Dear Readers,

Canada Nickel (WKN: A2P0XC) plans to supply low-CO₂ semi-finished steel products to Swiss Steel in the future through its subsidiary NetZero Metals.

The companies presented their plans on October 26, 2026. Three days earlier, they signed an agreement that sets out the framework for the intended collaboration. On the Canadian side, the starting point is the Crawford nickel project, which is under development, in the Timmins-Cochrane mining district in Ontario, Canada.

The Highlights

The companies cite the following key points:

• Planned scope: approximately one million metric tons of semi-finished steel products per year from 2030, to which Swiss Steel is to receive exclusive access.
• Technically validated initial supply concept for Swiss Steel sites in the USA, Canada, Germany, Switzerland, and France; further sites could follow.
• Intended products: low-CO₂ “billets” and “blooms”, i.e., preformed pieces of steel that Swiss Steel would further process into specialty steel.
• Industrial partner with an existing distribution network: According to the announcement, Swiss Steel employs approximately 7,000 people and is represented by production and sales companies in 25 countries.

The volume figure describes the targeted supply, not revenue that has already been secured. Details on prices, binding minimum purchase volumes, and contract term have not yet been published.

Why It Matters

Canada Nickel (WKN: A2P0XC) intends to establish the processing through its wholly owned subsidiary NetZero Metals. From the planned mine concentrates, a finished nickel product as well as semi-finished steel products are to be produced. For this purpose, the nickel- and chromium-bearing magnetite concentrate, an iron-rich intermediate product, is to be processed into semi-finished stainless steel and specialty steel products. The aim is low and possibly net-zero CO₂ emissions.

Swiss Steel CEO Frank Koch sees the possible collaboration as a path to competitive feedstock and greater flexibility in the production network. Canada Nickel CEO Mark Selby emphasizes the additional processing in Canada and the connection with European customers. Together with existing partners, the company also intends to access European financing assistance for critical raw materials.

Our Assessment:

In our view, the connection with an industrial customer is a convincing step forward for the marketing plans of Canada Nickel (WKN: A2P0XC). The preparatory work and semi-finished products for several plants indicate that the partners are pursuing concrete applications. This could result in a more robust basis for long-term sales and financing discussions.

The next step is the working out of an economically and technically viable partnership; the announcement does not state a completion date. Final delivery terms and the financing of the implementation still remain open.

Next Steps:

• In the next development step: Convert the supply concept into an economically and technically viable long-term partnership.
• Accompanying this: Together with the existing partners, access European support for project financing.

Glück auf and warm regards from Switzerland,

Yours
 Marc Ollinger
 Swiss Resource Capital AG

Swiss Resource Capital AG at a Glance:

Our homepage: https://www.resource-capital.ch/de/

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   Disclaimer and Disclosure

Promotional Nature and Conflicts of Interest. This article is a paid investor relations communication on behalf of Canada Nickel Company Inc. SRC swiss resource capital AG receives compensation under an IR consulting agreement with the issuer. This gives rise to an economic interest in a positive presentation. This article is not an independent financial analysis.

Holdings. At the time of publication, neither SRC swiss resource capital AG nor the members of its governing bodies, its employees, or the author holds any shares, options, warrants, certificates, other derivatives, or long or short positions in Canada Nickel Company Inc. The issuer does not hold an interest of at least 5% in SRC.

Sources and Technical Context. This article is based on the joint corporate announcement by Canada Nickel Company Inc. and Swiss Steel Group dated October 26, 2026, including the company logos contained therein. SRC has not carried out its own resource estimate, project evaluation, or independent review of the geological and technical data. The original announcement does not name a qualified person under NI 43-101 or S-K 1300. Accordingly, no technical review or approval of this SRC article is confirmed. Resource, reserve, and grade information is not the subject of this article.

Technical Risks. Timelines for the development, construction, and start of mining and processing production require the necessary permits, financing, and technical implementation as planned. The technical validation of the initial supply concept does not constitute proof of the economic viability or commercial operational readiness of the entire production chain. The targeted low or net-zero CO₂ emissions are development targets. The original announcement contains no assurance that Crawford will go into production or that any subsequent operation would be profitable.

Forward-Looking Statements and Risks. Statements regarding the planned partnership with Swiss Steel, project development, processing by NetZero Metals, possible delivery volumes from 2030, emissions targets, and European financing support are forward-looking and are based on the companies’ expectations. Actual results may differ materially. Material risks are fluctuating grades and recoveries; cost increases; construction, laboratory, and delivery delays; permitting processes; financing requirements and dilution; and changes in commodity prices and exchange rates. Commodity stocks are subject to high price and liquidity risks. A total loss is possible.

No Individual Investment Advice. This article serves general information purposes and does not take into account any personal investment objectives or financial circumstances. It contains no price target, no buy or sell recommendation, no offer to acquire or dispose of financial instruments, and no investment, legal, or tax advice.

Liability and Timeliness. SRC endeavors to provide a careful presentation. Information may change after the editorial deadline. Mandatory obligations to correct and update remain unaffected. To the extent permitted by law, liability for slightly negligent breaches of duty is excluded, except for material contractual obligations. In the event of a slightly negligent breach of such obligations, liability is limited to the foreseeable damage typical for this type of contract. This does not affect liability for willful misconduct and gross negligence, for damages resulting from injury to life, body, or health, or any mandatory statutory liability. The respective providers are responsible for external content.

AI Notice. AI-assisted tools were used in the preparation and linguistic editing of this article. Editorial responsibility lies with SRC swiss resource capital AG. The embedded company logos originate from the original announcement and were not AI-generated. The specified intro image is marked as an image position still to be added.

Publisher and Editorial Information. Prepared and published by: SRC swiss resource capital AG, Poststrasse 1, 9100 Herisau, Switzerland. Responsible author: Marc Ollinger. Editorial status as of: October 26, 2026, 3:45 p.m. Zurich/Berlin time. First published: October 26, 2026, 3:45 p.m. Zurich/Berlin time. Text © 2026 SRC swiss resource capital AG. Company logos: Canada Nickel Company Inc. and Swiss Steel Group.

Image Credits. Intended intro image: stock.adobe.com; “Breaking news vector background blue red earth globe dynamic lines” by Saibarakova Ilona. Embedded logos: Canada Nickel Company Inc. and Swiss Steel Group, taken from the joint original announcement.

Original announcement dated October 26, 2026: https://wp-canadanickel-2025.s3.ca-central-1.amazonaws.com/media/2026/10/Canada-Nickel-Swiss-Steel-Press-Release_FINAL.pdf

SRC Imprint · Supplementary SRC Legal Notices

The Phase 2 program comprises approximately 25,000 metres (m) of diamond drilling designed to increase geological confidence within the current mineral resource estimate and support the conversion of Inferred Mineral Resources to higher-confidence resource categories. All drill holes reported in this release were completed within areas currently classified as Inferred and continue to demonstrate strong grade and geological continuity throughout the deposit.

Significant drill highlights, shown in true widths, include:

• Hole 26EC-131 intersected 14.95 grams per tonne (“g/t”) gold (“Au) over 4.25m;
• Hole 26EC-130 intersected 13.15 g/t Au over 1.50m;
• Hole 26EC-132 intersected 6.81 g/t Au over 1.39m; and
• Hole 26EC-122 intersected 7.03 g/t Au over 1.50m.
• 21,857m (or 46 drill holes) for the Phase 2 Eau Claire program has been completed.

Results are highlighted by drill hole 26EC-131, which intersected 14.95 g/t gold over 4.25 metres true width, approximately 60 metres up-dip from historical hole ER15-572, which previously returned 6.18 g/t gold over 5.05 metres (Figure 2). This intercept confirms the continuity of the high-grade mineralized system and further validates the Company's geological model. The result significantly increases confidence in the continuity of the modeled mineralized zone and is expected to contribute to the conversion of portions of the current Inferred Resource to the Indicated category in a future mineral resource update.

Additional significant intercepts include 13.15 g/t gold over 1.50 metres in hole 26EC-130, 6.81 g/t gold over 1.39 metres in hole 26EC-132, and 7.03 g/t gold over 1.50 metres in hole 26EC-122 (Figure 1).

All drill holes disclosed to date from the Phase 2 program, including those reported in this news release and in the Company’s previous news releases, will be incorporated into the upcoming update of the mineral resource estimate for the Eau Claire Gold Project.

“The primary objective of this drilling campaign is to increase confidence and ounces into the resource model,” commented Tim Clark, CEO of Fury. “Hole 26EC-131 confirms the continuity of high-grade mineralization approximately 60 metres up-dip from historical hole ER15-572 and further validates the geological interpretation of the deposit. These results, in combination with our overall drilling program, continue to support the conversion of portions of the current Inferred Resources to the Indicated category in the next mineral resource update, which will be associated with the pre-feasibility in 2027.”

Table 1: Recent Drill Highlights 

Intercepts were calculated using Au grade*thickness no less than 2 g/t*m width grade no less than 1g/t, maximum consecutive dilution 2m. True thickness was used for intercept calculation.

 Phase 2 drilling is aimed at converting inferred mineral resources into higher-confidence mineral resource categories and expanding the indicated mineral resource. To date, 46 drill holes totalling approximately 21,857 metres have been completed, of which five holes were abandoned, and three holes are in progress. Assay results are currently available for 26 holes totalling 13,374 metres.

Figure 1: Long section of the Eau Claire Deposit looking north showing the locations of the completed and current drill holes in relation to the block model.

Figure 2: Eau Claire – Section 26EC-131

Valérie Doyon, P.Geo, VP, Geology at Fury, is a “qualified person” within the meaning of Canadian mineral projects disclosure standards instrument 43-101 and has reviewed and approved the technical disclosures in this press release.

Sampling and Assaying Disclosure

Analytical samples for the Drill Program were taken by sawing HQ diameter core into equal halves on site, with one half sent to ALS Chemex in Val D’or, Quebec, Canada for preparation and analysis. All samples were assayed using a 50 g nominal weight fire with assay atomic absorption finish (Au-AA24) and multi-element four acid digest ICP-AES/ICP-MS method (ME-MS61). Where Au-AA24 results were greater than 10 ppm by Au-AA24 were re-assayed with 50 g nominal weight fire assay with gravimetric finish (Au-GRA22). QA/QC programs using internal standard samples and blanks, field and lab duplicates, and lab standards and blanks indicate good overall accuracy and precision.

About Fury Gold Mines Limited

Fury Gold Mines Limited is a well-financed Canadian-focused exploration company advancing its 100% owned Eau Claire gold project towards development. The Company holds a 5.8% equity position in Contango Silver and Gold Inc. and is led by a management team and board of directors with proven success in financing and advancing exploration assets. Fury intends to grow its gold portfolio through rigorous project evaluation and exploration excellence. Fury is committed to upholding the highest industry standards for corporate governance, environmental stewardship, community engagement and sustainable mining. For more information on Fury Gold Mines, visit www.furygoldmines.com  .

For further information on Fury Gold Mines Limited, please contact:

Margaux Villalpando, Investor Relations

Tel: (844) 601-0841

Email: info@furygoldmines.com

Website: www.furygoldmines.com

In Europe

Swiss Resource Capital AG

Marc Ollinger

info@resource-capital.ch

www.resource-capital.ch

Forward-Looking Statements and Additional Cautionary Language

This news release includes certain statements that may be deemed to be “forward-looking statements” within the meaning of applicable securities laws, which statements relate to the future exploration operations of the Company and may include other statements that are not historical facts. Specific forward-looking statements contained in this news release includes information relating to the Company’s ongoing exploration program at the Eau Claire project.

Although the Company believes that the assumptions and expectations reflected in those forward-looking statements were reasonable at the time such statements were made, there can be no certainty that such assumptions and expectations will prove to be materially correct. Mineral exploration is a high-risk enterprise.

Readers should refer to the risks discussed in the Company’s Annual Information Form and MD&A for the year ended December 31, 2025 and subsequent continuous disclosure filings with the Canadian Securities Administrators available at www.sedarplus.ca and the Company’s Annual Report available at www.sec.gov. Readers should not place heavy reliance on forward-looking information, which is inherently uncertain.

The intended partnership would provide Swiss Steel Group with access to low-carbon billet and blooms to be further processed for its specialty steel production. An initial supply concept has been developed and technically validated for the American, Canadian, German, Swiss and French facilities, with potential relevance for further Swiss Steel Group Production Assets.  The envisaged partnership would provide Swiss Steel Group with exclusive access to approximately one million tonnes of semi-finished steel products per year from 2030.

“This intended partnership supports an important element of our strategy: focusing our own industrial footprint while securing flexible access to competitive, low-carbon pre-material,” said Frank Koch, CEO of Swiss Steel Group. “It would strengthen our ability to serve our customers with high-quality specialty steels while increasing flexibility across our production network. Together with Canada Nickel Company, we will now work towards translating this concept into a commercially and technically viable long-term partnership.”

"As Canada prepares to host the European Union later this week, this partnership demonstrates how we can translate our shared economic and industrial priorities into tangible commercial opportunities. 
 Canada's mineral resources and competitive, low carbon energy advantages, combined with Swiss Steel's manufacturing expertise and European market access, create an opportunity to build secure, low-carbon supply chains that benefit both economies. Rather than simply exporting energy, Canada Nickel is using this energy for value-added production here at home, strengthening Canada's industrial base while effectively exporting Canada’s natural gas and electricity advantages to support Europe's competitiveness and long-term supply security.  We look forward to working together, along with our existing partners, to unlock European critical minerals funding support for the project.” said Mark Selby, CEO, Canada Nickel Company.

George Pirie, Minister of Northern Economic Development and Growth said that “Northern Ontario continues to demonstrate its strength as a leader in responsibly produced critical minerals and low-carbon industrial development. This is a perfect example of how Northern Ontario transforms energy into value-added products that benefit the world. The proposed partnership between Canada Nickel and Swiss Steel highlights the growing global demand for Ontario’s resources, expertise, and competitive advantages. Initiatives like this reinforce Northern Ontario’s role in building secure supply chains, driving long-term economic growth, and strengthening Canada’s position in global markets.” 

Canada Nickel Company is developing its Crawford Nickel project and intends, through its wholly-owned subsidiary NetZero Metals, to transform the concentrates produced by the mine into a finished nickel product and the nickel-chromium magnetite concentrate into low carbon, and potentially net zero carbon, semi-finished stainless and specialty steel products.  

About Swiss Steel Group

Swiss Steel Group, headquartered in Lucerne (Switzerland), is one of the world’s leading manufacturers of specialty long steel products. Thanks to the use of steel scrap in electric arc furnaces, the Group is one of Europe’s most prominent companies in the field of circular economy and ranks among the market leaders in sustainably produced steel - Green Steel. The Swiss Steel Group is represented in 25 countries with its own production and sales companies and, thanks to its strong local presence, offers a wide range of customized solutions in the areas of high-quality structural steel, stainless steel, and tool steel. The Swiss Steel Group employs approximately 7,000 people.

About Canada Nickel Company

Canada Nickel Company Inc. is advancing the next generation of nickel-sulphide projects to deliver nickel required to feed the high growth electric vehicle and stainless steel markets. Canada Nickel Company has applied in multiple jurisdictions to trademark the terms NetZero NickelTM, NetZero CobaltTM, NetZero IronTM, and is pursuing the development of processes to allow the production of net-zero carbon nickel, cobalt, and iron products. Canada Nickel provides investors with leverage to nickel in low political risk jurisdictions. Canada Nickel is currently anchored by its 100% owned flagship Crawford Nickel Sulphide Project in the heart of the prolific Timmins-Cochrane mining camp. For more information, please visit www.canadanickel.com.

For further information, please contact:

Mark Selby, CEO
 Phone: 647-256-1954
 Email: info@canadanickel.com

Sydney Oakes, Director of Indigenous Relations and Public Affairs
 Email: sydneyoakes@canadanickel.com

Anina Berger, Vice President Corporate and Strategic Affairs

Email: anina.berger@swisssteelgroup.com 

P: +41 41 581 41 21

Gerda Königstorfer, Senior Director Group Communications

Email: gerda.koenigstorfer@swisssteelgroup.com 

P: +41 79 682 5895

In Europe

Swiss Resource Capital AG

Marc Ollinger

info@resource-capital.ch

www.resource-capital.ch

Cautionary Statement Concerning Forward-Looking Statements

This press release contains certain information that may constitute "forward-looking information" under applicable Canadian securities legislation. Forward looking information includes the ability of the Company to finance and construct the Crawford Nickel Project, deliver nickel required to feed the high growth electric vehicle and stainless steel markets, and the development of processes to allow the production of net zero carbon nickel, cobalt, and iron products. Readers should not place undue reliance on forward looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Canada Nickel to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. There are no assurances that Crawford will be placed into production. Factors that could affect the outcome include, among others: inability to repay the loan or comply with the covenants set out in the loan agreement; the ability to obtain the approval of the TSX Venture Exchange for the matters described herein; the actual results of development activities; project delays; inability to raise the funds necessary to complete development; general business, economic, competitive, political and social uncertainties; future prices of metals or project costs could differ substantially and make any commercialization uneconomic; availability of alternative nickel sources or substitutes; actual nickel recovery; conclusions of economic evaluations; changes in applicable laws; changes in project parameters as plans continue to be refined; accidents, labour disputes, the availability and productivity of skilled labour and other risks of the mining industry; political instability, terrorism, insurrection or war; delays in obtaining governmental approvals, necessary permitting or in the completion of development or construction activities; mineral resource estimates relating to Crawford could prove to be inaccurate for any reason whatsoever; additional but currently unforeseen work may be required to advance to the feasibility stage; and even if Crawford goes into production, there is no assurance that operations will be profitable. Although Canada Nickel has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Forward-looking statements contained herein are made as of the date of this news release and Canada Nickel disclaims any obligation to update any forward looking statements, whether as a result of new information, future events or results or otherwise, except as required by applicable securities laws. 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.

Dear Readers,

The World Gold Council and the Boston Consulting Group see significant growth potential in the digital gold market. Their study, published on October 19, is based on surveys of more than 12,000 retail investors across twelve markets and interviews with 20 experts. Digital gold remains a small portion of the gold market to date.

While the market for physical investment gold is estimated at around 13 trillion U.S. dollars, digital gold currently amounts to approximately 45 to 55 billion U.S. dollars. Tokenized gold achieved more than 90 billion U.S. dollars in cumulative spot trading volume in the first quarter of 2026. Trading volume should not be equated with new capital inflows.

In the base-case scenario, the study’s authors expect annual growth of about 27 percent, reaching $160 to $170 billion by 2031. About 65 percent of latent demand comes from people who have not previously invested in gold. Trust, regulation, costs, and redemption options remain key hurdles; additional demand is no guarantee of rising gold prices.

Newcore Gold Continues to Develop Enchi

Newcore Gold - https://www.commodity-tv.com/ondemand/companies/profil/newcore-gold-ltd/ - is developing the 248-square-kilometer Enchi gold project in southwestern Ghana. The pre-feasibility study dated June 24, 2026, calls for an open-pit mine with a central processing plant. At $4,200 per ounce, this results in a net present value after taxes of $647 million and an internal rate of return of 45 percent.

The study projects annual production of approximately 130,000 ounces over the first three years and a mine life of 9.3 years. The payback period is 1.4 years under the price scenario described. Further exploration could alter the resource base; however, financing, mining rights, and implementation of the planned facility remain necessary.

Mayfair Gold Bets on Fenn-Gib and Macquarie

Mayfair Gold - https://www.commodity-tv.com/ondemand/companies/profil/mayfair-gold-corp/ - controls the Fenn-Gib project in Ontario. The indicated resource comprises approximately 4.3 million ounces of gold; this should be distinguished from the reserves of approximately 1.04 million ounces at 1.29 grams per metric ton reported in the January 2026 pre-feasibility study. Production is projected to total approximately 920,000 ounces over 14.3 years.

In the base case scenario at $3,100 per ounce, Mayfair cites a net present value after taxes of CAD 652 million and a payback period of 2.7 years. Macquarie completed a strategic equity investment in October. The previously announced financing package totaling CAD 310 million was based in part on non-binding agreements; therefore, the entire project financing cannot be considered secured.

Conclusion: Newcore Gold and Mayfair Gold on the Verge of Milestones

Digital gold offerings could tap into new investor groups and support demand in the long term. For Newcore, the focus is on further project development and permits; for Mayfair, it is on the financing and implementation of Fenn-Gib. Financing and implementation remain crucial. 

Current company information and press releases: Newcore Gold https://www.resource-capital.ch/de/unternehmen/newcore-gold-ltd/ and Mayfair Gold https://www.resource-capital.ch/de/unternehmen/mayfair-gold-corp/

For further information, see our Precious Metals Report: https://www.resource-capital.ch/de/reports/ansicht/edelmetall-report-2026-03/

Best of luck and warm regards from Switzerland,
Yours,
Marc Ollinger
Swiss Resource Capital AG

Swiss Resource Capital AG at a glance:

• Our website: https://www.resource-capital.ch/de/
• Interesting and exclusive videos and interviews: https://www.rohstoff-tv.com/, https://www.commodity-tv.com/, and https://www.youtube.com/@SwissResourceCapitalAG  
• All free commodities reports: https://www.rohstoff-reports.com/
• Registration for our roadshows: https://www.european-roadshows.com/de/  

Sources: WGC Study, Oct. 19, 2026 – https://www.gold.org/goldhub/research/digital-gold-market-report·  Newcore PFS, June 24, 2026 – https://newcoregold.com/news/newcore-gold-announces-robust-pre-feasibility-study-for-the-enchi-gold-project-ghana/·  Newcore Technical Report, August 7, 2026 – https://newcoregold.com/news/newcore-gold-files-pre-feasibility-study-technical-report-for-the-enchi-gold-project-ghana/ · Mayfair PFS, January 2026 – https://mayfairgold.ca/fenn-gib-gold-project/ · Mayfair Macquarie, October 1 and October 14, 2026 – https://mayfairgold.ca/news/

Intro Image: AI-generated

Transparency and Conflicts of Interest

Author and Publisher: SRC swiss resource capital AG, Poststrasse 1, 9100 Herisau, Switzerland. Responsible under § 18(2) MStV: Marc Ollinger. Issuers: Newcore Gold Ltd. (TSXV: NCAU) and Mayfair Gold Corp. (TSXV: MFG; NYSE American: MINE). The fee-based, non-performance-based investor relations contracts give rise to a financial interest in positive coverage. Securities holdings of the author, SRC, and affiliated companies: Neither the author, Ingrid Heinritzi, nor SRC holds shares, options, long/short certificates, or other derivatives of the issuers mentioned. Neither Mayfair Gold nor Newcore Gold holds a 5 percent or greater stake in SRC. Pre-publication review: The companies did not receive the article for review and approval prior to publication.

