“While the drilling in and around Sapuchi continues to report very strong results, we are excited to announce the initial assays from step out holes well outside the resource boundary” says Jonathan Egilo, President & CEO. “We are excited to follow up on these initial results at the new Luz del Cobre target. Ongoing drilling is being done both in and around the Luz del Cobre historical pit, in addition to testing the wide gap zone that sits between Luz del Cobre and Sapuchi.”

San Antonio Drill Results

The Company is reporting the results of 29 holes, which represents approximately 5,000 metres of drilling. Today’s results are from the first resource growth and step out drilling performed by Axo since its acquisition of the San Antonio project earlier this year. The step out drilling is in the Luz del Cobre area and has seen strong gold mineralization directly from surface. Standout hole SOSAP-26-048, which returned 46.5 metres grading 1.43gpt Au of oxide mineralization directly from surface, was collared approximately 750 metres outside the Sapuchi resource boundary, to the east.

The Company is also reporting additional drilling from within and around the Sapuchi resource. Axo is considering Sapuchi as a potential starter-pit due to its high-grade oxide resources, and favourable topography. The goal of the Sapuchi drill program is to target opportunities to convert areas within the block model that were previously considered as waste, in addition to upgrading resource confidence. There are currently three drill rigs operating at San Antonio.

Highlights from the results include:

• Hole SOSAP-26-048 which reported the first 46.5 metres drilled directly from surface grading 1.43gpt Au of oxide. The hole was collared well outside the existing resource, ~750 metres to the east of the Sapuchi deposit at the Luz del Cobre target.
• Hole SOSAP-26-039 which assayed 8.15g/t Au over 18.0 metres from only 18 metres down the hole at Sapuchi. The interval is entirely oxide mineralization.
• Hole SOSAP-26-027 which assayed 1.16g/t Au over 47.1 metres from 13 metres down the hole at Sapuchi, the majority of which was oxides before moving to transition material near the bottom of the interval.
• Hole SOSAP-26-025 which assayed 0.87g/t Au over 75.0 metres from surface at Sapuchi, the majority of which was oxides.
• Hole SOSAP-26-028 which assayed 1.20g/t Au over 49.7 metres from 79 metres down the hole at Sapuchi.

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

Figure 2 below shows a cross section through the Luz del Cobre pit, and the gap area separating Luz del Cobre and the Sapuchi resource pit. 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. Axo developed a thesis that the Luz del Cobre area had a gold mineralizing event, separate from the copper mineralizing event, and began drilling the area to test for gold prospectivity. Initial results are highly encouraging. All drilling in the Luz del Cobre area and the gap zone between Luz del Cobre and Sapuchi is outside current resources and provides resource upside. 

FIGURE 2: SECTION VIEW ACROSS LUZ DEL COBRE HIGHLIGHTED BY HOLE SOSAP-26-048

At the base of the historical Luz del Cobre pit, results are highlighted by hole SOSAP-26-048, which returned 46.5 metres grading 1.43gpt Au from surface. The Company has since been drilling up the Luz del Cobre highwall, stepping closer towards Sapuchi. Hole SOSAP-26-080 was collared roughly 380 metres west of hole SOSAP-26-048. While assays remain outstanding, the Company notes that hole SOSAP-26-080 has intercepted hydrothermal breccia, consistent with the rock type that hosts gold mineralization at Luz del Cobre. Mineralized hydrothermal breccia has also been observed in trenches that the Company has made in the west highwall of the Luz del Cobre pit. Trenching results have been strong, highlighted by 20.7m grading 1.08gpt Au.

The Company’s field sampling exploration work has been able to benefit from an on-site laboratory which was originally installed when San Antonio was in production. This has allowed for target generation work including grab samples and trench samples to be processed on site, while all drilling will continue to be assayed by a third-party lab. Thus, trenching results are indicative but preliminary, and have not yet been verified by an independent, certified commercial laboratory. See QAQC section for more details.

Axo is continuing with subsequent drilling in the base of the historical Luz del Cobre pit, as well as within the Sapuchi-Luz del Cobre gap. 

Table 1: San Antonio Assay Results

¹NSV=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 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. The Company is focused on continuing to define near-surface mineralization along the La Huerta Trend, expanding mineralization at depth, and targeting new discoveries in an underexplored district.

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, risk 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.

Sean Roosen, Chairman and CEO, commented: "The Board's formal positive decision to commence full-scale construction of our flagship Cariboo Gold Project represents a defining milestone for Osisko Gold and a pivotal inflection point toward our objective of becoming an intermediate gold producer. This decision is a culmination of more than a decade of de-risking work on the Project, from early exploration when the first drills hit the ground in 2015, through permitting and technical studies, and into project financing and pre-construction. It reflects our confidence in the significant long-term value Cariboo can deliver to our shareholders and other stakeholders, and in the transformational impact it can have on the future of Osisko Gold. I'd like to commend our talented team for their professionalism, dedication and extensive contributions over the years that have brought us to this important milestone."

"With this step forward, supported by our strong balance sheet position and other sources of available and proposed funding, our focus is now firmly on disciplined project execution toward first gold in early 2029. Based on an estimated remaining go-forward capital obligation of C$990 million and spot gold prices of US$4,350/oz, the Project demonstrates robust economics with after-tax NPV5% of C$3.2 billion, after-tax IRR of 42.7%, and average annual free cash flow of C$642 million in the first 5 years, underscoring its significant leverage to the gold price. Construction is expected to support 613 direct jobs at its peak, followed by 525 permanent jobs during operations, while generating substantial direct and indirect economic benefits for local communities and the Province of British Columbia. Bringing Cariboo through construction and into production represents only the first step in establishing a strong platform for the Company's long-term growth strategy. In parallel, we continue to accelerate ongoing conversion drilling within the current deposit and advance exploration of the substantial potential at depth and along strike within the existing permit footprint, as well as across the broader Cariboo regional property. We look forward to providing further regular updates on our progress."

Project Go-Forward Capital Obligation Estimate Update

The Project's remaining go-forward capital obligation is estimated at $990 million, net of approximately $272 million in costs incurred up to and including July 31, 2026, inclusive of contingency of approximately 16.5%, and assuming the leasing of major mining equipment of approximately $117 million. Relative to the initial cost estimate outlined in the 2025 Optimized Feasibility Study (as defined herein), the go-forward update reflects costs incurred to date, progress achieved on detailed engineering and the procurement of major contracts, updates to certain cost assumptions to account for market inflation due to passage of time and broader industry and labour trends, inclusion of costs related to a PCM contract, and the reclassification of certain expenditures previously included in operating costs, principally those associated with the construction of the transmission line. The update also reflects certain modifications to the construction schedule, resulting in an anticipated 30-month construction period from August 1, 2026 (from 24 months in the 2025 FS) to first gold pour in Q1 2029 and 36 months (from 34 months in the 2025 FS) to commercial production in H2 2029.

1. From August 1, 2026.
2. Assuming a USD:CAD exchange rate of C$1.38 per US$1.00.
3. Underground mine and development costs already include an embedded contingency.
4. The pre-production period is defined as the period prior to the achievement of a minimum of 30 consecutive days of operations during which the mill operates at an average of at least 60% of nameplate throughput of 4,900 tpd. During this ramp-up phase operating costs are capitalized and netted against revenues.
5. Equipment lease financing includes certain assumptions on mining and other equipment contemplated under currently negotiated, non-binding term sheets, and remain subject to change as negotiations progress. The equipment leasing market remains robust, and the Company continues to evaluate opportunities that would enhance its financial flexibility throughout the construction period and thereafter.
6. Totals may not add up due to rounding.
7. In connection with the go-forward capital obligation update, the Company will undertake a normal course review of its non-financial assets relating to the Cariboo Gold Project in accordance with IFRS Accounting Standards as at September 30, 2026, as part of its third quarter 2026 financial results preparation. For the avoidance of doubt, any impairment charge, if any, would be non-cash in nature and would have no impact on the Company's cash flows.

The estimated go-forward capital obligation is expected to be expended over the construction period set out below, based on an assumed USD:CAD exchange rate of C$1.38 per US$1.00. To mitigate financial exposures associated with the go-forward capital obligation, including currency and commodity risks, and to protect future operating cash flows, the Company may opportunistically contemplate entering into derivative contracts, such as put options.

1. Assuming a USD:CAD exchange rate of C$1.38 per US$1.00.
2. Capital spend percentage breakdown associated with capital cost items only, and excludes capitalized revenue in year 2029.
3. Partial year from August 1, 2026, onwards.

The Project is designed as a conventional, decline-accessed underground mining operation employing mechanized long-hole stoping mining methods, with paste backfill, to extract ore from gold-bearing vein corridors. Underground access is currently provided through the Cow portal, with development extending into the Lowhee and Cow deposit Zones. At the mine site complex, earthworks have commenced on the second underground access at the Valley Portal. Once established, the Valley Portal will provide a second development front and support critical path primary development access to the Valley and Shaft Zones, which host the majority of the Cariboo Gold deposit's mineral reserves and mineral resources. 

Approximately 3.0 kilometres of underground development has been completed to date. Early works have already commenced during pre-construction, with preparatory activities advancing at the mine site complex, waste rock storage facility, sediment control pond and water treatment plant, among other areas. Major earthworks are scheduled to ramp-up in Q3 2026 and are expected to continue through Q4 2027, with the process plant foundations work commencing in the summer of 2027 and building enclosure targeted for Q2 2028. The expected timeline to commercial production, including key milestones and work areas, is outlined in Figure 1 below:

FIGURE 1: Cariboo Gold Project Development Timeline to Commercial Production

Trafigura Financing and Commercial Agreements

As part of the Board’s decision to approve a final investment decision ("FID"), the Company is pleased to announce that it and its wholly-owned subsidiary, Barkerville Gold Mines Ltd. ("Barkerville"), have entered into agreements (the "Trafigura Financing and Commercial Agreements") with Trafigura Canada Limited ("Trafigura") and Urion Investments Holdings Limited ("Urion"), an affiliate of Trafigura, that support the development of the Project.

The Trafigura Financing and Commercial Agreements comprises: (i) a subscription agreement between the Company and Urion pursuant to which Urion has agreed to acquire 9,554,141 common shares of the Company (each, a "Common Share") at a price of US$3.14 per Common Share (the "Issue Price"), representing a 10% premium to the five-day volume weighted average price of the Common Shares on the TSX Venture Exchange prior to signing, for gross proceeds of approximately US$30 million (the "Equity Investment"); (ii) offtake agreements between Barkerville and Trafigura for 100% of the (x) gold concentrate for the first four years of production at the Cariboo Gold Project (or until 80,000 dry metric tons of concentrate are delivered) and (y) gold doré for the first four years of production (together, the "Offtake Agreements"); and (iii) non-binding terms and an exclusivity period in respect of a potential subordinated gold prepayment facility and a further six-years of concentrate and doré offtake between Barkerville and Trafigura (the "Prepay Facility"). The proposed Prepay Facility, as currently contemplated, doesn't provide for any financial maintenance covenants, with final terms remaining subject to the execution of a definitive agreement.

Sean Roosen further commented: “We are very pleased to welcome Trafigura, a global leader in the commodities industry, as a long-term strategic partner at Cariboo. Its strategic investment in the Company reflects confidence in both the Project and our team's ability to execute on its construction. We look forward to advancing towards a definitive agreement on the prepay financing, which would provide a significant additional non-dilutive source of capital for the construction of Cariboo.”

The proceeds of the Equity Investment will be used for the development of the Cariboo Gold Project. The Common Shares to be issued under the Equity Investment will be subject to a statutory hold period of four months and one day from the date of issuance pursuant to applicable Canadian securities laws. Closing of the Equity Investment remains subject to final acceptance of the TSX Venture Exchange and the New York Stock Exchange.

In connection with the Equity Investment, Urion has also agreed to enter into a voting support agreement with the Company (the "Voting Support Agreement"), pursuant to which Urion will agree to vote its Common Shares in accordance with the recommendations of the board of directors or management of the Company, subject to certain exceptions. The Voting Support Agreement also contains customary standstill and lock-up provisions restricting Urion's ability to acquire additional Common Shares or dispose of its Common Shares for specified periods.

The Offtake Agreements provide for the purchase by Trafigura of 100% of the gold concentrate and doré bars produced by Barkerville from the Cariboo Gold Project at prices that incorporate prevailing London Bullion Market Association and deductions including standard treatment and refining charges. Deliveries under the Offtake Agreements are expected to commence upon the start of first gold pour at the Cariboo Gold Project.

Barkerville and Trafigura have also agreed to non-binding terms in respect of a potential Prepay Facility of up to US$120 million and Trafigura has been granted an exclusivity period during which the parties will negotiate definitive documentation for such facility. There is no assurance that definitive documentation for the Prepay Facility will be entered into on the terms currently contemplated or at all. The non-binding terms contemplate that the Prepay Facility will be secured by a subordinated security interest against the assets of Barkerville. The facility is contemplated to be available to draw for three years from closing, with a maturity date that is at a minimum five years from closing at an interest rate of SOFR plus 6.00%.

Double Zero Capital LP ("Double Zero"), an existing insider of the Company, has pre-emptive rights under the investor rights agreement dated August 15, 2025, between Double Zero and the Company (the "Double Zero IRA") to participate in the Equity Investment on the same terms as Urion, subject to the terms and conditions of the Double Zero IRA. Double Zero is entitled to participate in the Equity Investment on the same terms as Urion in order to maintain its existing ownership percentage in the Company. As of the date hereof, Double Zero has not waived its pre-emptive rights under the Double Zero IRA.

Closing of the Equity Investment is expected to occur in September 2026, subject to the satisfaction of customary closing conditions, including final acceptance of the TSX Venture Exchange and the New York Stock Exchange. The Equity Investment is not subject to any minimum subscription amount.

Sources and Uses of Capital

The Company intends to maintain a disciplined approach to capital allocation over the ensuing construction period, focused on preserving sufficient liquidity and financial flexibility through the Project's construction, ramp-up and achievement of commercial production. The Company also intends to continue its infill and conversion drilling programs throughout the construction phase to further de-risk planned production areas by: (a) increasing geological confidence and definition of the existing measured and indicated mineral resources, and (b) supporting the upgrade of inferred mineral resources to higher confidence categories and, where appropriate, their potential conversion of such resources to mineral reserves after considering applicable modifying factors.

Table 3 summarizes the estimated sources and uses of capital from August 1, 2026 through to forecasted commercial production in H2 2029. Total sources of capital are estimated at approximately $1,637 million (US$1,186 million) and comprise current cash and cash equivalents, marketable securities, and project debt, and are subject to the successful closing of the Equity Investment, the execution of the related definitive agreement in connection with the gold prepay facility, and certain assumptions in relation to equipment financing. Estimated uses of capital are estimated at approximately $1,435 million (US$1,040 million) and include the remaining go-forward capital obligation, working capital, exploration expenditures, debt service and financing costs, and other general corporate expenditures. This results in projected surplus liquidity of approximately $201 million (US$146 million).

TABLE 3: Sources and Uses of Capital (from August 1, 2026 to commercial production)

1. Adjusted working capital is as of June 30, 2026, and includes cash and cash equivalents of approximately $837 million, net of current liabilities.
2. Exploration expenditures include remaining flow-through expenditure obligations of approximately $22 million, with the balance related to planned exploration activities across conversion, infill, and CGP deeps exploration surface and underground drilling.

Additional potential sources not reflected in the estimated sources above include proceeds, if any, from the exercise of certain outstanding warrants of the Company. Full exercise of such warrants would generate potential proceeds of approximately US$120 million from the warrants expiring in August 2027 with an exercise price of US$2.56 per Common Share, which are subject to an acceleration provision beginning in mid-November 2026, and approximately US$150 million from warrants expiring in October 2029 with an exercise price of US$3.00 per Common Share. The Company continues to actively evaluate opportunities to optimize its project debt structure and reduce its overall cost of capital. The exercise of Company warrants is entirely at the discretion of the holders thereof, and there can be no assurance that any or all of the Company warrants will be exercised or that the Company will receive any proceeds therefrom.

Summary of Project Metrics

In connection with the Project's go-forward capital obligation update, the Company has adjusted, where applicable, certain financial inputs in the Cariboo Technical Report (as defined herein) to reflect the Project's current status and the prevailing commodity price environment, which have an impact on project economics. As noted above, the update also reflects certain modifications to the construction schedule, resulting in an anticipated 30-month construction period from August 1, 2026 (from 24 months in the 2025 FS) to first gold pour in Q1 2029 and 36 months (from 34 months in the 2025 FS) to commercial production in H2 2029. 

