adjusted working capital (deficiency). The forward-looking statements and information are based on certain key expectations and assumptions made by the Company, including expectations and assumptions relating to prevailing commodity prices and exchange rates, applicable royalty rates and tax laws, future well production rates, the performance of existing wells, the success of drilling new wells, the availability of capital to undertake planned activities, and the availability and cost of labour and services.

Although the Company believes that the expectations reflected in such forward-looking statements and information are reasonable, it can give no assurance that such expectations will prove to be correct. Since forward-looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, the risks associated with the oil and gas industry in general such as operational risks in development, exploration and production, delays or changes in plans with respect to exploration or development projects or capital expenditures, the uncertainty of estimates and projections relating to production rates, costs, and expenses, commodity price and exchange rate fluctuations, marketing and transportation, environmental risks, competition, the ability to access sufficient capital from internal and external sources and changes in tax, royalty, and environmental legislation. The forward-looking statements and information contained in this document are made as of the date hereof for the purpose of providing the readers with the Company’s expectations for the coming year. The forward-looking statements and information may not be appropriate for other purposes. The Company undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

Coelacanth is an oil and natural gas company, actively engaged in the acquisition, development, exploration, and production of oil and natural gas reserves in northeastern British Columbia, Canada.

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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/249584

Heliostar Metals Ltd. (TSXV: HSTR) (OTCQX: HSTXF) (FSE: RGG1) (‘Heliostar’ or the ‘Company’) is pleased to announce that it has appointed Mr. Stephen Soock as Vice President of Investor Relations and Development and Ms. Connie Lillico as Corporate Secretary.

Heliostar CEO, Charles Funk, commented, ‘We are delighted to add Stephen and Connie to our team as we continue to build our capacity. Stephen brings his understanding of institutional banking, sales and project knowledge from his role as an analyst at Stifel. He will lead the Company’s investor relationships and contribute to Heliostar’s strategy for production growth and reduction in our cost of capital. Connie brings a wealth of experience, having helped shepherd First Majestic from an ambitious junior to stable producer. She will lead the Company’s regulatory responsibilities in her role as Corporate Secretary. I would also like to thank Ms. Sheryl Dhillon for her diligent, professional long-term service to the Company as our Corporate Secretary.’

Mr. Soock has been in the mining industry for almost 20 years in both technical and capital markets roles. Prior to joining Heliostar, he was a Brendan Wood ranked sell side research analyst at Stifel. He covered growth and development companies in the precious metals space and brings a robust understanding of value creation from junior gold companies to his new role with Heliostar. Mr. Soock has also worked in various engineering roles at mine sites across Canada, including Vale’s Thompson Nickel operation, Mosaic’s Belle Plaine solution potash mine and Rio Tinto’s Diavik Diamond mine complex. He graduated from Queen’s University with a B.Sc. in Mining Engineering and is a CFA Charterholder.

Ms. Lillico brings 20 years of experience working with publicly traded companies in the mining industry. Ms. Lillico has worked with several TSX, TSX-V and NSYE listed companies and prior to joining Heliostar, Ms. Lillico served as the Corporate Secretary at First Majestic Silver Corp. Ms. Lillico has been involved in all aspects of administration of publicly listed companies including regulatory compliance, corporate governance, continuous disclosure requirements, equity financings, mergers and acquisitions, board and committee matters and shareholder communications.

Further, pursuant to the Company’s Omnibus Equity Incentive Compensation Plan, it has granted 700,000 stock options (‘Options’) at an exercise price of $1.05 and 150,000 restricted share units (each, an ‘RSU’) to employees and consultants of the Company. The Options are exercisable for a period of five years and will vest over the next two years. The RSUs will vest in three equal annual instalments commencing on the first anniversary of the grant date.

About Heliostar Metals Ltd.

Heliostar aims to grow to become a mid-tier gold producer. The Company is focused on increasing production and developing new resources at the La Colorada and San Agustin mines in Mexico, and on developing the 100% owned Ana Paula Project in Guerrero, Mexico.

FOR ADDITIONAL INFORMATION PLEASE CONTACT:

Neither 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

This news release includes certain ‘Forward-Looking Statements’ within the meaning of the United States Private Securities Litigation Reform Act of 1995 and ‘forward-looking information’ under applicable Canadian securities laws. When used in this news release, the words ‘anticipate’, ‘believe’, ‘estimate’, ‘expect’, ‘target’, ‘plan’, ‘forecast’, ‘may’, ‘would’, ‘could’, ‘schedule’ and similar words or expressions, identify forward-looking statements or information. These forward-looking statements or information relate to, among other things: the Company’s goal of becoming a mid-tier producer.