Methodology and Risks

Date of publication: October 23, 2026. The primary sources cited have been cross-checked against publicly available publications. Project details, drilling data, reserves, resources, and economic models have not been independently verified or validated on site. Qualified Persons are identified in the respective original technical reports; their review does not constitute approval of this article. Studies and timelines are contingent upon financing, permits, technical feasibility, and successful implementation. Geological, metallurgical, construction, environmental, country, currency, dilution, and gold price risks may significantly alter results and lead to a total loss. Routine updates are not planned; statutory obligations remain unaffected.

Disclosures and Liability

Paid marketing communication; not an independent financial analysis, individual investment advice, solicitation to buy, or securities offering. Personal investment circumstances are not reviewed. No guarantee of accuracy, completeness, or timeliness. Liability is excluded only to the extent permitted by law; exceptions include willful misconduct, gross negligence, injury to life, limb, or health, mandatory liability, and breaches of material obligations. In the event of a breach of material contractual obligations due to slight negligence, liability is limited to foreseeable damages typical for this type of contract. The operators of external sites are responsible for their content; their own legal liability remains unaffected. AI-powered tools were used for research and processing; editorial responsibility and final human review remain with SRC. © 2026 SRC. Redistribution requires consent or is permitted by law.

AI Creates New Applications for Raw Materials

Dear Readers,

According to UNCTAD, the global market for artificial intelligence could grow from $189 billion in 2023 to $4.8 trillion in 2033. However, this market forecast is not a forecast of raw material demand: what matters are specific applications in data centers, electronics, networks, and energy supply, as well as their actual adoption on an industrial scale.

In this context, the World Platinum Investment Council (WPIC) sees potential for platinum group metals in semiconductors, data storage devices, sensors, and fuel cells. At the same time, the electricity demand of data centers is driving increased interest in reliable energy supplies, including nuclear power. However, new reactors and uranium supplies require long lead times.

Sibanye-Stillwater Focuses on Mining and Recycling

Sibanye-Stillwater - https://www.commodity-tv.com/ondemand/companies/profil/sibanye-stillwater-ltd/ - is an international producer of gold and platinum group metals with significant mining operations in South Africa and the United States. The company also engages in the recycling and processing of used PGM catalyst materials. It is thus involved in several established applications of platinum group metals; additional demand from AI remains a potential development.

A disclosure notice dated October 14 stated that the Swiss banking giant UBS Group AG holds a 5.02 percent stake in Sibanye-Stillwater, representing 5.02 percent of the issued common shares. 

Premier American Uranium Reports Kaycee Results

Premier American Uranium - https://www.rohstoff-tv.com/mediathek/unternehmen/profile/premier-american-uranium-inc/ - is developing uranium projects in the U.S. states of New Mexico and Wyoming. At Cebolleta, the company completed a 6,030-foot core drilling program in July for metallurgical testing. The tests are intended to verify assumptions made in the preliminary economic assessment from 2025.

At the Kaycee project, Premier reported in October a 10-foot interval with 0.064 percent eU₃O₈ between 859.5 and 869.5 feet in drill hole WD26-012. The grade was derived radiometrically; according to the company, the drill hole length approximates the true thickness. 

Conclusion: Sibanye-Stillwater and Premier American Uranium on the Verge of Milestones

AI infrastructure and the need for reliable energy open up long-term prospects for platinum group metals and uranium. For Sibanye-Stillwater, the focus is on operational development and metal demand; for Premier, it is on further metallurgical testing, drilling, and the DISA agreement. 

Current company information and press releases: Sibanye-Stillwater https://www.resource-capital.ch/de/unternehmen/sibanye-stillwater-ltd/ and Premier American Uranium https://www.resource-capital.ch/de/unternehmen/premier-american-uranium-corp/

For further information, see our reports: Uranium Report https://www.resource-capital.ch/de/reports/ansicht/uran-report-2026-03/ and Battery Metals Report https://www.resource-capital.ch/de/reports/ansicht/batteriemetall-report-2026-03/

Best of luck and warm regards from Switzerland,
 Marc Ollinger
 Swiss Resource Capital AG

Swiss Resource Capital AG at a glance:

• Our website: https://www.resource-capital.ch/de/
• Interesting and exclusive videos and interviews: https://www.rohstoff-tv.com/, https://www.commodity-tv.com/, and https://www.youtube.com/@SwissResourceCapitalAG
• All free commodities reports: https://www.rohstoff-reports.com/
• Registration for our roadshows: https://www.european-roadshows.com/de/

Sources: UNCTAD AI Forecast, April 7, 2025 · WPIC AI Applications, July 16, 2026 · Sibanye UBS Announcement, October 14, 2026 · Premier Cebolleta, July 13, 2026 · Premier DISA, September 15, 2026 · Premier Kaycee, October 7, 2026; Intro image: https://www.sibanyestillwater.com/news-investors/media-gallery/photos/ 

Transparency and Conflicts of Interest

Prepared and published by: SRC swiss resource capital AG, Poststrasse 1, 9100 Herisau, Switzerland. Responsible under § 18(2) MStV: Marc Ollinger, CEO, Poststrasse 1, 9100 Herisau, Switzerland. Issuers: Sibanye Stillwater Limited (JSE: SSW; NYSE: SBSW [ADS]) and Premier American Uranium Inc. (TSXV: PUR; OTCQB: PAUIF). The paid IR contracts give rise to a financial interest in positive coverage. As of October 23, 2026: Neither the author nor SRC nor any affiliated companies hold shares, options, warrants, certificates, derivatives, or other long/short positions in the issuers mentioned. Future purchases or sales are possible. None of the issuers holds at least a five percent stake in SRC. The companies did not receive the article for review and approval prior to publication.

Methodology and Risks

Date of publication: October 23, 2026. Public sources have been cross-checked; company information has not been independently verified. No independent review of drilling data, resource estimates, feasibility studies, or company valuations has been conducted. Kaycee grades are based on radiometrically determined eU₃O₈, not on confirmed chemical analyses. Studies and timelines are contingent upon financing, permits, successful metallurgical testing, and, where applicable, suitable processing methods. Exploration, geological, metallurgical, environmental, construction, jurisdictional, dilution, platinum, gold, uranium price, and currency risks may materially alter results and lead to a total loss. No routine updates are planned; statutory obligations remain unaffected.

Disclosures and Liability

Paid marketing communication; not an independent financial analysis, individual investment advice, or solicitation to buy; not an offer of securities. Personal investment circumstances are not reviewed. No guarantee of accuracy, completeness, or timeliness. Liability is excluded only to the extent permitted by law; exceptions include willful misconduct, gross negligence, injury to life, limb, or health, mandatory liability, and breaches of material obligations. In the event of a breach of material contractual obligations due to slight negligence, liability is limited to foreseeable damages typical for this type of contract. The operators of external websites are responsible for their content; their own legal liability remains unaffected. AI was used for research and processing. Editorial responsibility and final human review remain with SRC. © 2026 SRC. Redistribution requires consent or is permitted by law.

Fortuna Mining Corp. is a Canadian precious metals mining company with three operating mines in Argentina, Côte d’Ivoire, and Peru, and the feasibility-stage Diamba Sud Gold Project in Senegal. Our exploration portfolio spans our operating jurisdictions as well as Guinea and Guyana. Sustainability is at the core of our operations and stakeholder relationships. We produce gold and silver while creating long-term shared value through efficient production, environmental stewardship, and social responsibility. For more information, please visit our website at www.fortunamining.com

ON BEHALF OF THE BOARD

Jorge A. Ganoza 

CEO, and Director

Fortuna Mining Corp.

Investor Relations: 

Carlos Baca | info@fmcmail.com | fortunamining.com | X | LinkedIn | YouTube | Instagram | TikTok

In Europe

Swiss Resource Capital AG

Marc Ollinger

info@resource-capital.ch

www.resource-capital.ch

Dear Readers,

Commodity and capital markets reacted sensitively to the recent tensions in the Strait of Hormuz. On October 19, the World Gold Council reported higher oil prices and another rise in U.S. consumer and producer price inflation. Expectations of tighter U.S. monetary policy could weigh on gold in the short term.

At the same time, yields on 10-year U.S. Treasury bonds fell, while stock markets showed mixed trends. Investors thus apparently sought refuge in bonds. Falling yields reduce the opportunity cost of gold, whereas higher interest rates and a stronger dollar can, conversely, create headwinds.

The relationships remain contradictory: According to the World Gold Council, the price of gold fell by more than 8 percent in September, even though gold ETFs recorded inflows of over 70 metric tons worldwide. ETF inflows do not guarantee price gains; futures market positioning and real interest rates also influence short-term trends.

Amex Continues to Develop Perron in Québec

Amex Gold Mining - https://www.commodity-tv.com/ondemand/companies/profil/amex-exploration-inc/ - is developing the Perron gold project in Québec, which it owns entirely. The Phase 1 feasibility study reports approximately 774,500 ounces of proven and probable gold reserves at an average grade of 12.1 g/t. Annual production is projected to be approximately 147,000 ounces over five years of commercial operation, with ore processing to be handled by an external contractor.

Underground access is being expanded for the approved 40,000-metric-ton large-scale sampling program; as of September 21, the company reported that more than 75 meters of ramp had been driven. The additional Rosé zone does not yet have a defined resource. Timelines for large-scale sampling and production depend on permits, financing, and technical implementation.

Axo Reports Progress in Sonora

According to the company, Axo Metals - https://www.commodity-tv.com/ondemand/companies/profil/axo-metals-corp/ - acquired Sapuchi Minera in January 2026, along with the San Antonio gold project in Sonora, Mexico. The company reports 576,000 ounces of indicated and 544,000 ounces of inferred gold resources. Resources are not reserves; their economic viability has not yet been proven.

Drill hole SOSAP-26-039 returned 8.15 g/t gold over 18 meters between drill meters 18 and 36; the true thickness has not been confirmed. The environmental agency SEMARNAT approved the environmental impact statement in July; supplemental land-use permits were still pending for certain areas. In addition, there is the La Huerta copper project.

Conclusion: Amex Gold Mining and Axo Metals on the Verge of Milestones

The market environment offers structural support for gold despite interest rate and currency risks. Amex is working on a large-scale sampling program, while Axo is focusing on drilling and permits. Financing and implementation remain critical. Gold stocks are subject to significant geological, operational, and market-related risks and offer no guarantee of price stability.

Current company information and press releases: Amex Gold Mining https://www.resource-capital.ch/de/unternehmen/amex-gold-mining-inc/ and Axo Metals https://www.resource-capital.ch/de/unternehmen/axo-metals-corp.

For further information, see our Precious Metals Report: https://www.resource-capital.ch/de/reports/ansicht/edelmetall-report-2026-03/

Best of luck and warm regards from Switzerland,
 Marc Ollinger
 Swiss Resource Capital AG

Swiss Resource Capital AG at a glance:

Our website: https://www.resource-capital.ch/de/

Interesting and exclusive videos and interviews: www.rohstoff-tv.com, https://www.commodity-tv.com/, and https://www.youtube.com/@SwissResourceCapitalAG

All free commodities reports: https://www.rohstoff-reports.com/

Registration for our roadshows: https://www.european-roadshows.com/de/

Sources: World Gold Council, October 19, 2026: https://www.gold.org/goldhub/gold-focus/2026/10/weekly-markets-monitor-bonds-back-room

World Gold Council, October 5, 2026: https://www.gold.org/goldhub/gold-focus/2026/10/weekly-markets-monitor-out-ordinary

Amex, NI 43-101 Feasibility Study 2026: https://www.amexexploration.com/images/PDF/2026/tech_report/NI_43-101_TR_-_2026_FS_-_Amex_-_Perron_1_compressed.pdf

AMEX Announcement, September 21, 2026: https://amexgoldmining.com/news/2026-news/amex-gold-mining-provides-update-on-development-activities-a2026-09-21-040503

Intro Image: Amex Gold Mining

Transparency and Conflicts of Interest

Prepared and published by: SRC swiss resource capital AG, Poststrasse 1, 9100 Herisau, Switzerland. Responsible person pursuant to Section 18(2) of the Media Services Act (MStV): Marc Ollinger. Issuers: Amex Gold Mining Inc. (TSXV: AMX) and Axo Metals Corp. (TSXV: AXO). The paid IR contracts give rise to a financial interest in positive coverage. As of October 20, 2026: Neither the author, Ingrid Heinritzi, nor SRC holds any shares, options, long/short certificates, or other derivatives of the aforementioned issuers. Neither Amex Gold Mining nor AXO Metals holds a 5 percent or greater stake in SRC. Pre-publication review: The companies did not receive the article for review and approval prior to publication.

Methodology and Risks

Date of publication: October 20, 2026. Public sources have been cross-checked; company information has not been independently verified. No independent review of drilling data, resource estimates, feasibility studies, or company valuations was conducted. Consequently, this article has not been approved. Studies and timelines are contingent upon financing, permits, and adequate processing capacity. Exploration, geological, metallurgical, construction, environmental, jurisdictional, dilution, gold price, and currency risks may significantly alter results and lead to a total loss. No routine updates are planned; statutory obligations remain unaffected.

Disclosures and Liability

Paid marketing communication; not an independent financial analysis, individual investment advice, or solicitation to buy; not an offer of securities. Personal investment circumstances are not reviewed. No guarantee of accuracy, completeness, or timeliness. Liability is excluded only to the extent permitted by law; exceptions include willful misconduct, gross negligence, injury to life, limb, or health, mandatory liability, and breaches of material obligations. In the event of a breach of material contractual obligations due to slight negligence, liability is limited to foreseeable damages typical for this type of contract. The operators of external websites are responsible for their content; their own legal liability remains unaffected. AI was used for research and processing. Editorial responsibility and final human review remain with SRC. © 2026 SRC. Redistribution requires consent or legal authorization.

Dear Readers,

Based on official data, China’s economy grew by 4.5 percent year-over-year in the third quarter of 2026. In the second quarter, growth had been 4.3 percent. The figures indicate a slight acceleration, but do not suggest that the growth target for the full year has already been met.

Growth for the first nine months stood at 4.6 percent. Industrial production at larger companies rose by 5.5 percent year-over-year in September. At the same time, the construction sector remains weak: According to the National Bureau of Statistics, its value added fell by 4.4 percent in the third quarter.

The expansion of data centers and electrical grids may increase demand for copper used in wiring and switching technology. Silver is used in contacts and electronics. The amount of metal required depends on the specific technology.

Blue Moon Metals is developing several metal projects

Blue Moon Metals - https://www.commodity-tv.com/ondemand/companies/profil/blue-moon-metals-inc/ - is working on a portfolio of projects in Norway and the U.S., according to the company. These include the Nussir copper project in Norway and the Springer complex for tungsten and molybdenum in Nevada. Both represent different commodity markets and development requirements.

The company announced an investment decision for Nussir. For Springer, it aims to begin production by the end of 2027; this remains a corporate goal and depends, among other things, on financing, permits, and implementation. In addition, the company has announced transactions involving tungsten and antimony projects, as well as an acquisition agreement for Turner in Oregon.

Aurania Resources Awaits Lab Results

Aurania Resources - https://www.commodity-tv.com/ondemand/companies/profil/aurania-resources-ltd/ - is conducting exploration activities in several European countries. The focus is currently on the Thormódsdalur gold-silver project in Iceland. Unlike a mining project that has already been developed, the initial focus here is on geological investigation. An economically mineable deposit has not yet been proven.

On October 13, the company reported the completion of eight diamond drill holes totaling 780.70 meters. The rock structures observed are consistent with an epithermal gold-silver system. Laboratory analyses are expected in November 2026; no reliable new metal grades can be derived from the observations made so far.

Conclusion: Blue Moon Metals and Aurania Resources on the Verge of Milestones

Industrial demand is creating opportunities for critical metals. Blue Moon is focusing on project development and transactions, while Aurania is analyzing drill samples. Financing, permits, and robust results remain crucial. 

Current company information and press releases: Blue Moon Metals https://www.resource-capital.ch/de/unternehmen/blue-moon-metals-inc/ and Aurania Resources https://www.resource-capital.ch/de/unternehmen/aurania-resources-ltd/.

For further information, see our Battery Metals Report: https://www.resource-capital.ch/de/reports/ansicht/batteriemetall-report-2026-03/

Best of luck and warm regards from Switzerland,

 Marc Ollinger
 Swiss Resource Capital AG

Swiss Resource Capital AG at a glance:

• Our website: https://www.resource-capital.ch/de/
• Interesting and exclusive videos and interviews: https://www.rohstoff-tv.com/, https://www.commodity-tv.com/, and https://www.youtube.com/@SwissResourceCapitalAG  
• All free commodities reports: https://www.rohstoff-reports.com/
• Registration for our roadshows: https://www.european-roadshows.com/de/  

Sources: 

National Bureau of Statistics of China, Oct. 19–20, 2026: https://www.stats.gov.cn/english/PressRelease/202610/t20261019_1965619.html

GDP table: https://www.stats.gov.cn/english/PressRelease/202610/t20261021_1965671.html

Aurania, October 13, 2026: https://aurania.com/aurania-completes-drilling-at-thormodsdalur-gold-project-in-iceland/

Blue Moon: https://bluemoonmetals.com/2026/

Intro image: Aurania Resources

Transparency and Conflicts of Interest

Prepared and published by: SRC swiss resource capital AG, Poststrasse 1, 9100 Herisau, Switzerland. Responsible person pursuant to Section 18(2) of the German Media Services State Treaty (MStV): Marc Ollinger. Issuers: Blue Moon Metals Inc. and Aurania Resources Ltd. The paid investor relations contracts give rise to a financial interest in positive coverage. Neither the author, Ingrid Heinritzi, nor SRC holds shares, options, long/short certificates, or other derivatives of the issuers mentioned. Neither Blue Moon Metals nor Aurania Resources holds a 5 percent or greater stake in SRC. Pre-publication review: The companies did not receive the article for review and approval prior to publication.

Methodology and Risks

Date of publication: October 21, 2026. Public official statistics and selected company announcements were analyzed. Company data has not been independently verified from a technical standpoint; no independent review of drill cores, resources, feasibility studies, or company valuations was conducted. Financing, permits, geology, metallurgy, construction, environmental regulations, commodity prices, and dilution can significantly alter results and lead to a total loss. No routine updates are planned; legal obligations remain unaffected.

Disclosures and Liability

Paid marketing communication; not an independent financial analysis, individual investment advice, solicitation to buy, or securities offering. No guarantee of accuracy, completeness, or timeliness. Liability is excluded only to the extent permitted by law; mandatory liability, willful misconduct, gross negligence, and damages to life, limb, or health remain unaffected. External websites are the responsibility of their respective operators; their own legal liability remains unaffected. AI was used in research and editing; editorial responsibility and final human review rest with SRC. © 2026 SRC. Redistribution requires consent or legal authorization.

The Common Shares will be subject to a hold period of four months plus a day from the date of issuance and the resale rules of applicable securities legislation.

About Mogotes Metals Inc.

Mogotes Metals Inc. is a mineral exploration company exploring for copper, gold and silver around the world, including in the United States of America, and in the prospective Vicuña district of Argentina and Chile. Mogotes flagship project, Filo Sur, adjoins the large Filo del Sol Copper-gold-silver discovery, and is along the same N-S trending belt as the Filo Del Sol – Aurora and NGEx Minerals Lunahuasi and Los Helados copper-gold deposits.

For further information, please contact: 

Mogotes Metals Inc.
 Allen Sabet, President and Chief Executive Officer
Phone:  (647) 846-3313
 Email:    info@mogotesmetals.com

In Europe

Swiss Resource Capital AG

Marc Ollinger

info@resource-capital.ch

www.resource-capital.ch

Follow Us

Twitter: https://x.com/mogotesmetals 

Cautionary Note Regarding Forward-Looking Statements:

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This news release contains certain “forward-looking information” within the meaning of applicable securities laws. Forward looking information is frequently characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate”, “may”, “will”, “would”, “potential”, “proposed” and other similar words, or statements that certain events or conditions “may” or “will” occur. These statements are only predictions. Forward-looking information is based on the opinions and estimates of management at the date the information is provided, and is subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information. For a description of the risks and uncertainties facing the Company and its business and affairs, readers should refer to the Company’s Management’s Discussion and Analysis. The Company undertakes no obligation to update forward-looking information if circumstances or management’s estimates or opinions should change, unless required by law. The reader is cautioned not to place undue reliance on forward-looking information.  

“Drilling at San Antonio continues to deliver excellent results as we follow up on the previously announced discovery hole, 26-048” says Jonathan Egilo, President & CEO. “We are particularly excited about the Luz del Cobre target due to its proximity to our existing and permitted infrastructure, in addition to the fact that strong oxide gold mineralization is being seen either directly from surface, or at relatively shallow depths. With two of our three diamond drill rigs remaining focused on resource expansion drilling, we are excited to continue showcasing that the scale of San Antonio is growing.”

San Antonio Drill Results

Axo Metals is reporting the results from 33 drillholes, and approximately 3,700 metres of drilling. Today’s results include drilling from the recently announced Luz del Cobre discovery, following up on the highlight hole SOSAP-26-048 which, as previously announced, returned 46.5 metres grading 1.43g/t Au of oxide mineralization directly from surface. The Luz del Cobre target is approximately 750 metres east of the Sapuchi pit-constrained resource. In addition to drilling at the Luz del Cobre target, today’s drilling release contains results in the gap zone between the Luz del Cobre target and the Sapuchi resource, as well as further testing around the peripherals of the Sapuchi deposit.

New results in the Luz del Cobre area continue to be encouraging, including Hole SOSAP-26-069 which returned 48.0 metres of 1.18g/t Au of oxide material directly from surface. Initial drilling in the Luz del Cobre-Sapuchi gap has confirmed at least 450 metres of mineralized strike length. While the Company continues to view the Sapuchi deposit as an excellent starter pit option due to the elevated oxide grades and favourable topography, management notes that Luz del Cobre is only ~1.8km away from the existing plant infrastructure and, due to the area being a past producing open pit, is already connected to the San Antonio infrastructure via haul roads. Thus, the Company is evaluating Luz del Cobre as another compelling option to be mined early in the San Antonio mine life.

Highlights from today’s results include:

• Hole SOSAP-26-069 which reported the first 48.0 metres drilled directly from surface grading 1.18g/t Au. The hole was collared in the Luz del Cobre zone, ~750m east of the Sapuchi resource pit.
• Hole SOSAP-26-083 which assayed 3.94g/t Au over 15.0 metres from only 12 metres down the hole at Luz del Cobre.
• Hole SOSAP-26-053 which was collared along the outer edge of Sapuchi, saw multiple zones including 22.0 metres of 1.62g/t Au, 11.0 metres of 1.72g/t Au and 17.0 metres of 0.94g/t Au.
• Hole SOSAP-26-077 which assayed 0.88g/t Au over 25.8 metres from surface at Luz del Cobre.
• Hole SOSAP-26-080 was collared within the Luz del Cobre-Sapuchi gap zone and returned multiple intercepts from 25.5 metres down the hole to 168 metres. Select separate intervals included 11.0 metres of 1.29g/t Au, 39.6 metres of 0.32g/t Au and 9.0 metres of 0.73g/t Au.
• Hole SOSAP-26-073 which returned two intercepts of 0.81g/t Au over 17.9 metres from only 29 metres down the hole and 0.90g/t Au over 19.9 metres from 55 metres down the hole at the outer edge of the Sapuchi resource.