Except for these adjustments, the information contained in the Cariboo Technical Report (as defined herein) relating to geology and mineralization, mineral reserves and mineral resources, mining methods and mineral processing, together with all other material assumptions and qualifications, remains current and unchanged. A summary of Project metrics is presented in Table 4:

1. Totals may not add up due to rounding. Spot pricing scenario is based on the LBMA gold price as of the close of business on September 11, 2026, rounded to nearest US$50/oz.
2. Non-IFRS Financial Measure. See Cautionary Statements – Non-IFRS Financial Measures.
3. Go-forward capital obligation associated with the August 2026 update assumes remaining capital costs from August 1, 2026 to commercial production. Refer to Table 1 for a more detailed breakdown.
4. Under the spot gold price scenario, higher pre-production revenues provide a greater offset to the go-forward capital obligation than under the long-term consensus pricing scenario.
5. Average free cash flow for the first 5 years is calculated for the periods between 2029 and 2034, inclusive of the pre-production period.

Cariboo Gold Project Update

Project Development Photos

FIGURE 2: Mine Site Complex processing facility site earthworks underway.

FIGURE 3: Valley portal excavation with bedrock exposed at the Mine Site Complex.

FIGURE 4: Cow portal entrance access to the underground Lowhee and Cow Zones.

FIGURE 5: Cariboo Gold Project underground – employees and equipment.

FIGURE 6: Underground haul truck in operation.

FIGURE 7: Underground development face drilling preparation.

FIGURE 8: Site camp upgrade and expansion to 375 rooms.

FIGURE 9: Site camp: individual rooms with dedicated washroom facilities, gym, cafeteria.

FIGURE 10: Overview of the waste rock storage facility (WRSF).

FIGURE 11: Construction of main trench in the WRSF and sediment control pond (SCP) (1).

FIGURE 12: Construction of main trench in the WRSF and SCP (2).

FIGURE 13: Bonanza Ledge overview – water treatment plant facilities, WRSF, SCP.

ABOUT THE CARIBOO GOLD PROJECT

The Cariboo Gold Project is a permitted, 100%-owned feasibility-stage project located in the historic Wells-Barkerville mining camp of central British Columbia, Canada. Spanning approximately 186,740 hectares, the Company's land package includes 443 mineral titles and covers an area that extends approximately 77-kilometres from northwest to southeast. In late 2024, the Project was granted the Mines Act and Environmental Management Act (British Columbia) permits, marking the successful completion of the permitting process for key approvals, solidifying the Project's shovel-ready status.

Mineral Reserves Estimate – Cariboo Gold Project

The mineral reserves estimate for the Cariboo Gold Project included in the Cariboo Technical Report (as defined herein) has an effective date of April 10, 2025. Only mineral resources that were classified as measured and indicated were given economic attributes in the mine design, and when demonstrating economic viability were classified as mineral reserves.

Notes:

1. Totals may not add up due to rounding.
2. The mineral reserve estimate follows the 2014 CIM Definition Standards on Mineral Resources and Reserves and the 2019 CIM Estimation of Mineral Resources and Mineral Reserves Best Practice Guidelines.
3. Mineral reserves used the following assumptions: US$1,915/oz gold price, USD:CAD exchange rate of 1.32, and variable cut-off value from 1.70 g/t to 2.0 g/t Au
4. Mineral reserves include both internal and external dilution along with mining recovery. The external dilution is estimated to be 10.1%. The average mining recovery factor was set at 91.3% to account for ore left in each block in the margins of the deposit.

Mineral Resources Estimate – Cariboo Gold Project

The mineral resources estimate for the Cariboo Gold Project included in the Cariboo Technical Report (as defined herein) has an effective date of April 22, 2025, and is reported exclusive of mineral reserves. Mineral resources that are not mineral reserves do not have demonstrated economic viability. The reader is cautioned that inferred mineral resources have a greater degree of uncertainty than indicated mineral resources and must not be converted to mineral reserves; it is reasonably expected, though not guaranteed, that the majority of inferred mineral resources could be upgraded to indicated mineral resources with continued exploration.

Notes:

1. The independent and qualified persons for the mineral resources estimates, as defined by NI 43-101, are Carl Pelletier, P.Geo., and Tessa Scott, P.Geo. (Norda Stelo). The effective date of the mineral resource estimate included in the Cariboo Technical Report is April 22, 2025.
2. These mineral resources, exclusive of the reserves, are not mineral reserves and do not have demonstrated economic viability.
3. The mineral resources estimate follows the 2014 CIM Definition Standards on Mineral Resources and Reserves and the 2019 CIM Estimation of Mineral Resources and Mineral Reserves Best Practice Guidelines.
4. A total of 481 vein zones were modelled for the Cow Mountain (Cow and Valley), Island Mountain (Shaft and Mosquito), Barkerville Mountain (BC Vein, KL, and Lowhee) deposits and one gold zone for Bonanza Ledge. A minimum true thickness of 2.0 m was applied, using the gold grade of the adjacent material when assayed or a value of zero when not assayed.
5. The estimate is reported for a potential underground scenario at a cut-off grade of 1.8 g/t Au, except for Bonanza Ledge at a cut-off grade of 3.5 g/t Au. The cut-off grade for the Cow, Valley, Shaft, Mosquito, BC Vein, KL, and Lowhee deposits was calculated using a gold price of US$2,400/oz; a USDCAD exchange rate of 1.35; an underground mining cost of $66.3/t; a processing and transport cost of $30.80/t; a G&A plus Environmental cost of $22.40/t; and a sustaining CAPEX cost of $45.6/t. No changes have been applied for the Bonanza Ledge. The cut-off grade for the Bonanza Ledge deposit was calculated using a gold price of US$1,700/oz; a USDCAD exchange rate of 1.27; an underground mining cost of $79.13/t; a processing and transport cost of $65.00/t; and a G&A plus Environmental cost of $51.65/t. The cut-off grades may be re-evaluated in light of future prevailing market conditions (metal prices, exchange rate, mining cost, etc.).
6. Density values for Cow, Shaft, Lowhee, and BC Vein were estimated using the ID2 interpolation method, with a value applied for the non-estimated blocks of 2.80 g/cm3 for Cow, 2.78 g/cm3 for Shaft, 2.74 g/cm3 for Lowhee, and 2.69 g/cm3 for BC Vein. Median densities were applied for Valley (2.81 g/cm3), Mosquito (2.79 g/cm3), and KL (2.81 g/cm3). A density of 3.20 g/cm3 was applied for Bonanza Ledge.
7. A four-step capping procedure was applied to composited data for Cow (3.0 m), Valley (1.5 m), Shaft (2.0 m), Mosquito (2.5 m), BC Vein (2.0 m), KL (1.75 m), and Lowhee (1.5 m). Restricted search ellipsoids ranged from 7 to 50 g/t Au at four different distances ranging from 25 m to 250 m for each deposit. High grades at Bonanza Ledge were capped at 70 g/t Au on 2.0 m composited data.
8. The gold mineral resources for the Cow, Valley, Shaft, Mosquito, BC Vein, KL, and Lowhee vein zones were estimated using Datamine StudioTM RM 1.9 software using hard boundaries on composited assays. The dilution halo gold mineralization was estimated using Datamine StudioTM RM Pro 1.11. The OK method was used to interpolate a sub-blocked model (parent block size = 5 m x 5 m x 5 m). Mineral resources for Bonanza Ledge were estimated using GEOVIA GEMSTM 6.7 software using hard boundaries on composited assays. The OK method was used to interpolate a block model (block size = 2 m x 2 m x 5 m).
9. Results are presented in situ. Ounce (troy) = metric tons x grade / 31.10348. Calculations used metric units (metres, tonnes, g/t). The number of tonnes were rounded to the nearest thousand. Any discrepancies in the totals are due to rounding effects. Rounding followed the recommendations as per NI 43-101.
10. The qualified persons responsible for this section of this news release are not aware of any environmental, permitting, legal, title, taxation, socio-economic, marketing, political, or other relevant factors that could materially affect the mineral resource estimate other than those disclosed in this news release and in the Cariboo Technical Report.

Technical Reports

Scientific and technical information relating to the Cariboo Gold Project and the 2025 feasibility study on the Cariboo Gold Project is supported by the technical report, titled "NI 43-101 Technical Report, Feasibility Study for the Cariboo Gold Project, District of Wells, British Columbia, Canada" dated June 11, 2025 (with an effective date of April 25, 2025) (the "Cariboo Technical Report").

For readers to fully understand the information in the Cariboo Technical Report, reference should be made to the full text of the Cariboo Technical Report in its entirety, including all assumptions, parameters, qualifications, limitations and methods therein. The Cariboo Technical Report is intended to be read as a whole, and sections should not be read or relied upon out of context. The Cariboo Technical Report was prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101") and is available electronically on SEDAR+ (www.sedarplus.ca) and on EDGAR (www.sec.gov) under Osisko Gold's issuer profile and on the Company's website at www.osiskogold.ca.

Qualified Persons

The scientific and technical information contained in this news release has been reviewed, verified and approved by Scott Smith, P. Geo., Vice President, Exploration of Osisko Gold, a "qualified person" within the meaning of NI 43-101.

Advisors

GenCap Mining Advisory is acting as debt advisor to Osisko Gold with Calagus AG acting as the Company’s advisor for its concentrate and doré.

Currency of Presentation and Exchange Rate Data

Dollar amounts set out in this news release are stated in Canadian dollars except as otherwise indicated. All references to “US$” or “U.S. dollars” are to the lawful currency of the United States and all references to “$,” “C$” or “Canadian dollars” are to the lawful currency of Canada. Unless otherwise indicated, amounts are based on an assumed USD:CAD exchange rate of C$1.38 per US$1.00.

CAUTIONARY STATEMENTSNon-IFRS Financial Measures

This news release contains certain non-IFRS (as defined herein) financial measures, including "all-in sustaining cost" (or "AISC"), "cash cost", "free cash flow" and "adjusted working capital". All-in sustaining cost per gold ounce is defined as production costs less silver sales plus general and administrative, exploration and other expenses, and sustaining capital expenditures divided by gold ounces sold. Cash costs are a non-IFRS financial measure reported by the Company on an ounces of gold sold basis. Cash costs include mining, processing, refining, general and administrative costs and royalties but exclude depreciation, reclamation, income taxes, capital costs and exploration costs. Free cash flow is calculated as cash flow from mine-site operating activities less capital expenditures. Adjusted working capital is calculated as current assets less current liabilities, excluding the current portion of derivative assets, and including the current portion of derivative liabilities and warrant liabilities. Management believes that such measures provide investors with an improved ability to evaluate the performance of the Company. Non-IFRS financial measures do not have any standardized meaning prescribed under IFRS and, therefore, they may not be comparable to similar measures employed by other companies. These measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS, such as cost of sales. For non-IFRS financial measures related to the feasibility study for the Cariboo Gold Project refer to the Cariboo Technical Report (as defined herein).

Cautionary Note to U.S. Investors Regarding the Use of Mineral Reserve and Mineral Resource Estimates

The Company is subject to the reporting requirements of the applicable Canadian Securities Laws, and as a result reports information regarding mineral properties, mineralization and estimates of mineral reserves and mineral resources in accordance with Canadian reporting requirements, which are governed by NI 43-101. As such, the information contained in this news release concerning mineral properties, mineralization and estimates of mineral reserves and mineral resources is not comparable to similar information made public by U.S. companies subject to the reporting and disclosure requirements of the U.S. Securities and Exchange Commission.

Caution Regarding Forward-Looking Statements

This news release contains "forward-looking information" within the meaning of applicable Canadian securities laws and "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, as amended (collectively, "forward-looking statements"). All statements other than statements of historical fact contained in this news release are forward-looking statements. Such forward-looking statements relate to, among other things: the formal construction decision and anticipated development and construction of the Cariboo Gold Project; the expected timing of first gold pour and commercial production; the expected benefits of the Equity Investment and the gold prepay facility, including the anticipated use of proceeds; the anticipated satisfaction of remaining conditions precedent to, and the timing and successful closing of, the Equity Investment; the Company's ability to successfully negotiate and execute Prepay Facility on commercially acceptable terms ; the advancement of construction activities, detailed engineering, procurement, and project de-risking initiatives at the Cariboo Gold Project; the go-forward capital obligation estimate and anticipated timing of capital expenditures; estimates of mineral reserves and mineral resources; the anticipated mine life, production rates, gold grades, recoveries, and operating costs; estimated economic returns, including NPV, IRR, payback period, and free cash flow projections; the Company's sources and uses of capital and projected liquidity position; the Company's exploration programs and potential for resource conversion; the Company's objective of becoming an intermediate gold producer; employment and economic benefits to local communities; and the exploration potential and prospectivity of its properties.

Forward-looking statements are necessarily based upon estimates and assumptions that, while considered reasonable by the Company as of the date hereof, are inherently subject to significant business, economic, and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements. Forward-looking statements in this news release include statements that are not historical facts and are generally, but not always, identified by words or phrases such as "anticipate", "believe", "budget", "contemplate", "continue", "could", "estimate", "expect", "forecast", "foresee", "intend", "may", "objective", "ongoing", "outlook", "plan", "potential", "project", "propose", "scheduled", "seek", "should", "strategy", "target", "will", "would", or similar expressions, or statements that certain events or conditions "could", "may", "should", "will", or "would" occur, and the negative forms of any of these words.

The forward-looking statements in this news release are based upon certain material assumptions that were applied in drawing a conclusion or making a forecast or projection, including: risks relating to capital markets and the availability of future financing, including project financing, on terms acceptable to the Company (or at all); the ability of the Company to meet its financial obligations as they become due; actual operating cash flows, free cash flows, operating costs and other costs differing materially from those anticipated; changes in project parameters and assumptions; project infrastructure requirements and anticipated processing methods, whether or not the capital and operating costs outlined in the Cariboo Technical Report (as defined below) in respect of the feasibility study for the Cariboo Gold Project ("2025 Cariboo FS") can be achieved, exploration expenditures differing materially from those anticipated; actual results of current and planned exploration activities; whether additional mineral resources will be developed as a result of the deeper drilling below the Cariboo mineral resource estimate, within the Cariboo mine area, and/or on exploration targets beyond the mine area; whether infill drilling of inferred mineral resources, after considering other modifying factors, will be successful in converting mineral resources to measured or indicated mineral resources and any resulting increases in the mineral reserves; whether the results of the Company's 13,000m infill drill program will confirm or vary from those in the current mineral resource estimate; whether the development of the Cariboo Gold Project, if successfully completed, will provide the basis for the establishment of a broader mining district camp, including development of multiple deposits; whether all required authorizations for the implementation of the Mines Act (British Columbia) (the "Mines Act") permits for the Cariboo Gold Project, including the licence of occupation for the transmission line, will be received in a timely manner and not delay the project; whether an agreement will be completed, and on what terms, with Xatśūll First Nation; whether the Company's new water treatment plant and facilities will operate to expectations and meet permit conditions; whether current and planned test mining at Tintic will generate positive cash flow after deducting all costs; variations in mineral resources, mineral reserves, mineral production, grades or recovery rates or optimization efforts and sales; failure to obtain, or delays in obtaining, governmental approvals or financing or in the completion of development or construction activities; uninsured risks, including, but not limited to, pollution, cave-ins or hazards for which insurance cannot be obtained; regulatory changes; defects in title; availability or integration of personnel, materials and equipment; risks relating to foreign operations; inability to recruit or retain management and key personnel; performance of facilities, equipment and processes relative to specifications and expectations; unanticipated environmental impacts on operations; community, non-governmental and governmental actions and the impact of stakeholder actions; market prices; production, construction and technological risks or capital requirements and operating risks associated with the operations or an expansion of the operations; dilution due to future equity financings, fluctuations in gold, silver and other metal prices and currency exchange rates; the potential impact of tariffs and other trade restrictions; uncertainty relating to future production and cash resources; inability to successfully complete new development projects, planned expansions or other projects within the timelines anticipated; inability to achieve the business objectives and project milestones as anticipated; results of additional work programs and exploration; adverse changes to market, political and general economic conditions or laws, rules and regulations applicable to the Company; outbreak of diseases and public health crises; the possibility of project cost overruns or unanticipated costs and expenses; accidents, labour disputes, community and stakeholder protests and other risks of the mining industry; failure of plant, equipment or processes to operate as anticipated; risk of an undiscovered defect in title or other adverse claim; the Company's ability to satisfy the remaining conditions precedent to the closing of the Equity Investment and to execute definitive documentation in respect of the gold prepay facility on acceptable terms; the continued availability of financing under the gold prepay facility and other financing sources on the terms described herein; the Company's ability to advance the Cariboo Gold Project through construction and into commercial production on the anticipated timeline and within the estimated budget; the accuracy of the go-forward capital obligation estimate and the assumptions underlying such estimate, including with respect to inflation, labour costs, and foreign exchange rates; the accuracy of mineral reserve and mineral resource estimates and the assumptions underlying such estimates; the Company's ability to achieve anticipated production rates, grades, and recoveries; the absence of material adverse changes in the prices of gold and other commodities, foreign exchange rates, and interest rates; the absence of any material adverse change in general business and economic conditions; and the continued support of the Company's stakeholders, including First Nations communities; and any other information herein that is not a historical fact may be "forward looking information".

