Inflection Resources Ltd. — Share Issue/Capital Change 2025

Apr 1, 2025

FORM 51-102F3
MATERIAL CHANGE REPORT

ITEM 1. NAME AND ADDRESS OF COMPANY
Inflection Resources Ltd. ("Inflection" or the "Company")
1210 – 1130 West Pender Street
Vancouver, BC V6E 4A4

ITEM 2. DATE OF MATERIAL CHANGE
April 1, 2025

ITEM 3. NEWS RELEASE
Inflection issued a news release on April 1, 2025 that was distributed through the facilities of TheNewswire and a copy was subsequently filed on SEDAR+.

ITEM 4. SUMMARY OF MATERIAL CHANGE
Inflection has issued 11,133,399 common shares in the capital of the Company to AngloGold Ashanti Holdings plc (“AngloGold Ashanti”) as consideration for the completion of AUD10,000,000 in Phase I Expenditures on the Company’s New South Wales properties in Australia, pursuant to the Exploration Earn-in Agreement with an affiliate of AngloGold Ashanti announced on June 14, 2023.

Subsequent to the share issuance, AngloGold Ashanti holds a 9.9% equity interest in the Company. The Company currently has 112,458,569 common shares issued and outstanding (119,283,569 common shares on a fully diluted basis).

ITEM 5.1 FULL DESCRIPTION OF MATERIAL CHANGE
For full description of the material change, please see the Company’s news release dated April 1, 2025 attached as Schedule “A” hereto.

ITEM 5.2 DISCLOSURE FOR RESTRUCTURING TRANSACTIONS
Not applicable.

ITEM 6. RELIANCE ON SUBSECTION 7.1(2) OF NATIONAL INSTRUMENT 51-102
This report is not being filed on a confidential basis.

ITEM 7. OMITTED INFORMATION
There are no significant facts required to be disclosed herein which have been omitted.

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ITEM 8. EXECUTIVE OFFICER
Contact: Alistair Waddell
Telephone: 604-681-9100

ITEM 9. DATE OF REPORT
April 1, 2025

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SCHEDULE "A"