FIGURE 1: NEW DRILLHOLE LOCATIONS ACROSS THE SAPUCHI DEPOSIT AND LUZ DEL COBRE TARGET

Figure 2 below shows a cross section that covers approximately 450 metres between the recently discovered Luz del Cobre zone and the existing Sapuchi resource. Hole SOSAP-26-069 from today’s release lies at the base of the former Luz del Cobre historical pit, while hole SOSAP-26-080 returned multiple long intervals of above cut-off mineralization. All drilling in the area is considered resource expansion. 

The Luz del Cobre historical pit was operated from 2011 to 2018 and solely focused on the mining of copper oxide, with 2.8Mt of copper oxide ore mined in that time period. The drilling around Luz del Cobre that is returning strong grades of oxide gold mineralization are not returning material grades of copper, which the Company views as a positive from a metallurgical standpoint.

FIGURE 2: SECTION VIEW ACROSS LUZ DEL COBRE HIGHLIGHTED BY HOLES SOSAP-26-069 AND SOSAP-26-080

Drill Plans and RC Waste Dump Drilling Program

There are currently three diamond drill rigs turning at San Antonio. Two are focused on resource expansion drilling around Luz del Cobre and within the Luz del Cobre-Sapuchi gap zone. The third drill rig is positioned at Sapuchi, infilling inferred resource blocks and testing areas to convert waste to ore within the resource pit shell.

The Company is also exploring the gold potential contained within the waste dumps that were built from historical Luz del Cobre operations. From late 2021 to mid-2023, Osisko Gold Group (formerly known as Osisko Development), San Antonio’s operator prior to Axo’s acquisition, mined and processed 1.14Mt of waste dump material grading 0.58g/t Au, recovering 74% via heap leaching, and selling 13,591 gold ounces. Axo has recently completed a ~1,900 metre reverse-circulation (RC) drill program through these waste dump, which has been drilled off to approximately 25 x 25 metre spacings. The Company believes the waste dumps could provide a compelling option for additional resource growth at San Antonio, with any discovered ounces providing an option to potentially expedite production at San Antonio through the processing of waste dumps – at potentially low operating costs and low capital intensity. The waste dumps are situated ~1.8km away from the carbon-in-column plant, and connected via haul roads. The Company expects to receive and disclose these RC drilling results prior to year-end.

FIGURE 3: PLAN VIEW SHOWING THE LOCATION OF WASTE DUMPS RELATIVE TO SAN ANTONIO EXISTING INFRASTRUCTURE

La Huerta Update

The Company is announcing that it has elected to terminate the option agreement for the La Gallina concession at its La Huerta copper project in Jalisco, Mexico. Axo Metals continues to retain full ownership of the Juanes concession, which is the concession that holds the overwhelming majority of metres drilled at La Huerta, and all material drilling previously announced and disclosed by the Company. For more details about the La Gallina option agreement, please see our most recent financial statements and MD&A located on SEDAR+.

Table 1: San Antonio Assay Results

¹LDC = Luz del Cobre

²NSV=No significant values

Table 2: San Antonio Drillhole Coordinates

About Axo Metals

Axo Metals Corp. is a Canadian mineral exploration company engaged in the exploration and development of mineral properties in Mexico. The Company holds two projects. The San Antonio project is located in the state of Sonora, and is in advanced development. Total resources at San Antonio stand at 576koz Au and 1.37moz Ag grading 1.20 g/t Au and 2.9g/t Ag in the Indicated category, with 544koz Au and 1.76moz Ag grading 1.02 g/t Au and 3.3g/t Ag in the Inferred category across all deposit types (oxide, transition and sulphide). Axo’s second project is the La Huerta property, a new copper discovery in Jalisco, Mexico. Initial exploration has yielded high-grade copper both at surface through sampling programs, and at depth through initial drilling. 

Additional information can be found at the Company's website: www.axometals.com.

Procedure, Quality Assurance / Quality Control and Data Verification  

The diamond drill core (HQ size) is geologically logged, photographed and marked for sampling. When the sample lengths are determined, the full drill core is sawn with a diamond blade drill core saw with one half of the drill core being bagged and tagged for assay. The remaining half portion is returned to the drill core trays for storage and/or for metallurgical test work. 

The sealed and tagged drill core sample bags are transported to the ALS Chemex facilities in Querétaro and Zacatecas, Mexico. ALS Chemex crushes the samples and prepares 200-300 gram pulp samples with ninety percent passing Tyler 150 mesh (106 μm). Copper and multi-element analysis is completed using total digestion (Code ME-ICP61 Total Digestion ICP). Over limits greater than 10,000 grams per tonne copper are assayed using Cu-OG62.

Quality assurance and quality control ("QA/QC") procedures monitor the chain-of-custody of the samples and include the systematic insertion and monitoring of appropriate reference materials (certified reference materials, blanks and duplicates) into the sample strings. The results of the assaying of the QA/QC material included in each batch are tracked to ensure the integrity of the assay data.  All results stated in this announcement have passed Axo’s QA/QC protocols.

Grab and trench exploration samples are geologically logged, photographed and marked for sampling and processing in the Company’s on-site laboratory. The sealed and tagged sample bags are transported to the San Antonio On Site Laboratory, in San Antonio de La Huerta, Sonora. Initially, the sample undergoes primary size reduction using a jaw crusher to a nominal particle size of 1/2 inch. The crushed material is subsequently homogenized and split using a riffle splitter. Once completely dry, the sample is pulverized with ninety percent passing 200 mesh. The prepared pulp is subsequently processed by 30g fire assay. The resulting doré bead is then dissolved by acid digestion using aqua regia. The resulting solution is diluted to the appropriate volume and analyzed by atomic absorption spectrometry (AAS) to determine the gold concentration in the sample. Quality assurance and quality control ("QA/QC") procedures monitor the chain-of-custody of the samples and include the systematic insertion and monitoring of appropriate reference materials (certified reference materials, blanks and duplicates) into the sample strings. Results are preliminary and have not yet been verified by an independent, certified commercial laboratory.

Qualified Person

Charles Spath, P. Geo., is the Qualified Person for Axo Metals Corp., as defined under National Instrument 43-101, and is non-independent.  Mr. Spath has reviewed and approved the scientific and technical information in this press release.

For inquiries, please contact:

Jonathan Egilo, President and CEO

Via email: IR@axometals.com

In Europe

Swiss Resource Capital AG

Marc Ollinger

info@resource-capital.ch

www.resource-capital.ch

Forward-Looking information:

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This news release includes certain “forward-looking statements”. All statements other than statements of historical fact included in this release, including, without limitation, statements regarding the Company’s exploration and drilling plans at the San Antonio and La Huerta projects and receipt of all necessary regulatory approvals, are forward-looking statements that involve various risks and uncertainties. Forward-looking statements are frequently characterized by words such as “will”, “propose”, “may”, “is expected to”, “subject to”, “anticipates”, “estimates”, “intends”, “plans”, “projection”, “could”, “vision”, “goals”, “objective”, “focus” and “outlook” and other similar words. Forward-looking information in this news release is based on the opinions and assumptions of management considered reasonable as of the date hereof, including, but not limited to, general business and economic conditions will not change in a materially adverse manner; the potential of gold and copper mineralization at the Company’s properties; the results (if any) of further exploration work to define and expand mineral resources; the ability of exploration work (including drilling) to accurately predict mineralization; and the ability to generate additional drill targets. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, there can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company’s expectations include environmental risks, limitations on insurance coverage, risks and uncertainties related to exploration, development, operations, commodity prices and global financial volatility including as a result of tariffs, risks and uncertainties of operating in a foreign jurisdiction as well as additional risks described from time to time in the filings made by the Company with securities regulators. The Company disclaims any intention or obligation to update or revise any forward-looking information, other than as required by applicable securities laws.

Cautionary statement: by their nature, surface or chip samples are selective samples and may not represent true underlying mineralization.

Farhad Abasov, Millennial’s Chair, commented: “We are delighted to report another highly encouraging drill result from the Banio Potash Project. The results from drillhole BA-006 are significant for several reasons:

1. BA-006 is the first drillhole to penetrate all known potash cycles in the area, supporting our interpretation that the evaporite sequence and potash mineralization thicken towards the west of the project area.   
2. The drillhole has once again confirmed outstanding potash mineralisation in the form of interbedded carnallitite and halite, including numerous thick carnallitite potash seams totalling approximately 120m of cumulative potash.
3. BA-006 significantly expands the known potash footprint west of the current Mineral Resource Estimate (“MRE”) area, bringing the mineralization closer to the planned processing facility and planned deep-water port sites.
4. Once all drill data have been interpreted and compiled, an updated MRE will be completed, providing a key foundation for the ongoing Definitive Feasibility Study (“DFS”).   The DFS remains on track for completion by the end of 2026.”

Drillhole BA-006 is located approximately 4km west of BA-001 and was designed to test both the westward continuation of potash mineralization intersected in BA-001 and its southward extension from BA-002 (see Figure 1). Preliminary logging indicates that BA-006 intersected approximately nine evaporite cycles (Cycles II to X), with potash mineralization present in each cycle. Notably, BA-006 intersected Cycles IX and X for the first time at the project, supporting the interpretation that potash mineralization thickens toward the west.

Review of the new BA-006 drill core confirms prominent horizontal bedding dominated by interbedded halite and carnallite (see Photos 1 and 2 below). Preliminary logging estimates the cumulative thickness of the principal carnallitite seams at approximately 120m. Detailed core logging, final interpretation of the evaporite cycles and seam identification, and downhole geophysical logging are ongoing. Core preparation and sampling are expected to be completed over the next several weeks, after which the samples will be submitted to the Saskatchewan Research Council (“SRC”) for analysis.

Photo 1: Red Carnallite-rich core from BA_006 showing massive Carnallite with banded Halite at approx. 696.3m to 699.3m depth

Photo 2: Red Carnallite-rich core from BA-006- with Carnallite and interbedded Halite at approx. 714.3m to 717.3m depth

The Phase 2 drilling program is designed to test the depth and lateral extent of potash-rich horizons and strengthen the geological understanding of mineralization beyond the boundaries of the 2025 Mineral Resource Estimate (“MRE”). The additional potash horizons identified in BA-006 extend the known mineralized footprint to the west and could possibly in the future contribute further tonnage to the project’s current resource base, which comprises a Measured MRE of 648.2M tonnes grading 15.7% KCl, an Indicated MRE of 1.8B tonnes grading 15.6% KCl, and an Inferred MRE of 3.56B tonnes grading 15.6% KCl (see press releases dated Dec. 29, 2025 and November 17, 2025). The geological results from BA-006, once results from SRC have been received, may be incorporated into an updated MRE targeted for completion by the end of 2026 as part of the DFS.

Figure 1: Location of BA-006 and planned drillholes with the 2025 MRE outline.

Drilling is currently ongoing at drill site BA-007, located to the northwest of BA-006 (see Figure 1). In addition, the top section of drillhole BA-008 has also been completed on site and is now ready to commence diamond coring once drillhole BA-007 has been completed. 

The Company continues to advance its Definitive Feasibility Study on the Banio Potash Project, which is being expedited by Micon International, in partnership with Zenito Ltd. and Agapito Associates LLC. ERCOSPLAN Ingenieurgesellschaft Geotechnik und Bergbau mbH will continue to support the project providing geological expertise on the Gabon-Congo Basin and drilling support with geology interpretations for the ongoing drill program.

The technical information in this news release has been reviewed and approved by Peter J. MacLean, Ph.D., P. Geo. (Ontario), Director of the Company, who is a Qualified Person as that term is defined in National Instrument 43-101.

To find out more about Millennial Potash Corp. please contact Investor Relations at (604) 662 8184 or email at info@millennialpotash.com.  

In Europe

Swiss Resource Capital AG

Marc Ollinger

info@resource-capital.ch

www.resource-capital.ch

Keep up-to-date on Millennial Potash developments and join our online communities on: Twitter, Facebook, LinkedIn, Instagram and YouTube. 

MILLENNIAL POTASH CORP.

“Farhad Abasov”

Chair of the Board of Directors

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.  

This document may contain certain “Forward-Looking Statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. When used in this news release, the words “anticipate”, “believe”, “estimate”, “expect”, “target, “plan” or "planned", “forecast”, "intend", “may”, “schedule” and similar words or expressions identify forward-looking statements or information. These forward-looking statements or information may relate to future prices of commodities, accuracy of mineral or resource exploration activity, reserves or resources, regulatory or government requirements or approvals including approvals of title and mining rights or licenses and environmental (including land or water use), local community or indigenous community approvals, the reliability of third party information, continued access to mineral properties or infrastructure, changes in laws, rules and regulations in Gabon or any other jurisdiction which may impact upon the Company or its properties or the commercial exploitation of those properties, currency risks including the exchange rate of USD$ for Cdn$ or CFA or other currencies, fluctuations in the market for potash or potash related products, changes in exploration costs and government royalties, export policies or taxes in Gabon or any other jurisdiction and other factors or information. The Company’s current plans, expectations and intentions with respect to development of its business and of the Banio Potash Project may be impacted by economic uncertainties arising out of any pandemic or by the impact of current financial and other market conditions on its ability to secure further financing or funding of the Banio Potash Project. Such statements represent the Company’s current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political, environmental and social risks, contingencies and uncertainties. Many factors, both known and unknown, could cause results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affecting such statements and information other than as required by applicable laws, rules and regulations.

Eric Chapman, Senior Vice President of Technical Services, commented, “The 2026 infill drilling program returned multiple intersections with gold grades consistent with or higher than the corresponding grades estimated in the block model.” Mr. Chapman added, “We are incorporating the drill results into an updated block model and pit design, targeted for completion by year-end. This work will support a revised LOM plan and an updated Mineral Reserve estimate for Lindero, incorporating both the upgraded gold mineralization and existing Indicated Mineral Resources currently located below the pit.” Mr. Chapman concluded, “This zone remains open at depth.”  

Lindero Mine Drilling highlights

Note: Gold mineralization at Lindero is circular in nature and associated with a porphyry intrusive; therefore, a specific azimuth or dip cannot be defined for reporting estimated true widths.  

The 2026 drill program consisted of 31 diamond drilling (“DD”) holes, totalling 8,534 meters, having been extended from the initially planned 6,000-meter program due to the success from the initial holes. The program was designed with two objectives, firstly to upgrade Inferred Mineral Resources below the current LOM pit design in the south portion of the Lindero Deposit, where higher gold grade mineralization was identified at depth. Secondly, to obtain metallurgical samples to affirm projected recoveries in areas planned for mining in the next two years. The upgrade drilling successfully encountered higher than expected gold mineralization in several holes, such as, LDH-259 that intersected 0.85 g/t Au over 236 meters from surface, including 94 meters averaging 0.66 g/t Au below the current pit design (refer to Figure 1) and LDH-272 that intersected 0.96 g/t Au over 350 meters from surface, including 98 meters averaging 0.91 g/t Au below the pit design (refer to Figure 2). An updated Mineral Resource and Mineral Reserve estimate will be prepared for inclusion in the year-end consolidated report, planned for release in the first quarter of 2027.

Gold mineralization at the Lindero Deposit forms a circular body approximately 600 meters in diameter and extends vertically more than 300 meters below the current topographic surface. The distribution of gold mineralization shows a strong relationship to lithology, stockwork veinlets, and alteration assemblages. Higher gold grades of more than 1 g/t Au, characterized by native, free-milling gold, are commonly associated with sigmoidal quartz, quartz-magnetite-sulfide, biotite-magnetite-chalcopyrite, magnetite-chalcopyrite, and quartz-limonite–hematite stockworks that are strongly associated with K-feldspar alteration. This association is most common in the southern and eastern portions of the deposit, where the highest gold grades occur. Where one or more stockwork types are absent or fracturing is less intense, mineralization tends to be weaker and gold grades lower at approximately 0.4 g/t Au.

Figure 1: Lindero Mine cross section 2623075E showing drill hole LDH-259

Figure 2: Lindero Mine cross section 7226125N showing drill hole LDH-272

Quality Assurance & Quality Control (QA - QC) 

All drilling data completed by the Company utilized the following procedures and methodologies. All drilling was carried out under the supervision of the Company’s personnel.

All DD holes started with HQ sized diameter, before reducing to NQ diameter diamond drill bits on intersecting fresh rock. The core was logged, marked up for sampling using standard lengths of two meters or to a geological boundary. Samples were then cut into equal halves using a diamond saw. One half of the core was left in the original core box and stored in a secure location at the Company core yard at the project site. The other half was sampled, catalogued, and placed into sealed bags and securely stored at the site until shipment.

All DD samples were transported by commercial transport to ALS Patagonia S.A. preparation laboratory in Mendoza, Argentina. Sample pulps prepared by ALS Patagonia were then transported via commercial courier to ALS’s facility in Lima, Peru. Routine gold analysis using a 30-gram charge and fire assay with an atomic absorption finish was completed for all samples at ALS’s Lima laboratory plus ME-ICP61, analysis of 34 elements four acid ICP-AES. Samples returning assays >10 ppm Au were reanalysed using a 30-gram charge and fire assay with a gravimetric finish. Quality control procedures included the systematic insertion of blanks, duplicates and sample standards into the sample stream. In addition, ALS inserted their own quality control samples.

Qualified Person 

Eric Chapman, Senior Vice President, Technical Services for Fortuna Mining Corp., is a Professional Geoscientist registered with Engineers and Geoscientists British Columbia (Registration No. 36328). Mr. Chapman has reviewed and approved the scientific and technical information contained in this news release. Mr. Chapman has verified the data disclosed, including the sampling, analytical and test data underlying the information or opinions contained herein by reviewing geochemical and geological databases and reviewing diamond drill core.  There were no limitations to the verification process.

 About Fortuna Mining Corp. 

Fortuna Mining Corp. is a Canadian precious metals mining company with three operating mines in Argentina, Côte d’Ivoire, and Peru, and the feasibility-stage Diamba Sud Gold Project in Senegal. Our exploration portfolio spans our operating jurisdictions as well as Guinea and Guyana. Sustainability is at the core of our operations and stakeholder relationships. We produce gold and silver while creating long-term shared value through efficient production, environmental stewardship, and social responsibility. For more information, please visit our website at www.fortunamining.com

ON BEHALF OF THE BOARD

Jorge A. Ganoza 

CEO and Director

Fortuna Mining Corp.

Investor Relations: 

Carlos Baca | info@fmcmail.com | fortunamining.com | X | LinkedIn | YouTube | Instagram | TikTok

In Europe

Swiss Resource Capital AG

Marc Ollinger

info@resource-capital.ch

www.resource-capital.ch

Forward looking Statements

This news release contains forward-looking statements which constitute “forward-looking information” within the meaning of applicable Canadian securities legislation and “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 (collectively, “Forward-looking Statements”). All statements included herein, other than statements of historical fact, are Forward-looking Statements and are subject to a variety of known and unknown risks and uncertainties which could cause actual events or results to differ materially from those reflected in the Forward-looking Statements.  The Forward-looking Statements in this news release   include, without limitation, statements regarding exploration at the Lindero Mine, including the plans to incorporate the drill results into an updated block model and pit design, targeted by the end of 2026 which are intended to support a revised life of mine plan and an updated Mineral Reserve estimate for the Lindero Mine; statements that an updated Mineral Resource and Mineral Reserve estimate is intended to be prepared for inclusion in the year-end consolidated report, planned for release in the first quarter of 2027; statements that the zone drilled remains open at depth;  statements about the Company’s business strategies, plans and outlook; the Company’s plans for its mines and mineral properties; changes in general economic conditions and financial markets; the impact of inflationary pressures on the Company’s business and operations;  the future results of exploration activities; expectations with respect to metal grade estimates and the impact of any variations relative to metals grades experienced; assumed and future metal prices; the merit of the Company’s mines and mineral properties; and the future financial or operating performance of the Company.  Often, but not always, these Forward-looking Statements can be identified by the use of words such as “estimated”, “potential”, “open”, “future”, “assumed”, “projected”, “proposed”, “used”, “detailed”, “has been”, “gain”, “planned”, “reflecting”, “will”, “anticipated”, “estimated”,   “containing”, “remaining”, “to be”, or statements that events, “could” or “should” occur or be achieved and similar expressions, including negative variations.    

Forward-looking Statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of the Company to be materially different from any results, performance or achievements expressed or implied by the Forward-looking Statements. Such uncertainties and factors include, among others, operational risks associated with mining and mineral processing; uncertainty relating to Mineral Resource and Mineral Reserve estimates; uncertainty relating to capital and operating costs, production schedules and economic returns; risks relating to the Company’s ability to replace its Mineral Reserves; risks related to the conversion of Mineral Resources to Mineral Reserves; risks associated with mineral exploration and project development; uncertainty relating to the repatriation of funds as a result of currency controls; environmental matters including obtaining or renewing environmental permits and potential liability claims; uncertainty relating to nature and climate conditions; laws and regulations regarding the protection of the environment (including greenhouse gas emission reduction and other decarbonization requirements and the uncertainty surrounding the interpretation of omnibus Bill C-59 and the related amendments to the Competition Act (Canada); risks associated with political instability and changes to the regulations governing the Company’s business operations; changes in national and local government legislation, taxation, controls, regulations and political or economic developments in countries in which the Company does or may carry on business; risks associated with war, hostilities or other conflicts, such as the Ukrainian – Russian, and Israeli – Hamas  and Iran – Israel and United States conflicts, and the impacts they may have on global economic activity; risks relating to the termination of the Company’s mining concessions in certain circumstances; developing and maintaining relationships with local communities and stakeholders; risks associated with losing control of public perception as a result of social media and other web-based applications; potential opposition to the Company’s exploration, development and operational activities; risks related to the Company’s ability to obtain adequate financing for planned exploration and development activities; property title matters; risks related to the ability to retain or extend title to the Company’s mineral properties; risks relating to the integration of businesses and assets acquired by the Company; impairments; risks associated with climate change legislation; reliance on key personnel; adequacy of insurance coverage; operational safety and security risks; legal proceedings and potential legal proceedings; uncertainties relating to general economic conditions; risks relating to a global pandemic, which could impact the Company’s business, operations, financial condition and share price; competition; fluctuations in metal prices; risks associated with entering into commodity forward and option contracts for base metals production; fluctuations in currency exchange rates and interest rates; tax audits and reassessments; risks related to hedging; uncertainty relating to concentrate treatment charges and transportation costs; sufficiency of monies allotted by the Company for land reclamation; risks associated with dependence upon information technology systems, which are subject to disruption, damage, failure and risks with implementation and integration; labor relations issues; as well as those factors discussed under “Risk Factors” in the Company's Annual Information Form. Although the Company has attempted to identify important factors that could cause actual actions, events, or results to differ materially from those described in Forward-looking Statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. 