Material assumptions also include assumptions and qualifications underlying the 2025 Cariboo FS, management's perceptions of historical trends, management's understanding of the permitting process and status thereof, the ability of exploration (including drilling and chip sampling assays, and face sampling) to accurately predict mineralization; budget constraints and access to capital on terms acceptable to the Company, current conditions and expected future developments, regulatory framework remaining defined and understood, results of further exploration work to define or expand any mineral resources, gold prices, the costs required to advance the Cariboo Gold Project to construction, the results of the 2025 Cariboo FS as an indicator of quality and robustness of the Cariboo Gold Project, as well as other considerations that are believed to be appropriate in the circumstances. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance, or achievements to differ materially from those expressed or implied by such forward-looking statements. Such risks and uncertainties include, but are not limited to: capital market conditions and the Company's ability to access capital on terms acceptable to the Company for the contemplated exploration and development at the Company's properties; regulatory framework and presence of laws and regulations that may impose restrictions on mining; the ability of exploration activities (including drill results and chip sampling, and face sampling results) to accurately predict mineralization; errors in management's geological modelling; the timing and ability of the Company to obtain and maintain required approvals and permits; the results of exploration activities; risks relating to exploration, development and mining activities; the global economic climate; metal and commodity prices; fluctuations in the currency markets; dilution; environmental risks; and community, non-governmental and governmental actions; the impact of stakeholder actions; failure to satisfy remaining conditions precedent to closing of the Equity Investment or to execute definitive documentation in respect of the gold prepay facility; changes in the terms of the gold Prepay Facility, not entering into the contemplate Prepay Facility or the occurrence of any event that would prevent the Company from accessing funds thereunder; the Company's ability to execute on the construction of the Cariboo Gold Project on the anticipated timeline and within the estimated budget, including risks related to cost overruns, construction delays, and supply chain disruptions; risks related to the accuracy of mineral reserve and mineral resource estimates and the geological, operational, and technical factors underlying such estimates; risks related to the exploration, development, and operation of the Cariboo Gold Project, including unexpected ground or geotechnical conditions, water management challenges, and other geological or mining challenges; risks related to processing capacity, gold recovery rates, and other technical and operational factors; fluctuations in gold prices and other commodity prices; fluctuations in foreign exchange rates, particularly between the Canadian and U.S. dollars; fluctuations in interest rates affecting the cost of borrowings; risks related to the Company's ability to attract and retain qualified personnel and contractors; labour shortages, disputes, or work stoppages; health, safety, and security incidents; risks related to relationships with Indigenous communities and other local stakeholders; risks related to environmental compliance, reclamation obligations, and changes in environmental laws and regulations; regulatory delays or changes in regulatory frameworks and applicable laws; risks related to title to the Company's properties and permits; risks related to competition in the mining industry; risks related to cybersecurity and information technology systems; general economic, political, and market conditions; and other risks and uncertainties provided under the heading "Risk Factors" in the Company's annual information form for the year ended December 31, 2025 as well as the financial statements and MD&A for the year ended December 31, 2025, the three months ended March 31, 2026 and the three and six months ended June 30, 2026, which have been filed on SEDAR+ (www.sedarplus.ca) under Osisko Gold's issuer profile and on the SEC's EDGAR website (www.sec.gov). Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated, or intended. 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. Forward-looking statements are not guarantees of future performance, and the Company's actual results of operations, financial condition, and liquidity, and the development of the industry in which it operates, may differ materially from the forward-looking statements contained in this news release. Accordingly, readers should not place undue reliance on forward-looking statements or the information contained herein. The forward-looking statements contained in this news release are made as of the date hereof. Except as required under applicable securities legislation, the Company does not undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

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 news release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

(All dollar amounts are expressed in Canadian dollars, unless stated otherwise)

The GDXJ is one of the most widely followed exchange-traded funds (“ETF”) in the precious metals sector, offering investors access to a diverse collection of junior and mid-tier gold and silver producers, developers, and explorers on a global scale.

"Inclusion in the GDXJ represents a significant milestone for Banyan and highlights the scale of AurMac and the district opportunity associated with our Nitra project," stated Tara Christie, President and CEO. "We anticipate our addition to the GDXJ will enhance our profile and broaden our investor base, particularly among passive and ETF markets. This aligns with our ongoing momentum as we implement our strategic plan and work towards creating value for our shareholders."

For more information on the GDXJ, please visit: https://www.vaneck.com/us/en/investments/junior-gold-miners-etf-gdxj.

Qualified Persons 

Duncan Mackay, M.Sc., P.Geo., is a “Qualified Person” as ‎defined under National Instrument 43-101, Standards of Disclosure for Mineral Projects (“NI 43-101”), and has reviewed and approved the content of this news release in respect of all disclosure other than the MRE.‎ Mr. Mackay is Vice President Exploration for Banyan.

Upcoming Events

• GCFF Conference, Vancouver, BC, September 19
• Precious Metals Summit, Beaver Creek, CO, September 22-25
  • Corporate Presentation:  September 23, 1:30 PM MDT
• Denver Gold Forum Americas, Colorado Springs, CO, September 27-30
• The MoneyShow Orlando, FL, October 5-7

About Banyan 

Banyan’s primary asset, the AurMac Project, is located in the Traditional Territory of the First Nation of Na-Cho Nyäk Dun, in Canada’s Yukon Territory.  The AurMac Project comprises two main deposits, the Airstrip and Powerline Deposits. Mineralization is characteristic of a Reduced Intrusion Related Gold system, hosted in auriferous cross-cutting sheeted quartz veins and replacement style mineralization hosted in skarn horizons. The current Mineral Resource Estimate (“MRE”) for the AurMac Project has an effective date of May 15, 2026 and comprises an Indicated Mineral Resource of 3.639 million ounces of gold (“Au“) (167.3 M tonnes at 0.68 g/t) and an Inferred Mineral Resource of 4.985 Moz of Au (267.2 M tonnes at 0.58 g/t) (See MRE Table below; as defined in the 2014 CIM Definition Standards for Mineral Resources and Mineral Reserves incorporated by reference into NI 43‑101). The 303 square kilometres (“sq km”) AurMac Project lies 40 kilometres from Mayo, Yukon. The AurMac Project is transected by the main Yukon highway and benefits from a 69 kVA 3-phase powerline, existing power substation and cell phone coverage.

MRE Table: Pit-constrained Indicated and Inferred Mineral Resources – AurMac Project

Notes to MRE Table:

1. The effective date for the MRE is May 15, 2026, the technical report is available for review on SEDAR+ at www.sedarplus.ca.
2. The Mineral Resource Estimate was prepared by Marc Jutras, P.Eng., M.A.Sc., Principal, Ginto Consulting Inc., who is an independent Qualified Person as defined by NI 43-101.
3. Mineral Resources which are not Mineral Reserves do not have demonstrated economic viability. The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, sociopolitical, marketing, changes in global gold markets or other relevant issues.
4. The 2014 CIM Definition Standards were followed for classification of Mineral Resources. The quantity and grade of reported Inferred Mineral Resources in this estimation are uncertain in nature and there has been insufficient exploration to define these Inferred Mineral Resources as an Indicated Mineral Resource. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.
5. Mineral Resources are reported at a cut-off grade of 0.30 g/t gold for all deposits, using a US$/CAN$ exchange rate of 0.73 and constrained within an open pit shell optimized with the Lerchs-Grossman algorithm to constrain the Mineral Resources with the following estimated parameters: gold price of US$3,500/ounce, US$2.75/t mining cost, US$11.50/t processing cost, US$2.00/t G+A, 90% gold recoveries, and 45° pit slopes.
6. The number of tonnes was rounded to the nearest hundred thousand and ounces rounded to the nearest thousand. Any discrepancies in the totals are due to rounding effects.

In addition to the AurMac Project, the Company holds the Hyland Gold Project, located 70 km northeast of Watson Lake, Yukon, along the southeast end of the Tintina Gold Belt (the “Hyland Project”) in the Traditional Territory of the Kaska Nations, closest to the Liard First Nation and Daylu Dena Council. The Hyland Project represents a sediment hosted, structurally controlled, intrusion-related gold deposit, within a large land package (over 125 sq km), accessible by a network of existing gravel access roads. The updated MRE comprises an Indicated Mineral Resource of 337 thousand (“K”) ‎ounces (“oz”) of gold (“Au”) and 2.63 million (“M”) oz of silver (“Ag”) (11.3 M tonnes at 0.93 g/t Au and 7.27 g/t Ag), and an Inferred Mineral Resource of 118 Koz of Au and 0.86 Moz Ag (3.9 M tonnes at 0.95 g/t Au and 6.94 g/t Ag) (as defined in the 2014 CIM Definition ‎Standards for Mineral Resources & Mineral Reserves incorporated by reference into NI 43‑101) effective September 1, 2025 and with technical report filed on SEDAR+ on October 27, 2025.

Banyan also holds the Nitra Gold Project and Seattle-Goodman Creek Project which are grassroots exploration projects located in the Mayo Mining district, adjacent to the AurMac Gold Project. These properties lie in the northern part of the Selwyn Basin and are underlain by metaclastic rocks of the Late Proterozoic Yusezyu Formation of the Hyland Group, similar to lithologies hosting portions of the AurMac Project. Middle Cretaceous Tombstone Plutonic suite intrusions occur along the properties including the Morrison Creek and Minto Creek stocks. The properties are 100% owned by Banyan and cover over 227 sq km. The properties are accessible by road along the Silver Trail Highway, South McQuesten Road and a network of other smaller roads across the properties.

Banyan trades on the TSX-Venture Exchange under the symbol “BYN” and is quoted on the OTCQB Venture Market under the symbol “BYAGF”. For more information, please visit the corporate website at www.banyangold.com or contact the Company.

ON BEHALF OF BANYAN GOLD CORP.

(signed) "Tara Christie" 

Tara Christie

President & CEO

For more information, please contact:

Tara Christie • 778 928 0556 • tchristie@banyangold.com 

Jasmine Sangria • 604 312 5610 • jsangria@banyangold.com

In Europe

Swiss Resource Capital AG

Marc Ollinger

info@resource-capital.ch

www.resource-capital.ch

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

No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

FORWARD LOOKING INFORMATION: This release contains forward-looking information, which is not comprised of historical facts and is based upon the Company’s current internal expectations, estimates, projections, assumptions and beliefs. Such information can generally be identified by the use of forward-looking wording such as “may”, “will”, “expect”, “estimate”, “anticipate”, “intend(s)”, “believe”, “potential” and “continue” or the negative thereof or similar variations. 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. Forward looking information in this news release includes, but is not limited to mineral recoveries and anticipated mining costs. Factors that could cause actual results to differ materially from such forward-looking information include uncertainties inherent in resource estimates, continuity and extent of mineralization, capital and operating costs varying significantly from estimates, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, and the other risks involved in the mineral exploration and development industry, enhanced risks inherent to conducting business in any jurisdiction, and those risks set out in Banyan’s public documents filed on SEDAR+. Although Banyan 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. Banyan 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.

Mark Selby, CEO of Canada Nickel said, "The selection of Komatsu and SMS Equipment to provide the load and haul mining and support fleet to Crawford marks a major step in the development of this project. I am very excited about the potential value that could be unlocked by applying Komatsu’s proven technologies, including DISPATCH for fleet management, and FrontRunner for autonomous haul trucks. Komatsu and SMS Equipment also have considerable experience implementing trolley-assisted truck haulage, which significantly reduces diesel fuel consumption and CO2 emissions while facilitating an easy transition to battery-powered electric vehicles which are anticipated to be available when the Company expects to begin production.   We expect that SMS Equipment’s experience implementing these technologies at other Canadian operations and demonstrated commitment to our project can substantially de-risk the project start-up and ongoing operation. We look forward to continuing to advance Crawford towards a construction decision in 2027."  

SMS Equipment’s President and CEO, Robin Heard stated, “We view Crawford as one of the most important new mining projects in Canada, and we are looking forward to partnering with Canada Nickel’s experienced team to execute their vision.” 

The Company expects to complete negotiation of definitive agreements with SMS Equipment and Komatsu by the first quarter of 2027, along with fleet support agreements, and the previously announced fleet financing arrangements with Taykwa Tagamou Nation.

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-Cobalt 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 

In Europe

Swiss Resource Capital AG

Marc Ollinger

info@resource-capital.ch

www.resource-capital.ch

For media inquiries, please contact:

Sydney Oakes

Director of Indigenous Relations and Public Affairs

Email: sydneyoakes@canadanickel.com 

Cautionary Note and 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, but is not limited to, the potential of the Midlothian and Bannockburn Projects, the significance of drill results, the ability to continue drilling, the impact of drilling on the definition of any resource, timing and completion (if at all) of additional mineral resource estimates, the potential of the Timmins Nickel District, strategic plans, including future exploration and development plans and results, and corporate and technical objectives. Forward-looking information is necessarily based upon several assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information. Factors that could affect the outcome include, among others: future prices and the supply of metals, the future demand for metals, the results of drilling, inability to raise the money necessary to incur the expenditures required to retain and advance the property, environmental liabilities (known and unknown), general business, economic, competitive, political and social uncertainties, results of exploration programs, risks of the mining industry, delays in obtaining governmental approvals, failure to obtain regulatory or shareholder approvals. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. All forward-looking information contained in this press release is given as of the date hereof and is based upon the opinions and estimates of management and information available to management as at the date hereof. Canada Nickel disclaims any intention or obligation to update or revise any forward-looking information, whether because of new information. 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.

Springer historically was one of the largest tungsten mines in the United States, and consisting of open pit and underground mines, a 1,200 Tpd mill and an Ammonium Paratungstate (“APT”) plant capable of potentially producing up to 4,000 Tpa (collectively, the “Springer Project”). The facility is permitted for construction and received approval of its bonding requirements from the State of Nevada to start construction and redevelopment of the mine on August 20, 2026.

The facility is largely on fee lands, and contains a historical mineral resource from General Electric and Utah International Inc. of 10.7 MT of 0.45% WO₃ based on historical data and reports prepared by the prior operators in 1984, as well as access to water, electricity, natural gas and tailings capacity and is a few miles away from the Union Pacific rail-line and the I-80 highway. The Company has not completed the work necessary to have the historical mineral resource estimate verified by a QP. The Company is not treating the estimate as a current NI 43-101 defined resource and the historical resource estimate should not be relied upon. Further drilling this year and next year will be used to update the resource estimate, which will subsequently be reported in accordance with NI 43-101 standards. On September 3, 2026, Blue Moon acquired additional water rights and land to access the Union Pacific rail-line, with the potential to install a load-on/out facility. 

Figure 1: The Springer Project

Blue Moon has previously indicated the Springer mine and mill are expected to be back in production in Q4-2027, and the APT plant is expected to be restarted 2H-2028, which will be potentially the first material tungsten concentrate production in North America and a significant new source of APT for the U.S. market.

The contemplated transactions include: i) the formation of a joint venture entity (the “JV Entity”) among the Parties to own and operate the APT Plant (the mine and mill will remain owned by Blue Moon), (ii) an equity investment by TEG into Blue Moon, (iii) TEG's receipt of board representation in both Blue Moon and the Springer Project JV Entity; (iv) a supply agreement for EQ and Blue Moon tungsten concentrate offtakes to the APT plant at market pricing, (v) a tungsten prepayment facility provided by TEG to Blue Moon to be repaid through a credit against sales of concentrate from Springer, and (vi) a site sharing agreement between Blue Moon and the JV Entity, covering the land, buildings, utilities, water, and services arrangements between the JV Entity and Blue Moon (collectively, the "Transactions"). 

The Transactions contemplate a total investment from TEG of approximately US$150 million, split between, (i) investments in Blue Moon’s activities at the Springer Site (the "Blue Moon Investment"); and (ii) a contribution to the JV Entity (the "JV Investment" and, together with the Blue Moon Investment, the "Project Investment"). An additional US$25 million has been set aside by TEG and EQ for additional standby requirements if needed to place the APT plant back in production.  All Parties involved are arms-length.

Collectively, these Transactions are all part of the broader TEG Landmark Initiative with the U.S. Department of War (the “DoW”) to Secure America’s Tungsten Supply Chain. The DoW has been supportive in advancing the Transactions, including completing a NEPA review of Springer.

Earlier today, the DoW announced a US$450 million investment into TEG, of which US$150 million has been designated as use of proceeds for the Transactions. This Transaction is intended to solidify the U.S. tungsten supply chain for primary supply to aerospace and defense contractors plus support for critical U.S. industrial segments such as Semiconductor, Energy, Medical and Industrial. 

