Syntholene Energy Corp. Upsizes Private Placement to $2.0 Million and Announces Closing of First Tranche

Chicago, Illinois--(Newsfile Corp. - July 23, 2026) - Syntholene Energy Corp. (TSXV: ESAF) (FSE: 3DD0) (OTCQB: SYNTF) ("Syntholene" or the "Company") announced today, that due to strong investor demand, it has upsized its previously announced non-brokered private placement offering to $2.0 million (the "Financing") and the successful closing of the first tranche of the Financing for aggregate gross proceeds of approximately $1.19 million. The Financing now consists of up to 4,444,444 units of the Company ("Units") at a price of $0.45 per Unit for gross proceeds of up to $2.0 million. Each Unit will consist of one common share of the Company (a "Common Share") and one-half of one Common Share purchase warrant (each full warrant, a "Warrant").

Each Warrant will entitle the holder thereof to acquire one Common Share at an exercise price of $0.63 for a period of two years from the date of issuance of the Warrant, subject to an acceleration provision in accordance with the terms of the Warrant. The Financing may be closed in one or more additional tranches. Under the first tranche of the Financing, the Company issued an aggregate of 2,648,888 Units at a price of $0.45 per Unit for gross proceeds of approximately $1.19 million.

The Company intends to use the proceeds of the Financing for future testing and production at the Company's demonstration facility in Húsavík, Iceland (the "Demonstration Facility") and for general working capital. In connection with first tranche of the Financing, the Company paid cash finder's fees of approximately $8,200 and issued 12,000 finder's warrants ("Finder's Warrants") to certain arm's length finders. Each Finder's Warrant entitles the holder thereof to acquire one Common Share at an exercise price of $0.45 for a period of two years from the date of issuance of the Finder's Warrant.

The Units issued pursuant to the Financing, the Finder's Warrants and any Common Shares underlying the Warrants and Finder's Warrants, will be subject to a statutory hold period of four months and one day from the date of issuance, in accordance with applicable securities laws. Completion of the Financing remains subject to the receipt of all required regulatory approvals, including approval of the TSX Venture Exchange. The securities offered pursuant to the Financing have not been and will not be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States, or for the account or benefit of U.S. persons, absent registration or an applicable exemption from the registration requirements.

This news release does not constitute an offer to sell or a solicitation of an offer to buy securities in any jurisdiction in which such offer, solicitation or sale would be unlawful nor shall there be any sale of the securities in the United States or in any other jurisdiction in which such offer, solicitation or sale would be unlawful. This announcement has been prepared for publication in Canada and may not be released to U.S. wire services or distributed in the United States. About Syntholene Syntholene is actively commercializing its novel Hybrid Thermal Production System for low-cost clean fuel synthesis.

The target output is ultrapure synthetic jet fuel, which the Company seeks to manufacture at 70% lower cost than the nearest competing technology today. The Company's mission is to deliver the world's first truly high-performance, low-cost, and carbon-neutral synthetic fuel at an industrial scale, unlocking the potential to produce clean synthetic fuel at lower cost than fossil fuels, for the first time. Syntholene operates the world's first geothermally-integrated high temperature electrolysis demonstration facility in Husavik, Iceland, which is now producing 99.9%+ purity Hydrogen.

Founded by experienced operators across advanced energy infrastructure, nuclear technology, low-emissions steel refining, process engineering, and capital markets, Syntholene aims to be the first team to deliver a scalable modular production platform for cost-competitive synthetic fuel, thus accelerating the commercialization of carbon-neutral eFuels across global markets. For further information, please contact: Dan Sutton, CEO comms@syntholene.com www.syntholene.com +1 608-305-4835 X: @Syntholene Linkedin: Syntholene Energy Youtube: Syntholene Energy Investor Relations KIN Communications Inc. 604-684-6730 ESAF@kincommunications.com Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Forward-Looking Statements This news release contains forward-looking statements within the meaning of applicable securities laws.

The use of any of the words "expect", "anticipate", "aims", "continue", "estimate", "objective", "may", "will", "project", "should", "believe", "plans", "intends" and similar expressions are intended to identify forward-looking information or statements. All statements, other than statements of historical fact, including but not limited to statements regarding the completion of the Financing, the terms of the Financing, investor demand for the financing, the anticipated use of proceeds of the Financing, TSXV approval, testing and production planned at the Demonstration Facility, including the timing thereof and the proposed use of data from such testing, commercial scalability, offtakes, project financing, economic benefits of the Company's products relative to competitive products, the Company's ability to execute on its plans for advancement and commercialization of its technology, technical and economic viability, anticipated benefit of eFuel, and future commercial opportunities are forward-looking statements. The forward-looking statements and information are not a guarantee of future performance and are based on certain key expectations and assumptions made by the Company, including without limitation the assumption that the Company will be able to complete the Financing on the proposed terms or at all, that the TSXV will approve the Financing, the Company will be able to execute its business plan in the manner and timeline set forth in its public disclosure or at all, including that it will use the proceeds of the Financing, if any, as described herein, that the Demonstration Facility will operate as expected, that the eFuel will have its expected benefits, that there will be market adoption, that the Company's review of the competitive landscape and that its understanding of being the world's first Company to have geothermal-SOEC integration remain accurate, that any potential competitors to the Company would not be able to develop or execute geothermal-SOEC integration as quickly or as well as the Company, that the Company will be able to produce the eFuel at competitive pricing in the range anticipated in this news release, or at all, that the proposed testing will be able to be completed, and that the results from such tests will validate the Company's technology and support further commercialization, that geothermal heat will be available to the Company at the necessary levels, that the Company will continue to have access to skilled personnel with relevant experience, that regulatory requirements remain favourable for the Company and that the Company will be able to access financing as needed to fund its business plan.

Although the Company believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward-looking statements and information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all or that such information will prove to be correct. Since forward-looking statements and information address future events and conditions, by their very nature, they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks, including, without limitation, Syntholene's ability to operate the Demonstration Facility and complete planned testing, that the results of the testing will support continued commercialization and the Company's technology, that the engaged service providers do not have the necessary skills to and do not advance the Company's business plan, that there are competitors in geothermal-SOEC integration that are unknown to the Company, that the Company may not be able to produce eFuel at the targeted prices or at a price that is lower than potential competitors, the reliability of third party information, that definitive commercial purchase orders for Syntholene's eFuel may not materialize, Syntholene's ability to meet production targets, realize projected economic benefits, overcome technical challenges, secure financing, maintain regulatory compliance, manage geopolitical risks, and successfully negotiate definitive terms.

The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law. This news release contains future-oriented financial information and financial outlook information (collectively, "FOFI") about the cost and pricing of the eFuel product that Syntholene is seeking to commercialize, which is subject to the same assumptions, risk factors, limitations, and qualifications as set forth in the above paragraphs. FOFI contained in this news release was made as of the date hereof and was provided for the purpose of describing the anticipated effects of advancement of Syntholene's business operations.

Syntholene's actual results, performance or achievement could differ materially from those expressed in, or implied by, such FOFI. Syntholene disclaims any intention or obligation to update or revise any FOFI contained in this news release, whether as a result of new information, future events or otherwise, unless required pursuant to applicable law. Readers are cautioned that the FOFI contained herein should not be used for purposes other than for which it is disclosed herein.

Readers are advised to exercise caution and not to place undue reliance on the forward-looking statements and FOFI in this news release. NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES To view the source version of this press release, please visit https://www.newsfilecorp.com/release/306370 Newsfile Corp. July 23, 2026 - 2:24 PM PDT News by QuoteMedia www.quotemedia.com