Azarga Metals Corp. — Share Issue/Capital Change 2021

Apr 16, 2021

MATERIAL CHANGE REPORT

1. Name and Address of Company:

Azarga Metals Corp. (“Azarga Metals” or the “Company”) Unit 1 – 15782 Marine Drive White Rock, British Columbia V4B 1E6

PHONE: (604) 536-2711

2. Date of Material Change

April 15, 2021

3. Press Release

Issued April 15, 2021, distributed through Accesswire to the TSX Venture Exchange, being the only exchange upon which the shares of the Company are traded, and through various other approved public media.

4.

Summary of Material Change(s):

Azarga Metals as announced on 12 April 2021, the Company has issued to Baker Steel Resources Trust Limited a total of 1,505,730 common shares to settle its semi-annual interest payment of C$188,216 on a US$3.5 million (fixed at C$4,692,550) convertible loan.

5. Full Description of Material Change

Azarga Metals as announced on 12 April 2021, the Company has issued to Baker Steel Resources Trust Limited a total of 1,505,730 common shares to settle its semi-annual interest payment of C$188,216 on a US$3.5 million (fixed at C$4,692,550) convertible loan.

6. Reliance on subsection 7.1(2) or (3) of National Instrument 51-102

Not Applicable

7. Omitted Information

Not Applicable

8. Executive Officer

The following senior officer of the Company is knowledgeable about the material change and may be contacted by the Commission at the following address and telephone number:

Doris Meyer, Corporate Secretary Unit 1- 15782 Marine Drive White Rock, British Columbia V4B 1E6 PHONE: (604) 536-2711 x 3

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9. Date of Report

DATED at White Rock, British Columbia this 16[th] day of April 2021.

“Doris Meyer”

Doris Meyer, Corporate Secretary