Forward-looking Statements contained herein are based on the assumptions, beliefs, expectations and opinions of management, including, but not limited to, the accuracy of the Company’s current Mineral Resource and Mineral Reserve estimates; that the Company’s activities will be conducted in accordance with the Company’s public statements and stated goals; that there will be no material adverse change affecting the Company, its properties or its production estimates (which assume accuracy of projected ore grade, mining rates, recovery timing, and recovery rate estimates and may be impacted by unscheduled maintenance, labor and contractor availability and other operating or technical difficulties); the duration and effect of global and local inflation; the duration and impacts of geo-political uncertainties on the Company’s production, workforce, business, operations and financial condition; the expected trends in mineral prices, inflation and currency exchange rates; that all required approvals and permits will be obtained for the Company’s business and operations on acceptable terms including for the construction of a mine at the Diamba Sud Project, and for the expansion of the processing plant and for the use of the underground mining method at the Séguéla Mine; that there will be no significant disruptions affecting the Company's operations and such other assumptions as set out herein. Forward-looking Statements are made as of the date hereof and the Company disclaims any obligation to update any Forward-looking Statements, whether as a result of new information, future events, or results or otherwise, except as required by law. There can be no assurance that these Forward-looking Statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, investors should not place undue reliance on Forward-looking Statements.

Cautionary Note to United States Investors Concerning Mineral Resources and Reserves

Technical disclosure regarding the Company’s properties included in this news release has been prepared in accordance with National Instrument 43-101, Standards of Disclosure for Mineral Projects (“NI 43-101”) and the Canadian Institute of Mining, Metallurgy, and Petroleum Definition Standards on Mineral Resources and Mineral Reserves. Canadian standards, including NI 43-101, differ from the requirements of the Securities and Exchange Commission, and information included herein may not be comparable to similar information disclosed by U.S. companies. 

Appendix 1: Lindero Mine drill hole details and assay results

Notes:

1. EOH: End of hole

2. Depths and widths reported to nearest significant decimal place 

3. Gold mineralization at Lindero is circular in nature and associated with a porphyry intrusive; therefore, a specific azimuth or dip cannot be defined for reporting estimated true widths

Table 1: 2024 MRE compared to the 2026 MRE 

Highlights: 

2026 Selebi North MRE 

• Indicated Mineral Resources nearly triple to 8.95 million tonnes grading 1.03% copper and 1.08% nickel, from 3.00 million tonnes grading 0.90% copper and 0.98% nickel in 2024.
• Inferred Mineral Resources increases 63% to 9.48 million tonnes grading 1.21% copper and 1.13% nickel, from 5.83 million tonnes grading 0.90% copper and 1.07% nickel in 2024.
• Drilling drives resource growth and conversion. An additional 42,633 metres in 92 holes since the June 30, 2024 data cut-off supported resource expansion and conversion of approximately 20% of previously Inferred Mineral Resources to Indicated Mineral Resources, strengthening confidence for future mine planning.
• Updated economic and technical inputs. The 2026 Selebi North MRE reflects updated metal price assumptions of US$5.10/lb copper, US$9.10/lb nickel and US$20.00/lb cobalt and incorporates previously reported metallurgical results demonstrating the ability to produce separate, clean copper and nickel concentrates that meet commercial smelter specifications (see news releases dated (September 3, 2025, and October 22, 2025).

New Geological Findings and Interpretations Underway

• Selebi North’s South Limb turns toward Selebi Main at depth, giving the first geological basis for a connection between the two deposits. Previously, the interpreted orientations of the two deposits did not suggest convergence, leaving limited geological support for potential continuity through the interpreted “Hinge Zone”. New drilling establishes the South Limb flattening at depth and turning toward Selebi Main. That geometry is consistent with earlier borehole electromagnetic (“BHEM”) surveys indicating continuity between the deposits. Both copper and nickel grades strengthen down plunge at Selebi North. Together, the structural, geophysical and geochemical evidence supports prioritizing the area between the deposits for further exploration.
• Magnesium-rich rocks point to a possible intrusive keel. Continuing work by Dr. Peter Lightfoot, PhD, P.Geo., consulting geologist to the Company and internationally recognized nickel sulphide specialist and former Chief Geologist at Inco/Vale, has re-interpreted the Selebi intrusive system. Rocks historically logged as “amphibolite” are now recognized as a suite of primary igneous rock types — olivine pyroxenite, pyroxenite, olivine melagabbronorite and gabbronorite — altered to varying degrees. The most magnesium-rich of these, in previously released deep holes SMD-25-202 and SMD-25-204, both down plunge of the Selebi North South Limb toward Selebi Main, retain fresh olivine, the first silicate to crystallize from a magnesian nickel-bearing magma. Rocks of this kind are characteristic of the keel of an intrusion — its deepest, downward-projecting part, where dense magmatic sulphide can accumulate. Together with the structural study underway by TECT Geological Consulting, this work is defining the intrusion’s geometry and the controls on sulphide distribution and is generating targets for further nickel-copper exploration.
• Significant resource growth in 2026 and important geological findings set the stage for further expansion. Drilling at Selebi Main materially extended mineralization, while Selebi North’s South Limb extends down plunge and turns toward Selebi Main. This emerging geological evidence of a potential connection, together with indications of an intrusive keel, points to potential growth opportunities within and between the deposits.

Project Funding Review & Selkirk PEA 

• Project funding review. Earlier this year, the Company engaged National Bank of Canada Capital Markets as financial advisor to evaluate project funding alternatives for its assets, with a focus on minimizing dilution to existing shareholders. The Company is working diligently to conclude its review. There can be no guarantee that this review will result in a transaction.
• Selkirk Technical Study Advances. The Company has engaged DRA Global to complete a Preliminary Economic Assessment (“PEA”) for Selkirk while the Company evaluates a range of strategic options for the asset.

Sean Whiteford, CEO of the Company, commented: “With 8.95 million tonnes Indicated Mineral Resources and 41.95 million tonnes Inferred Mineral Resources, and both deposits still open, we believe Selebi has the potential to become a world-class copper-nickel sulphide project. Growth in our mineral resources at both Selebi North and Selebi Main has exceeded our expectations and demonstrates the value of our investment in drilling and metallurgical work in 2025 and 2026.” 

“At Selebi North, we’ve nearly tripled the Indicated Mineral Resource while increasing copper and nickel grades, and the South Limb is changing direction toward Selebi Main. At Selebi Main, wide-spaced drilling has rapidly expanded tonnage in the newly defined Flexure Zone, delivering higher grades and thicker intersections. Dr. Peter Lightfoot’s interpretation of deep drilling, which is detailed later in the press release, also supports further investigation of a potential intrusive keel, adding another dimension to our exploration targeting.”

“These developments could have positive implications for future mine design and project economics. While we continue to advance the Selebi PEA, we are allowing additional time to better understand the scale and geometry of the expanding resource, inform the placement of critical infrastructure and evaluate alternative restart options. The structural study underway with TECT Geological Consulting will support this work by refining our understanding of the orebody’s geometry and structural controls. The Company will provide further updates on the Selebi PEA, including expected completion timing, as the study advances.”

“We continue to prioritize expenditures across drilling and technical studies, aligning the pace of work with available capital and directing the Company towards the opportunities we believe offer the greatest value creation for shareholders.”

Figure 1: Long section of Selebi Mines highlighting the 2026 Selebi Main and Selebi North MREs. 

Figure 2: Selebi North’s South Limb turns toward Selebi Main at depth, suggesting a potential connection between the deposits.

Ultramafic Rocks and Potential Intrusive Keel

Dr. Peter Lightfoot’s examination of the most magnesium-rich rocks in previously released deep holes SMD-25-202 and SMD-25-204 provides further insight into the Selebi intrusive system. Both holes lie down plunge of the Selebi North South Limb, in the direction of Selebi Main.

Rocks historically logged as “amphibolite” are now recognized as a suite of primary igneous rock types, altered to varying degrees to amphibolite. They are interpreted to fall into four main groups: olivine pyroxenite, pyroxenite, olivine melagabbronorite and gabbronorite. A thin section from the most magnesium-rich sample in SMD-25-204 contains fresh olivine, the first silicate to crystallize from a magnesian nickel-bearing magma. Rocks of this kind are characteristic of the keel of an intrusion, its deepest, downward-projecting part, where dense magmatic sulphide can accumulate.

Mafic-ultramafic intrusive rocks relate to nickel sulphide ore in two distinct ways:

• Primary magmatic keel, exemplified by Voisey’s Bay, Labrador. The most primitive rocks, magnesium-rich variable-textured troctolites, are directly linked to the Ovoid and Eastern Deeps orebodies. Sulphide collected where feeder conduits widened or opened into the main chamber. Here, the primitive rocks mark the ore-forming pathway, and tracing them leads toward sulphide.
• Deformation-generated folds and boudins, exemplified by Thompson and Birchtree, Manitoba. Later deformation and high-grade metamorphism broke the original ultramafic intrusions into isolated boudins. Sulphide flows more readily than silicate rock, so it was remobilized to different extents, and where it came to rest differs between deposits. About 90% of Thompson’s ore is now hosted in metasedimentary rocks, with its position controlled by folds and pressure shadows. At Birchtree, by contrast, most of the high-grade mineralization is concentrated at the margins of the ultramafic boudins.

Both processes may have operated in the prospective, approximately 1.5–2 km-long corridor between Selebi North and Selebi Main: primary sulphide concentrated in the keel, then redistributed by folding. Distinguishing their effects will help determine whether exploration follows the magnesium-rich rocks directly or the structures that control them. 

Table 2: 2026 Selebi Mines Resource Estimate as of October 16, 2026

1. All tabulated data have been rounded and as a result minor computational errors may occur.
2. Mineral Resources, which are not Mineral Reserves, have no demonstrated economic viability. There is no guarantee that all or any part of the Mineral Resource will be converted into a Mineral Reserve. The estimate of Mineral Resources may be materially affected by geology, environment, permitting, legal title, taxation, socio-political, marketing, or other relevant issues.
3. Mt = Million tonnes, Mlbs = million pounds, CuEq = copper equivalent
4. The 2026 MRE has been prepared in accordance with the CIM Definition Standards (2014) and CIM Best Practice Guidelines (2019) with an effective date of October 16, 2026.
5. Mineral Resources are reported at a cut-off value of US$75/t NSR (Net Smelter Return), defined as received value of final metal recovered minus off-site costs, and a minimum thickness of 1.5 metres. Block model estimates of less than US$75/t NSR are included within the Mineral Resource in areas where it was considered not feasible to mine selectively around them. Areas of the block model were excluded in low grade areas where there is no potential to define a mineable block above US$75/t NSR.
6. Mineral Resources are estimated using long-term prices of US$9.10/lb Ni, US$5.10/lb Cu, US$20.00/lb Co. The same metal prices were used in NSR calculations.
7. Mineral Resources are estimated using nickel, copper and cobalt recoveries of 55.6%, 96.1%, and 60.2%, respectively, derived from metallurgical studies which consider a two-concentrate scenario.
8. Payabilities and off-site treatment and refining costs were derived from an independent marketing study commissioned by NexMetals.
9. Bulk density has been estimated in the block model based on an extensive data set of measurements taken from drillhole cores. The average density is 3.63 t/m³ for the mineralized zone.
10. Mineral Resources are reported using NSR values which assume mining costs of US$47.60/tonne, concentrate processing costs of US$20.00/tonne and G&A of US$5.50/tonne.
11. Areas depleted or sterilized by mining were removed from the mineral resource.
12. There are no Mineral Reserves.
13. Copper equivalent is calculated using the formula CuEq =(Cu%*96.4+Ni%*87.0+Co%*132.7)/96.4.

Mineral Resource Data and Quality Control

The historical sampling data collected by the previous owner and operator, BCL Limited (“BCL”) included Ni and Cu assays. The historical data was verified by NexMetals through drilling of new underground holes and visual inspection of exposed mineralization in underground workings. The data compared within reasonable limits given the variability of the mineralization.

The geological database used in the Selebi North MRE included 175 NexMetals drillholes, completed in 2023, 2024 and 2025, drilled at various inclinations and directions from underground workings. BCL drilled numerous horizontal resource definition holes as horizontal fans on each sublevel. Channel samples were cut perpendicularly across the mineralization exposed in the 10 m to 15 m vertically spaced sill drives at 10 m intervals along strike using a saw with rotating diamond impregnated blades. In many cases, diamond drilling extended the channel sample intercept into either or both sidewalls where the mineralization was not fully exposed in the sill drive. MSA examined the BCL data in and immediately surrounding the unmined areas for spatial consistency with the underground workings and included the validated data in the estimation data. Historical surface drillholes were not used in the estimate due to discrepancies in the position of mineralized intercepts relative to underground acquired data. Given the voluminous underground drilling and channel sampling database, the exclusion of the BCL surface drillhole data is not significant to the estimate.

The BCL assays were completed at the BCL Phikwe Laboratory. At the time of preparation and analysis, the BCL-owned laboratory was not independent of the operator and accredited only for high grade matte analyses, but not for exploration grade analyses. Ni and Cu were analysed by flame atomic absorption spectrometry. Relative density measurements were obtained by water immersion method.

The NexMetals drill core was logged, photographed and marked for sampling in nominal lengths of one metre. The core samples were cut in half longitudinally using a rotating diamond saw. The core samples were given a unique sample reference number, bagged and despatched to ALS Laboratories Ltd. in Johannesburg, South Africa for analysis (SANAS Accredited Testing Laboratory, No. T0387). Samples were analysed for Ni, Cu, and Co using a peroxide fusion preparation and inductively coupled plasma atomic emission spectrometry (ICP-AES) finish (ME-ICP81). Analyses for Pt, Pd, and Au were by fire assay (30 g nominal sample weight) with an ICP-AES finish (PGMICP23), also by ALS. Ag was analysed using a 4-acid digest and ICP-AES finish (ME-ICP61). Specific gravity measurements were also completed by ALS on pulps of selected samples.

The NexMetals drilling was subjected to a comprehensive programme of quality assurance and quality control by NexMetals, independent of the laboratories’ own QAQC measures, including certified reference materials (5%), blank samples (5%), coarse duplicate samples (5%) and pulp duplicate samples (5%). The Qualified Person, Mr. J.C. Witley (BSc Hons, MSc (Eng.)), is satisfied that the assay results are of sufficient accuracy and precision for use in Mineral Resource estimation.

Mineral Resource Estimate

The 2026 Selebi North MRE was completed by The MSA Group in Johannesburg, South Africa.

The Mineral Resource was estimated using the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Best Practice Guidelines and is reported in accordance with the 2014 CIM Definition Standards, which have been incorporated by reference into National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”).

The deposit can be described as a metamorphosed magmatic nickel-copper sulphide deposit. Mineralization is hosted with a folded amphibolite unit that is structurally complex and comprises two main fold structures that are contiguous forming two antiformal structures separated by a synformal structure. The limbs and the fold closures are mineralized and define three main zones with differing geological characteristics known as the South Limb, N2 and N3. The synformal area between the N2 and N3 and towards the southern part of the South Limb tend to have more variable mineralization The mineralization plunges approximately 40° to 45° towards the west to west-southwest, although a change in the plunge direction towards the southwest is interpreted in the deeper areas. The northern limbs to each fold structure are subvertical, whereas the southern limbs tend to be more moderately dipping and variable at an average of approximately 40°to the southeast. The South Limb and South Limb-N2 fold closure generally hosts the thickest intervals of mineralization, whereas the N3 Limb hosts the highest grades. Mineralization can reach thicknesses of up to 30 m in the fold closure areas and can narrow to 10’s of cm in the N3 and pinch out locally. Mineralization at Selebi North comprises massive, semi-massive and disseminated sulphides contained within a unit of amphibolite that is surrounded by undifferentiated quartzo-feldspathic and mafic gneisses. In the wider portions of the deposit a distinct schistose amphibolite unit occurs which generally forms the footwall to the potentially economic mineralization, however locally mineralization can extend to within it. Massive sulphide tends to be preferentially developed near the hangingwall contact with the gneiss.

NexMetals drilling intersected nickel-copper sulphides at depths of up to approximately 1,550 m below surface. Stoping has depleted the Mineral Resource from near surface to between approximately 850 m and 900 m below surface.

Cobalt and silver occur within the nickel-copper sulphide mineralization, with sufficient cobalt data to include in the 2026 MRE; however, silver assays are not available over much of the Mineral Resource extent and have not been included in the 2026 Selebi North MRE. Minor concentrations of platinum and palladium occur within the nickel-copper sulphide mineralization for which economic potential has not been established and, similarly to silver, platinum and palladium assays do not cover the full extent of the Mineral Resource. Sulphide mineralogy is primarily pyrrhotite, chalcopyrite and pentlandite.

All recent exploration at the project, since the closure of the mine, was completed by NexMetals between 2022 and 2026. All prior exploration work of relevance to the 2026 Selebi North MRE was completed by the previous operator, BCL, up until 2016, this being the underground drilling and channel sampling that exist within the top 50 m of the mineral resource and inform less than 10% of the Mineral Resource Estimate. The drilling completed since the 2024 MRE allowed for refinement of the previous interpretation and extension to the previously defined resource area. No additional exploration data have been collected since the last assays were received by NexMetals on 26 April 2026.

Geological modelling was undertaken in Leapfrog Geo utilising implicit modelling. Mineralized intercepts were defined in the drillhole and channel sample data based on thickness, lithology and grade. Intercepts were selected based on an approximate threshold Net Smelter Return (NSR) value of US$70/t using nickel, copper and cobalt grades, while ensuring geological continuity between closely spaced intercepts. Given the strong association of the higher grade mineralisation with the hangingwall contact of the amphibolite with the enclosing gneiss this was used as the preferred hangingwall contact during modelling to ensure geological continuity. A minimum thickness of 1.5 metres was used to allow for a potential minimum mining width, and in some cases dilution outside the mineralized vein was included.

Variography was completed using Datamine Supervisor software. Ellipsoids were orientated in the plane of mineralization with anisotropy along the mineralization plunge. Nickel, copper, and cobalt grades and density were interpolated into a non-rotated block model with a parent cell size of 5 mX by 5 mY by 5 mRL using ordinary kriging. The Datamine process of “Dynamic Anisotropy” was used to modify the search ellipse to changes in the mineralization orientation. Volumes representing mined voids were removed and NSR was then calculated for each block model cell using the estimated grades, metal prices, recoveries, off-site costs and payabilities. The Mineral Resource was classified into the Indicated and Inferred categories, taking into account data quality, geological modelling uncertainty, drillhole spacing, drillhole intersection angle and kriging outputs. The majority of the Inferred Mineral Resource is informed by drillholes with an approximate spacing of 100 metres and the majority of the Indicated Mineral Resource is informed by drillholes with an approximate spacing of 50 metres or significantly less close to the mined areas. The Mineral Resource extent was extrapolated a maximum of 50 metres along strike taking into account the mineralization trends and surrounding data.

The Mineral Resource was reported using a NSR value above US$75/t and a minimum thickness of 1.5 metres. Block model estimates of less than US$75/t NSR are included within the Mineral Resource in areas where it was considered not feasible to mine selectively around them. Areas of the block model were excluded in low grade areas where there is no potential to define a mineable block above US$75/t NSR. Using concentrate processing costs of US$20.00/tonne, G&A of US$5.50/tonne, mining costs of US$47.60/tonne and royalties of 3% for base metals, the Mineral Resource satisfies cut-off grade criteria and the QP considers that reasonable prospects for eventual economic extraction (RPEEE) for the Mineral Resource have been demonstrated.

Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues. There is no certainty that any Mineral Resources will be converted into Mineral Reserves. The quantity and grade of reported Inferred Mineral Resources in the 2026 MRE are uncertain in nature, there has been insufficient exploration to define these Inferred Mineral Resources as an Indicated or Measured Mineral Resource, and it is uncertain if further exploration will result in upgrading them to an Indicated or Measured Mineral Resource category.

Qualified Persons 

Mr. J.C. Witley (BSc Hons, MSc (Eng.)) is a geologist with more than 35 years’ experience in base and precious metals exploration and mining as well as Mineral Resource evaluation and reporting. He is Head of Mineral Resources for The MSA Group (an independent consulting company), is registered as Pr.Sci.Nat. with the South African Council for Natural Scientific Professions (SACNASP) and is a Fellow of the Geological Society of South Africa (GSSA). Mr. Witley has the appropriate relevant qualifications and experience to be considered a “Qualified Person” for the style and type of mineralization and activity being undertaken as defined in NI 43-101 and is considered independent of NexMetals pursuant to NI 43-101. Mr. Witley has reviewed and approved the technical and scientific information within this news release pertaining to the 2026 MRE.

Verification by Mr. Witley included a site visit to inspect historical mineralized core, observe existing infrastructure on surface and underground, examine mineralization in underground drives, and verify several surface drillhole collar locations (both historical and recent). The mineralization in 16 NEXM holes was inspected by the QP together with the sample assay results to verify the magnitude of the mineralization copper and nickel grades. In addition, a selection of samples collected by NexMetals have been verified against independently accessed assay certificates, and a random selection of historical database results have been compared against digital records.

Sharon Taylor, MSc, P.Geo., Vice President, Geophysics of the Company, a “qualified person” as defined under NI 43-101, has reviewed and approved all other scientific and technical information in this news release other than the information pertaining to the 2026 MRE and the information approved by Dr. Lightfoot.

Dr. Peter Lightfoot, PhD, P.Geo., a Consulting Geologist to the Company, a “qualified person” as defined under NI 43-101, has reviewed and approved the scientific and technical information in this news release relating to the geology, petrology and lithogeochemistry of the Selebi intrusive system, including the information under the headings “Magnesium-rich rocks point to a possible intrusive keel” and “Ultramafic Rocks and Potential Intrusive Keel”.

Technical Report

The 2026 MRE will be supported by a NI 43-101 Technical Report to be filed within 45 days of the Company’s news release dated October 1, 2026.

Clarification Regarding Engagement Agreement

Further to the Company’s news release dated October 1, 2026, the Company wishes to clarify that its engagement agreement with SRC Swiss Resource Capital AG has a 6-month term extending until March 1, 2027.

About NexMetals Mining Corp.

NexMetals Mining Corp. is a TSX.V and NASDAQ listed mineral exploration and development company focused on redeveloping the past-producing Selebi and Selkirk copper-nickel-cobalt-platinum group element mines in Botswana. At Selebi, NexMetals has confirmed the scale of mineralization is larger than historical estimates, supported by NI 43-101- and Regulation S-K 1300-compliant resource estimates, with ongoing down-hole geophysics, drilling, and metallurgical programs aimed at expanding resources and supporting future economic studies. The Company is led by an experienced management and technical team with a proven track record in global mineral projects, emphasizing disciplined execution, transparent governance, and long-term stakeholder value creation.