Forward-looking statements and forward-looking information relating to the terms and completion of the Facility, any future mineral production, liquidity, and future exploration plans are based on management’s reasonable assumptions, estimates, expectations, analyses and opinions, which are based on management’s experience and perception of trends, current conditions and expected developments, and other factors that management believes are relevant and reasonable in the circumstances, but which may prove to be incorrect. Assumptions have been made regarding, among other things, the receipt of necessary approvals, price of metals; no escalation in the severity of public health crises or ongoing military conflicts; costs of exploration and development; the estimated costs of development of exploration projects; and the Company’s ability to operate in a safe and effective manner and its ability to obtain financing on reasonable terms.

These statements reflect the Company’s respective current views with respect to future events and are necessarily based upon a number of other assumptions and estimates that, while considered reasonable by management, are inherently subject to significant business, economic, competitive, political, and social uncertainties and contingencies. Many factors, both known and unknown, could cause actual results, performance, or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements or forward-looking information and the Company has made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation: precious metals price volatility; risks associated with the conduct of the Company’s mining activities in foreign jurisdictions; regulatory, consent or permitting delays; risks relating to reliance on the Company’s management team and outside contractors; risks regarding exploration and mining activities; the Company’s inability to obtain insurance to cover all risks, on a commercially reasonable basis or at all; currency fluctuations; risks regarding the failure to generate sufficient cash flow from operations; risks relating to project financing and equity issuances; risks and unknowns inherent in all mining projects, including the inaccuracy of reserves and resources, metallurgical recoveries and capital and operating costs of such projects; contests over title to properties, particularly title to undeveloped properties; laws and regulations governing the environment, health and safety; the ability of the communities in which the Company operates to manage and cope with the implications of public health crises; the economic and financial implications of public health crises, ongoing military conflicts and general economic factors to the Company; operating or technical difficulties in connection with mining or development activities; employee relations, labour unrest or unavailability; the Company’s interactions with surrounding communities; the Company’s ability to successfully integrate acquired assets; the speculative nature of exploration and development, including the risks of diminishing quantities or grades of reserves; stock market volatility; conflicts of interest among certain directors and officers; lack of liquidity for shareholders of the Company; litigation risk; and the factors identified under the caption ‘Risk Factors’ in the Company’s public disclosure documents. Readers are cautioned against attributing undue certainty to forward-looking statements or forward-looking information. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be anticipated, estimated or intended. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or forward-looking information to reflect changes in assumptions or changes in circumstances or any other events affecting such statements or information, other than as required by applicable law.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/249614

Brunswick Exploration Inc. (TSX-V: BRW, OTCQB: BRWXF; ‘ BRW ‘ or the ‘ Company ‘) is pleased to report the first results from the 2025 Mirage winter drilling campaign where it drilled an additional twenty-four holes targeting extensions of known mineralized zones. The Mirage Project is located in the Eeyou Istchee-James Bay region of Quebec, approximately 40 kilometers south of the Trans-Taiga Road. This release focuses on the Central Zone including the MR-6, MR-3 dykes and Stacked Dyke area where BRW has continued to intersect wide and well mineralized intervals along strike and at depth.

Highlights include:

• Significant interval of 36 meters at 1.51% Li2O in hole MR-24-102 within the Stacked Dyke area extending mineralization to the south-east and where an additional 13 dykes measuring between 1.3 and 9.35 meters were intercepted in the same hole.
• New interval at the MR-6 Dyke with 1.32% Li2O over 28 meters in hole MR-24-101 extending the dyke to the northwest.
• The MR-3, MR-6 and staked dyke system can now be traced together into a major swarm of spodumene bearing pegmatites covering a surface area of over 1,000 meters by up to 450m.
• A total of 24 drill holes prioritizing near surfaces mineralization in the extension of the staked dyke area were completed during the winter. Assays are pending for a further 16 holes.

Mr. Killian Charles, President and CEO of BRW, commented: ‘To date, every drill campaign has demonstrated the significant exploration upside at Mirage and these first results from our winter 2025 campaign are no different. We have successfully extended the MR-6 pegmatite and continue to rapidly add considerable intercepts in the neighboring Stacked Dyke area. Interestingly, this high potential target area has continued to return multiple significant mineralized intercepts over the entirety of each drill hole and the Stacked Dyke area remains open in multiple directions.

Brunswick Exploration remains one of the most active lithium exploration companies globally and looks forward to releasing more drill results from Mirage and the restart of prospecting in Greenland. With its unique portfolio, the Company expects to have a milestone rich year.’

