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 (GLOBE NEWSWIRE) — 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 1st, 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: jason@catapultgroup.ca
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.