For further information about NexMetals Mining Corp., please contact:

Sean Whiteford

CEO 

info@nexmetalsmining.com

1-866-794-NEXM (6396)

Follow Us 

X: https://x.com/NexMetalsCorp  

LinkedIn: https://www.linkedin.com/company/NexMetalsMiningCorp 

Facebook: https://www.facebook.com/NexMetalsMiningCorp

In Europe

Swiss Resource Capital AG

Marc Ollinger

info@resource-capital.ch

www.resource-capital.ch

Neither the TSX Venture Exchange and its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) nor the Nasdaq Stock Market LLC accepts responsibility for the adequacy or accuracy of this news release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

Cautionary Note Regarding Forward-Looking Statements

This news release contains “forward-looking statements” within the meaning of the United States federal securities laws and “forward-looking information” within the meaning of applicable Canadian securities legislation (collectively, “forward-looking information”) based on expectations, estimates and projections as at the date of this news release. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. For the purposes of this release, forward-looking information includes, but is not limited to, the 2026 MRE; the filing of a Technical Report prepared in accordance with NI 43-101 supporting the 2026 MRE and the timing thereof; the potential conversion of Inferred Mineral Resources to Indicated Mineral Resources and increased confidence for future mine planning; the potential geological connection and continuity between the Selebi North and Selebi Main deposits through the Hinge Zone; the potential presence of an intrusive keel and the prospectivity of the corridor between Selebi North and Selebi Main; the results and timing of the structural study by TECT Geological Consulting; the generation of exploration targets and the direction and focus of future exploration; the deposits remaining open and the potential for further resource growth within and between the deposits, including at depth at the Selebi Mine and within the Flexure Zone; Selebi’s potential to become a world-class copper-nickel sulphide project; the ability to produce separate, clean copper and nickel concentrates that meet commercial smelter specifications; the potential implications of the expanding resource for mine design and project economics; the additional time taken for the Selebi PEA, the evaluation of alternative restart options and the timing and scope of further drilling and technical work; the Company’s Project Funding Review for the Company’s assets, including its scope, progress, the timing and completion, and the potential outcomes of that process, including minimizing dilution to existing shareholders; the completion of a PEA for Selkirk by DRA Global; and the Company’s plans to prioritize expenditures, align the pace of work with available capital and direct the Company towards the opportunities it believes offer the greatest value to shareholders. These forward-looking statements, by their nature, require the Company to make certain assumptions and necessarily involve known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied in these forward-looking statements. 

Forward-looking information is based on a number of material assumptions that management believes to be reasonable as at the date of this news release, including, but not limited to: the accuracy of the 2026 MRE and the key inputs and parameters on which it is based, including long-term metal prices, metallurgical recoveries, payabilities, off-site costs, royalties, mining, processing and G&A cost assumptions and the NSR cut-off value; the reliability of historical data collected by BCL; the validity of the Company’s current geological, structural, geophysical and geochemical interpretations; the continuity of mineralization between drillholes and down plunge; the availability of drilling equipment, personnel and contractors; the Company’s ability to obtain financing on acceptable terms when needed; currency exchange rates consistent with current expectations; the Project Funding Review and the Selkirk PEA proceeding substantially as currently anticipated; the receipt of required governmental, environmental and other approvals and permits in a timely manner; the absence of material adverse changes in the political, regulatory, fiscal and economic environment in Botswana, including royalty and tax regimes; and the continued engagement and performance of the Company’s consultants and advisors.

Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, the uncertainty inherent in Mineral Resource estimates, including that Inferred Mineral Resources are subject to a high degree of uncertainty and may not be upgraded to Indicated or Measured Mineral Resources, and that Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability; the reliability of historical data, including assays completed by a laboratory that was not independent and was not accredited for exploration grade analyses; risks associated with historical mining, including mined-out voids and areas depleted or sterilized by mining; fluctuations in copper, nickel and cobalt prices; fluctuations in currency exchange rates; changes in metallurgical recoveries, payabilities and capital and operating costs from those assumed, including the risk that the two-concentrate scenario cannot be achieved at commercial scale; the preliminary nature of drilling, geophysical and metallurgical results and of current geological interpretations, including that further drilling may not confirm a connection between Selebi North and Selebi Main, the presence of an intrusive keel or the continuity of mineralization; the ability of exploration results to predict mineralization; the risk that the Company will not be able to expand or enhance its current Mineral Resource estimates; the ability of the Company to implement its drilling, geoscience and metallurgical work and work plans generally; risks relating to the additional time needed for the Selebi PEA; including the risk that no viable restart option is identified or that any restart option requires significant capital, permitting or time; prefeasibility or the feasibility of mine production; the risk that the Project Funding Review may not result in a transaction on favourable terms to the Company or at all; the risk that the Selkirk PEA may not be completed when anticipated or may not produce favourable results; delays in, or the inability to file, the Technical Report within the required time; delays in obtaining or failures to obtain required governmental, environmental or other project approvals; title risks; political, regulatory, fiscal and economic risks associated with operating in Botswana, including changes to royalty and tax regimes; dependence on key personnel, consultants and advisors; the Company’s ability to maintain its listings on the TSX Venture Exchange and the Nasdaq Stock Market; uncertainties relating to the availability and costs of financing needed in the future; changes in equity markets; inflation; delays in the development of projects;  the other risks involved in the mineral exploration and development industry; and those risks set out in the Company’s filings with the SEC on EDGAR (www.sec.gov) and in Canada on SEDAR+ (www.sedarplus.ca), in each case, under the Company’s issuer profile. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such 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. 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.

SRC swiss resource capital AG has fee-based, non-performance-based IR advisory agreements with both companies. Prepared by: SRC swiss resource capital AG · Author: Ingrid Heinritzi · First published: October 20, 2026, 5:30 a.m. Berlin/Zurich.

Inflation Keeps the Fed and Gold on the Move

Dear Readers,

Following the release of the September data on October 14, U.S. monetary policy once again took center stage. According to the U.S. Bureau of Labor Statistics, consumer prices rose by 3.7 percent year-over-year. Persistent inflation is increasing pressure on the Federal Reserve to carefully weigh its future interest rate policy.

In September, the seasonally adjusted Consumer Price Index rose by 0.6 percent compared with August; gasoline prices rose by 9.1 percent. The rise in gasoline prices accounted for more than half of the total monthly increase. In addition to inflation, real interest rates, the dollar’s performance, and geopolitical risks are key factors influencing gold prices. Fed Chairman Kevin Warsh also emphasized in his August 28 speech that the central bank must assess inflation trends rather than individual data points. 

GoldMining Continues Development of La Mina and Crucero

GoldMining Inc. - https://www.commodity-tv.com/ondemand/companies/profil/goldmining-inc/ - develops gold and copper projects in North and South America. For its wholly-owned Crucero project in Peru, the updated resource estimate now includes antimony. 

For La Mina in Colombia, GoldMining published an updated preliminary economic assessment in April: It calculates a post-tax net present value of approximately one billion U.S. dollars at a five percent discount rate. The model uses a gold price of 3,500 U.S. dollars per ounce.

Discovery Mining Reports Cordero Permits

Discovery Mining Ltd., - https://www.commodity-tv.com/ondemand/companies/profil/discovery-silver-corp/ - formerly Discovery Silver, produces gold at the Porcupine Complex in Ontario. The company forecasts 260,000 to 300,000 ounces of gold for 2026. In contrast, the company’s Cordero property in Mexico is still under development and is not a producing silver operation.

On October 5, Discovery announced that it had received the environmental impact permit and the land-use change permit for Cordero from SEMARNAT. According to the company, this completes the federal environmental permitting process, but does not automatically fulfill every other requirement for mine construction. Extensive exploration drilling was also planned for 2026.

Conclusion: GoldMining and Discovery Mining on the Verge of Milestones

Inflation trends keep gold in the spotlight as a diversification opportunity, though they do not guarantee short-term price gains; at the same time, higher real interest rates can weigh on the price of gold and make financing mining projects more expensive. For GoldMining, the focus is on further project studies and exploration, while for Discovery, it is on Porcupine production and the development of Cordero. 

Current company information and press releases: GoldMining https://www.resource-capital.ch/de/unternehmen/goldmining-inc/ and Discovery Mining https://www.resource-capital.ch/de/unternehmen/discovery-mining-ltd/

For further information, see our Precious Metals Report: https://www.resource-capital.ch/de/reports/ansicht/edelmetall-report-2026-03/

Best of luck and warm regards from Switzerland,
 Marc Ollinger
 Swiss Resource Capital AG

Swiss Resource Capital AG at a glance:

• Our website: https://www.resource-capital.ch/de/
• Interesting and exclusive videos and interviews:   https://www.rohstoff-tv.com/, https://www.commodity-tv.com/, and https://www.youtube.com/@SwissResourceCapitalAG  
• All free commodities reports: https://www.rohstoff-reports.com/
• Registration for our roadshows: https://www.european-roadshows.com/de/  
• SRC Mining Special Situations Certificate: http://www.wikifolio.com/de/ch/w/wf0srcplus

Sources: U.S. Bureau of Labor Statistics, Oct. 14, 2026 https://www.bls.gov/news.release/archives/cpi_10142026.htm · Federal Reserve, Aug. 28, 2026 https://www.federalreserve.gov/newsevents/speech/warsh20260828a.htm · Fed FOMC, October 7, 2026 https://www.federalreserve.gov/monetarypolicy/fomc.htm · GoldMining La Mina, April 28, 2026 https://goldmining.com/index.php?content_id=715 · GoldMining Yarumalito, October 6, 2026 https://www.goldmining.com/news/index.php?content_id=730 · Discovery Q2, 2026 https://dsvmining.com/English/news-media/press-releases/press-releases-details/2026/Discovery-Reports-Record-Revenue-Strong-Year-Over-Year-Earnings-Growth-in-Q2-2026/default.aspx · Discovery Cordero, October 5, 2026 https://dsvmining.com/English/news-media/press-releases/press-releases- details/2026/Discovery-Announces-Receipt-of-Key-Environmental-and-Land-Use-Permits-for-Cordero-Project/default.aspx

Source of intro image: https://dsvmining.com/English/operations/porcupine-operations/default.aspx 

Transparency and Conflicts of Interest

Prepared and Published by: SRC swiss resource capital AG, Poststrasse 1, 9100 Herisau, Switzerland. Responsible under § 18(2) MStV: Marc Ollinger, CEO, Poststrasse 1, 9100 Herisau, Switzerland. Issuers: Discovery Mining Ltd. (TSX: DSV) and GoldMining Inc. (TSX: GOLD; NYSE American: GLDG). The paid IR contracts, which are non-performance-based according to the terms of the agreement, give rise to a financial interest in positive coverage. As of October 19, 2026: Neither the author nor SRC nor any affiliated companies hold shares, options, warrants, certificates, derivatives, or other long/short positions in the aforementioned issuers. Future purchases or sales are possible. None of the issuers holds at least a five percent stake in SRC. The companies did not receive the article for review and approval prior to publication. Methodology and Risks

Date of publication: October 19, 2026. Public primary sources were cross-checked; company data was not independently verified from a technical standpoint. No independent review of drilling data, resource estimates, feasibility studies, or company valuations was conducted. Project studies and timelines are contingent upon financing, permits, technical implementation, and suitable processing conditions. Exploration, geological, metallurgical, operational, construction, environmental, jurisdictional, dilution, gold price, silver price, and currency risks may materially alter results and lead to a total loss. No routine updates are planned; statutory obligations remain unaffected.

Disclosures and Liability

Paid marketing communication; not an independent financial analysis, individual investment advice, or solicitation to buy; not an offer of securities. Personal investment circumstances are not reviewed. No guarantee of accuracy, completeness, or timeliness. Liability is excluded only to the extent permitted by law; exceptions include willful misconduct, gross negligence, injury to life, limb, or health, mandatory liability, and breaches of material obligations. In the event of a breach of material contractual obligations due to slight negligence, liability is limited to foreseeable damages typical for this type of contract. The operators of external websites are responsible for their content; their own legal liability remains unaffected. AI was used for research and processing. Editorial responsibility and final human review remain with SRC. © 2026 SRC. Redistribution requires consent or legal authorization.

Dear Readers,

A reliable energy supply is crucial for long-duration space missions. Radioisotope power generators produce electricity from decay heat without requiring sunlight. The Voyager probes, launched in 1977, still use such systems today. Unlike nuclear reactors, they do not rely on a controlled nuclear fission chain reaction.

As the distance from the Sun increases, the available radiant power decreases. Nuclear systems can therefore offer advantages for missions far from the Sun, but must be evaluated in terms of mass, power, safety, and operational lif. It cannot be concluded from this that they generally have a weight advantage over solar systems.

Historically, nuclear fission reactors have also been tested in space, such as the American SNAP-10A in 1965 and later Soviet systems. Reactor concepts are being investigated for future lunar stations; nuclear-thermal rocket propulsion systems remain under development. There is no evidence of a direct supply relationship between the uranium companies presented here and the space industry.

Uranium Energy Increases Production

Uranium Energy Corp. - https://www.commodity-tv.com/ondemand/companies/profil/uranium-energy-corp/ - is expanding its U.S. uranium production using the in-situ recovery process, in which uranium is extracted from underground using solutions. In the fourth quarter of the fiscal year ended July 31, 2026, 82,744 pounds of uranium material were sourced from Christensen Ranch and Burke Hollow.

Compared to the previous quarter, the reported volume increased by 157 percent; the company’s proprietary metric for total costs per pound fell by 33 percent to $36.54. UEC reported $753 million in liquid assets, net of debt, at the end of the fiscal year. A National Security Advisory Council, established in October, is tasked with providing strategic guidance on planned uranium conversion capacities.

IsoEnergy Expands Exploration

IsoEnergy Ltd. - https://www.commodity-tv.com/ondemand/companies/profil/isoenergy-ltd/ - develops uranium projects in Canada and the U.S. Its Larocque East project in the Athabasca Basin hosts the Hurricane deposit, which, according to the company, contains 48.6 million pounds of indicated U₃O₈ resources at a grade of 34.5 percent. 

In the summer of 2026, IsoEnergy completed 10,159 meters of drilling across 26 holes. Drill hole LE26-250 yielded 43,160 radioactive count events per second over 0.5 meters; this borehole length does not represent a confirmed true thickness, and the measured value does not represent a laboratory-determined uranium content.

In August, a completed transaction resulted in the formation of DISA Uranium Corporation, in which IsoEnergy holds an interest.

Conclusion: Uranium Energy and IsoEnergy on the Verge of Milestones

The space industry highlights the technical breadth of nuclear applications, while uranium companies depend on independent industrial demand trends. For UEC, production expansion and conversion plans are key; for IsoEnergy, it’s analyses and further project progress. Permits, financing, and implementation remain critical. Uranium stocks are subject to significant operational, commodity price, and loss risks.

Current company information and press releases: Uranium Energy https://www.resource-capital.ch/de/unternehmen/uranium-energy-corp/ and IsoEnergy https://www.resource-capital.ch/de/unternehmen/iso-energy-ltd.

For further information, see our Uranium Report: https://www.resource-capital.ch/de/reports/ansicht/uran-report-2026-03/

Best of luck and warm regards from Switzerland,
 Marc Ollinger
 Swiss Resource Capital AG

Swiss Resource Capital AG at a glance:

• Our website: https://www.resource-capital.ch/de/
• Interesting and exclusive videos and interviews: https://www.rohstoff-tv.com/, https://www.commodity-tv.com/, and https://www.youtube.com/@SwissResourceCapitalAG  
• All free commodities reports: https://www.rohstoff-reports.com/
• Registration for our roadshows: https://www.european-roadshows.com/de/  

Sources: IAEA Space: https://www.iaea.org/newscenter/news/nuclear-technologies-in-space-from-batteries-to-future-rockets· 

UEC Annual Figures, September 29, 2026: https://www.uraniumenergy.com/news/releases/index.php?content_id=1141

UEC Safety Advisory Board, October 13, 2026: https://www.uraniumenergy.com/news/releases/2026/

IsoEnergy Drilling Results September 8, 2026: https://isoenergy.ca/news-media/news/isoenergy-completes-summer-drilling-at-larocque-east-intersecting-widespread-and-strongest-radioactivity-to-date-along-the-hurricane-south-trend

IsoEnergy DISA August 19, 2026: https://www.isoenergy.ca/investors/

Intro Image: Uranium Energy

Transparency and Conflicts of Interest

Prepared and published by: SRC swiss resource capital AG, Poststrasse 1, 9100 Herisau, Switzerland. Responsible person pursuant to Section 18(2) of the Media Services Act (MStV): Marc Ollinger. Issuers: Uranium Energy Corp. (NYSE American: UEC) and IsoEnergy Ltd. (TSX: ISO; NYSE American: ISOU). The paid IR contracts give rise to a financial interest in positive coverage. As of October 19, 2026: Neither the author, Ingrid Heinritzi, nor SRC holds any shares, options, long/short certificates, or other derivatives of the issuers mentioned. Neither Uranium Energy nor IsoEnergy holds a 5 percent or greater stake in SRC. Pre-publication review: The companies did not receive the article for review and approval prior to publication.

Methodology and Risks

Date of publication: October 19, 2026. Public primary sources were cross-checked; company data was not independently verified from a technical standpoint. No independent review of drilling data, resource estimates, feasibility studies, or company valuations was conducted. Consequently, this article has not been approved. Production, exploration, and conversion capacities depend, among other factors, on financing, permits, and technical implementation. Geological, operational, environmental, country, dilution, uranium price, and currency risks can significantly alter results and lead to a total loss. No routine updates are planned; legal obligations remain unaffected.

Disclosures and Liability

Paid marketing communication; not an independent financial analysis, individual investment advice, or solicitation to buy; not an offer of securities. Personal investment circumstances are not reviewed. No guarantee of accuracy, completeness, or timeliness. Liability is excluded only to the extent permitted by law; exceptions include willful misconduct, gross negligence, injury to life, limb, or health, mandatory liability, and breaches of material obligations. In the event of a breach of material contractual obligations due to slight negligence, liability is limited to foreseeable damages typical for this type of contract. The operators of external websites are responsible for their content; their own legal liability remains unaffected. AI was used for research and processing. Editorial responsibility and final human review remain with SRC. © 2026 SRC. Redistribution requires consent or legal authorization.

Dear Readers,

On October 7, Indonesian Minister Bahlil Lahadalia stated that the government is considering a moratorium on new nickel processing plants that produce only intermediate products. The measure is currently an option, not a general production ban. Existing plants would not be automatically affected by this.

Indonesia dominates global nickel production and has built up significant capacity for nickel pig iron and ferronickel. A limit on new construction could slow future supply growth. However, demand, inventories, and existing production remain the key determinants of price trends.

For cobalt, the Democratic Republic of the Congo is already relying on export quotas. On October 16, 2025, this system replaced a previously imposed export ban. A maximum of 96,600 metric tons is planned for both 2026 and 2027. S&P Global therefore forecast potential market deficits; these remain uncertain.

Canada Nickel Moves Forward with Crawford

Canada Nickel - https://www.commodity-tv.com/ondemand/companies/profil/canada-nickel-company-inc/ - is developing the Crawford nickel project in Ontario, which also contains cobalt. On July 31, the company announced a provincial approval decision in the environmental review process. This is an important step, but it does not replace all permits that may be required for construction and operation.

In September, Canada Nickel reported on the selection of suppliers for its planned mining fleet. The company is also working with GeoRedox on a geological hydrogen program. Resource estimates were reported for Nesbitt and Deloro; Reid provided additional exploration results. Financing and project implementation remain critical.

NexMetals Reports 72 Percent Increase in Resource Tonnage

NexMetals Mining - https://www.commodity-tv.com/ondemand/companies/profil/nexmetals-mining-corp/ - is developing the formerly producing Selebi and Selkirk projects in Botswana. On October 1, the company reported inferred resources for Selebi Main of 32.47 million metric tons containing 1.53 percent copper and approximately 0.98 percent nickel. The resource tonnage increased by 72 percent compared to 2024.

According to the company, the estimate includes approximately 495,400 metric tons of copper and 316,800 metric tons of nickel. Selebi North was not yet included in this estimate; a separate estimate was being prepared. Resources are not reserves; their economic mineability has therefore not been proven. Selkirk is also part of the project portfolio.

Conclusion: Canada Nickel and NexMetals on the Verge of Milestones

Disruptions to nickel and cobalt supply chains could provide a tailwind for Western projects. Canada Nickel is working on the development of Crawford, while NexMetals is focused on expanding its resource base. Financing, permits, and implementation remain critical. Mining stocks are subject to significant commodity price, project, and dilution risks.

Current company information and press releases: Canada Nickel https://www.resource-capital.ch/de/unternehmen/canada-nickel-company-inc/ and NexMetals https://www.resource-capital.ch/de/unternehmen/nexmetals-mining-corp/

For further information, see our Battery Metals Report: https://www.resource-capital.ch/de/reports/ansicht/batteriemetall-report-2026-03/

Best of luck and warm regards from Switzerland,
 Marc Ollinger
 Swiss Resource Capital AG

Swiss Resource Capital AG at a glance:

Our website: https://www.resource-capital.ch/de/

Interesting and exclusive videos and interviews: https://www.rohstoff-tv.com/, https://www.commodity-tv.com/, and https://www.youtube.com/@SwissResourceCapitalAG

All free commodities reports: https://www.rohstoff-reports.com/

Registration for our roadshows: https://www.european-roadshows.com/de/

Sources: ANTARA, October 7, 2026: https://www.antaranews.com/berita/5775309/menteri-bahlil-buka-opsi-moratorium-smelter-nikel-setengah-jadi

ARECOMS/ACP, September 28, 2025: https://acp.cd/economie/rdc-instauration-de-quotas-en-remplacement-du-moratoire-sur-les-exportations-du-cobalt/

S&P Global, October 16, 2025: https://www.spglobal.com/market-intelligence/en/news-insights/research/2025/10/drc-cobalt-export-quotas-to-support-cobalt-prices-though-challenges-loom

Canada Nickel, News Archive: https://canadanickel.com/investors/news-releases/

NexMetals, October 1, 2026: https://nexmetalsmining.com/investors/news-releases/nexmetals-reports-72-increase-in-selebi-main-mineral-resource-of-32-47-mt-1-53-cu-0-98-ni-inferred-selebi-north-mineral-resource-estimate-pending/

Intro image: Canada Nickel

Transparency and Conflicts of Interest

Creator and Publisher: SRC swiss resource capital AG, Poststrasse 1, 9100 Herisau, Switzerland. Responsible under § 18(2) MStV: Marc Ollinger. Issuers: Canada Nickel Company Inc. (TSXV: CNC) and NexMetals Mining Corp. (TSXV: NEXM). The paid IR contracts give rise to a financial interest in positive coverage. As of October 16, 2026: Neither the author, Ingrid Heinritzi, nor SRC holds shares, options, long/short certificates, or other derivatives of the aforementioned issuers. Neither Canada Nickel nor NexMetals Mining holds a 5 percent or greater stake in SRC. Preliminary Review: The companies did not receive the article for review and approval prior to publication.

