Varvara Development Group (formerly O Rei Resources) Announces Name Change, Director and Management Changes and AGM

VANCOUVER, BC, Nov. 28, 2025 /CNW/ - Varvara Development Group Ltd. (formerly O Rei Resources Corp.) ("Varvara" or the "Company") provides the following corporate updates in connection with completing the acquisition of a Romanian gold project and related assets from Eldorado Gold Corporation.

Name Change

The Company has changed its name from "O Rei Resources Corp." to "Varvara Development Group Ltd." to better reflect its new business; the safe and sustainable development of mining assets in Romania, using a cyanide-free approach. "Varvara" is the Romanian form of the patron saint of miners.

In connection with the name change, the new CUSIP number for the common shares of the Company will be 92243V105 and the new ISIN number will be CA92243V1058. No action is required to be taken by shareholders with respect to the name change. Outstanding common share certificates bearing the old name of the Company are still valid and are not affected by the name change.

Changes to Directors and Management

The Company is pleased to announce several changes to its management team and board of directors following completion of the transaction with Eldorado. As part of this transition, the previous directors and officers of the Company have resigned and the following directors and officers have been appointed as replacements:

• Daniel Myerson, Director and Executive Chairman - Mr. Myerson serves as CEO and Chair of Foran Mining Corporation. Under Mr. Myerson's leadership Foran has greatly expanded its resource base through exploration, navigated robust permitting and environmental conditions, secured financing and is currently well advanced through construction. Foran is a recognized leader in carbon-neutral mining with a strong commitment to environmental responsibility and community integration and has been praised by the Canadian government for its job creation, its contribution to infrastructure and economic growth and for the expectation that it will be the first net-zero critical minerals project in Canada. Previously, Mr. Myerson served as head of Glencore's Canadian zinc business. He holds a Master of Finance degree from the Queensland University of Technology.
• Alain Bureau, Director and Chief Executive Officer - Mr. Bureau, an Honours graduate in Mechanical Engineering from the Royal Military College of Canada, brings over 25 years of leadership in the international mining and construction sectors. His experience spans the full project lifecycle--from early-stage exploration and feasibility studies to permitting, construction, and operational launch. Mr. Bureau previously worked on major development projects with Agnico Eagle in Canada and Mexico and served as President and CEO of Pershimco Resources, where he successfully led the company through development and acquisition.
• Tim Aldersley, President and Chief Financial Officer – Mr. Aldersley has a highly successful track record in mining finance and mining private equity. As a partner and the Senior Portfolio Manager at Red Kite's mining fund, he was responsible for the project financing of precious and base metal mines on a global basis. He also had responsibility for portfolio company management, arranging royalty and streaming deals, asset acquisitions, restructurings, recoveries and divestments. Mr. Aldersley started his career in metals trading, trade finance and logistics. Mr. Aldersley holds a master's degree in physics from the University of Oxford, UK.
• Mathieu Gignac, Director - Mr. Gignac is President of G Mining Services, a leading Canadian engineering firm, and brings over two decades of experience in mining project development and engineering. He has a strong track record in managing large-scale mining projects from feasibility through construction to operations. His leadership has been instrumental in the successful execution of major projects such as the Merian Project (Newmont), Fruta del Norte (Lundin Gold), and the Tocantinzinho Gold Project (G Mining Ventures). Mr. Gignac holds a degree in Mining Engineering from McGill University and is a member of both the Ordre des Ingénieurs du Québec (OIQ) and the Canadian Institute of Mining, Metallurgy and Petroleum.
• Johan Meyer, Director - Mr. Meyer is an investment management professional with over 21 years' experience in portfolio management, equity analysis and corporate leadership, with a particular focus on emerging and frontier markets. From November 2016 until June 2025, Mr. Meyer was Chief Executive Officer of Franklin Templeton Romania and Fund Manager of Fondul Proprietatea. During this period he oversaw public and private transactions exceeding USD 3.2 billion, including the largest IPO in the history of the Bucharest Stock Exchange. Mr. Meyer joined Franklin Templeton in 2004 and, prior to his role in Romania, served as Managing Director South Africa and Director of Africa Strategy for the Templeton Emerging Markets Group. He holds a Bachelor of Commerce (Honours) degree with specialisation in Economics from the University of Pretoria.

Annual General Meeting

The Company is also pleased to announce that it will hold its annual general meeting of shareholders on Wednesday, January 7, 2026 at 9:00 a.m. (Vancouver time) for the following purposes:

1. to receive the financial statements of the Company for its financial year ended December 31, 2024, and auditor's report thereon;
2. to fix the number of directors of the Company at six (6) for the ensuing year;
3. to elect directors of the Company for the ensuing year;
4. to appoint Dale Matheson Carr-Hilton Labonte LLP as auditors of the Company for the ensuing year and to authorize the directors to fix the auditor's remuneration;
5. to transact such other business as may properly come before the meeting.