Mirage Project Drilling Overview

The Mirage Project comprises 427 claims located roughly 40 kilometers south of the Trans-Taiga Highway in Quebec’s James Bay region and 34 kilometers northeast of Winsome Resources’ Adina Project.

The 2025 winter drilling campaign focused on extending the mineralized Stacked Dyke area to the northeast. Highlights discussed in this release are shown in Table 1 and Figure 1. Collars are shown in Table 2.

Figure 1 : Central Zone of the Mirage Project

The holes MR-25-96 and MR-25-98 extended the MR-3 dyke 150m to the South with 0.79% Li2O over 12.2 meters from 55.8 meters to 68 meters and 1.26% Li2O over 7 meters from 176 meters to 183 meters. The hole MR-25-95 also confirmed the present of MR-3 and intersect a new dyke from 123.9 to 132 meters that returned 0.76% Li2O over 8.31 meters. This new shallow dipping mineralized pegmatite is located between MR-3 and MR-6 and is open in all directions. From 290 to 307 meters, the hole MR-25-95 holes also intersected three mineralized dykes that could be extensions to MR-6 at depth, dipping to the east.

The hole MR-25-102 extends the Staked Dyke area to the south with 14 mineralized dykes intercepted with the largest grading 1.51% Li2O over 35.65 meters from 166.6 meters to 202.25 meters. MR-23-32ext was drilled to connect the Stacked Dyke area to MR-6. Multiple dykes were intercepted in this hole and confirmed the presence of three new sub horizontal dykes under MR-6 with the largest returning 1.02% Li2O over 7.75 meters from 158.25 meters to 166 meters.

MR-25-101 confirmed the plunge to the north of MR-6 with an intercept of 28 meters at 1.32% Li2O from 173 meters to 201 meters and extends the MR-6 pegmatite by 100 meters. The hole MR-25-99 and MR-25-100 also intercepted the MR-6 dyke over 14.3 meters and 19.4 meters but showed signs of heavy alteration and no spodumene was identified.

Table 1 : 2025 Drilling Program Mentioned in this Release

Table 2 : 2025 Drilling Collars Mentioned in this Release

QAQC

All drill core samples were collected under the supervision of BRW employees and contractors. The drill core was transported by helicopter and by truck from the drill platform to the core logging facility in Val-d’Or. Each core was then logged, photographed, tagged, and split by diamond saw before being sampled. All pegmatite intervals were sampled at approximately 1-meter intervals to ensure representativity. Samples were bagged; duplicated on reject, blanks and certified reference materials for lithium were inserted every 20 samples. Samples were bagged and groups of samples were placed in larger bags, sealed with numbered tags, in order to maintain a chain of custody. The sample bags were transported from the BRW contractor facility to the AGAT laboratory in Val-d’Or. All sample preparation and analytical work was performed by AGAT by sodium peroxide fusion with ICP-OES and ICP-MS finish. All results passed the QA/QC screening at the lab and all inserted standard and blanks returned results that were within acceptable limits. All reported drill intersections are calculated based on a lower cutoff grade of 0.3% Li2O, with maximum internal dilution of 5 meters. Host basalts adjacent to the dykes may grade up to 0.3% Li2O but were excluded from the reported intersections.

Qualified Person

The scientific and technical information contained in this press release has been reviewed and approved by Mr. Simon T. Hébert, VP Development. He is a Professional Geologist registered in Quebec and is a Qualified Person as defined by National Instrument 43-101.

About Brunswick Exploration

Brunswick Exploration is a Montreal-based mineral exploration company listed on the TSX-V under symbol BRW. The Company is focused on grassroots exploration for lithium in Canada, a critical metal necessary to global decarbonization and energy transition. The company is rapidly advancing the most extensive grassroots lithium property portfolio in Canada and Greenland.

Investor Relations/information

Mr. Killian Charles, President and CEO ( info@brwexplo.ca )

Cautionary Statement on Forward-Looking Information

This news release contains ‘forward-looking information’ within the meaning of applicable Canadian securities legislation based on expectations, estimates and projections as at the date of this news release. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, delays in obtaining or failures to obtain required governmental, environmental or other project approvals; uncertainties relating to the availability and costs of financing needed in the future; changes in equity markets; inflation; fluctuations in commodity prices; delays in the development of projects; the other risks involved in the mineral exploration and development industry; and those risks set out in the Corporation’s public documents filed on SEDAR at www.sedar.com. Although the Corporation believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Corporation disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law. 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 news release.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/ea65ea8b-aa40-40d8-9be0-f901db569529

(TheNewswire)

April 24th, 2025 TheNewswire – Vancouver, B.C. Opawica Explorations Inc . (TSXV: OPW) (FSE: A2PEAD) (OTC: OPWEF) (the ‘Company’ or ‘Opawica’), a Canadian mineral exploration company focused on precious and base metals in the Abitibi Gold Belt is providing an update on its 2025 exploration campaign at the Bazooka Property (‘Bazooka’)..