Methodology and Risks

Date of publication: October 16, 2026. Public sources were cross-checked against available primary reports. Company information and technical data were not independently verified or audited on-site. Consequently, this article has not been officially approved. Resources are not reserves. Studies and timelines depend, among other factors, on financing, permits, metallurgical results, and technical implementation. Geological, commodity price, construction, environmental, country, currency, and dilution risks can significantly alter results and lead to a total loss. Routine updates are not planned; statutory obligations remain unaffected.

Disclosures and Liability

Paid marketing communication; not an independent financial analysis, individual investment advice, solicitation to buy, or securities offering. Personal investment circumstances are not reviewed. No guarantee is provided as to accuracy, completeness, or timeliness. Liability is excluded only to the extent permitted by law; in particular, this does not affect liability for willful misconduct, gross negligence, injury to life, limb, or health, mandatory statutory liability, and material obligations. In the event of a breach of material contractual obligations due to slight negligence, liability is limited to foreseeable damages typical for this type of contract. The operators of external sites are responsible for those sites; their own legal obligations remain unaffected. AI was used for research and processing; editorial responsibility and final human review rest with SRC. © 2026 SRC. Redistribution requires consent or legal authorization.

++ Copper: Supply and Demand in Tension ++

Dear Readers,

In the copper market, production risks are clashing with growing structural demand. Power grids, electric mobility, and data centers all require the metal; at the same time, mine outages and extended project timelines can disrupt supply. Short-term demand, however, remains dependent on economic conditions and industrial production. Inventory movements and uncertainty regarding trade barriers can also trigger significant price fluctuations.

On August 21, J.P. Morgan Global Research forecast a price of $14,800 per metric ton of copper for the fourth quarter of 2026. The bank cited, among other factors, tight mine supply, sulfur shortages, and looming U.S. tariffs as drivers. The forecast does not constitute a guaranteed price trend.

Sulfur is needed to produce sulfuric acid, which is used in certain copper extraction processes. Labor disputes in Chile and the continued shutdown of the Cobre Panamá mine also highlight supply risks. New production capacity is not available in the short term; at the same time, a weaker economy and increased production could put downward pressure on prices.

Mogotes Metals Plans Extensive Drilling

Mogotes Metals - https://www.commodity-tv.com/ondemand/companies/profil/mogotes-metals-inc/ - is exploring the Filo Sur copper-gold-silver project in the Vicuña District, which straddles the Argentina-Chile border. At the Albor target area, drill hole FS_DDH_016 returned 180 meters of 0.98 percent copper equivalent starting at a depth of 108 meters, according to a July 9 announcement. This refers to the drill hole length, not confirmed true thickness.

For Filo Sur, Mogotes plans to drill up to 20,000 meters during the 2026–27 season, subject to weather and access conditions. At Beskauga in Kazakhstan, up to 50,000 meters are planned; the project is subject to an acquisition option. At Copper Cliff in Montana, 8,000 to 9,000 planned meters are still pending permits.

U.S. GoldMining Completes Drilling Program

U.S. GoldMining - https://www.commodity-tv.com/ondemand/companies/profil/mogotes-metals-inc/ - holds full ownership of the Whistler Gold-Copper Project in Alaska, according to the company’s own information. The project area covers approximately 217.5 square kilometers. A preliminary economic assessment (PEA) outlines a potential development scenario; mineral resources are not reserves, and their economic viability has therefore not been proven.

On September 22, the company announced the completion of 7,493 meters of drilling in 17 core holes at ten target areas. The program was completed on schedule and within budget. Laboratory results were expected in the coming weeks and by the end of the year; further technical work remains necessary. It is currently unclear whether additional economically viable deposits can be proven.

Conclusion: Mogotes Metals and U.S. GoldMining Approach Milestones

Long-term demand for copper provides a favorable market environment for both exploration companies. For Mogotes, the focus is on upcoming drilling and permits; for U.S. GoldMining, it is on new assay results and the further development of Whistler. Financing and successful execution remain critical. 

Current company information and press releases: Mogotes Metals https://www.resource-capital.ch/de/unternehmen/mogotes-metals-inc/ U.S. GoldMining www.resource-capital.ch/de/unternehmen/us-goldmining-inc/

For further information, see our Battery Metals Report:   www.resource-capital.ch/de/reports/ansicht/batteriemetall-report-2026-03/

Best of luck and warm regards from Switzerland,
 Marc Ollinger
 Swiss Resource Capital AG

Swiss Resource Capital AG at a glance:

Our website: https://www.resource-capital.ch/de/

Interesting and exclusive videos and interviews: https://www.rohstoff-tv.com/, https://www.commodity-tv.com/, and https://www.youtube.com/@SwissResourceCapitalAG

All free commodities reports: https://www.rohstoff-reports.com/

Registration for our roadshows: https://www.european-roadshows.com/de/

Sources: J.P. Morgan, August 21, 2026 https://www.jpmorgan.com/insights/global-research/commodities/aluminum-steel-copper-prices Mogotes Drilling, July 9, 2026 https://www.mogotesmetals.com/news/mogotes-metals-drills-180-m-at-0-98-copper-equivalent-expanding-the-albor-copper-gold-silver-molybdenum-discovery-at-filo-sur-vicuna-district Mogotes Planning, September 22, 2026 https://www.mogotesmetals.com/news/mogotes-update-on-exploration-plans-in-2026-2027 U.S. GoldMining Program, September 22, 2026 https://www.usgoldmining.us/news/us-goldmining-completes-2026-drill-program-targeting-high-priority-porphyry-centers-at-its-100-owned-whistler-gold-copper-project-alaska

Intro Image: Mogotes Metals 

Transparency and Conflicts of Interest

Author and Publisher: SRC swiss resource capital AG, Poststrasse 1, 9100 Herisau, Switzerland. Responsible person within the meaning of Section 18(2) of the German Media Services State Treaty (MStV), where applicable: Marc Ollinger. Issuers: Mogotes Metals Inc. (TSXV: MOG) and U.S. GoldMining Inc. (NASDAQ: USGO). The paid IR contracts give rise to a financial interest in a positive portrayal. As of October 14, 2026: Neither the author nor SRC holds shares, options, certificates, derivatives, or other long/short positions in securities of the aforementioned issuers. Future purchases or sales are possible. None of the issuers holds a 5 percent or greater stake in SRC swiss resource capital AG. Preliminary review: The issuers did not receive the article for review or approval.

Methodology and Risks

Date of publication: October 14, 2026. Public sources have been cross-checked; company data has not been independently verified from a technical standpoint. No independent review of drilling data, resource estimates, feasibility studies, or company valuations was conducted. Consequently, this article has not been approved. Studies and timelines are contingent upon, among other things, financing, permits, access to the projects, and successful technical investigations. Exploration, geological, metallurgical, construction, environmental, country, dilution, copper price, and currency risks can significantly alter results and lead to a total loss. No routine updates are planned; statutory obligations remain unaffected.

Disclosures and Liability

Paid marketing communication; not an independent financial analysis, individual investment advice, or solicitation to buy; not an offer of securities. Personal investment circumstances are not reviewed. No guarantee of accuracy, completeness, or timeliness. Liability is excluded only to the extent permitted by law; exceptions include willful misconduct, gross negligence, injury to life, limb, or health, mandatory liability, and breaches of material obligations. In the event of a breach of material contractual obligations due to slight negligence, liability is limited to foreseeable damages typical for this type of contract. The operators of external websites are responsible for their content; their own legal liability remains unaffected. AI was used for research and processing. Editorial responsibility and final human review remain with SRC. © 2026 SRC. Redistribution requires consent or legal authorization.

Dear Readers,

The recovery in the gold price at the end of the week through October 9 was followed by a cautiously optimistic sentiment among professional market observers. The Kitco survey showed that seven out of 14 analysts expected prices to rise in the coming week; two anticipated declines, and five were neutral or undecided.

Among the 206 participants in the online survey, 93 and 45 percent, respectively, expected gold prices to rise. Another 77 anticipated falling prices, while 36 expected sideways movement. The survey captures opinions for a short-term forecast horizon and is neither a representative investor study nor a reliable long-term price forecast.

Rich Checkan of Asset Strategies International considered a Federal Reserve interest rate hike in October unlikely at the time of the survey. Adrian Day expected volatile prices until a possible end to the war in Iran. Inflation data and bond yields remain key influencing factors.

Osisko Gold Group Prepares for Cariboo

Osisko Gold Group - https://www.commodity-tv.com/ondemand/companies/profil/osisko-gold-group-inc/ - is developing the Cariboo gold project in British Columbia, which it owns entirely and for which it has received all necessary approvals. The updated corporate timeline calls for construction to begin in August 2026, with the first gold pour in the first quarter of 2029 and commercial production in the second half of 2029. 

Recent infill drilling in the Lowhee Zone returned, among other results, 7.28 g/t gold over 16.15 meters. The results support further geological evaluation but do not, on their own, constitute proven resource growth. Financing and construction progress remain critical.

Southern Cross Gold Develops Sunday Creek

Southern Cross Gold Consolidated - https://www.commodity-tv.com/ondemand/companies/profil/southern-cross-gold-consolidated-ltd/ - is developing the Sunday Creek gold-antimony project in the Australian state of Victoria. According to the company, antimony accounts for about one-fifth of the estimated in-situ metal value. A 200,000-meter drilling program is intended to support further exploration.

In September 2026, the application for a mining license for Sunday Creek was accepted for processing. According to company information at , 435.5 meters of the exploration tunnel had been excavated by the end of September; completion was postponed to January 2027. 

Conclusion: Osisko Gold Group and Southern Cross Gold Approach Milestones

The market environment continues to focus on gold projects, while interest rates and geopolitical events may cause volatility. Osisko is set to begin construction and production preparations, while Southern Cross is focused on exploration and permitting. Financing and execution remain critical. 

Current company information and press releases: Osisko Gold Group:  https://www.resource-capital.ch/de/unternehmen/osisko-gold-group-inc/ · Southern Cross Gold Consolidated: https://www.resource-capital.ch/de/unternehmen/mawson-gold-ltd/ 

For further information, see our Precious Metals Report: https://www.resource-capital.ch/de/reports/ansicht/edelmetall-report-2026-03/ 

Best of luck and warm regards from Switzerland,
 Marc Ollinger
 Swiss Resource Capital AG

Swiss Resource Capital AG at a glance:

• Our website: https://www.resource-capital.ch/de/
• Interesting and exclusive videos and interviews:   https://www.rohstoff-tv.com/, https://www.commodity-tv.com/, and https://www.youtube.com/@SwissResourceCapitalAG  
• All free commodities reports: https://www.rohstoff-reports.com/
• Registration for our roadshows: https://www.european-roadshows.com/de/  
• SRC Mining Special Situations Certificate: http://www.wikifolio.com/de/ch/w/wf0srcplus

Sources: Kitco survey, Oct. 9, 2026: https://www.kitco.com/news/article/2026-10-09/wall-street-nears-bullish-majority-after-golds-late-week-rally-main-street · Osisko Gold Group, company announcements September 14, 2026, and October 5, 2026 · Southern Cross Gold Consolidated, company announcements September 23, 2026, and October 8, 2026.

Intro image: https://www.osiskogold.ca/projects/cariboo-gold/#gallery 

Transparency and Conflicts of Interest

Prepared and published by: SRC swiss resource capital AG, Poststrasse 1, 9100 Herisau, Switzerland. Responsible party within the meaning of Section 18(2) of the Media Services Act (MStV): Marc Ollinger, CEO, Poststrasse 1, 9100 Herisau, Switzerland. Issuers: Osisko Gold Group Inc. and Southern Cross Gold Consolidated Ltd. The paid, non-performance-based IR contracts give rise to an economic interest in positive coverage. As of October 15, 2026: Neither the author nor SRC nor any affiliated companies hold shares, options, warrants, certificates, derivatives, or other long/short positions in the issuers mentioned. Future purchases or sales are possible. None of the issuers holds at least a five percent stake in SRC. The companies did not receive the article for review and approval prior to publication.

Methodology and Risks

Date of publication: October 15, 2026. Public sources have been cross-checked; company information has not been independently verified. No independent review of drilling data, resource estimates, feasibility studies, or company valuations has been conducted. Studies and timelines are contingent upon, among other things, financing, permits, successful construction, and technical implementation. Exploration, geological, metallurgical, construction, environmental, financing, dilution, metal price, and currency risks can significantly alter results and lead to a total loss. Mineral resources are not mineral reserves and do not, by themselves, indicate economic mineability. No routine updates are planned; statutory obligations remain unaffected.

Disclosures and Liability

Paid marketing communication; not an independent financial analysis, individual investment advice, or solicitation to buy; not an offer of securities. Personal investment circumstances are not reviewed. No guarantee of accuracy, completeness, or timeliness. Liability is excluded only to the extent permitted by law; exceptions include willful misconduct, gross negligence, injury to life, limb, or health, mandatory liability, and breaches of material obligations. In the event of a breach of material contractual obligations due to slight negligence, liability is limited to foreseeable damages typical for this type of contract. The operators of external websites are responsible for their content; their own legal liability remains unaffected. AI was used for research and processing. Editorial responsibility and final human review remain with SRC. © 2026 SRC. Redistribution requires consent or is permitted by law.

“Parral has delivered another strong quarter for us, adding cash to the balance sheet and we ended the year with a balance of US$288 million.  With construction at Los Ricos South having commenced in August and after taking account of significant spending in the quarter on the build, we were able to increase our cash balance during the quarter due to Parral’s strong performance,” Brad Langille, President and CEO stated.  “Construction continues to progress as planned and the Company will be providing frequent updates over the following months. With more than 80% of the detailed engineering completed prior to ground breaking and such a strong balance sheet, the company is focused on strong execution.”

Table 1: Annual Production Summary

1. “Silver equivalent production” include gold ounces, copper tons and zinc tons produced and converted to a silver equivalent based on a ratio of the average market metal price for each period.  The gold:silver ratio for each of the periods presented were:   2022 – 82, 2023 – 83, 2024 – 88, 2025 – 90, 2026 – 66.  The copper:silver ratio for the periods presented were: 2022 – 410, 2023 – 373, 2024 – 345, 2025 – 296, 2026 – 188.  The zinc:silver ratios were: 2024 – 99, 2025 – 85, 2026 – 53.

Silver production increased by 18% in 2026 compared to 2025, while gold decreased by 5% over the same period.   SEO produced in 2026 decreased by 14%, which was significantly impacted by the increase in silver price relative to gold during the year, resulting in a decrease from 90 to 66 in the gold:silver ratio.  For comparative purposes, applying the 2025 silver equivalency ratios for gold, copper, and zinc to the 2026 production figures would have resulted in 2,184,844 SEO – a 2% increase from 2025 to 2026.

Table 2: Quarterly Production Summary

1. “Silver equivalent production” include gold ounces, copper tonnes and zinc tonnes produced and converted to a silver equivalent based on a ratio of the average market metal price for each period.  The gold:silver ratio for each of the periods presented were:  Jun 2025 – 98, Sep 2025 – 88, Dec 2025 – 76, Mar 2026 – 58, Jun 2026 – 62, Sep 2026 – 68.  The copper:silver ratios were: Jun 2025 – 311, Sep 2025 – 251, Dec 2025 – 204, Mar 2026 – 152, Jun 2026 – 181, Sep 2026 – 225. The zinc:silver ratios were: Mar 2025 – 89, Jun 2025 – 79, Sep 2025 – 72, Dec 2025 – 59, Mar 2026 – 38, Jun 2026 – 48, Sep 2026 – 61.

Mr. Robert Harris, P.Eng. is the qualified person as defined by National Instrument 43-101 and is responsible for the technical information of this release related to Parral.

About GoGold Resources

GoGold Resources (TSX: GGD) is a Canadian-based silver and gold producer focused on operating, developing, exploring and acquiring high-quality projects in Mexico.  The Company operates the Parral Tailings mine in the state of Chihuahua and has the Los Ricos South project, which is in development with a construction decision approved by the Board, and Los Ricos North exploration and development project, both in the state of Jalisco. Headquartered in Halifax, NS, GoGold is building a portfolio of low cost, high margin projects. For more information visit gogoldresources.com.

For further information please contact:

Steve Low, Corporate Development

GoGold Resources Inc. 

T: 416 855 0435

Email : steve@gogoldresources.com

Or visit : www.gogoldresources.com

In Europe

Swiss Resource Capital AG

Marc Ollinger

info@resource-capital.ch

www.resource-capital.ch

CAUTIONARY STATEMENT:

The securities described herein have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any state securities laws, and may not be offered or sold within the United States or to, or for the benefit of, U.S. persons (as defined in Regulation S under the U.S. Securities Act) except in compliance with the registration requirements of the U.S. Securities Act and applicable state securities laws or pursuant to exemptions therefrom. This release does not constitute an offer to sell or a solicitation of an offer to buy of any of GoGold’s securities in the United States. 

This news release may contain "forward-looking information" as defined in applicable Canadian securities legislation. All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding the Parral tailings mine, the Los Ricos projects, future operating margins, future production and processing, and future plans and objectives of GoGold, constitute forward looking information that involve various risks and uncertainties. Forward-looking information is based on a number of factors and assumptions which have been used to develop such information but which may prove to be incorrect, including, but not limited to, assumptions in connection with the continuance of GoGold and its subsidiaries as a going concern, general economic and market conditions, mineral prices, the accuracy of mineral resource estimates, and the performance of the Parral tailings mine. There can be no assurance that such information will prove to be accurate and actual results and future events could differ materially from those anticipated in such forward-looking information.

Important factors that could cause actual results to differ materially from GoGold's expectations include exploration and development risks associated with the GoGold’s projects, the failure to establish estimated mineral resources or mineral reserves, volatility of commodity prices, variations of recovery rates, and global economic conditions. For additional information with respect to risk factors applicable to GoGold, reference should be made to GoGold's continuous disclosure materials filed from time to time with securities regulators, including, but not limited to, GoGold's Annual Information Form. The forward-looking information contained in this release is made as of the date of this release.

 Separately, the Company is pleased to confirm it has been named a preferred recipient under the Victorian Government's Advancing Antimony Grants program. The Victorian Government announced yesterday that SXGC and Ballarat-based Gekko Systems will share more than A$750,000 through the program, to fund studies into antimony processing options and supply chains (New Grants to Back Antimony Processing in Victoria, 14 October 2026).

Michael Hudson, President and CEO, states: “Sunday Creek is a high-grade gold discovery with a meaningful antimony component, which contributes approximately 15% to 17% of the project's in situ recoverable value. The Carroll Labor Government's election commitment is a practical step towards processing that antimony into metal here in Victoria. Sovereign infrastructure requires political will to actually build, and we thank Premier Carroll and Minister Symes for their support of domestic processing. The Advancing Antimony grant funds the test work needed to assess turning potential future Sunday Creek concentrates into antimony metal for Australian and allied supply chains. We look forward to continuing to work with the State Government including Resources Victoria and the Commonwealth Government in their support of this crucial development in Australia’s onshore supply chain.” 

The Company notes that the A$20 million commitment is an election commitment of the Victorian Labor Party, conditional on its re-election at the Victorian State election on 28 November 2026, and on the terms of any future funding arrangements. The Company will continue to engage with government on the development of antimony processing in Victoria.

Bringing antimony processing onshore

Antimony concentrate produced in Victoria is currently shipped overseas for processing. Antimony is listed as a critical mineral by Australia, the United States, Canada, the European Union and Japan, and is used in defence applications, solar panel glass, batteries, flame retardants and electric steel for drones and electric vehicles.

The Sunday Creek Gold-Antimony Project contains antimony mineralisation associated with high-grade gold. The Company is studying the production of antimony metal in Victoria through an antimony metallisation facility, which would take concentrate from Sunday Creek and other Australian producers. 

The Advancing Antimony grant will contribute to pilot-scale metallisation test work on Sunday Creek concentrate. This includes confirming antimony and gold recoveries, testing antimony metal product quality, and characterising process residues for environmental permitting. It also funds updated flowsheet and balance-of-plant engineering for the proposed facility.

Announcing the grants, Minister for Energy and Resources Jaclyn Symes said: “We’re backing Southern Cross Gold and Gekko Systems to build the case for local antimony processing and bring new investment to regional Victoria.”

About Sunday Creek 

The Sunday Creek epizonal-style gold project is located 60 km north of Melbourne (Figure 1) within 16,900 hectares (“Ha”) of granted exploration tenements. SXGC is also the freehold landholder of 2,296 Ha that form the key portion of land in and around the main drilled area at the Sunday Creek Project.  The Company applied for its first mining licence, MIN009040, in September 2026.

Further Information 

Further discussion and analysis of the Sunday Creek project is available through the interactive Vrify 3D animations, presentations and videos available on the SXGC website. Interviews with President and CEO Michael Hudson can be viewed at www.southerncrossgold.com. 

Critical Metal Epizonal Gold-Antimony Deposits

Sunday Creek (Figure 1) is an epizonal gold-antimony deposit formed in the late Devonian (like Fosterville, Costerfield and Redcastle), 60 million years later than mesozonal gold systems formed in Victoria (for example Ballarat and Bendigo). Epizonal deposits are a form of orogenic gold deposit classified according to their depth of formation: epizonal (<6 km), mesozonal (6 km to 12 km) and hypozonal (>12 km). 

Epizonal deposits in Victoria often have associated high levels of the critical metal, antimony, and Sunday Creek is no exception. China claims a 56 per cent share of global mined supplies of antimony, according to a 2023 European Union study. Antimony features highly on the critical minerals lists of many countries including Australia, the United States of America, Canada, Japan and the European Union. Australia ranks seventh for antimony production despite all production coming from a single mine at Costerfield in Victoria, located near SXGC's projects. Antimony alloys with lead and tin, resulting in improved properties for solders, munitions, bearings and batteries. Antimony is a prominent additive for halogen-containing flame retardants. Adequate supplies of antimony are critical to the world's energy transition, and to the high-tech industry, especially the semiconductor and defence sectors where it is a critical additive to primers in munitions. 

Antimony represents approximately 15% to 17% of the in situ recoverable value of Sunday Creek, based on the AuEq ratio of 2.39 set out below.

About Southern Cross Gold Consolidated Limited (TSX:SXGC) (ASX:SX2) (OTCQX:SXGCF) (Frankfurt: MV3.F) 

Southern Cross Gold Consolidated Ltd. (TSX: SXGC, ASX: SX2, OTCQX: SXGCF) is defining a leading gold-antimony project at the Sunday Creek Gold-Antimony Project, located 60 km north of Melbourne. Sunday Creek is a significant gold and antimony drill discovery in a Tier 1 location, with high-grade drill results including 106 composite intersections exceeding 100 g/t Au from 146.4 km of drilling (including historic drilling). The mineralization follows a "Golden Ladder" structure over 12 km of interpreted strike length, with structures drill tested from surface to 1,200 m depth.