In relation to this Transaction, The Elmet Group has established Elmet Refining & Trading (ERT) as a new division.

Christian Kargl-Simard, CEO and Director of Blue Moon states, “This is a great day for the U.S. with regards to providing a major boost to the U.S. tungsten supply chain. We are very appreciative of the commitment of all stakeholders to advance Springer as a team. This Transaction, along with our previously announced acquisition of 33 western U.S. based tungsten and antimony projects, and our Apex germanium and gallium mine in Utah, should position Blue Moon as an important name in the domestic industrial metal supply chain.”

Peter V. Anania, Chairman and CEO of The Elmet Group states, “We believe this investment represents a significant step forward in rebuilding a secure, integrated U.S. tungsten supply chain - from domestic mineral production and processing through the advanced manufacturing capabilities required by critical U.S. industries and defense applications. By working in collaboration with Blue Moon and EQ at Springer, we hope to bring together critical resources, processing expertise, and downstream manufacturing capabilities to create a more resilient source of tungsten materials for the United States and its allies. The Elmet Group is proud to help establish and advance the infrastructure necessary to reduce our reliance on foreign sources of tungsten while strengthening American manufacturing and national security.”

Craig Bradshaw, Managing Director of EQ Resources states, “This transaction is transformational for EQR. It delivers a 10% interest in what will be a significant new APT facility in North America, an eight-year offtake agreement for 4,000 tonnes of contained WO₃ from our mines, and a leading role in the engineering and project delivery of the APT plant, all while validating the ore-sorting technology we have developed across our operations. Partnering with Blue Moon and The Elmet Group, with the sponsorship of the U.S. Department of War, cements EQR's position as a important supplier of this critical mineral and opens a strategic new market for our Australian and Spanish production.”

Project Investment Details

1. Tungsten Prepayment Facility (US$50 million). As part of the Blue Moon Investment, TEG shall provide Blue Moon and its U.S. affiliates (the “BM Group”) with a prepayment facility in the aggregate principal amount of US$50 million (the "Tungsten Prepayment Facility"), to be funded in two tranches as follows:
2. Tranche 1: The first tranche, in the amount of US$25 million ("Tranche 1"), shall be funded at the closing of the Tungsten Prepayment Facility, which is expected within forty-five (45) days of today.
3. Tranche 2: The second tranche, in the amount of US$25 million ("Tranche 2"), shall be funded upon completion of agreed milestones to be set forth in the definitive agreements, aligned with Blue Moon's readiness covenants relating to the mine, mill/concentrate plant, and flotation circuit, and, if test work is favorable, ore sorting progress. Tranche 2 shall be funded only upon satisfactory completion of the construction milestones applicable to Tranche 1, as mutually determined by the Parties acting reasonably. 

Repayment: The Tungsten Prepayment Facility shall be repaid through a twenty-five percent (25%) credit against sales of Springer Concentrate.

1. TEG Warrants. In connection with the Tungsten Prepayment Facility, TEG shall, pursuant to exemptions from registration, qualification and/or prospectus requirements under applicable securities laws, grant Blue Moon warrants to acquire common shares of TEG with an aggregate exercise price of US$25 million (the "TEG Warrants"), to be issued on the fifth (5th) business day following today. The TEG Warrants shall have a strike price equal to the greater of: (i) the five (5)-day volume-weighted average price (the "VWAP") of TEG's shares ending on the fifth business day following today, or (ii) the Nasdaq minimum price under Nasdaq Rule 5635. The TEG Warrants shall have a term of three (3) years from the date of issuance and shall not be exercisable during the six (6)-month period following issuance.
2. Equity Subscription. TEG shall subscribe for and purchase US$25 million of new equity in Blue Moon, pursuant to exemptions from registration, qualification and/or prospectus requirements under applicable securities laws, within forty-five (45) days of the Announcement Date (the "Equity Subscription"), consisting of 3,500,000 units of Blue Moon (each, a "Unit") at a price of C$10.00 per Unit or a 31.8% premium to the closing price of Blue Moon on September 11. Each Unit shall be made up of one (1) common share of Blue Moon (each a "Unit Share") and one (1) common share purchase warrant (each, a "Warrant"). Each Warrant shall entitle the holder thereof to purchase one (1) additional common share of Blue Moon (each, a "Warrant Share"). Subject to the approval of the TSXV, the exercise price of each Warrant Share shall be C$10.80. The Warrants shall be exercisable for a period of three (3) years following the closing of the Equity Subscription.
3. JV Investment. US$75 million capital injection into the APT plant by TEG. Equity ownership interests in the JV Entity shall be allocated as follows post investment: TEG – 70%, Blue Moon – 20% and EQ – 10%. TEG will operate the APT plant. Blue Moon's initial capital contribution to the JV Entity shall consist of the APT Plant and associated infrastructure along with its off-take commitment as outlined below.

Proceeds of the Blue Moon Investment shall be limited to use solely in connection with the Springer Project, with all mine and mill proceeds earmarked for tungsten development purposes only.

Completion of the Transactions described herein is subject to receipt of, among other things, acceptable due diligence results for any non-equity deal components; all requisite approvals of the TSXV and other regulatory authorities; and approval, execution and delivery of the required definitive agreements. Within 45 days, TEG is expected to close on a US$50 million investment in the BM Group as defined below, half of which is the Equity Subscription and half of which is the Tranche 1 investment.

Blue Moon and TEG shall enter into a mutually agreed investor rights agreement (the "Investor Rights Agreement") providing TEG with customary pro-rata equity participation rights in future Blue Moon financings and a board seat upon completion of the Equity Financing. 

JV Investment and Off-take Mechanics

Under the currently contemplated terms of the Transaction, BM Group shall maintain complete ownership and operation of the mine and mill at the Springer Project, including holding all permits to operate at the site. The BM Group shall retain ownership of certain ancillary assets on behalf of the JV Entity, including but not limited to utilities interconnections, water rights, and tailings facilities. A site master plan will be entered into by the JV entity, covering aspects such as real estate and access, concentrate receiving, production and shipping, development of solar and natural gas power facilities and other expansions, laboratory, utilities, and waste/tailings with a capital recovery costs and site wide water rights. 

APT production is anticipated to be phased as follows on the Springer site:

1. Phase 1 APT (“Phase 1 APT”) shall target 4,000 tons of APT production capacity per year including infrastructure for blue tungsten oxide ("BTO") capacity and an additional leaching line.
2. Subsequent phased expansions of the APT Plant’s production capacity shall be driven by demand and the need to support Blue Moon’s mine concentrate production, EQ’s current and new mines concentrate production and other new mines (including EQ's mines), funded pro-rata among the Parties after Phase 1 APT is completed (assuming less than US$100 million capital cost).

Sourcing of concentrate for the APT plant, and off-takes, are expected to be as follows:

1. TEG Years 1-5: The JV Entity will allocate up to 75% of input volume to Springer Project production annually. If Blue Moon lacks sufficient production to fill this threshold, TEG may source material from other offtake agreements to which it is a party (entered into at the request of, and with support from, DoW).
2. EQ Years 1-5: Subject to a cap of 1,000 tons of production capacity per year, the JV Entity will allocate 25% of input volume to EQ concentrate annually. If EQ production is insufficient to provide 25% of the APT Plant input capacity annualized or if EQ does not take its allocation annually, any unused volume shall be available to tungsten concentrates produced from the Springer Mine (“Springer Concentrate”) and/or the third-party sourcing described in (a) above.
3. After Year 5: Blue Moon shall be granted a proportional “most-favored-nation” right to the APT Plant capacity for 90% of the capacity, with EQ having 10%.
4. Blue Moon Offtake: The JV Entity will enter into an agreement for the right to 100% offtake of Springer Concentrate, so long as the JV Entity has the capacity to process 100% of the Springer Concentrate. Any excess Springer Concentrate will be placed by the JV Entity by best possible process.
5. EQ Offtake: The JV Entity and EQ shall enter into an off-take agreement for 4,000 tonnes of WO₃ contained in EQ concentrate over an eight (8) year period commencing upon APT Plant commissioning (the “EQ Offtake Agreement”).

Blue Moon shall sell the Springer Concentrate to the JV Entity at the same pricing terms that EQ receives for its offtake into the APT Plant pursuant to the EQ Offtake Agreement. Until commercial production is achieved at the APT Plant, the JV Entity shall sell the Springer Concentrate into the open market, with best efforts by all Parties to place volumes into the market to mutually agreed upon facilities at the best possible price.

Separately, EQ is completing preliminary ore sorting work at the Springer mill using its proprietary technology. Initial results have been positive, with further test work recommended. Pending the outcome of the additional test work, it is the intention of all Parties to install ore sorting at the Springer mill.

Other aspects of the JV Entity include supermajority rights on certain decisions standard for joint venture arrangements, operatorship requirements, cross-party security, step-in rights and remedies, standard dispute mechanisms and ordinary representation and warranties for such a transaction. Blue Moon also has certain minimum delivery requirements into the APT plant, which if they cannot be cured, could mean cancellation of the Blue Moon Offtake.

The Parties have third-party legal representation for Blue Moon at Bennett Jones LLP, TEG at Ellenoff Grossman & Schole LLP, and EQ at Sidley Austin LLP.

Qualified PersonsThe technical and scientific information of this news release has been reviewed and approved by Mr. Reza Ehsani, P.Eng., a Blue Moon Officer as SVP Projects, and a non-Independent Qualified Person, as defined by NI 43-101.About Blue Moon

Blue Moon is advancing 5 brownfield polymetallic projects, including the Nussir copper-gold-silver project in Norway, the NSG copper-zinc-gold-silver project in Norway, the Blue Moon zinc-gold-silver-copper project in the United States, the Springer tungsten-molybdenum project in the United States and the Apex germanium-gallium-copper project in the United States. All 5 projects are well located with existing local infrastructure including roads, power and historical infrastructure. Zinc, copper and tungsten are currently on the USGS and EU list of metals critical to the global economy and national security and germanium and gallium are also on the USGS list of critical metals. Major shareholders include Teck Resources Limited, funds managed by Oaktree Capital Management, Hartree Partners LP, Wheaton Precious Metals, Altius Minerals Corporation, Baker Steel Resources Trust, LNS and Monial. More information is available on the Company’s website (www.bluemoonmetals.com). 

About The Elmet Group

The Elmet Group is a U.S.-based provider of precision-engineered components and advanced high-energy systems for the Aerospace, Defense and Government, Industrial, Medical, Semiconductor and Electronics, and Energy industries. TEG operates through three segments, Critical Materials Components (CMC), Engineered Microwave Products (EMP), and Elmet Refining & Trading (ERT), leveraging materials science and precision engineering expertise to deliver high-performance solutions. The Elmet Group is dedicated to strengthening domestic manufacturing capabilities to support the U.S. and its allies’ needs in both critical materials and advanced high-power microwave systems.

About EQ Resources

EQ Resources Limited is a leading global tungsten mining company dedicated to sustainable mining and processing practices. EQ is listed on the Australian Securities Exchange, with a focus on expanding its world-class tungsten assets at Mt Carbine in North Queensland (Australia) and at Barruecopardo in the Salamanca Province (Spain). EQ leverages advanced minerals processing technology and unexploited resources across multiple jurisdictions, with the aim of being a globally leading supplier of the critical mineral, tungsten. EQ aims to create shareholder value through the exploration and development of its current project portfolio whilst continuing to evaluate corporate and exploration opportunities within the new economy and critical minerals sector globally.

For further information:

Blue Moon Metals Inc.

Christian Kargl-Simard

CEO and Director

Phone: (416) 230-3440

Email: christian@bluemoonmetals.com 

In Europe

Swiss Resource Capital AG

Marc Ollinger

info@resource-capital.ch

www.resource-capital.ch

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.

CAUTIONARY DISCLAIMER - FORWARD LOOKING STATEMENTS 

This news release contains forward-looking statements and forward-looking information (collectively "forward-looking information") within the meaning of applicable Canadian and United States securities laws. All statements included herein, other than statements of historical fact, may be forward-looking information and such information involves various risks and uncertainties. Forward-looking information is often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "project", "predict", "potential", "targeting", "intend", "could", "might", "should", "believe" and similar expressions.

Without limiting the generality of the foregoing, this news release contains forward-looking information pertaining to the following: the completion of the Transactions, the expected benefits and synergies from the Transactions; and other matters ancillary or incidental to the foregoing.

A number of risks, uncertainties and other factors could cause actual results and events to differ materially from those expressed or implied in the forward-looking information or could cause the Company's current objectives, strategies and intentions to change. These risks and uncertainties include but are not limited to: the inability of Blue Moon to complete and integrate the Transaction; risks associated with the integration of Springer project operations; risks associated with mining operations in Nevada; regulatory and permitting risks at the state and federal level including with respect to the development of Springer; and management’s ability to anticipate and manage the factors and risks referred to herein. A comprehensive discussion of other risks that impact Blue Moon can also be found in its public reports and filings which are available at www.sedarplus.ca and on the website of the U.S. Securities and Exchange Commission at www.sec.gov.

The forward-looking information is based on certain key expectations and assumptions made by Blue Moon’s management, including but not limited to: expectations concerning prevailing commodity prices; the ability to obtain, renew and extend permits as required; estimates of reserves and resources at Springer; potential volumes of production tied to Springer; availability of utilities; and the execution at Springer.

Any forward-looking information contained in this news release represents management's current expectations and is based on information currently available to management and is subject to change after the date of this news release. Accordingly, the Company warns investors to exercise caution when considering statements containing forward-looking information and that it would be unreasonable to rely on such statements as creating legal rights regarding the Company's future results or plans.

The Company cannot guarantee that any forward-looking information will materialize and readers are cautioned not to place undue reliance on this forward-looking information. Except as required by applicable securities laws, the Company is under no obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by law. All of the forward-looking information in this news release is qualified by the cautionary statements herein.

Northern Veins and Stockwork Zone Highlighted Intersections

New high-grade epithermal vein intersections of the Caleigh and Protectora Veins and the newly discovered Northern Stockwork Zone (identical to the El Tigre Stockwork Zone) are highlighted below: 

• Drill hole ET-24-649: 2.1 metres grading 7,715.1 g/t silver equivalent or 102.87 g/t gold equivalent from 39.9 to 42.0 metres, consisting of 35.39 g/t gold and 5,061.1 g/t silver. This includes 0.53 metres grading 29,620.0 g/t silver equivalent or 394.93 g/t gold equivalent from 40.4 to 40.9 metres consisting of 136.20 g/t gold and 19,405.0 g/t silver.  The hole shows the second highest assay result on the property and confirms the presence of high-grade on the Caleigh vein near-surface (Fig 1).
• Drill hole ET-24-643: 93 metres grading 70.1 g/t silver equivalent or 0.93 g/t gold equivalent from 16.9 to 109.9 metres, consisting of 0.38 g/t gold and 41.2 g/t silver. This includes 0.60 metres grading 2,292.2 g/t silver equivalent or 30.56 g/t gold equivalent from 44.2 to 44.8 metres consisting of 7.40 g/t gold and 1,737.0 g/t silver.  The hole confirms the presence of both high-grade mineralization along the Protectora Vein and a large, near surface Stockwork Zone, similar to the heap leach project being built to the South (Fig 2).
• Drill hole ET-24-638: 15.5 metres grading 101.9 g/t silver equivalent or 1.36 g/t gold equivalent from 20.7 to 37.8 metres, consisting of 0.62 g/t gold and 55.2 g/t silver. This includes 0.65 metres grading 1,457.0 g/t silver equivalent or 19.4 g/t gold equivalent from 22.5 to 23.15 metres consisting of 10.40 g/t gold and 667 g/t silver. The hole confirms presence of Stockwork Zone inside the El Tigre formation approximately 1 km to the north of the heap leach mine that is being built to the south. In addition, this hole shows the presence of a high-grade hanging wall vein adjacent to the historical workings on the Protectora Vein in this area (Fig 3).

Glenn Jessome, President & CEO stated "Our focus remains on the construction of our heap leach mine at El Tigre with first pour to be in December, 2027. I am pleased to confirm we are on schedule for pouring that first doré bar. We are also pleased to announce excellent drill results for the high-grade Northern Veins, and the newly discovered Northern Stockwork Zone enveloping those veins, similar to the El Tigre heap leach mine we are currently building to the south.” Mr. Jessome further stated, “The Northern Veins, specifically the epithermal Caleigh and Protectora Veins, are the faulted extensions of the well-defined UG PEA Southern Veins, with similar mineralogy, structure and rock type.  These veins are only 700 metre north of where we are currently building our heap leach mine. The Northern Veins are open along strike and down dip in all directions.”Mr. Jessome added, “Recent results also highlight the presence of outcropping Stockwork Zone, extending the current exploration corridor as we continue to add both underground and stockwork heap leach targets to the corporation’s portfolio on this district-scale property.”

