Record Resources Inc. — Board/Management Information 2025

Nov 7, 2025

FORM 51-102F3
Material Change Report

Item 1
Reporting Issuer

Record Resources Inc. (the “Company”)
600 - 12220 Stony Plain Road NW
Edmonton, Alberta
T5N 3Y4

Item 2
Date of Material Change

A material change took place on November 6, 2025.

Item 3
Press Release

A press release in respect of the material change was disseminated by the Company through the facilities of Newsfile Corp. on November 6, 2025.

Item 4
Summary of Material Change

Mr. David A. Johnson resigned from the Board of Directors of the Company and the Board of Directors of the Company appointed a new director, Mr. Bill Torr, to fill Mr. Johnson’s vacancy and to join the Board of Directors effective November 6, 2025.

Item 5.1
Full Description of Material Change

The Company reports that it has as appointed to its board of directors ex-Tullow Oil executive, Bill Torr.

Further to the recent appointment of Robin Sutherland as a Record Resources director, Bill Torr was also part of the original executive team at Energy Africa, Cape Town. Bill started his career as finance manager with Engen Exploration and its North Sea investments and operations at the Alba and Britannia fields in the early 1990s. Engen Exploration division became Energy Africa in the 1996 and was sold to Tullow Oil, Dublin, in 2004. Torr had been company secretary at the inception of Energy Africa and became its Chief Financial Officer in the four years prior to its sale.

During his period with Energy Africa, Torr was responsible for raising financing for oil and gas asset development in Equatorial Guinea, the North Sea and elsewhere. He was also responsible for funding the acquisition of the M'Boundi oil and gas block located onshore in the Republic of Congo. M'Boundi was subsequently developed by Maurel & Prom, Paris, and, later sold to ENI. Production there reached 56,000 barrels of oil per day.

At Energy Africa, Torr was involved in defending the company against a hostile takeover bid from the Malaysian national oil company, Petronas. Following the Petronas action, Energy Africa was acquired by Tullow.

Subsequent to the Tullow Oil takeover, Torr became General Manager for Tullow South Africa and was responsible for its local operations as well as involvement in commercial issues in different African countries. Torr exited Tullow in 2015 and joined Africa Energy Corp (AEC), a Lundin group company comprised of many former executives from Energy Africa and Tullow. During this period, Torr was

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involved in a review of opportunities and assets in and beyond Southern Africa, including acquiring an interest in Block 11B/12B located off the South African coast operated by Total Energies, Paris. This acquisition led to the subsequent discoveries of the Brulpadda and Luiperd gas and condensate fields. Torr, since 2019, has been a financial and commercial consultant based in Cape Town, South Africa, for both AEC and Africa Oil Corp (Meren).

Alain Mizelle, President and COO said: "Bill's distinguished financial and commercial accomplishments make him a valuable additional contributor to Record's board. His track record of success in the oil and gas sector spans the North Sea to West and Southern Africa. His leadership qualities have been proven and tested at Energy Africa, Tullow Oil and recently AEC. We are very proud for someone of this calibre, depth and experience to agree to join Record Resources and work with the rest of the board and team to help grow shareholder value."

The appointment of Bill Torr to the board of directors of the company is subject to approval of the TSX Venture Exchange.

David Johnson is resigning his board seat to allow room for Mr. Torr's appointment. Mr. Johnson remains the company's Corporate Secretary and Legal Counsel.

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Item 5.2 Disclosure for Restructuring Transactions

Not applicable.

Item 6 Reliance on subsection 7.1(2) of National Instrument 51-102

Not applicable.

Item 7 Omitted Information

There is no information of a material nature that has been omitted from this material change report.

Item 8 Executive Officer

The name and business telephone number of an executive officer of the Company who is knowledgeable about the material change and this report is:

David A. Johnson

514-710-4569

Item 9 Date of Report

DATED at Montréal, Québec, on this 7th day of November, 2025.