Sunday Creek's strategic value is enhanced by its dual-metal profile. The Company has a critical mineral that the Western world needs. This has gained increased significance following China's export restrictions on antimony, a critical metal for defence and semiconductor applications. Southern Cross Gold's inclusion in the US Defense Industrial Base Consortium (DIBC) and Australia's AUKUS-related legislative changes position it as a potential key Western antimony supplier. 

Technical fundamentals further strengthen the investment case, with preliminary metallurgical work showing non-refractory mineralization suitable for conventional processing and gold recoveries of 93% to 98% through gravity and flotation. 

With a strong cash position, 2,296 Ha of strategic freehold land ownership, and a large 200 km drill program planned through Q1 2027, SXGC is well-positioned to advance this globally significant gold-antimony discovery in a Tier 1 jurisdiction, delivering milestone by milestone.

- Ends -

For ASX Compliance: This announcement has been approved for release by the Board of Southern Cross Gold Consolidated Ltd.

For further information, please contact:

Mariana Bermudez – Corporate Secretary 

mb@southerncrossgold.com or +1 604 685 9316    

Executive Office

1305 – 1090 West Georgia Street Vancouver, BC, V6E 3V7, Canada 

Nicholas Mead – VP Investor Relations

info@southerncrossgold.com.au or +61 415 153 122   

Justin Mouchacca – Assistant Company Secretary

jm@southerncrossgold.com.au or +61 3 8630 3321

Subsidiary Office  

Level 21, 459 Collins Street, Melbourne, VIC, 3000, Australia 

In Europe

Swiss Resource Capital AG

Marc Ollinger

info@resource-capital.ch

www.resource-capital.ch

NI 43-101 and JORC Qualified/Competent Person Statement

The scientific and technical information in this news release has been prepared, reviewed, verified and approved by, or prepared under the supervision of, Mr Kenneth Bush, Head of Exploration of Southern Cross Gold Consolidated Ltd. Mr Bush is a Member of the Australian Institute of Geoscientists and a Registered Professional Geologist in the fields of Mining and Exploration (#10315). He is a Qualified Person as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”). He has sufficient experience relevant to the style of mineralisation and type of deposit under consideration, and to the activities undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the “JORC Code”). Mr Bush holds shares (less than 1%) in the Company. Mr Bush consents to the inclusion in this news release of the matters based on his information in the form and context in which it appears.

Gold Equivalent Calculation

SXGC considers that both gold and antimony included in the gold equivalent calculation (“AuEq”) have reasonable potential to be recovered and sold at Sunday Creek, given current geochemical understanding, historic production statistics and geologically analogous mining operations. Historically, ore from Sunday Creek was treated onsite or shipped for processing during WW1 to the Costerfield mine, located 54 km to the northwest of the project. The Costerfield mine corridor, now owned by Alkane Resources Limited (previously Mandalay Resources Ltd.), contains two million ounces of equivalent gold (Mandalay Resources Q3 2021 Results). In 2020 it was the sixth highest-grade underground mine globally and a top 5 global producer of antimony.

SXGC considers it appropriate to adopt the same gold equivalent variables as Mandalay Resources Ltd (now Alkane Resources Limited) used in its 2024 End of Year Mineral Reserves and Resources Press Release, dated 20 February 2025. That formula was calculated using Costerfield’s 2024 production costs, a gold price of US$2,500 per ounce, an antimony price of US$19,000 per tonne, and 2024 total year metal recoveries of 91% for gold and 92% for antimony. It is as follows:

AuEq = Au (g/t) + 2.39 × Sb (%)

Based on the latest Costerfield calculation and given the similar geological styles and historic toll treatment of Sunday Creek mineralisation at Costerfield, SXGC considers that AuEq = Au (g/t) + 2.39 × Sb (%) is appropriate to use for the initial exploration targeting of gold-antimony mineralisation at Sunday Creek.

Previously Reported Information

Information in this news release that relates to prior exploration results is extracted from the Independent Geologist’s Report dated 11 December 2024, included in the Company’s prospectus dated 11 December 2024, and from the Company’s previous ASX announcements, all available at www.asx.com.au under code “SX2”. The Company confirms that, as at the date of this news release, it is not aware of any new information or data that materially affects the information included in those original announcements. The Company also confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcements.

Forward-Looking Statement

This news release contains forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and assumptions and accordingly, actual results and future events could differ materially from those expressed or implied in such statements. You are hence cautioned not to place undue reliance on forward-looking statements. All statements other than statements of present or historical fact are forward-looking statements.   Forward-looking statements include words or expressions such as “proposed”, “will”, “subject to”, “near future”, “in the event”, “would”, “expect”, “prepared to” and other similar words or expressions. Factors that could cause future results or events to differ materially from current expectations expressed or implied by the forward-looking statements include general business, economic, competitive, political, social uncertainties; the state of capital markets, unforeseen events, developments, or factors causing any of the expectations, assumptions, and other factors ultimately being inaccurate or irrelevant; and other risks described in the Company’s documents filed with Canadian or Australian (under code SX2) securities regulatory authorities. You can find further information with respect to these and other risks in filings made by the Company with the securities regulatory authorities in Canada or Australia (under code SX2), as applicable, and available for the Company in Canada at www.sedarplus.ca or in Australia at www.asx.com.au (under code SX2). Documents are also available at www.southerncrossgold.com Forward-looking statements in this release include statements regarding the Victorian Labor Party's election commitment, the Advancing Antimony grant and associated test work, and the potential development of an antimony metallisation facility in Victoria. Factors that could cause actual results to differ include the outcome of the Victorian State election, the terms and timing of any government funding, the results of test work and studies, and the availability of financing and offtake arrangements. The Company disclaims any obligation to update or revise these forward-looking statements, except as required by applicable law.

Figure 1: Location of the Southern Cross Gold’s Sunday Creek Gold-Antimony Project, along with its 100% owned Redcastle Gold-Antimony Project

+++ Nuclear Power Contracts Strengthen the Outlook for Uranium +++

Dear Readers,

On October 6, 2026, Google and Constellation agreed to a 20-year power purchase agreement. The agreement with the U.S. power plant operator is intended to enable 890 megawatts of additional nuclear power capacity through capacity upgrades at existing U.S. facilities. Constellation plans to invest more than 4.3 billion U.S. dollars for this purpose.

The spot price published by Cameco stood at $89.63 per pound of U₃O₈ on September 30, compared to $48.38 four years earlier: an increase of 85.3 percent. Interim declines highlight the price’s volatility. Long-term power purchase agreements can support investments in additional nuclear power capacity.

According to the U.S. Energy Information Administration (EIA), 93 percent of uranium supplies in 2025 were of foreign origin, up from 92 percent the previous year. Canada, Kazakhstan, and Australia topped the list of sources. The data reflects volumes purchased by U.S. nuclear power plant operators, not direct reactor consumption. This underscores the importance of reliable supply chains.

Premier American Uranium Moves Forward with Cebolleta

Premier American Uranium - https://www.commodity-tv.com/ondemand/companies/profil/premier-american-uranium-inc/ - develops U.S. uranium projects. Regarding the Cebolleta project in New Mexico, the company reported on July 13 that test drilling had been completed. Metallurgical tests are intended to optimize heap leaching and support an update to the preliminary economic assessment planned for 2027.

At Kaycee in Wyoming, Premier reported on October 7 a grade of 0.064 percent eU₃O₈ over 10 feet in hole WD26-012, between 859.5 and 869.5 feet. The grade is derived radiometrically. According to the company, the hole length approximately matches or slightly exceeds the true thickness.

Uranium Royalty Expands Its Portfolio

Uranium Royalty - https://www.commodity-tv.com/ondemand/companies/profil/uranium-royalty-corp/ - completed the Sweetwater transaction on July 27. Approximately 92 percent of the interests in the relevant Sweetwater companies were consolidated under the new U.S. parent company, Uranium Royalty Corp., with the existing company. Trona royalties, as well as land and mineral rights, now complement the uranium portfolio. “New URC” was the parent company’s abbreviated name.

For the first fiscal quarter of 2027, which ended on July 31, Uranium Royalty reported a record net profit of $16.3 million. In addition to uranium sales, valuation and currency gains, as well as offsetting transaction costs, influenced the result. Royalty rights to McArthur River and Cigar Lake complement the portfolio; they do not guarantee ongoing payments.

Conclusion: Premier American Uranium and Uranium Royalty on the Verge of Milestones

Long-term nuclear power contracts support the outlook for the uranium market. For Premier, the focus is on metallurgical testing and further drilling; for Uranium Royalty, it is on developing its expanded portfolio. Financing and execution remain critical. Uranium stocks carry additional corporate risks and, despite positive industry signals, offer no guarantee of price stability.

Current company information and press releases: Premier American Uranium https://www.resource-capital.ch/de/unternehmen/premier-american-uranium-corp/ and Uranium Royalty https://www.resource-capital.ch/de/unternehmen/uranium-royalty-corp/

Further information is available in our Uranium Report 2026/03: https://www.resource-capital.ch/de/reports/ansicht/uran-report-2026-03/

Best of luck and warm regards from Switzerland,
 Marc Ollinger
 Swiss Resource Capital AG

Swiss Resource Capital AG at a glance:

Our website: https://www.resource-capital.ch/de/

Interesting and exclusive videos and interviews: https://www.rohstoff-tv.com/, https://www.commodity-tv.com/, and https://www.youtube.com/@SwissResourceCapitalAG

All free commodities reports: https://www.rohstoff-reports.com/

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Sources: Google/Constellation, Oct. 6, 2026 · Cameco/Price Data, as of Sept. 30, 2026 · EIA/Uranium Marketing Annual Report, revised August 13, 2026 · Premier/Cebolleta, July 13, 2026 · Premier/Kaycee, October 7, 2026 · Uranium Royalty/Sweetwater, July 27, 2026 · Uranium Royalty/Quarterly Results, September 14, 2026 · Uranium Royalty/SEC Quarterly Report as of July 31, 2026 · Uranium Royalty/Royalty Rights, accessed October 14, 2026

Intro Image: Uranium Royalty

Transparency and Conflicts of Interest

Author and Publisher: SRC swiss resource capital AG, Poststrasse 1, 9100 Herisau, Switzerland. Responsible party within the meaning of Section 18(2) of the Media Services Act (MStV), where applicable: Marc Ollinger. Issuers: Premier American Uranium Inc. (TSXV: PUR) and Uranium Royalty Corp. (NASDAQ: UROY). The paid IR contracts create a financial interest in positive coverage. As of October 14, 2026: Neither the author nor SRC swiss resource capital AG nor any of its affiliates hold shares, options, warrants, certificates, derivatives, or other long/short positions in securities of the aforementioned issuers. Future purchases or sales are possible. None of the issuers holds a 5 percent or greater stake in SRC swiss resource capital AG. Preliminary review: The issuers did not receive the article for review or approval.

Methodology and Risks

Date of publication: October 14, 2026. Public sources have been cross-checked; company information has not been independently verified. No independent review of drilling data, resource estimates, feasibility studies, or company valuations was conducted. QPs for the original Premier press releases: J.J. Brown, P.G., SME-RM, Vice President of Exploration, for Kaycee; Mike Thompson, C.P.G., consultant and Cebolleta project manager, for the test drilling; Terry McNulty, PE, management consultant, for additional technical details on the 2026 work program; Mark B. Mathisen, C.P.G., SLR, for the PEA and resource estimate. Brown is not independent as an executive; independence is not confirmed here for the consultants mentioned. Transaction and financial information regarding Uranium Royalty is provided; no proprietary resource or reserve estimates are included. This does not constitute an endorsement of this article. eU₃O₈ refers to radiometrically derived equivalent grades; no correction for radiometric imbalance was applied to the Kaycee results. Resources are not reserves; their economic viability has therefore not been demonstrated. Studies and timelines are contingent upon, among other things, financing, permits, and successful metallurgical testing. Exploration, geological, metallurgical, environmental, permitting, financing, dilution, uranium price, and currency risks, as well as operator, contractual, debt, and integration risks in the case of Uranium Royalty, may significantly alter results and lead to a total loss. No routine updates are planned; statutory obligations remain unaffected.

Disclosures and Liability

Paid marketing communication; not an independent financial analysis, individual investment advice, or solicitation to buy; not an offer of securities. Personal investment circumstances are not reviewed. No guarantee of accuracy, completeness, or timeliness. Liability is excluded only to the extent permitted by law; exceptions include willful misconduct, gross negligence, injury to life, limb, or health, mandatory liability, and breaches of material obligations. In the event of a breach of material contractual obligations due to slight negligence, liability is limited to foreseeable damages typical for this type of contract. The operators of external websites are responsible for their content; their own legal liability remains unaffected. AI was used for research and processing. Editorial responsibility and final human review remain with SRC. © 2026 SRC. Redistribution requires consent or legal authorization.

Potash Demand Supports New Projects

Dear Readers,

Over the long term, efficient nutrient supply matters: according to the FAO, cropland per capita declined by about 20% between 2001 and 2024, while total cropland increased. In addition, potash has been on the final U.S. List of Critical Minerals since November 2025. According to the USGS, potash is used in most fertilizers.

Millennial Potash Continues Developing Banio

Millennial Potash - https://www.commodity-tv.com/ondemand/companies/profil/millennial-potash-corp/ - has held an indirect 80% interest in the Banio potash project in Gabon since April 2026. The exploration licenses cover approximately 1,500 square kilometers, including coastal areas. Access to the Atlantic opens up logistical opportunities for future exports, for example to Brazil.

The preliminary economic assessment (PEA) of April 2024 modeled operating costs of US$61 per metric ton of granular potassium chloride at an annual production of 800,000 metric tons via solution mining.

U.S. Support Accompanies the Studies

The U.S. International Development Finance Corporation (DFC) has committed up to US$3 million in study support. On April 15, 2026, Millennial stated that it was sufficiently funded for the planned study programs. According to company planning, the feasibility study is to be completed by the end of 2026, and according to the latest information, the environmental and social impact assessment by early 2027. Secured financing for mine construction is not evidenced by this.

On August 26, 2026, Millennial reported that drill hole BA-006 expanded the known potash mineralization to the southwest, closer to the coast and to the planned port site. The information is based on preliminary core logging; laboratory analyses are still pending. An updated resource estimate is to be completed by the end of 2026 and incorporated into the feasibility study. Environmental impacts, permits, and technical implementation remain to be assessed as the project progresses.

Conclusion: Millennial Potash Approaching Milestones

The demand described by Nutrien generally supports the development of new potash projects. At Millennial Potash, the focus is on completing the studies and further defining the infrastructure. This could set the stage for an interesting and price-sensitive news flow even before the end of the year. Stay on top of things.

Current company information and press releases: Millennial Potash https://www.resource-capital.ch/de/unternehmen/millennial-potash-corp/

Further information on other commodity markets is available in our commodity reports: https://www.resource-capital.ch/de/reports/

Glück auf and warm regards from Switzerland,
 Marc Ollinger
 Swiss Resource Capital AG

Swiss Resource Capital AG at a Glance:

Our website: https://www.resource-capital.ch/de/

Interesting and exclusive videos and interviews: https://www.rohstoff-tv.com/ · https://www.commodity-tv.com/ · https://www.youtube.com/@SwissResourceCapitalAG

All free commodity reports: https://www.rohstoff-reports.com/

Register for our roadshows: https://www.european-roadshows.com/de/

Sources: USGS/Final List of Critical Minerals, November 14, 2025 · World Bank/Fertilizer Markets, May 14, 2026 · FAO/Land Use, July 17, 2026 · Nutrien/Q2 Results, August 5, 2026 · Millennial/PEA, April 23, 2024 · DFC/Study Support, July 9, 2025 · Millennial/DFS and Financing, January 13, 2026 · Millennial/License Expansion, February 24, 2026 · Millennial/Studies and Port Options, March 19, 2026 · Millennial/80% Interest, April 15, 2026 · Millennial/BA-006, August 26, 2026 · MINING.COM/CEO Interview, October 5, 2026

Cover Image: Millennial Potash

Transparency and Conflicts of Interest

Prepared and published by: SRC swiss resource capital AG, Poststrasse 1, 9100 Herisau, Switzerland. Editorially responsible: Marc Ollinger, CEO, at the same address. Responsible person within the meaning of Section 18(2) of the German Interstate Media Treaty (MStV): Marc Ollinger. Issuer: Millennial Potash Corp. (TSXV: MLP; ISIN: CA60041F1018). The paid IR agreement gives rise to an economic interest in a positive portrayal.

As of October 12, 2026: The author, SRC swiss resource capital AG, and companies affiliated with it hold no shares, options, warrants, certificates, derivatives, or other long/short positions in securities of Millennial Potash Corp. Future purchases or sales are possible. Millennial Potash Corp. does not hold an interest of 5% or more in SRC. Prior review: The company received the article for review and approval; no substantive changes were made thereafter.

Methodology and Risks

Editorial cutoff: October 12, 2026. Public sources were cross-checked; company information is not independent. No drill data review, resource estimate, feasibility study, or company valuation of our own. Qualified Person for the original BA-006 release: Peter J. MacLean, Ph.D., P.Geo. (Ontario), a Director of Millennial Potash and therefore not independent. This does not imply any approval of this article. The PEA is preliminary and includes inferred resources; its economic results are not assured.

Studies and timelines require, among other things, financing, permits, and available energy, water, processing, and export infrastructure. Exploration, geological, solution mining, construction, environmental, country, financing, dilution, potash and energy price, liquidity, and currency risks may materially change results and lead to a total loss. No routine updating is planned; statutory obligations remain unaffected.

Notices and Liability

Paid marketing communication, not independent financial analysis, individual investment advice, or a solicitation to buy; not an offer of securities. Personal investment circumstances are not assessed. No guarantee of accuracy, completeness, or timeliness. Liability is excluded only to the extent permitted by law; exempt from this exclusion are willful misconduct, gross negligence, damage resulting from injury to life, body, or health, mandatory liability, and breaches of material contractual obligations. In the event of a slightly negligent breach of material contractual obligations, liability is limited to foreseeable damage typical of the contract.

The respective operators are responsible for external websites; SRC’s own statutory responsibility remains unaffected. AI was used for research and editing. Editorial responsibility and final human review remain with SRC. © 2026 SRC. Redistribution with consent or statutory permission.

Sibanye-Stillwater has, in terms of section 122(3)(a) of the Act, which requires any company that receives notification of a change in beneficial interest in its securities, whether through acquisition or disposal, to file the required notice with the Takeover Regulation Panel.

The board of directors of Sibanye-Stillwater accepts responsibility for the information contained in the announcement, having received the forms TRP121.1 from UBS Group AG and, to the best of their respective knowledge, believes the information contained in the announcement is accordingly true and does not omit anything likely to affect the importance of the information contained in this announcement.

About Sibanye-Stillwater 

Sibanye-Stillwater is a global mining and metals processing group with a diverse portfolio of operations, projects and investments across five continents. The Group is also one of the foremost global recyclers of a suite of metals and has interests in leading secondary mining operations.

Sibanye-Stillwater is one of the largest producers and refiners of platinum group metals (PGMs: platinum, palladium, rhodium, iridium and ruthenium) and is a top-tier gold producer. It also produces nickel, chrome, copper, silver, cobalt and zinc. The Group has also diversified into mining and processing battery metals and has increased its presence in the circular economy by expanding its recycling and secondary-mining exposure globally. For more information, see www.sibanyestillwater.com. 

Investor relations contact:

Email: ir@sibanyestillwater.com

Website: www.sibanyestillwater.com

LinkedIn: https://www.linkedin.com/company/sibanye-stillwater  

Facebook: https://www.facebook.com/SibanyeStillwater       

YouTube: https://www.youtube.com/@sibanyestillwater/videos  

X: https://twitter.com/SIBSTILL  

Sponsor: J.P. Morgan Equities South Africa Proprietary Limited

In Europe:

Swiss Resource Capital AG

Marc Ollinger

info@resource-capital.ch

www.resource-capital.ch

DISCLAIMER FORWARD LOOKING STATEMENTS

This announcement contains forward-looking statements within the meaning of the “safe harbour” provisions of the United States Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact included in this presentation may be forward-looking statements. Forward-looking statements may be identified by the use of words such as “will”, “would”, “expect”, “forecast”, “potential”, “may”, “could”, “believe”, “aim”, “anticipate”, “intend”, “target”, “estimate” and words of similar meaning.

These forward-looking statements, including among others, those relating to Sibanye Stillwater Limited’s (Sibanye-Stillwater or the Group) future financial position, business strategies and other strategic initiatives, business prospects, industry forecasts, production and operational guidance, climate and ESG-related targets and metrics, and plans and objectives for future operations, project finance and the completion or successful integration of acquisitions, are necessarily estimates reflecting the best judgement of Sibanye-Stillwater’s senior management. Readers are cautioned not to place undue reliance on such statements. Forward-looking statements involve a number of known and unknown risks, uncertainties and other factors, many of which are difficult to predict and generally beyond the control of Sibanye-Stillwater that could cause its actual results and outcomes to be materially different from historical results or from any future results expressed or implied by such forward-looking statements. As a consequence, these forward-looking statements should be considered in light of various important factors, including those set forth in Sibanye-Stillwater’s 2025 Integrated Report and annual report on Form 20-F filed with the Securities and Exchange Commission (SEC) on 24 April 2026 (SEC File no. 333-234096). These forward-looking statements speak only as of the date of this presentation. Sibanye-Stillwater expressly disclaims any obligation or undertaking to update or revise any forward-looking statement (except to the extent legally required).

Websites

References in this announcement to information on websites (and/or social media sites) are included as an aid to their location and such information is not incorporated in, and does not form part of, this announcement.

Mr. D’Agostino and Admiral Caldwell will serve as Co-Chairs of the Council. The Council includes two former Admirals and two former heads of the National Nuclear Security Administration (the “NNSA”), the agency that recently issued a request for information seeking a long-term domestic supply of unobligated U.S.-origin uranium and conversion services.

Amir Adnani, President and CEO, stated: 

“Defense demand for American nuclear fuel is growing quickly, with the Army’s Janus Program bringing microreactors to U.S. military bases and the Navy’s expanding fleet continuing to run on nuclear power. We are honored to have such esteemed national security leaders supporting the UEC team as we build an American supply chain, from mine to conversion, for critical defense missions.”

The Honorable Tom D’Agostino, former Administrator of the NNSA and Co-Chair of UEC’s National Security Advisory Council, stated: 

“The NNSA’s mission depends on a reliable, long-term supply of unobligated U.S.-origin uranium, mined and converted using American technology. UEC is uniquely positioned to deliver that supply, with the largest U.S. uranium resource base and a clear path into domestic conversion. I look forward to helping the Company serve this vital national mission.”

