Targa Exploration Corp. (CSE: TEX) (FRA: V6Y) (OTCQB: TRGEF)  announced that, further to the Company’s news release dated May 13, 2025, it has closed its previously announced private placement for aggregate gross proceeds of approximately C$2,611,200.

“I’d like to thank our investors, both new and old, for supporting Targa in this financing round,” commented Targa CEO, Cameron Tymstra. “We are now fully funded to properly test the exciting gold target at Opinaca with the first ever drill program on the project. We are very pleased to be working closely with the technical team at Kenorland Minerals again this year who will continue to act as Project Operator for us at Opinaca. Airborne geophysics are underway, the results of which are expected to help with drill targeting on the 7km-long gold target trend. Drill permits will soon be applied for with a goal of drilling in Q3 of this year. Targa is now fully focused on making a new gold discovery at our 100%-owned Opinaca project.”

Pursuant to the closing of the Offering, the Company issued an aggregate of 6,650,200 hard dollar common shares of the Company “) at a price of $0.10 per HD Share, 1,959,001 flow-through shares of the Company at a price of $0.12 per FT Share and 12,050,000 charity flow-through shares of the Company at a price of $0.142 per CFT Share. Each FT Share and CFT Share will qualify as a “flow-through share” pursuant to subsection 66(15) of the Income Tax Act (Canada). The net proceeds of the sale of the HD Shares will be used for the exploration of the Company’s Opinaca gold project and for working capital purposes. The gross proceeds from the sale of the FT Shares and CFT Shares will be used to incur eligible “Canadian exploration expenses” in Quebec that qualify as “flow-through mining expenditures” as such terms are defined in the Tax Act. The Company has agreed to renounce such qualifying expenditures with an effective date of no later than December 31, 2025, in an amount of not less than the total amount of the gross proceeds raised from the sale of the FT Shares and CFT Shares, and incur such expenses by December 31, 2026.

In connection with the Offering, the Company paid finders fees of an aggregate of $104,400 in cash and issued an aggregate of 1,024,000 finders warrants of the Company to certain eligible arm’s length finders. Each Finders Warrant entitles the finder to purchase one common share of the Company at a price of $0.25 per Finder Warrant Share until June 6, 2027.

All securities issued pursuant to and in connection with the closing of the Offering, including Finder Warrant Shares issuable upon the exercise of Finder Warrants, are and will be subject to a hold period expiring October 7, 2025.

The securities described herein have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any state securities laws, and accordingly, may not be offered or sold within the United States except in compliance with the registration requirements of the U.S. Securities Act and applicable state securities requirements or pursuant to exemptions therefrom. This press release does not constitute an offer to sell or a solicitation to buy any securities in any jurisdiction.

About the Opinaca Gold Project

The Opinaca Project is located in the James Bay region of Quebec, approximately 45km south of the all-season Trans-Taiga Road and 140km northeast of the Eleonore gold mine. The Opinaca Project covers 85,267 contiguous hectares of the Opinaca geological sub-province, dominantly a metasedimentary region with neoarchean-aged igneous intrusions including of the Vieux Comptoir suite of granites. Till sampling and prospecting work in 2023 and 2024 has identified a 7km-long gold target trend near the center of the project. Boulder sampling in 2024 returned a dozen boulders with anomalous (>0.1g/t) gold values, including up to 6.7g/t Au.

Qualified Person

The disclosure of scientific and technical information contained in this news release has been reviewed and approved by Adrian Lupascu M. Sc. P.Geo., Exploration Manager of Targa Exploration Corp., who is a “qualified person” within the meaning of National Instrument 43 -101- Standards of Disclosure for Mineral Projects.

About Targa

Targa Exploration Corp. is a Canadian exploration company engaged in the acquisition, exploration, and development of gold mineral properties with headquarters in Vancouver, British Columbia. Targa’s principal asset is it’s Opinaca Gold Project where a significant gold-in-till anomaly has been identified over a strike length of 7km.