Figure 1 : Cross Section 6660 – Caleigh, Protectora and Stockwork Drilling

Figure 2: Cross Section 6675 – Protectora and Stockwork Drilling

Figure 3 : Cross Section 6650 – Protectora and Stockwork Drilling

Overview – Northern Veins

The Northern Veins are the faulted extension of the Underground PEA Southern Veins (e.g., Sooy, El Tigre, and SK veins) exhibiting the same mineralogy, structure, host lithology including the El Tigre formation the host of the Stockwork Zone which the corporation is currently developing.

The Northern Veins consist of several historically mined veins including the Protectora, Fundadora, and Aguila (Figure 4); and many newly discovered veins including Benjamin, the Benjamin Shale and Caleigh (see Press Releases dated Sept 10, 2020, Nov 17, 2020, Jan 21, 2021, Feb 2, 2021). 

Figure 4 : Plan View – El Tigre Exploration Prospects Overview

Table 1: Exploration Drilling 2026 – Intercepts in Northern Veins

Notes: 1. Not true width.; 2. Silver Equivalent (“AgEq”) ratios are based on a silver to gold price ratio of 75:1 (Au:Ag);

2026 Exploration Work- Overview

Drilling has thus far has been focused on both the Protectora Vein, the largest and most developed of the northern vein set, and the Caleigh Vein. Historically mined by the North Tigre Mining Company some 700m from existing Resource, the Protectora Vein is drilled 1km along strike and from its position, geometry and geology it can be considered the north extension of the Sooy Vein (Figure 4). 

Drilling results received are centered around the 50m long working “Escalera Working”, a part of the North ET Mine, with high grade underground sampling along the Protectora Vein. Drilling results are also focused on the Caleigh vein, immediately adjacent to the Protectora, unmined and near surface.  Based on these results further drilling will take place to infill this area of northern Resource.

Figure 5: Plan View – Northern Veins Exploration Drilling

2025 Exploration Work – Overview

In preparation for the 2026 drilling season the Corporation had:

• Exploration crews located, cataloged, mapped and sampled historic adits in the Northern Area. Once sampling completed, nearly every working was LiDAR scanned.
• This mapping is centered around the old workings of the North El Tigre mine and associated adits. This work is aimed at establishing a geological context for these mineralized systems, and to assess how related these are to the well-established El Tigre, Sietz-Kelly and Sooy Veins.
• Historic Anaconda (1980s era), El Tigre Silver (2010-12) and modern day drillholes (2016 to present) were relogged with an increased geological understanding developed in the established Southern Veins, host of the El Tigre Mine reported to have produced a total of 353,000 ounces of gold and 67.4 million ounces of silver from 1.87 million tons.
• Resampling was conducted were needed on areas proximal to vein mineralization, the shale unit that is host to the Shale Zone to south, and El Tigre formation, host to the Stockwork mineralization seen in South. In total over 400 samples from drill core were taken.
• 70% of the northern vein prospect area has been mapped by Corporation geologists

Geotechnical Drilling 2026

Geotechnical drilling for the final design of Pit through WSP Mexico has concluded with final report received. Sampling was conducted on mineralized intervals where possible (drilling targeted pit walls) with intervals presented in Table 2. 

Drill results from inside the proposed pit continue to show both continuity and grade. Furthermore, El Tigre vein intersections show high-grade material near-surface and un-mined, including 1.0 metre grading 1,137.5 g/t silver equivalent or 15.17 g/t gold equivalent from 20.5 to 21.5 metres consisting of 15.10 g/t gold and 5 g/t silver.  

Summary High-Grade Mineralized Zones at El Tigre

While mineralized zones in the North Area are predominantly Vein-type with the exception of the Benjamin Shale Zone, there is significant potential for Sulfide and Shale-type mineralization (see Figure 6). These South Area prospective zones are enumerated below:

1. Veins – The high-grade epithermal veins dip steeply to the west, and are typically 0.5 m wide, and locally can be up to 5 m in width. Several exist on the property, with many reaching strike length of 3 kilometers or more. Vein mineralization consists of quartz and varying proportions of zinc, iron, lead, copper, and silver sulfides. These historically mined Veins have, for example Drill Hole ET-21-264, returned assays up to 82,827.3 g/t silver equivalent over 0.5 meters proximal to historically mining stopes, showing high-grade Vein mineralization continues at depth and along strike (see press release dated Nov 9, 2021).
2. Sulfide Zone – Hosted at the contact between a basement granite and younger volcanics, the currently defined Sulfide Zone is 750 meter along strike with 250 meters along dip and typically 2-20 meters thick. Mineralization consists of varying semi-massive proportions of zinc, iron, lead, copper, and silver sulfides with, for example, Drill Hole 434 grading 10.5 meters at 1,642.4 g/t total silver equivalent consisting of 914.0 g/t silver, 0.20 g/t gold, 1.68% copper, 5.92% lead and 12.42% zinc (see press release dated January 25, 2023).
3. Shale Zone – Occurring at the intersection of Veins and a property-wide carbonate/shale layer, this silver and base metal-rich mineralization extends 20 meters in either direction from the vein, with thicknesses reaching upwards of 15 meters, and several kilometers along strike. Grades and widths are significant with, for example, Drill Hole 329 grading 9.1 meters at 809.7 g/t silver equivalent consisting of 429.5 g/t silver, 0.22 g/t gold, 0.22% copper, 4.82% lead and 6.89% zinc (see press release dated May 17, 2022). 

Figure 6: El Tigre—Conceptual Cross

Table 2: Geotech Drilling 2026 – Significant Intercepts

Table 3: Drillhole Locations – Northern Veins and Geotech

About Silver Tiger Metals Inc. 

Silver Tiger is constructing the El Tigre Stockwork Zone Project, a silver and gold heap leach project located in Sonora, Mexico.  The project is 100% owned by Silver Tiger and covers over 37,000 hectares.  The Technical Report entitled Stockwork Zone Pre-Feasibility Study and Underground Preliminary Economic Assessment of the El Tigre Silver-Gold Project Sonora, Mexico dated June 20, 2025 is available on SEDAR and under the Corporation’s profile as well as on the Silver Tiger website at www.silvertigermetals.com. 

Silver Tiger has entered into an Engineering Procurement and Construction Management Contract (“EPCM”) with Kappes, Cassidy & Associates (“KCA”) and Kappes, Cassiday del Norte S de RL de CV (“KCN”) to assist in the construction of the mine and process plant at El Tigre. The Company has also now hired its own experienced mine construction executive team to work with KCA and KCN.  

Commissioning and first pour are targeted for December, 2027. The Board of Directors of the Company have approved the construction decision for El Tigre.

VRIFY Slide Deck and 3D Presentation – Silver Tiger’s El Tigre Project

VRIFY is a platform being used by companies to communicate with investors using 360° virtual tours of remote mining assets, 3D models and interactive presentations. VRIFY can be accessed by website and with the VRIFY iOS and Android apps.

Access the Silver Tiger Metals Inc. Company Profile on VRIFY at: https://vrify.com

The VRIFY Slide Deck and 3D Presentation for Silver Tiger Metals Inc. can be viewed on the Corporation’s website at:  www.silvertigermetals.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 core is sawn with a diamond blade core saw with one half of the core being bagged and tagged for assay. The remaining half portion is returned to the core trays for storage and/or for metallurgical test work. 

The sealed and tagged sample bags are transported to the Bureau Veritas facility in Hermosillo, Mexico. Bureau Veritas crushes the samples (Code PRP70-250) and prepares 200-300 gram pulp samples with ninety percent passing Tyler 200 mesh (Code PUL85). The pulps are assayed for gold using a 30-gram charge by fire assay (Code FA430) and over limits greater than 10 grams per tonne are re-assayed using a gravimetric finish (Code FA530). Silver and multi-element analysis is completed using total digestion (Code MA200 Total Digestion ICP). Over limits greater than 100 grams per tonne silver are re-assayed using a gravimetric finish (Code FA530).

Quality assurance and quality control ("QA/QC") procedures monitor the chain-of-custody of the samples and includes the systematic insertion and monitoring of appropriate reference materials (certified standards, 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 Silver Tiger’s QA/QC protocols.

Qualified Person

Charles Spath, P. Geo., M.Sc, V.P. Technical Services of the Corporation, is the Qualified Person for Silver Tiger as defined under National Instrument 43-101.   Mr. Spath has reviewed and approved the scientific and technical information in this press release. 

For further information, please contact:

Devin Devarennes

VP Business Development & Investor Relations

902 233 3656

devin@silvertigermetals.com

In Europe

Swiss Resource Capital AG

Marc Ollinger

info@resource-capital.ch

www.resource-capital.ch

CAUTIONARY STATEMENT: 

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 El Tigre Project, future operating margins, future production and processing, and future plans and objectives of Silver Tiger 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 Silver Tiger 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 El Tigre Project. 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 Silver Tiger expectations include exploration and development risks associated with the Silver Tiger 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 Silver Tiger reference should be made to Silver Tiger continuous disclosure materials filed from time to time with securities regulators, including, but not limited to, Silver Tiger Annual Information Form. The forward-looking information contained in this release is made as of the date of this release.

Michael Hudson, CEO, states: “The initial program gave us gold in every hole and confirmed the Stavaträsk system continues at depth. What it could not tell us is how big the system is. That is the job of this IP survey. Gold at Stavaträsk is carried by arsenopyrite and pyrite, exactly the sulphides that gradient-array IP is built to detect as chargeability anomalies, so we now expect to see the footprint of the system, not just the seven holes we have drilled into it. We have covered 3 km² at 200 m spacing, tightened to 100 m over the drilled area, and added a dipole-dipole line for dip and depth. Interpretation is underway and will drive a 1,000 metre follow-up program by next month. Stavaträsk is moving fast, and the next round of holes will be the best targeted we have drilled.”

Technical Discussion

Geovisor Oy, a Finnish geophysical contractor, carried out the survey under the technical coordination of Precision Geophysics. Data were acquired on a 200 metre gradient-array grid covering 3 km² (Figure 3), with 100 metre infill over key areas including the maiden drill area, producing co-registered resistivity and chargeability data. Chargeability responds to the disseminated to semi-massive arsenopyrite and pyrite that host gold at Stavaträsk, while resistivity maps silica alteration and structure. A 2D dipole-dipole section across the drilled zone provides dip and depth information on mineralized structures. Processing and interpretation are underway.

Next Steps

A 1,000 metre follow-up drill program will test extensions of the two mineralization styles intersected in the maiden program, both of which remain open along strike and at depth. Targets will be defined by integrating the maiden drill results with the interpreted IP data, with drilling scheduled to complete before the end of 2026. 

Stavaträsk Project

Stavaträsk is located in the Skellefteå Mining District of northern Sweden, 20 km north of the Boliden deposit (8.4 Mt at 15.5 g/t Au for approximately 4.2 Moz of historic production; source quoted in Figure 2). The project occupies a strategic position on the Vidsel-Röjnoret Shear System (VRSS), the same regional-scale terrane boundary that hosts Boliden.

Gold, silver and copper mineralization is structurally hosted, with massive to semi-massive arsenopyrite, pyrite and chalcopyrite with silica alteration. Outcrop samples return grades of up to 93 g/t Au and 24 g/t Ag. A boulder field located 650 m southeast of the main outcrop yielded eight samples averaging 3.2 g/t Au (range 0.1 g/t to 11.2 g/t Au), 67 g/t Ag (range 1 g/t to 154 g/t Ag) and 0.83% Cu (range 0.003% to 2.43% Cu) and is surrounded by historic drill collars for which assay data are largely unavailable.

Historical Data and Reporting Notes

Historical data have not been verified by Hannan and are quoted for informational purposes only. It is believed that the primary analysis for gold was completed by fire assay with atomic absorption finish.  Compilation of available data and 3D geologic modelling are in progress. 

The true widths of the mineralized intervals referred to in this news release are not known at this stage.

Sweden: A Tier-One European Mining Jurisdiction

Sweden is positioning itself as the cornerstone of Europe's domestic mineral supply under the EU Critical Raw Materials Act. The efficiency of its permitting regime is demonstrated firsthand at Stavaträsk, where a drill permit was secured in four weeks. The country consistently ranks among the world's most attractive mining jurisdictions in the Fraser Institute's Annual Survey of Mining Companies, offering stable policy, established infrastructure, low-cost hydropower and a skilled workforce. The district also supports near year-round drilling: an established forestry road network enables access through the summer, while winter snow cover allows rigs to move broadly across the terrain, with only a short shoulder season during the spring thaw.

Sampling, Analytical Methods and Quality Control

Whole drill core was logged and photographed by Company personnel and securely transported to MSALABS (MSA Analytical Services), an ISO/IEC 17025-accredited laboratory, at its facility in Storuman, Sweden, where the core was cut, sampled and prepared for analysis. The sample pulps were shipped to the MSALABS facility in Canada for analysis. Gold was determined on a 30 g charge by lead-collection fire assay fusion with an atomic absorption finish (method FAS-114), with high-grade samples re-assayed on a 30 g charge by fire assay with a gravimetric finish (method FAS-415). Multi-element analysis, including silver and copper, was carried out on a 0.25 g aliquot by four-acid digestion with ultra-trace ICP-ES/MS determination of 48 elements (method IMS-230); over-limit arsenic was determined by an ore-grade four-acid digestion with an ICP-ES finish (method ICF-6As). As part of its quality assurance and quality control program, the Company inserted certified reference materials at approximately one in fifteen samples and field duplicates at approximately one in fifty, and the laboratory operated its own internal program of blanks, standards and duplicates. The Qualified Person has reviewed the quality-control results and is satisfied that the assay data are reliable for the purposes of this disclosure.

About Hannan Metals Limited (TSXV:HAN) (OTCPK: HANNF)

Hannan Metals Limited is an exploration company with a primary focus on advancing its Previsto gold-copper prospect (Amanecer project) in Peru, and an option to earn 100% in three high-grade gold projects in Sweden. Over the last decade, the team behind Hannan has forged a long and successful record of discovering, financing, and advancing mineral projects in Australia, Europe and South America.

Mr. Michael Hudson FAusIMM, Hannan’s Chairman and CEO, a Qualified Person as defined in National Instrument 43-101, has prepared, reviewed, verified and approved the technical contents of this news release.

Further Information

Further discussion and analysis of the project is available through the Hannan Metals website at www.hannanmetals.com and the Hannan YouTube channel at www.youtube.com/@HannanMetals 

In Europe

Swiss Resource Capital AG

Marc Ollinger

info@resource-capital.ch

www.resource-capital.ch

Forward Looking Statements. Certain disclosure contained in this news release may constitute forward-looking information or forward-looking statements, within the meaning of Canadian securities laws. These statements may relate to this news release and other matters identified in the Company’s public filings. In making the forward-looking statements the Company has applied certain factors and assumptions that are based on the Company’s current beliefs as well as assumptions made by and information currently available to the Company. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. These risks and uncertainties include but are not limited to: the political environment in which the Company operates continuing to support the development and operation of mining projects; the threat associated with outbreaks of viruses and infectious diseases; risks related to negative publicity with respect to the Company or the mining industry in general; planned work programs; permitting; and community relations. Readers are cautioned not to place undue reliance on forward-looking statements. The Company does not intend, and expressly disclaims any intention or obligation to, update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.

Cautionary Note Regarding Deposit Comparisons and Surface Sampling. References in this news release to the Boliden deposit are provided as a geological deposit-type and exploration-targeting analogue only. Mineralization hosted on adjacent or nearby properties, including the Boliden deposit, is not necessarily indicative of mineralization on the Company’s properties, and these comparisons are not a prediction of the scale, grade, tonnage or economic potential of the Stavaträsk project. Historic production figures for the Boliden deposit are derived from third-party sources that the Company has not independently verified. Rock chip, grab and boulder (float) sample results referred to in this news release are selective by nature, are collected to identify the presence or tenor of mineralization, and are not necessarily representative of the grade or style of mineralization across the property. Historic drilling at Stavaträsk was completed by third parties and recoverable assay and collar data are largely unavailable; such historic results have not been verified by a Qualified Person and should not be relied upon. The Stavaträsk, Skellefteå North and Ädelfors projects do not have any mineral resource or mineral reserve estimates prepared in accordance with National Instrument 43-101, and there is no certainty that exploration will result in the delineation of any mineral resource.

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 news.

Figure 1: Map of Sweden (green) showing locations of properties Stavaträsk, Skellefteå North and Ädelfors

Figure 2: Geology map of the Skellefteå mineral belt, showing locations of major mining operations relative to the Stavaträsk and Skellefteå North properties. 

Figure 3: Plan view of the Stavaträsk project showing surface geochemistry, drilling results and completed IP survey area.