Admiral James F. Caldwell, former Director of the Naval Nuclear Propulsion Program and Co-Chair of UEC’s National Security Advisory Council, stated: 

“For more than 75 years, naval nuclear power has provided the Navy’s submarines and aircraft carriers with an incredible warfighting advantage, and that mission depends on secure, reliable, domestic fuel supply. As the Navy embarks on a future generation of nuclear-powered submarines, aircraft carriers, and potentially other warships, and as nuclear energy expands across the Department of War, a strong American uranium and conversion industry is essential to mission readiness. I am proud to help UEC build it.”

The Honorable Spencer Abraham, former U.S. Secretary of Energy and Chairman of UEC’s Board of Directors, added:

“As Secretary of Energy, I saw firsthand how America’s nuclear deterrent, naval propulsion and civilian nuclear power all depend on secure domestic fuel supply. Today, domestic conversion is the essential link between American uranium and the billions of dollars being invested in new U.S. enrichment capacity. The leaders on this Council ran the very programs that rely on that supply, and their guidance will be invaluable as the nation expands it.”

The Honorable Tom D’Agostino served more than 36 years in government. As Under Secretary of Energy for Nuclear Security and Administrator of the NNSA from 2007 to 2013, under Presidents George W. Bush and Barack Obama, he was responsible for the safety, security and effectiveness of the U.S. nuclear weapons stockpile, and he remains the longest-serving Administrator in the agency’s history. Earlier, as Deputy Administrator for Defense Programs, he directed the Stockpile Stewardship Program across the national laboratories and production plants. As a former naval submarine officer, he also supported the SEAWOLF submarine propulsion program and was instrumental in initiating the Department of Energy’s (“DOE”) strategy for tritium production. He later led Fluor Corporation’s government business as Business Group President, Mission Solutions.

Admiral James F. Caldwell retired from the U.S. Navy in 2024 after a distinguished 43-year career. As Director of the Naval Nuclear Propulsion Program from 2015 to 2024, he oversaw the safe, reliable operation of the Navy’s nuclear-powered submarine and aircraft carrier fleet, which under his leadership achieved more than 15 million miles steamed on nuclear power and more than 800 reactor-years of safe operations. He also played a significant role in establishing the framework for Australia’s acquisition of conventionally armed, nuclear-powered submarines under the AUKUS partnership. Earlier, he served as Naval Inspector General and commanded the U.S. Pacific Fleet Submarine Force. He currently serves on the boards of directors of Fluor Corporation and Entergy Corporation.

Admiral William K. Lescher had a distinguished 42-year career with the U.S. Navy, most recently as Vice Chief of Naval Operations, the second-highest-ranking officer in the Navy, from 2020 until his retirement in 2022, and previously as Deputy Chief of Naval Operations for Integration of Capabilities and Resources. He also served as the Joint Staff Deputy Director for Resources and Acquisition and Deputy Assistant Secretary of the Navy for Budget. He currently serves as a Board Director, Executive Advisor and Executive Coach at Boston Consulting Group.

The Honorable Neile Miller is a former Acting Administrator and Principal Deputy Administrator of the NNSA and former Acting Under Secretary of Energy for Nuclear Security under President Barack Obama. She also served as DOE’s Budget Director and was a member of the Credit Review Board and the Risk and Credit Committees of DOE’s Loan Programs Office. Previously, she served two tours at the White House Office of Management and Budget, focusing on nuclear security and nuclear energy programs.

About Uranium Energy Corp

Uranium Energy Corp is America’s largest and fastest growing uranium company. The Company controls the largest uranium resource base and the most licensed production capacity in the United States, totaling approximately 12 million pounds per year across its Wyoming and South Texas platforms. In Canada, the Company controls one of the most extensive land and resource portfolios in the Athabasca Basin, Saskatchewan, anchored by the Roughrider Project. Through its wholly owned subsidiary, United States Uranium Refining & Conversion Corp., UEC is pursuing domestic refining and conversion capabilities to further strengthen the U.S. nuclear fuel supply chain. UEC maintains a 100% unhedged uranium strategy, providing full exposure to uranium market fundamentals. The Company is managed by professionals with decades of experience across uranium exploration, development, production and fuel cycle infrastructure.

Contact Uranium Energy Corp Investor Relations at:

Toll Free: (866) 748-1030

Fax: (361) 888-5041

E-mail: info@uraniumenergy.com

In Europe

Swiss Resource Capital AG

Marc Ollinger

info@resource-capital.ch

www.resource-capital.ch

Stock Exchange Information:

NYSE American: UEC

WKN: AØJDRR

ISIN: US9168961038

Cautionary Statement Regarding Forward-Looking Statements

This news release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and applicable Canadian securities laws. Where a forward-looking statement expresses or implies an expectation or belief as to future events or results, such expectation or belief is expressed in good faith and believed to have a reasonable basis. Forward-looking statements often address our expected future business and financial performance and financial condition, and often contain words such as “anticipate,” “intend,” “plan,” “will,” “would,” “estimate,” “expect,” “believe,” “pending” or “potential.” Forward-looking statements in this news release may include, without limitation, statements regarding: the Company’s expectations regarding the impacts of governmental initiatives, the Company’s expectations, plans and goals respecting UR&C and the Company’s expectations regarding participation in government procurement and similar processes. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors, which could cause actual results to differ materially. These risks and uncertainties may include, among others: proposed exploration and development activities may not produce anticipated results; variations in the underlying assumptions associated with the estimation or realization of mineral resources; the availability of necessary capital; the Company and UR&C may not be successful in government procurement and similar processes; accidents, labor disputes and other risks of the mining industry including, without limitation, those associated with the environment, delays in obtaining governmental approvals, permits or financing or in the completion of development or construction activities, title disputes or claims limitations; any deterioration in political support for nuclear energy or uranium mining; changes in government regulations and policies; changes in demand for nuclear power; any failure to obtain necessary permits and approvals from government authorities; weather and other natural phenomena; and the other risk factors set forth in the Company’s most recent annual report on Form 10-K and its other filings with the Securities and Exchange Commission, available under its profile at www.sec.gov. Many of these factors are beyond the Company’s ability to control or predict. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements contained in this news release and in any document referred to in this news release. Any forward-looking statement speaks only as of the date on which it is made and the Company does not undertake any obligation to release publicly revisions to any forward-looking statement, to reflect events or circumstances after the date hereof, or to reflect the occurrence of unanticipated events, except as may be required under applicable securities laws. Investors should not assume that any lack of update to a previously issued forward-looking statement constitutes a reaffirmation of that statement.

Following the successful completion of repairs, processing at Guanaceví returned to full capacity (see the September 22 news release here). 

About Endeavour Silver – Endeavour is a mid-tier silver producer with three operating mines in Mexico and Peru and a robust pipeline of exploration projects across Mexico, Chile, and the United States. With a proven track record of discovery, development, and responsible mining, Endeavour is driving organic growth and creating lasting value on its path to becoming a leading senior silver producer. 

 Contact Information

Allison Pettit

Vice President, Investor Relations

Email: apettit@edrsilver.com

Website: www.edrsilver.com

Cautionary Note Regarding Forward-Looking Statements

This news release contains “forward-looking statements” within the meaning of the United States private securities litigation reform act of 1995 and “forward-looking information” within the meaning of applicable Canadian securities legislation. Such forward-looking statements and information herein include but are not limited to statements regarding the Company driving organic growth and creating lasting value. The Company does not intend to and does not assume any obligation to update such forward-looking statements or information, other than as required by applicable law.

Forward-looking statements or information involve known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, production levels, performance or achievements of Endeavour and its operations to be materially different from those expressed or implied by such statements. Such risk factors include but are not limited to adverse changes in commodity prices as well as those factors described in the section “risk factors” contained in the Company’s most recent form 40F/Annual Information Form filed with the S.E.C. and Canadian securities regulatory authorities.

Forward-looking statements are based on assumptions management believes to be reasonable, including but not limited to the continued operation of the Company’s mining operations, and such other assumptions and factors as set out herein. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or information, there may be other factors that cause results to be materially different from those anticipated, described, estimated, assessed or intended. There can be no assurance that any forward-looking statements or information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements or information. Accordingly, readers should not place undue reliance on forward-looking statements or information. 

Paul Weedon, Senior Vice President of Exploration, commented, “The recently completed reverse circulation and diamond drilling program adjacent to the Southern Arc and Kassasoko deposits has continued to return very encouraging results beyond the current pit designs. Results such as the 3.9 g/t Au intersection over an estimated true width of 40.8 meters from 228 meters in drill hole DSR1149 highlight the opportunity to further expand the Diamba Sud Mineral Reserve.” Mr. Weedon continued, “At our recently acquired Bambadji properties, exploration drilling has commenced at Kabewest, with six drill rigs operating as part of an $8 million drilling campaign for the remainder of 2026. Kabewest is the largest and most advanced drill-defined target on the property and is located only 2.3 kilometres from the proposed Diamba Sud plant site. Initial drill core samples have highlighted strong similarities to the breccia-hosted mineralization at Diamba Sud, and we look forward to receiving the assay results.”   

Southern Arc Drilling highlights

Since the previous exploration results update in February 2026, a further 196 reverse circulation (“RC”) and diamond drilling (“DD”) holes, totalling 36,592 meters, have been completed at Southern Arc (refer to Figure 1), concluding the program (refer to Fortuna news release dated February 25, 2026, “Fortuna intersects 6.0 g/t gold over 24.1 meters at Southern Arc, Diamba Sud Project, Senegal”). The program successfully identified depth and strike extensions to the northeast and southwest, as well as parallel structures to the southeast, where mineralization remains open. For example, DSR1132 intersected 4.5 g/t gold over an estimated true width of 20.0 meters from 65 meters within a broad zone of mineralization beyond the current pit design (refer to Figure 2). This zone remains open at depth, further demonstrating the open nature of the mineralization. An updated estimate is intended to be prepared for Mineral Resource and Mineral Reserve reporting as at year-end, and further step-out drilling is planned for 2027.

Mineralization at Southern Arc occurs as variable fine stockwork vein arrays and diffuse pyrite-silica flooding, with a strong spatial association to hydrothermal breccias and carbonate units. The system commonly exhibits extensive hematite alteration, consistent with mineralization observed at other Diamba Sud deposits.

Figure 1: Diamba Sud Gold Project: Location of Mineral Resource Deposits and Exploration Targets

Figure 2: Diamba Sud Gold Project: Southern Arc Deposit, Long Section 375NE

Kassasoko Drilling Highlights

A program of 53 RC and DD holes, totalling 8,787 meters, has been completed at Kassasoko since the previous exploration update. This program was designed to test for expansion of the mineralized footprint through step-out drilling and evaluate its link to the nearby Western Splay deposit.  Mineralization remains open at depth and along strike. 

Mineralization at Kassasoko occurs within intercalated hydrothermal breccias, carbonate metasedimentary units, and granitic to dioritic intrusive rocks. It is typically associated with vein arrays preferentially hosted within hydrothermal breccias.

Bambadji, Senegal: Exploration Work Program 

Drilling has commenced on the recently acquired Bambadji project (refer to Figure 3), with five DD rigs and 1 RC rig currently operating as part of an $8 million, 51,000-meter exploration program for the balance of 2026 (refer to Fortuna news release dated August 10, 2026, “Fortuna acquires highly prospective Bambadji Project in Senegal from Barrick and IAMGOLD”). 

Figure 3: Bambadji Gold Project: Location of Exploration Targets

Note: Probable Mineral Reserves of 20.5 million tonnes averaging 1.75 g/t Au, containing 1.15 million ounces of gold have been reported for Diamba Sud (refer to Fortuna news release dated June 29, 2026, “Fortuna delivers robust Feasibility Study for the Diamba Sud Gold Project in Senegal: After-tax IRR of 60% and NPV5% of US$1 billion using US$3,500/oz”).

Following an extensive data review, more than eight drill-ready targets have been identified and prioritized for drilling in 2026. Six drill rigs are currently operating at Kabewest, the most advanced target, located approximately 2.3 kilometers from the proposed Diamba Sud plant site. An initial Inferred Mineral Resource estimate for Kabewest is expected to be included in the Company’s annual Mineral Reserve and Mineral Resource update, planned for publication in the first quarter of 2027. Drilling will progressively advance to additional prospects, including Fatima, Djenebou, Latifa, Kach, Wari, and Kabetea, throughout the remainder of 2026 and into the first half of 2027.

In addition, work is continuing to further refine targets for the 2027 field season across the more than 60-kilometer strike length of the newly acquired permits. Three highly prospective mineralized trends have been identified based on geophysical and geochemical data and supported by field mapping.  Limited historical drilling was generally shallow and widely spaced, with several multi-kilometer gaps along these anomalous gold trends providing compelling targets for Fortuna’s 2026 and 2027 exploration programs.

Geological logging of the initial DD holes at Kabewest has highlighted strong similarities to the nearby Diamba Sud style of mineralization, including extensive hydrothermal brecciation, hematite-silica alteration, and pyrite development (refer to Figure 4), consistent with mineralization previously modelled by Barrick (refer to Figure 5). Assay results are pending.

Integration of the former Barrick technical staff into Fortuna’s Senegal exploration team has been successfully completed, providing valuable continuity, supporting the rapid advancement of field and drilling activities, and enhancing the Company’s understanding of the region’s broader geological architecture. 

Figure 4: Examples of hydrothermal breccia from Kabewest highlighting similarities to the Area D mineralization style at Diamba Sud

For full details of drill hole DSDD385, refer to Fortuna news release dated May 27, 2025 “Fortuna drills 8.6 g/t gold over 13.6 meters at Southern Arc prospect, Diamba Sud Project, Senegal”.

Figure 5: Cross section 150SW through Kabewest highlighting historic mineralized interval

Note: For historic drilling details, refer to Fortuna news release dated August 10, 2026 “Fortuna acquires highly prospective Bambadji Project in Senegal from Barrick and IAMGOLD”

Refer to Appendix 1 for full details of the drill holes and assay results for this drill program.

Quality Assurance & Quality Control (QA - QC) 

All drilling data completed by the Company utilized the following procedures and methodologies. All drilling was carried out under the supervision of the Company’s personnel.

All reverse circulation (RC) drilling used a 5.25-inch face sampling pneumatic hammer with samples collected into 60-liter plastic bags. Samples were kept dry by maintaining enough air pressure to exclude groundwater inflow. If water ingress exceeded the air pressure, RC drilling was stopped, and drilling converted to diamond core tails. Once collected, RC samples were riffle split through a three-tier splitter to yield a 12.5 percent representative sample for submission to the analytical laboratory. The residual 87.5 percent samples were stored at the drill site until assay results were received and validated. Coarse reject samples for all mineralized samples corresponding to significant intervals are retained and stored on-site at the Company-controlled core yard.

All diamond drilling (DD) drill holes started with HQ sized diameter, before reducing to NQ diameter diamond drill bits on intersecting fresh rock. The core was logged, marked up for sampling using standard lengths of one meter or to a geological boundary. Samples were then cut into equal halves using a diamond saw. One half of the core was left in the original core box and stored in a secure location at the Company core yard at the project site. The other half was sampled, catalogued, and placed into sealed bags and securely stored at the site until shipment.

All RC and DD samples were transported by Company vehicle or commercial courier to ALS Global’s preparation laboratories in Kedougou, Senegal with prepared sample pulps then transported via commercial courier to ALS Global’s analytical facility in Ouagadougou, Burkina Faso. Routine gold analysis using a 50-gram charge and fire assay with an atomic absorption finish was completed for all samples. Samples returning assays >10 ppm Au were reanalyzed using a 50-gram charge and fire assay with a gravimetric finish. Quality control procedures included the systematic insertion of blanks, duplicates and sample standards into the sample stream. In addition, the ALS Global laboratory inserted its own quality control samples.

Qualified Person 

Paul Weedon, Senior Vice President, Exploration for Fortuna Mining Corp., is a Qualified Person as defined by National Instrument 43-101 being a member of the Australian Institute of Geoscientists (Membership #6001). Mr. Weedon has reviewed and approved the scientific and technical information contained in this news release. Mr. Weedon has verified the data disclosed, including the sampling, analytical and test data underlying the information or opinions contained herein by reviewing geochemical and geological databases and reviewing diamond drill core.  There were no limitations to the verification process.

 About Fortuna Mining Corp. 

Fortuna Mining Corp. is a Canadian precious metals mining company with three operating mines in Argentina, Côte d’Ivoire, and Peru, and the feasibility-stage Diamba Sud Gold Project in Senegal. Our exploration portfolio spans our operating jurisdictions as well as Guinea and Guyana. Sustainability is at the core of our operations and stakeholder relationships. We produce gold and silver while creating long-term shared value through efficient production, environmental stewardship, and social responsibility. For more information, please visit our website at www.fortunamining.com

ON BEHALF OF THE BOARD

Jorge A. Ganoza 

CEO and Director

Fortuna Mining Corp.

Investor Relations: 

Carlos Baca | info@fmcmail.com | fortunamining.com | X | LinkedIn | YouTube | Instagram | TikTok

In Europe

Swiss Resource Capital AG

Marc Ollinger

info@resource-capital.ch

www.resource-capital.ch

Forward looking Statements

This news release contains forward-looking statements which constitute “forward-looking information” within the meaning of applicable Canadian securities legislation and “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 (collectively, “Forward-looking Statements”). All statements included herein, other than statements of historical fact, are Forward-looking Statements and are subject to a variety of known and unknown risks and uncertainties which could cause actual events or results to differ materially from those reflected in the Forward-looking Statements. The Forward-looking Statements in this news release include, without limitation, statements about the Company’s plans for its mines and mineral properties; statements regarding the development of the Diamba Sud project, including the proposed plant site, that an updated Mineral Resource and Mineral Reserve estimate is intended to be prepared for year-end, and drilling plans for 2027; statements that an initial Inferred Mineral Resource estimate for Kabewest is expected in the first quarter of 2027; the Company’s drilling plans at the Bambadji project; the Company’s business strategy, plans and outlook; the merit of the Company’s mines and mineral properties; the future financial or operating performance of the Company; the Company’s ability to comply with contractual and permitting or other regulatory requirements; approvals and other matters.  Often, but not always, these Forward-looking Statements can be identified by the use of words such as “estimated,” “potential,” “open,” “future,” “assumed,” “projected,” “used,” “detailed,” “has been,” “gain,” “planned,” “reflecting,” “will,” “anticipated,” “estimated,” “containing,” “remaining,” “to be,” or statements that events, “could” or “should” occur or be achieved and similar expressions, including negative variations. 

Forward-looking Statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of the Company to be materially different from any results, performance or achievements expressed or implied by the Forward-looking Statements. Such uncertainties and factors include, among others, operational risks associated with mining and mineral processing; uncertainty relating to Mineral Resource and Mineral Reserve estimates; uncertainty relating to capital and operating costs, production schedules and economic returns; risks relating to the Company’s ability to replace its Mineral Reserves; risks associated with mineral exploration and project development; uncertainty relating to the repatriation of funds as a result of currency controls; environmental matters including obtaining or renewing environmental permits and potential liability claims; uncertainty relating to nature and climate conditions; laws and regulations regarding the protection of the environment (including greenhouse gas emission reduction and other decarbonization requirements and the uncertainty surrounding the interpretation of omnibus Bill C-59 and the related amendments to the Competition Act (Canada); risks associated with political instability and changes to the regulations governing the Company’s business operations; changes in national and local government legislation, taxation, controls, regulations and political or economic developments in countries in which the Company does or may carry on business; risks associated with war, hostilities or other conflicts, such as the Ukrainian – Russian, Israel- – Hamas, and Iran – Israel and United States conflicts, and the impacts such conflicts may have on global economic activity; risks relating to the termination of the Company’s mining concessions in certain circumstances; developing and maintaining relationships with local communities and stakeholders; risks associated with losing control of public perception as a result of social media and other web-based applications; potential opposition to the Company’s exploration, development and operational activities; risks related to the Company’s ability to obtain adequate financing for planned exploration and development activities; property title matters; risks relating to the integration of businesses and assets acquired by the Company; impairments; risks associated with climate change legislation; reliance on key personnel; adequacy of insurance coverage; operational safety and security risks; legal proceedings and potential legal proceedings; uncertainties relating to general economic conditions; risks relating to a global pandemic, which could impact the Company’s business, operations, financial condition and share price; competition; fluctuations in metal prices; risks associated with entering into commodity forward and option contracts for base metals production; fluctuations in currency exchange rates and interest rates; tax audits and reassessments; risks related to hedging; uncertainty relating to concentrate treatment charges and transportation costs; sufficiency of monies allotted by the Company for land reclamation; risks associated with dependence upon information technology systems, which are subject to disruption, damage, failure and risks with implementation and integration; labor relations issues; as well as those factors discussed under “Risk Factors” in the Company's Annual Information Form. Although the Company has attempted to identify important factors that could cause actual actions, events, or results to differ materially from those described in Forward-looking Statements, there may be other factors that cause actions, events, or results to differ from those anticipated, estimated or intended.

Forward-looking Statements contained herein are based on the assumptions, beliefs, expectations and opinions of management, including but not limited to the accuracy of the Company’s current Mineral Resource and Mineral Reserve estimates; that the Company’s activities will be conducted in accordance with the Company’s public statements and stated goals; that there will be no material adverse change affecting the Company, its properties or its production estimates (which assume accuracy of projected head grade, mining rates, recovery timing, and recovery rate estimates and may be impacted by unscheduled maintenance, labor and contractor availability and other operating or technical difficulties); the duration and effect of global and local inflation; geo-political uncertainties on the Company’s production, workforce, business, operations and financial condition; the expected trends in mineral prices, inflation and currency exchange rates; that all required approvals and permits will be obtained for the Company’s business and operations on acceptable terms including for the construction of a mine at the Diamba Sud Project and the underground mining method at the Séguéla Mine; that there will be no significant disruptions affecting the Company’s operations and such other assumptions as set out herein. Forward-looking Statements are made as of the date hereof and the Company disclaims any obligation to update any Forward-looking Statements, whether as a result of new information, future events, or results or otherwise, except as required by law. There can be no assurance that these Forward-looking Statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, investors should not place undue reliance on Forward-looking Statements.

Cautionary Note to United States Investors Concerning Mineral Resources and Mineral Reserves

Technical disclosure regarding the Company’s properties included herein has been prepared in accordance with National Instrument 43-101, Standards of Disclosure for Mineral Projects (“NI 43-101”) and the Canadian Institute of Mining, Metallurgy, and Petroleum Definition Standards on Mineral Resources and Mineral Reserves. Canadian standards, including NI 43-101, differ from the requirements of the Securities and Exchange Commission, and information included herein may not be comparable to similar information disclosed by U.S. companies.

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Appendix 1: Diamba Sud Gold Project, Senegal: Drill program details and assay results