In addition to the directors named above, it is expected that the following individuals will be nominated for election to the board of directors of the Company:

• Mark Douglas Beacom - Mr. Beacom is Chairman and Chief Executive Officer of Black Sea Oil & Gas SA, the first company in over 30 years to develop offshore gas in the Romanian Black Sea, and is also the Managing Director of BSOG's green energy subsidiary, BSOG Energy SRL, a company that is focusing on becoming the first company to develop biomethane in Romania. Before joining BSOG, Mr. Beacom was a Vice President of PetroKazakhstan, President and founder of Croft Offshore Oil, President and founder of Carthage Energy and President and co-founder of its subsidiary Carthage Hydro. Mr. Beacom's background has extensively been in the development of energy projects throughout Europe, in Canada, West Africa and Kazakhstan and includes offshore and onshore oil and gas projects as well as green energy projects. He holds an MBA from the London Business School and a BSc, Mechanical Engineering, from Queens University.
• Andrew Noble - Mr. Andrew Noble is a distinguished British diplomat with over 40 years of global experience, most recently serving as the British Ambassador to Romania (2018–2023) and previously to Algeria. Since joining the UK Foreign and Commonwealth Office in 1982, Mr. Noble has held senior diplomatic posts in Germany, South Africa, Greece, and Romania--including as Deputy Head of Mission in Berlin. Mr. Noble is widely recognized for his strategic insight, negotiation skills, and deep expertise in government relations. His tenure in Romania was marked by the successful resolution of high-profile civic issues and a strong focus on environmental stewardship, democratic values, and inclusive development. He brings a nuanced understanding of political risk, stakeholder engagement, and regulatory landscapes across emerging European markets. Mr. Noble volunteers for multiple Romanian charities/civil society institutions.

Together, this experienced team brings a unique combination of technical, operational, and financial expertise from leading mining companies and financial institutions.

About Varvara Development Group Ltd.

Varvara is a mining development company headquartered in British Columbia, Canada, dedicated to the safe, sustainable and cyanide-free development of mineral assets in Romania.

Cautionary Note about Forward-looking Statements and Information

Certain of the statements made and information provided in this press release are forward-looking statements or information within the meaning of ‎‎applicable Canadian and U.S. securities laws. Often, these forward-looking statements and forward-looking information can be identified by the use of words such as "plans", "expects", "is expected", "budget", "continue", "projected", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or the negatives thereof or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements or information contained in this release include, but are not limited to, statements or information with respect to: the expected growth and development of the Company, the date and time of the annual general meeting of shareholders and the anticipated nomination and appointment of directors of the Company. Forward-looking statements and forward-looking information by their nature are based on assumptions and involve known and unknown risks, market uncertainties and other factors, which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information.

We caution that all forward-looking information is inherently subject to change and uncertainty and that actual ‎results ‎may differ materially from those expressed or implied by the forward-looking information. A number of ‎risks, ‎uncertainties and other factors could cause actual results and events to differ materially from those expressed ‎or ‎implied in the forward-looking information or could cause our current objectives, strategies and intentions to ‎change, ‎including but not limited to: that the Company's project may never be developed; recoveries of gold and other metals; geopolitical and economic climate (global and local), risks related to mineral tenure and permits; gold and other commodity price volatility; information technology systems risks; continued softening of the global concentrate market; risks regarding potential and pending litigation and arbitration proceedings relating to our business, properties and operations; expected impact on reserves and the carrying value; the updating of the reserve and resource models and life of mine plans; mining operational and development risk; financing risks; foreign country operational risks; risks of sovereign investment; regulatory risks and liabilities including environmental regulatory restrictions and liability; discrepancies between actual and estimated production; mineral reserves and resources and metallurgical testing and recoveries; additional funding requirements; currency fluctuations; community and non-governmental organization actions; speculative nature of gold exploration; dilution; share price volatility and the price of our common shares; competition; loss of key employees; and defective title to mineral claims or properties.

Accordingly, we warn investors to exercise ‎caution when ‎considering statements containing forward-looking information and that it would be unreasonable to ‎rely on such ‎statements as creating legal rights regarding our future results or plans. We cannot guarantee that any ‎forward-‎looking information will materialize and you are cautioned not to place undue reliance on this forward-‎looking ‎information. Any forward-looking information contained in this news release represents management's ‎current ‎expectations and are based on information currently available to management, and are subject to change ‎after the ‎date of this news release. We are under no obligation (and we expressly disclaim any such obligation) to ‎update or alter ‎any statements containing forward-looking information, the factors or assumptions underlying ‎them, whether as a ‎result of new information, future events or otherwise, except as required by law. All of the ‎forward-looking information ‎in this news release is qualified by the cautionary statements herein.

A comprehensive discussion of other risks that impact Varvara can also be found in its public reports and filings which are available at www.sedarplus.ca.

SOURCE Varvara Development Group Ltd.

[email protected], Lauren Cardozo-Smith