Drill highlights from the Rosé Zone include (see Table 1):

• 8.02 g/t Au over 4.30 m including 23.93 g/t Au (and 8.80 g/t Ag) over 1.15 m at a vertical depth of ~210 m in hole PE-26-934
• 11.78 g/t Au over 1.80 m including 30.86 g/t Au (and 4.70 g/t Ag) over 0.65 m at a vertical depth of ~290 m in hole PE-26-908
• 10.94 g/t Au over 1.20 m including 21.22 g/t Au (and 4.30 g/t Ag) over 0.55 m at a vertical depth of ~280 m in hole PE-25-878

The discovery of the Rosé Zone in close proximity to the planned underground infrastructure is beneficial to Amex for multiple reasons:

1. Exploration Savings - Potential to drill for the extensions of the new zone at depth from the ongoing underground development,
2. Limited underground development would be needed in the future mine plan to reach the new zone, considering its proximity to underground development currently in progress* *Readers are cautioned that no economic assumptions can be made on newly encountered mineralization until an updated mineral resource estimate and accompanying updated economic assessment of the project would take place.

"Our 2026 drill program to date has been successful across multiple fronts," said Aaron Stone, Vice President Exploration of Amex Gold Mining. "The discovery of a new zone in such close proximity to our fully financed ramp development is what truly sets the Rosé zone apart. While it is early days in the life of this discovery, the Rosé zone has the potential to add important ounces to the future proposed operation. The team’s initial observations are that the mineralization is hosted within a set of tension veins stemming from a larger structure that may also be controlling the mineralization of the Alizée Zone to the north-northwest. Further drilling and modelling to validate this theory is planned."

Interpretation of the zone will continue to be developed, but early-stage observations draw similarities to the Alizée Zone to the north, where the discovery hole generated an intercept of 31.87 g/t Au over 5.10 m (see press release dated January 25, 2021). Currently, the new zone can be traced for 275 m of vertical extension and 70 m of strike length and remains open in multiple directions. 

Figure 1: Geological Map of the Perron Project, highlighting the location of today’s newly announced zone (Rosé Zone – 13) and drill holes. 

Figure 2: Screenshot looking west showing the emplacement of the newly discovered Rosé Zone and its proximity directly below the Perron underground ramp currently being developed. 

Figure 3: Photos displaying VG (‘visible gold’) mineralization from drill holes PE-26-934 and PE-26-950 in the newly discovered Rosé Zone. 

Table 1: Assay results from the new discovery Rosé Zone.

The Company is also pleased to provide an update below on drilling across various zones on Perron in addition to a first update on drilling activities on Perron West in Ontario, where Amex is continuing with its maiden drill program. Across Amex’s various lab partners, 3765 samples are outstanding for the Quebec drill program and 6021 samples outstanding for Ontario (in addition to 1654 soil samples), showing the significant amount of information remaining to be received as drilling continues. 

Gratien, Grey Cat, Central Polymetallic and N110 Zones

Drill hole PEX-26-319 into the N110 Zone provided a high-grade intercept of 43.41 g/t Au over 1.20 m starting from 141.00 m including 82.70 g/t Au over 0.60 m (Figure 4 and Table 2). Currently, all ounces within the N110 Zone are in the inferred category, providing an opportunity to potentially upgrade these ounces to indicated and add them to future feasibility studies. The geological team is currently investigating this result to plan follow-up drilling. 

Figure 4: Core photos showing VG (‘visible gold’) mineralization in drill hole PEX-26-319 of the N110 Zone. 

Drilling in both the Gratien and Grey Cat Zones continue to provide important results and improve Amex’s understanding of the mineralization in these respective zones (Figures 5 and 6, Table 2). Deeper drilling is planned to extend these zones at depth. The proposed pads are located in swampy areas of the property, so road building and/or a winter drill campaign are being considered. 

Figure 5: Updated longitudinal of the Gratien Zone showing today’s released drill holes. 

Figure 6: Updated longitudinal of the Grey Cat Zone showing today’s released drill holes. 

Only a singular drill hole has been completed in the Central Polymetallic Zone (‘CPZ’) so far in 2026, producing a high-grade polymetallic intercept of 4.09 % Zn, 0.82 g/t Au and 2.03 g/t Ag over 1.50 m including 11.35 % Zn, 1.38 g/t Au and 3.50 g/t Ag over 0.50 m at a vertical depth of ~675 m (see Figure 7 below and Table 3). The result shows that the CPZ remains open at depth for expansion with the potential for polymetallic grades to increase at depth. 

Figure 7: Core photo displaying the high-grade VMS mineralization encountered in drill hole PEG-25-888 of the Central Polymetallic Zone. 

Table 2: Assay results from the N110, Gratien and Grey Cat Gold Zone

Table 3: Assay results from the Central Polymetallic Zone.

Perron West Drilling

See Figure 8 below for an overview of Amex’s ongoing inaugural drill program at Perron West in Ontario. To date, initial drilling has been completed in Target area D, work is continuing in areas A and C, with area B remaining undrilled. A total of 7675 assays (including 1654 soil sample assays) are waiting to be received from Amex lab partners. 

Figure 8: Drill plan for Amex Gold Mining’s ongoing inaugural drill program on Perron West, Ontario. 

The Amex team is extremely encouraged by initial observations from the drill program. Nearly all drill holes have encountered significant sulphide mineralization and/or large quartz veins with alteration assemblages similar to those observed on the Perron Project in Quebec. 

In Sector A, hole PW-26-002, the second drill hole conducted on the property, encountered a prosperous sulphide horizon and returned results of 22.20 g/t Ag, 0.29 % Cu and 0.34 % Zn over 1.20 m (see Figures 9A and 10, Table 4 below). Given the close relationship between the VMS and gold mineralization at Perron in Quebec, the Amex team is extremely encouraged not only at the prospect of a new VMS discovery, but also the opportunity of vectoring in on potential gold zones in the area. 

In Sector D (see Figures 9B and 11, Table 4 below), multiple zones of significant sulphide mineralization have been intersected along with highly anomalous gold results in drill holes PW-26-010 and PW-26-012. These results point to the potential emergence of a new gold zone. With approximately 1 km between the two anomalous results, the Amex team have begun work to better understand the potential controls on mineralization in the area. Alteration packages being observed contain silica, sericite, carbonate and chlorite and hold certain similarities to what can be observed around the known resources in Quebec. 

Figure 9: Geological and geophysical close-up map of Target Area A and Target Area D, highlighting the location of today’s significant intercepts on the Perron West Property.

Figure 10: Core photos from several drill holes across the Perron West property, displaying the significant sulphide mineralization and quartz veining that have been encountered. Amex is planning follow up drilling across these targets. 

Multiple holes have also encountered large, multi-metre quartz veins, with many results still pending. Hole PW-26-001, which is the first hole on the property, encountered a large 1.8 m milky to smoky quartz vein with significant chlorite alteration. Chlorite alteration can often be found within the veins of the Champagne Zone. Hole PW-26-011, which lies along strike from the VMS mineralization encountered in hole PW-26-002, intersected not only significant sulphide mineralization but also multiple, large smoky quartz veins (see Figure 10). The Company is encouraged by these visuals and is planning follow-up drilling around this possible mineralized trend, which seems to also correspond to a weak electromagnetic (‘EM’) signature. To be able to more accurately measure this EM signature, Amex is planning a BHEM (Borehole Electromagnetic) survey across multiple holes on Perron West to better model the potential trend of this mineralization. 

Figure 11: Core photos displaying VMS style mineralization on the Perron West property encountered in drill holes PW-26-008, 010 and 012 in Target Area D.  

Table 4: Assay results from the Perron West Property.

Table 5: Drillhole coordinates for today's results on the Perron Property, Quebec.

Table 6: Drillhole coordinates for the Perron West Property, Ontario.

About Amex

Amex Gold Mining Inc. has made significant high-grade gold discoveries, along with copper-rich volcanogenic massive sulphide (VMS) zones, at its 100%-owned Perron Gold Project. It is located in the territory of Valcanton in northern Quebec, approximately 110 kilometres north of Rouyn-Noranda.

The Perron Project in Quebec consists of 183 contiguous claims for a surface area of 65.72 km². The project hosts several zones of high-grade gold mineralization, VMS mineralization and 'hybrid' gold-rich VMS mineralization.

When combined with the adjacent and contiguous Perron West Project and Abbotsford and Hepburn Projects (including additional claims acquired through staking) in Ontario, the consolidated land package spans a district-scale 570.94 km². This extensive property lies within highly prospective geology favourable for both high-grade gold and VMS mineralization.

The Project benefits from excellent infrastructure: it is accessible by a year-round road, located just 30 minutes from an airport, and approximately 6.5 km from the Town of Normétal. Being in close proximity to several processing plants owned by major gold producers also constitutes a strategic advantage.

Qualified Persons and QA&QC

The technical information in this news release has been reviewed and approved by Aaron Stone, P.Geo (OGQ – 2170, PGO – 3708), Vice President, Exploration of the Company and Jérôme Augustin P.Geo. Ph.D., (OGQ 2134), an Independent Qualified Person as defined by Canadian NI 43-101 standards. The drilling campaign and the quality control program have been planned and supervised by Jérôme Augustin. Core logging and sampling were completed by Laurentia Exploration.

The quality assurance and quality control protocols include insertion of blank or standard samples every 10 samples on average, in addition to the regular insertion of blank, duplicate, and standard samples accredited by Laboratoire Expert and AGAT Laboratories Ltd, during the analytical process.

For all analyses targeting gold mineralization, gold values are estimated by fire assay with finish by atomic absorption. Values over 3 ppm Au are reanalyzed by fire assay with finish by gravimetry by Laboratoire Expert Inc, Rouyn-Noranda. Samples containing visible gold mineralization are analyzed by metallic sieve. For additional quality assurance and quality control, all samples were crushed to 90% less than 2 mm prior to pulverization, in order to homogenize samples which may contain coarse gold.

For all analyses targeting gold and base metals mineralization, gold, platinum and palladium values are estimated by lead fusion fire assay with atomic absorption spectroscopy finish, by AGAT Laboratories. Metals and trace elements values are estimated using four acid digestion with ICP-EOS/MS finish, by AGAT Laboratories. For additional quality assurance and quality control, all samples were crushed to less than 2mm, and then to 85% passing 75µm, in order to homogenize samples which may contain coarse gold.

For further information please contact:

Victor Cantore

President and Chief Executive Officer

Amex Gold Mining Inc.: +1-514-866-8209

In Europe

Swiss Resource Capital AG

Marc Ollinger

info@resource-capital.ch

www.resource-capital.ch

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.

Forward-looking statements

This News Release contains forward-looking statements. All statements, other than statements of historical fact, contained in this News Release including, but not limited to those describing the impact of the foregoing on the Perron Gold Project economics, results of the feasibility study for the Phase 1 development of the Perron Gold Project announced by Amex Gold Mining Inc. (“Amex” or the “Company”) on April 13, 2026 (the “Feasibility Study” or “FS”) (as such results are commented in the text of this News Release), including CAPEX, OPEX, NPV and IRR, the estimated value of the Perron Gold Project, operations development scenarios for the Perron Gold Project, commercial and technical parameters, the attractive economics for the Perron Gold Project, LOM plans, the Company’s intended marketing strategy, market trends, future gold prices, the impact of the Perron Gold Project on the local communities, including job creation, the projected annual  production of the Company’s operations, the timelines and costs related to the various initiatives, deliverables and milestones described in this News Release and their expected results, the Company’s expected financial and operational performance, the nature of relationships with stakeholders such as the local community including the Abitibiwinni First Nation, Mineral Resource estimates (including assumptions and estimates used in preparing the Mineral Resource estimates), the general business and operational outlook of the Company, the Company’s future growth and business prospects, and those statements which are discussed elsewhere in the News Release which essentially describe the Company’s outlook and objectives, constitute “forward-looking information” or “forward-looking statements” (collectively, “forward-looking statements”) within the meaning of applicable Canadian securities laws, and are based on expectations, estimates and projections as of the time of this News Release. 

Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by the Company as of the time of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. These estimates and assumptions may prove to be incorrect. 

Moreover, these forward-looking statements were based upon various underlying factors and assumptions, including the business relationship between the Company and its stakeholders, the ability to operate in a safe and effective manner, the timely delivery and installation at estimated prices of the equipment supporting the production, assumed sale prices for gold, the accuracy of any Mineral Resource estimates, future currency exchange rates and interest rates, political and regulatory stability, prices of commodity and production costs, the receipt of governmental, regulatory and third party approvals, licenses and permits on favourable terms, sustained labour stability, stability in financial and capital markets, availability of equipment and critical supplies, spare parts and consumables, various tax assumptions, CAPEX and OPEX estimates, the Perron Gold Project permits’ status, all economic and operational projections relating to the project, local infrastructures, the Company’s business prospects and opportunities and estimates of the operational performance of the equipment, and are not guarantees of future performance.

Forward-looking statements are subject to known or unknown risks and uncertainties that may cause actual results to differ materially from those anticipated or implied in the forward-looking statements. Risk factors that could cause actual results or events to differ materially from current expectations include, among others, delays in the scheduled delivery times of equipment, the ability of the Company to successfully implement its strategic initiatives and whether such strategic initiatives will yield the expected benefits, the availability of financing or financing on favorable terms for the Company, the dependence on commodity prices, the impact of inflation on costs, the risks of obtaining the necessary permits, the operating performance of the Company’s assets and businesses, competitive factors in the gold mining and production industry, changes in laws and regulations affecting the Company’s businesses, political and social acceptability risk, environmental regulation risk, currency and exchange rate risk, technological developments, and general economic conditions, as well as earnings, capital expenditure, cash flow and capital structure risks and general business risks. 

A further description of risks and uncertainties can be found in the Company’s annual Management's Discussion and Analysis, including in the section thereof captioned “Risk Factors”, which is available on www.sedarplus.ca. Unpredictable or unknown factors not discussed in this Cautionary Note could also have material adverse effects on forward-looking statements.

Many of these uncertainties and contingencies can directly or indirectly affect, and could cause, actual results to differ materially from those expressed or implied in any forward-looking statements. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements are provided for the purpose of providing information about management’s expectations and plans relating to the future. The Company disclaims any intention or obligation to update or revise any forward-looking statements or to explain any material difference between subsequent actual events and such forward-looking statements, except to the extent required by applicable law.

As announced on August 27, 2026, Sierra Madre is adding back-up power generation capacity across La Guitarra, including the two 1,500-kW generators for the plant detailed in this release, plus a 1,250-kW diesel generator for Coloso and Nazareno, to mitigate the impact of weather-related power outages.

Gregory K. Liller, Chief Operating Officer, commented, “Between January and August of this year, the production facility was down a total of 278 hours due to grid power interruptions. This equates to over 11 days of lost production. With the successful commissioning of the generating plant, the lost production revenue plus down time personnel and associated costs are now expected to be behind us. The Company has implemented an aggressive program to reduce operating costs and the backup generating capacity is a major milestone in achieving this.”

Marketing & Investor Awareness

The Company has entered into a marketing and investor awareness agreement dated September 8, 2026 with New Era Publishing Inc ("New Era"). Under the terms of the agreement, New Era will provide marketing and promotional services to the Company for a period of two months in exchange for a fee of $250,000 USD. New Era is a digital marketing and media firm established in 2016 based in Vancouver, BC. New Era provides digital marketing, email and market awareness services and assist its clients with reaching potential investors. New Era will further engage www.carboncredits.com to connect North American and European audiences to bolster awareness of the Company through the carboncredits.com website, articles and e-mail newsletters. New Era and www.carboncredits.com and the Company are unrelated and unaffiliated entities at arm´s length of each other, and neither New Era, nor its principals have an interest, directly or indirectly, in the securities of the company. The services under the marketing and investor awareness agreement are expected to commence toward the end of September 2026 and will continue for a period of two months.

Grant of Stock Options

Pursuant to its Stock Option Plan, the Company has granted stock options to employees of La Guitarra Compania Minera, S.A. de C.V., and consultants of the Company to purchase an aggregate of 350,000 common shares of the Company at a price of $1.56 per share for a period of five years from the grant date. The Options shall be granted under and subject to the terms and conditions of the Company´s stock option plan and subject to the rules and policies of the Exchange. The remaining options will vest 1/3 immediately on the date of the grant; 1/3 six months after the date of the grant; and 1/3 twelve months after the date of the grant. This stock option grant is subject to acceptance by the TSX Venture Exchange.

Qualified Person 

Mr. Gregory Smith, P. Geo, Director of Sierra Madre, is a Qualified Person as defined by NI 43-101, and has reviewed and approved the technical data and information contained in this news release. Mr. Smith has verified the technical and scientific data disclosed herein.