In drill hole OP-25-31 Opawica Explorations intersected a broad 28 m zone of shearing, silicification, quartz veining, some arsenic. The d rill hole intercepted the target zone from 307 to 335 m, consisting of well-sheared, silicified and quartz veining sediments. The XRF readings of arsenic range from 1000 ppm As at the beginning of the zone to 200 ppm As at the end of the zone. The central part of the zone maintained a 1000 ppm As. One point XRF reading gave a reading of 92 g/t Au

Opawica has now completed it first phase of its drill program on the Bazooka Property. The program consisted of 3359 m in drilling in 14 holes. All the drill core has been split and logged. A total of 1384 m of core were sampled for a total of 1112 samples. All the 1112 samples are now at the laboratory for analysis.

Blake Morgan CEO stated ‘With nearly 7000M of high priority targets remaining on the Bazooka Property and 10,000m high priority targets remaining on the Arrowhead. The team is eagerly awaiting assays. With multiple thick intercepts with high XRF readings of 234 g/t Au, the team has decided to await assays before making its next drilling move. So far we have been ecstatic with what we have been seeing. Multiple thick intercepts with fantastic XRF reading for gold and Nickle and on top of that, visible gold. We will have some more updates shortly and hope to get the assays back over the next few weeks’.

Assay core samples are at ALS Chemex lab of Rouyn-Noranda, 165 Rue Jacques-Bibeau, Que. (an ISO/IEC 17025:2005 accredited facility). The sampling program is undertaken by company personnel under the direction of Yvan Bussieres, PEng. A secure chain of custody is maintained in transporting and storing of all samples. The rock samples will undergo fire assays, 1E3 (aqua regia) — ICP/OES and select samples underwent gravimetries.

X-ray fluorescence is a non-destructive analytical technique used to determine the elemental composition of materials such as drill cores. XRF analyzers determine the chemistry of a sample by measuring the fluorescent (or secondary) X-ray emitted from a sample when it is excited by a primary X-ray source. The company notes the results only provide an indication of the amount of minerals present. Certified assaying of the core samples is required to accurately determine the amount of base metal and precious metal mineralization.

Samples of mineralization were taken at 0.5-metre-to-1.5-metre intervals, with sample intervals being adjusted to respect lithological and/or mineralogical contacts and isolate narrow veins or other structures that may yield higher grades. The core was split in two separate sections — one-half of the core and the other half was sent for analysis.

Mr. Yvan Bussieres, P.Eng., reviewed and approved the technical content of this news release. The qualified person has been unable to verify the information on the adjacent properties. Mineralization hosted on adjacent and/or nearby and/or geologically similar properties is not necessarily indicative of mineralization hosted on the company’s properties

About Opawica Explorations Inc.

About Opawica Explorations Inc.

Opawica Explorations Inc. is a junior Canadian exploration company with a strong portfolio of precious and base metal properties within the Rouyn-Noranda region of the Abitibi Gold Belt in Québec. The Company’s management has a great track record in discovering and developing successful exploration projects. The Company’s objective is to increase shareholder value through the development of exploration properties using cost effective exploration practices, acquiring further exploration properties, and seeking partnerships by either joint venture or sale with industry leaders.

FOR FURTHER INFORMATION CONTACT:

Blake Morgan

President and Chief Executive Officer

Opawica Explorations Inc.

Telephone: 236-878-4938

Fax: 604-681-3552

Neither the TSX Venture Exchange nor its Regulation Service Provider (as the term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy of accuracy of this news release.

Forward-Looking Statements

This news release contains certain forward-looking statements, which relate to future events or future performance and reflect management’s current expectations and assumptions. Such forward-looking statements reflect management’s current beliefs and are based on assumptions made by and information currently available to the Company. Readers are cautioned that these forward-looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected including, but not limited to, market conditions, availability of financing, actual results of the Company’s exploration and other activities, environmental risks, future metal prices, operating risks, accidents, labor issues, delays in obtaining governmental approvals and permits, and other risks in the mining industry. All the forward-looking statements made in this news release are qualified by these cautionary statements and those in our continuous disclosure filings available on SEDAR+ at www.sedarplus.ca. These forward-looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances as required by applicable law.

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