PETROX RESOURCES CORP. — M&A Activity 2025

Jan 2, 2025

FORM 51-102F3
MATERIAL CHANGE REPORT

ITEM 1 Name and Address of Company:
Petrox Resources Corp. (the "Corporation" or "Petrox")
3001, 505 - 6th Street SW
Calgary, Alberta, Canada T2P 1X5

ITEM 2 Date of Material Change:
December 31, 2024

ITEM 3 News Release:
The news release was distributed on December 31, 2024 and filed on SEDAR on December 31, 2024.

ITEM 4 Summary of Material Change:
The Corporation announced that it had extended the termination date of its letter of intent with SSGE Bio-energy Company Limited.

ITEM 5 Full Description of Material Change:
The Corporation announced that, further to its news releases of May 24, 2024 and October 1, 2024 in which Petrox announced the signing of a non-binding letter of intent to complete a transaction (the "Proposed Transaction") whereby it will acquire all of the shares of SSGE Bio-energy Company Limited ("SSGE"), the deadline to enter into a definitive agreement with respect to the Transaction has been further extended to March 31, 2025, failing which the LOI will be terminated.

ITEM 6 Reliance on subsection 7.1(2) or (3) of National Instrument 51-102:
Not Applicable.

ITEM 7 Omitted Information:
Not Applicable.

ITEM 8 Executive Officer:
Further information relating to this Material Change Report may be obtained from:
Edwin Tam, President and CEO, or Alan Chan, CFO
Telephone: (403) 270 – 2290
Facsimile: (403) 228 – 3013

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ITEM 9 Date of Report:

December 31, 2024

The foregoing accurately discloses the material change referred to in this report.

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