About Sierra Madre

Sierra Madre Gold and Silver Ltd. (TSXV: SM) (OTCQX: SMDRF) is a precious metals producer and exploration company focused on the operation, exploration, and development at its Guitarra mine complex in the Temascaltepec mining district, Mexico. The Guitarra mine is a permitted underground mine, which includes a 500 tpd processing facility that operated until mid-2018 and restarted commercial production in January 2025.

In June 2026, Sierra Madre closed the acquisition of the Del Toro silver mine, adding a past-producing, fully permitted asset to its Mexico-focused silver and gold portfolio.

The Company also holds the +2,600 ha Tepic Project, which hosts low-sulphidation epithermal gold and silver mineralization with an existing historic resource.

Sierra Madre´s management team has played key roles in managing the exploration and development of silver and gold mineral reserves and mineral resources. Sierra Madre´s team of professionals has collectively raised over $1 billion for mining companies.

On behalf of the board of directors of Sierra Madre Gold and Silver Ltd.,

"Alexander Langer"
 Alexander Langer
 President, Chief Executive Officer and Director
 778-820-1189

Contact:
 investor@sierramadregoldandsilver.com

In Europe

Swiss Resource Capital AG

Marc Ollinger

info@resource-capital.ch

www.resource-capital.ch

Cautionary Note Regarding Production Decisions 

The Company´s decision to place the mine into commercial production, expand a mine, make other production related decisions, or otherwise carry out mining and processing operations, is largely based on internal non-public Company data and reports from previous operations and the results of test mining and processing.   The Company is not basing any production decisions on NI 43-101 compliant reserve estimates, preliminary economic assessments or feasibility studies and, as a result, there is greater risk and uncertainty as to future economic results from the Guitarra Mine Complex, including increased uncertainty of achieving any particular level of recovery of minerals or the cost of such recovery, including increased risks associated with developing a commercially mineable deposit, and a higher technical risk of failure than would be the case if a feasibility study were completed and relied upon to make a production decision.

Cautionary Note Regarding 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 news release.

This press release contains "forward-looking information" and "forward-looking statements" within the meaning of applicable securities legislation. The forward-looking statements herein are made as of the date of this press release only, and the Company does not assume any obligation to update or revise them to reflect new information, estimates or opinions, future events or results or otherwise, except as required by applicable law. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budgets", "scheduled", "estimates", "forecasts", "predicts", "projects", "intends", "targets", "aims", "anticipates" or "believes" or variations (including negative variations) of such words and phrases or may be identified by statements to the effect that certain actions "may", "could", "should", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements include, without limitation, statements regarding discussions of future plans, including the expected timing of concentrate shipments; the Company increasing production; the Company receiving revenues on a weekly basis and such revenues allowing the Company to comfortably expand to without further capital needs; production and the expected timing and production levels thereof.

The forward-looking statements involve numerous risks and uncertainties, and actual results might differ materially from results suggested in any forward-looking statements. These risks and uncertainties include, among other things, that predicted production levels will be achieved and that existing production levels will be maintained. 

In making the forward-looking statements in this news release, the Company has applied certain material assumptions, including without limitation, that the Company will be able to execute its future plans as intended, that predicted production levels will be achieved and that existing production levels will be maintained.

Although management of the Company has attempted identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. 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 and forward-looking information. Readers are cautioned that reliance on such information may not be appropriate for other purposes.

SOURCE: Sierra Madre Gold and Silver Ltd.

Mr. Koney is a Ghanaian mining industry leader with over 35 years of corporate experience, including 25 years at the Ghana Chamber of Mines (the "Chamber"). Most recently, he served as Chief Executive Officer of the Chamber from 2014 until his retirement in 2025. During his tenure he provided strategic leadership and transformative initiatives that enhanced the competitiveness and sustainability of the sector. He championed policies that leveraged mining as a catalyst for broad-based socio-economic development and fostered collaboration between mining companies, government, and traditional authorities. While CEO of the Chamber, Mr. Koney also chaired the UN Global Compact Network Ghana for a decade, promoting corporate governance, business ethics and anti-corruption. He also established and served as the first Executive Director of the ECOWAS Federation of Chambers of Mines (EFEDCOM). Prior to his tenure as CEO, Mr. Koney was Director of Analysis, Research and Finance for the Chamber. In that expansive role, he built deep relationships with civil society, key government ministries, departments and agencies across mining, energy, finance, security, logistics and environment, positioning the mining industry as a core bedrock of Ghana's economy while creating a conducive and predictable operating environment for investors. He also served as the focal point for energy and manufacturing matters, as well as for industry-academia collaboration, particularly with the University of Mines and Technology (UMaT). Before joining the Chamber, Mr. Koney spent a decade at Shell Ghana Limited in the Lubricants Marketing Department, including as a member of Shell's inaugural dedicated mining team mandated to deliver focused commercial and technical solutions to the mining industry.

Doug Forster, Chairman of Newcore stated, "We are excited to welcome Mr. Koney to our Board of Directors. His extensive experience, including leading the Ghana Chamber of Mines, is a valuable addition to our team and he is well placed to support Enchi through the development and permitting path forward with his strong relationships and knowledge of the Ghana regulatory and mining sector."

In connection with Mr. Koney’s appointment, Newcore has granted him 225,000 stock options at a price of $0.305 per share for a period of five years that vest over a three-year period with one-third vesting after each 12-month period, as well as 150,000 performance share units that vest after a one-year period based on attendance at quarterly Board of Director meetings, each under the Company’s long-term incentive plan. These grants are subject to approval by the TSX Venture Exchange.

About Newcore Gold Ltd.

Newcore Gold is advancing its Enchi Gold Project located in Ghana, Africa’s largest gold producer ⁽¹⁾. Newcore Gold offers investors a unique combination of top-tier leadership, who are aligned with shareholders through their 12% equity ownership, and prime district scale exploration opportunities. Enchi’s 248 km² land package covers 40 kilometres of Ghana’s prolific Bibiani Shear Zone, a gold belt which hosts several multi-million-ounce gold deposits, including the Chirano mine 50 kilometres to the north. Newcore’s vision is to build a responsive, creative and powerful gold enterprise that maximizes returns for shareholders.

⁽¹⁾ Source: Production volumes for 2025 as sourced from the World Gold Council.

On Behalf of the Board of Directors of Newcore Gold Ltd.

Luke Alexander

President, CEO & Director

For further information, please contact: 

Mal Karwowska | Senior Vice President, Corporate Development and Investor Relations

+1 604 484 4399

info@newcoregold.com 

www.newcoregold.com  

In Europe

Swiss Resource Capital AG

Marc Ollinger

info@resource-capital.ch

www.resource-capital.ch

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.

Cautionary Note Regarding Forward-Looking Statements

This news release includes statements that contain "forward-looking information" within the meaning of the applicable Canadian securities legislation ("forward-looking statements"). All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussion with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often, but not always using phrases such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved) are not statements of historical fact and may be forward-looking statements. In this news release, forward-looking statements relate, among other things, to: the magnitude or quality of mineral deposits; anticipated advancement of mineral properties or programs; future exploration prospects and growth of mineral properties; and the potential expansion or enhancement of mineralization.

These forward-looking statements are based on assumptions management believes to be reasonable at the time such statements are made, including, without limitation, assumptions regarding: the ability of ongoing and future exploration programs to further define, expand or upgrade the ability of ongoing and future exploration programs to further define, expand or upgrade mineralization; and the Company’s ability to execute its plans as currently contemplated. Although the Company believes these assumptions to be reasonable based on information currently available, they may prove to be incorrect. 

Forward-looking statements also 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 future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others: risks related to the speculative nature of Newcore’s business; Newcore’s stage of development; Newcore’s financial position; possible variations in mineralization, grade or recovery rates; actual results of current exploration activities; fluctuations in general macroeconomic conditions and securities markets; change in national and local government, legislation, taxation, controls, regulations and political or economic developments; risks and hazards associated with mineral exploration, development and mining (including environmental hazards and unusual or unexpected geological formations); the presence of laws and regulations that may impose restrictions on mining; employee relations; relationships with and claims by local communities; and the speculative nature of mineral exploration and development (including the risks of obtaining necessary licenses, permits and approvals from government authorities). Readers are cautioned that the foregoing list of factors is not exhaustive of the factors that may affect the forward-looking statements.  

Forward-looking statements contained herein are made as of the date of this news release and Newcore disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results, except as may be required by applicable securities laws. There can be no assurance that forward-looking 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.

Highlights 

• Drill program underway at the Thor’s Valley epithermal gold project in Iceland
• Six drill holes planned with five twin holes to re-test historical intercepts under modern drilling and QA/QC practice and one hole to test a new target where numerous high-grade rock-chip boulder samples up to 102 ppm gold (Au) have been mapped at surface
• A previous operator drilled thirty-two holes totaling 2,431m at Thor’s Valley which returned results up to 415.40 g/t Au^[1]
• In 2020, Iceland Resources ehf drilled eleven drill holes totaling 1,780m with results of up to 113 g/t Au^[1]

Dr. Keith Barron, Chairman, President and CEO of Aurania, commented, “The Thor’s Valley project is supported by a history of documented high-grade gold mineralization. Many of the structural targets remain largely untested by modern exploration methods. Amazingly, the drill location is only a 30-minute drive from downtown Reykjavik, the capital of Iceland.  We are optimistic that our project could potentially replicate what was done in the 1920’s; namely, produce “direct-shipping” siliceous ore that could be taken to the port by truck and thence sent by freighter to Scandinavia or Canada to be used as smelter flux.  This would obviate the need for tailings containments or a mill.  The famous Hishikari Gold Mine in Japan has been supplying Sumitomo with copper smelter flux for years.  Precious metals are retrieved in the copper refining process.  Thor’s Valley is a low-sulphidation epithermal gold-silver system, and of the same type as Hishikari.”

Figure 1.  Image of drill rig operating on site at the Thor’s Valley epithermal gold project in Iceland.

Figure 2.  Location of drill holes for the 2026 program at Thor’s Valley.

Project Overview

In April 2026, Aurania entered into a definitive option agreement with St-Georges Eco-Mining Corp (“St-Georges”) (CSE: SX), a Canadian incorporated mineral exploration company and its wholly owned subsidiary Iceland Resources ehf (“IR”), an Icelandic incorporated precious metals exploration company to work collaboratively to define and execute a phased exploration program aimed at advancing the Thor’s Valley gold project, towards initial modern resource definition. The Thor’s Valley project is held by IR and is located approximately 20 kilometres east of Reykjavík, the capital of Iceland.

Thor’s Valley is a historically known gold-bearing, low-sulphidation epithermal system that was initially discovered in 1903 when two Icelandic farm boys picked up pieces of white quartz from a stream, which proved to be gold-bearing.  A number of ventures were organized from 1911 to 1924 using German or British capital.   Two shafts were sunk and approximately 400 metres of lateral workings performed.  As a result of this, the productive vein was estimated to be 1 metre wide and at least 1 kilometre long.  Reported grades were 11 g/t to 315 g/t gold^[1]. The ore was “direct shipping” and initially sent to Norway and later to Germany for treatment.   There are no historic tailings on site.   Perhaps significantly, the historical record indicates that the last operator, Arcturus, a German company, failed due to the Weimar hyperinflation rather than ore depletion. 

Between 2005 and 2006, the private exploration company Melmi ehf drilled 32 holes totaling 2,431m, which returned results up to 415.40 g/t Au. Melmi ehf was acquired by Iceland Resources in 2020, which completed eleven additional drill holes totaling 1,780m with results of up to 113 g/t Au^[1].

^[1] Refer to information regarding the Thormodsdalur project on Iceland Resources’ website at www.icelandresources.is/thormodsdalur.  

Qualified Persons:

The scientific and technical information contained in this news release has been reviewed and approved by Aurania’s VP Exploration, Mr. Jean-Paul Pallier, MSc. Mr. Pallier is a designated EurGeol by the European Federation of Geologists and a Qualified Person as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects of the Canadian Securities Administrators.

About Aurania

Aurania is a mineral exploration company engaged in the identification, evaluation, acquisition, and exploration of mineral property interests, with a focus on precious metals and critical energy in Europe and abroad.  

Information on Aurania and technical reports are available at www.aurania.com and www.sedarplus.ca , as well as on Facebook at https://www.facebook.com/auranialtd/, Twitter at https://twitter.com/auranialtd, and LinkedIn at https://www.linkedin.com/company/aurania-resources-ltd-.

For further information, please contact:

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

Forward Looking Statements 

This news release contains forward-looking information as such term is defined in applicable securities laws, which relate to future events or future performance and reflect management’s current expectations and assumptions. The forward-looking information includes: statements regarding the Project, that the drill program at the Project will consist of drill six holes for a total of approximately 770 metres and that the drill program is expected to run for approximately one month and drill core samples will be sent for assaying, that the Company is optimistic that our project could potentially replicate what was done in the 1920’s; namely, produce “direct-shipping” siliceous ore, statements regarding the option agreement with St. Georges and IR and the goals, plans and objectives set out thereunder, , anticipated exploration programs, timing of activities, the potential to advance the Project, Aurania’s objectives, goals or future plans, statements, exploration results, potential mineralization, the tonnage and grade of mineralization which has the potential for economic extraction and processing, the merits and effectiveness of known process and recovery methods, the corporation’s portfolio, treasury, management team and enhanced capital markets profile, the estimation of mineral resources, exploration, timing of the commencement of operations, the commencement of any drill program and estimates of market conditions. Such forward-looking statements reflect management’s current beliefs and are based on assumptions made by and information currently available to Aurania, including the assumption that there will be no material adverse change in metal prices, all necessary consents, licenses, permits and approvals will be obtained, including various local government licenses and the market. Investors are cautioned that these forward-looking statements are neither promises nor guarantees and are subject to risks and uncertainties that may cause future results to differ materially from those expected. Risk factors that could cause actual results to differ materially from the results expressed or implied by the forward-looking information include, among other things: failure to achieve the anticipated results, incorrect assumptions made in the initial evaluation of the Project, failure to identify mineral resources; failure to convert estimated mineral resources to reserves; the inability to complete a feasibility study which recommends a production decision; the preliminary nature of metallurgical test results; the inability to recover and process mineralization using known mining methods; the presence of deleterious mineralization or the inability to process mineralization in an environmentally acceptable manner; commodity prices, supply chain disruptions, restrictions on labour and workplace attendance and local and international travel; a failure to obtain or delays in obtaining the required regulatory licenses, permits, approvals and consents; an inability to access financing as needed; a general economic downturn, a volatile stock price, labour strikes, political unrest, changes in the mining regulatory regime governing Aurania; a failure to comply with environmental regulations; a weakening of market and industry reliance on precious metals and base metals; and those risks set out in the Company’s public documents filed on SEDAR+. Aurania cautions the reader that the above list of risk factors is not exhaustive. 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.

2026 Summer Geology Program Highlights:

• Advanced South Block targets toward drill-ready status
• Mapped more than 95% of known outcrops and collected 127 grab samples
• Completed 23 condemnation holes totalling 6,184 metres, confirming the site General Arrangement
• Advanced the integrated 3D geological and multi-element geochemical model

Adree DeLazzer, P.Geo, Vice President, Exploration, commented, “this season’s work has strengthened our geological understanding of the North and South blocks and advanced priority targets on the South Block toward planned drilling in early 2027. Integrating our mapping, sampling and structural interpretation will help us refine these targets and focus the next phase of exploration. In parallel, we are developing an integrated geological and geochemical model at Fenn-Gib to better understand the deposit and guide exploration across the broader property. We are encouraged by the South Block’s potential and look forward to testing the targets developed through this work.

2026 Exploration Program

The 2026 exploration program focused on advancing the geological understanding of the North and South blocks (see figures 1 and 2 below) through systematic geological mapping, prospecting, sampling, and compilation of historical data. Over 95% of known outcrops across both blocks were reviewed, mapped and selectively sampled, providing extensive coverage of the property and adding significantly to the geological dataset available for ongoing interpretation and targeting.

A total of 127 grab samples were collected across the North and South blocks, including selected samples for gold assay and multi-element geochemical analysis. Geological and structural observations recorded during fieldwork focused on documenting structural features, lithology, alteration, and mineralization. The results of this work are being integrated with existing historical datasets to build a more complete understanding of the property.

A structural targeting program is also underway and has identified a number of areas for further evaluation. These targets are being integrated with the results of the summer mapping and sampling program to help refine areas for potential follow-up geological, geochemical, and geophysical work.

The Company is currently finalizing plans for its fall and winter exploration programs.

Figure 1: North Block

Figure 2: South Block

Infrastructure Condemnation Drilling Program

Mayfair has completed its 2026 condemnation drilling program, comprising 23 drill holes totalling 6,184 metres, including two redrills. The program was designed to test the proposed locations of key project infrastructure identified in the 2026 Pre-Feasibility Study Technical Report. The drilling results confirm that the tested locations remain suitable for the planned infrastructure, and no changes to the current site layout are required.

Figure 3: Map of Condemnation Drilling Program

Mine Geology and Geochemical Modelling

Efforts are underway to build a comprehensive 3D model integrating geology and a multi-element database.  To date, over 900 inductively coupled plasma mass spectrometry assays (ICP-MS) have been taken in and around the main Fenn-Gib deposit. Mayfair is continuing to expand the database and model key elements to strengthen the geo-metallurgy model.  The final product will also serve in vectoring pathfinder elements to support exploration efforts on the property scale.

Acid-based accounting assays (ABA) are also being included to further support and strengthen the various environmental baseline studies.

Finally, the previously reported grade control program yielded favorable results (see news release dated June 18, 2026). Mayfair is currently considering options to capitalise on those results and potentially do targeted infill drilling to pursue that program.

Quality Assurance and Quality Control

Mayfair Gold maintains a Quality Assurance/Quality Control (QA/QC) program aligned with NI 43-101 requirements and industry best practices. NQ size surface drilling was carried out by Black Diamond Drilling of Matheson, Ontario, and by Wiijiiwaagan Drilling Limited Partnerships of Haileybury, Ontario, under the supervision of Mayfair Gold’s exploration team. The drill program includes detailed geological logging and systematic sampling of drill core at Mayfair’s secure facility in Matheson, Ontario.

Drill core selected for analysis was cut longitudinally using a diamond‑blade saw. One half of the core was retained in the core box for reference, and the other half was bagged, sealed, and prepared for shipment. Analytical work was completed by Swastika Laboratories Ltd. in Swastika, Ontario. Swastika Laboratories is independent of Mayfair Gold and accredited by the Canadian Association for Laboratory Accreditation Inc. (CALA) and meets the ISO/IEC 17025 standards for gold analysis by fire assay with gravimetric finish and fire assay with flame atomic absorption spectroscopy (FAAS) finish.

Samples were delivered directly to Swastika Laboratories by Mayfair personnel. Samples are crushed to minimum 80% passing 1,700 μm. Samples are then split to obtain a 300–500 g sample using a rotary divider. 300–500 g samples are pulverized to minimum 85% passing 74 μm. Gold assays were completed using a 30‑gram fire assay with FAAS finish. Samples returning gold grades greater than 10 g/t were re‑assayed using a 30‑gram fire assay with gravimetric finish. As part of Mayfair’s QA/QC protocol, one certified reference material (CRM), one coarse blank, and one coarse duplicate sample were inserted into the sequence of every 25 samples. Routine third‑party check assays are also performed.

True thickness for condemnation drilling is unknown.

Mayfair Gold is a Canadian development-stage gold company focused on advancing the 100% controlled Fenn-Gib Project in the Timmins region of Northern Ontario. Fenn-Gib hosts a 4.3 million ounce indicated mineral resource of gold (181.3Mt at an average grade of 0.74 g/t) and the expected strategy outlined in the 2026 Pre-Feasibility Study (the “PFS”)[1] is to develop the project under the provincial permitting process, targeting the higher-grade 1 million ounce probable mineral reserve (25.1Mt at an average grade of 1.29g/t) sitting near-surface, highlighting the optionality and scalability provided by the deposit.  The PFS also outlines the potential to develop Fenn-Gib into a new Canadian gold producer, with initial development capital of C$450 million, a base-case payback period of 2.7 years, and cumulative free cash flow[2] of US$896 million over the first six years of production based on a US$3,100/oz gold price. The Company is advancing permitting activities, detailed engineering, and stakeholder engagement with the goal of starting construction in 2028 with initial production in 2030. The company also remains focused on exploration around the broader land package with the goal of enhancing mineral resource scale and growth opportunities.

The geological information contained in this news release has been reviewed and approved by Adree DeLazzer, P.Geo., Vice President, Exploration of Mayfair, and the remaining technical information has been reviewed and approved by Drew Anwyll, P.Eng., Chief Executive Officer of Mayfair. Ms. DeLazzer and Mr. Anwyll are Qualified Persons as defined by National Instrument 43-101.

Cautionary Note Regarding Forward-Looking Information

This news release contains certain forward-looking information within the meaning of applicable Canadian securities legislation and forward-looking statements within the meaning of applicable United States securities legislation (collectively, “forward-looking information”). The use of the words “will” and “expected” and similar expressions is intended to identify forward-looking information. Forward-looking information in this news release includes, but is not limited to, the expected strategy to develop the project under the provincial permitting process, de-risking of early years’ high-grade feed and cash flow profile, the potential to bring forward higher-grade production, targeting the higher-grade mineral reserve, building and operating the Fenn-Gib Project and all disclosure related to the PFS, including commencement of construction and production. Although Mayfair Gold believes that the expectations reflected in such forward-looking information is reasonable, readers are cautioned that actual results may vary from the forward-looking information. The Company has based the forward-looking information on the Company’s current expectations and assumptions about future events. This information also involves known and unknown risks, uncertainties, and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information, including the risks, uncertainties, and other factors identified in the annual information form and Form 40-F of the Company for the year ended December 31, 2025, available under the Company's profiles on SEDAR+ at www.sedarplus.ca and EDGAR at www.sec.gov, respectively. Furthermore, the forward-looking information contained in this news release is as at the date of this news release, and Mayfair does not undertake any obligation to publicly update or revise any of this forward-looking information except as may be required by applicable securities laws.  

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

For further information, please visit www.mayfairgold.ca or direct enquiries to: 

Drew Anwyll, P.Eng.
 CEO, Mayfair Gold Corp.
 2770 Plymouth Dr – Suite 101

Oakville, ON L6H 6Y4 Canada
 +1 (855) 350-5600
info@mayfairgold.ca

In Europe

Swiss Resource Capital AG

Marc Ollinger

info@resource-capital.ch

www.resource-capital.ch

[1] Please refer to the technical report entitled “Fenn-Gib Gold Project NI 43-101 Technical Report and pre-Feasibility Study” dated effective December 19, 2025 available on SEDAR+ at www.sedarplus.ca for further details.

[2] Free cash flow does not have a standardized meaning and may not be comparable to similar

measures presented by other issuers, referred to as non-GAAP financial measures. As the Corporation is not in production, the Corporation does not have historical non-GAAP financial measures nor historical comparable measures under IFRS, and therefore the foregoing prospective non-GAAP financial measures may not be reconciled to the nearest comparable measures under IFRS.

Hurricane hosts a current Mineral Resource of 48.6 Mlb U₃O₈ at 34.5% U₃O₈ Indicated, and 2.7 Mlb U₃O₈ at 2.2% U₃O₈ Inferred (see “Qualified Person Statement” below). The Project benefits from excellent infrastructure, located approximately 40 km northwest of the McClean Lake mill, and features relatively shallow mineralization at approximately 325 m depth, supporting efficient exploration and future development optionality. The Deposit is located on the Larocque Trend, an important regional structure that also hosts other notable high-grade occurrences including those on Cameco and Orano’s Dawn Lake joint venture.

Highlights

• The summer drill program successfully intersected widespread, strongly elevated radioactivity over a strike length of 600 m along the South Trend.
  1. 18 of the 26 holes returned intervals at or above the cut-off of >350 cps threshold over 0.5 m, 13 holes returned 1,000 cps or greater, and three holes returned over 35,000 cps including the strongest radioactivity drilled to date on the South Trend. All radioactivity results reported herein are measured on drill core as total counts per second (“cps”) with three readings averaged over each 0.5 m sample interval.
• Drill holes LE26-250 and LE26-273 intersected strongly elevated radioactivity on the L fault zone along strike east and west of mineralization previously reported in winter drill hole LE26-248 (4.21% U₃O₈ over 3.5 m, including up to 11.6% U₃O₈ over 1.0 m).
  1. LE26-250, drilled 75 m east of LE26-248 and outside the existing Hurricane footprint, intersected 11,075 cps over 3.5 m, including 43,160 cps over 0.5 m (see news release dated July 8, 2026).
     1. LE26-273, drilled 11 m west of LE26-248, intersected 14,135 cps over 3.0 m, including 36,292 cps over 1.0 m. Like LE26-248, LE6-273 was drilled in the southernmost portion of the Deposit footprint in an area previously interpreted as within the low-grade shell. This interpretation will be revisited once uranium geochemistry results are available.  
• Drill hole LE26-254 intersected strongly elevated radioactivity, on strike west of previously reported mineralization in winter drill hole LE26-234 (1.00% U₃O₈ over 1.5 m, including up to 2.75% U₃O₈ over 0.5 m), on the interpreted L fault zone 510 m east of the existing Hurricane footprint.
  1. LE26-254, drilled 28 m west of LE26-234, intersected 10,110 cps over 2.0 m, including 35,900 cps over 0.5 m. 

 Table. 1 Selected Radioactivity Highlights, 2026 Summer Program, Larocque East Project^1,2,3,4 

^{1. See Table 2 for a listing of individual 0.5 m mineralized intervals defined as intervals over which average RS-125 handheld spectrometer readings on drill core exceeded 350 cps. 2. Radioactivity is total gamma from drill core measured with an RS-125 hand-held spectrometer. 3. Individual 0.5 m interval cps values reported throughout this press release are averages of three readings taken over the 0.5 m interval.} 

^{4. Measurements of total gamma cps on drill core are an indication of uranium content but may not correlate with uranium chemical assays.} 

Dan Brisbin, Vice President Exploration, commented, “Our Larocque project team and contractor partners safely completed an expanded summer program despite a temporary demobilization in June due to a nearby wildfire. Nearly half of the holes drilled in 2026 intersected elevated radioactivity. Multiple holes along the Hurricane South Trend returned strongly elevated results, including thirteen of the twenty-six summer holes at 1,000 cps or greater, both inside the Hurricane deposit footprint and along strike of it. Geochemical results are pending, and those assays, together with the geological observations from drill core, will shape how we define targets for 2027."

 Hurricane Resource Expansion Drilling

Summer drilling focused on expansion of the Hurricane mineral resource. Twenty-six holes were completed to target, with three holes abandoned in sandstone, for a total of 10,159 m. This was expanded from a planned 8,000 m in twenty holes based on early encouraging results. Aside from one hole (LE26-269) that tested the eastern extension of the Hurricane Main trend (Figure 1), all drilling was focused on the Hurricane South Trend. Within the South Trend, six holes tested J and K faults, and seventeen holes tested L fault. LE26-273 tested the L fault within the existing Deposit footprint and extended the zone of elevated radioactivity associated with mineralization intersected by winter hole LE26-248 (4.21% U₃O₈ over 3.5 m, including up to 11.6% U₃O₈ over 1.0 m) 11 m to the west.

The Hurricane area geological interpretation is being updated based on information gathered from the forty-three drill holes completed in 2026. Geochemical results will be added when received, and new and existing information integrated during evaluation of 2027 drill target potential.

Figure 1 – Map of the Larocque Trend on the Larocque East project showing the Hurricane deposit, drill hole unconformity intercept locations, and the interpreted traces of the H, I, J, K and L faults at the unconformity. The J, K and L faults, which comprise the Hurricane South Trend, were the focus of summer drilling. 2026 summer drill holes are colour-coded by radioactivity (cps) x core length (m) product (e.g. 1200 cps intersected along a 2 m core interval has a cps.m product of 2400). Previously released geochemical results for winter drill holes (see May 12, 2026 news release) are also shown. Unmineralized winter holes are labelled but not colour-coded for cps. 2025 and earlier drill holes are not labelled. Radiometric results for mineralized intervals in summer 2026 drill holes are provided in Table 2.

* See Qualified Person Statement below.

The east-striking structures at Hurricane are grouped into three trends: the North Trend (not shown, minor unnamed faults north of the deposit), Main Trend (H and I faults), and the South Trend (J, K and L faults).

West L Fault Target

LE26-255, LE26-257, LE26-261, LE26-268, and LE26-270 to LE26-274 were drilled to follow up on strong radioactivity intersected in drill holes LE26-248 and LE26-250 on the L-fault zone. A strong illite spectral mineralogy signature dominates through the lower 150 m of sandstone with the lowermost five metres of sandstone dominantly characterized by a mix of illite and chlorite in most holes. 

The West L fault target area was a major focus of the summer drill program. Many of the drill holes tested the optimal target position, specifically LE26-250, LE26-261, LE26-268, and LE26-273, where the results correlate with strongly elevated radioactivity. The Company is advancing a geological model for the area to assess its potential based on the winter and summer results.

LE26-250, drilled 75 m east of LE26-248, intersected 11,075 cps over 3.5 m, including 43,160 cps over 0.5 m (see news release dated July 8, 2026). This hole was drilled outside of the existing Hurricane footprint.

LE26-253 intersected elevated radioactivity averaging 620 cps over 0.5 m between 337.5 and 338.0 m, about 3 m above the unconformity (see news release dated July 8, 2026).  The sandstone column is dominantly illitic.

LE26-255 was drilled 30 m east of LE26-250 to test for mineralization The sandstone below 130 m is strongly illitic, transitioning to a mixture of chlorite and illite within 5.0 m of the unconformity. The sandstone is strongly altered with clay and limonite centred on fault zones 70 m above the unconformity. A 0.5 m graphitic fault was intersected 20.0 m below the unconformity. 

LE26-257 was completed to test mineralization between LE26-243 and LE22-115A. It intersected an average of 686 cps from 326.5 to 331.0 m, including 1,960 cps and 1,225 cps over 0.5 m intervals. The sandstone column is dominantly illitic below 100 m. Limonite, chlorite, and secondary hematite alteration are associated with the mineralized interval.

LE26-261 intersected 1,094 cps over 3.0 m from 331.0 to 334.0 m. The sandstone column is dominantly illitic starting 215 m above the unconformity.

LE26-268 intersected 1,115 cps over 1.0 m from 329.5 to 330.5 m. The sandstone is dominantly illitic, apart from a 35 m interval in the lower sandstone.

LE26-270 intersected 870 cps over 1.0 m from 327.5 to 328.5 m. The sandstone column is dominantly illitic throughout, with the basal 2.0 m consisting of a mixture of illite, chlorite, and sudoite. 

LE26-271 didn't intersect elevated radioactivity, but significant alteration and structure were intersected starting 100 m above the unconformity. Fault-controlled hydrothermal hematite was intersected at 287 m and 302 m. Spectral clay analysis shows strong illite starting 200 m above the unconformity. 

LE26-271C1 intersected 498 cps over 1.0 m from 330.0 to 331.0 m. The sandstone is dominantly illitic with mix of illite and chlorite from 5 m above the unconformity

LE26-272 intersected elevated radioactivity over 3.0 m from 322.5 to 327.0 m, featuring a maximum of 1,893 cps over 0.5 m. Illite dominated sandstone starts 200 m above the unconformity. 

LE26-273 intersected elevated radiometry from 328.0 to 331.0 m, averaging 14,135 cps, including 36,292 cps over a 1.0 m interval.

LE26-274 intersected elevated radioactivity from 330.0 to 333.0 m, with a peak reading of 1,190 cps over a 0.5 m interval.

J and K Fault Targets

Drillholes LE26-251, LE26-258, LE26-259, LE26-260, LE26-265B, and LE26-267 targeted interpreted J fault at the unconformity. 

LE26-251 was drilled to test the J fault at the unconformity (see news release dated July 8, 2026).  The sandstone column is illitic starting 180 m above the unconformity. The lower sandstone is moderately bleached, with frequent desilicified and argillized intervals centered on structure. Elevated radioactivity up to 1,580 cps was intersected over 0.5 m from 331.5 m to 332.0 m within an interval with strong sooty pyrite alteration, and within a broader interval straddling the unconformity which averages 980 cps over 3.0 m from 331.0 m to 334.0 m. The hole intersected the unconformity 6 m north of optimal target. LE26-258 was drilled to test the K fault at the unconformity. The hole intersected a strongly graphitic and pyritic unit that hosts multiple faults. The unconformity intercept in this hole is interpreted to be 10 metres south of the optimal target.

LE26-259 was drilled to test the K fault at the unconformity. The hole did not intersect elevated radioactivity.  A strongly graphitic fault is present 26 m below unconformity. The drill hole is interpreted to be 4 m north of the optimal target. 

LE26-260 was drilled to test J fault at the unconformity. The hole intersected 1,971 cps over 4.5 m from 330.0 to 334.5 m, including 6,430 cps over 0.5 m. The sandstone column is illitic starting 200 m above the unconformity. The lower sandstone is strongly bleached, with frequent desilicified and argillized intervals centred on structure. Basement core includes strongly graphitic intervals and multiple graphitic faults. The hole tested optimal target. 

LE26-265B was drilled to test J fault at the unconformity. The hole intersected strong alteration and structure in the basal sandstone and basement; however, no significant radioactivity was intersected. The drill hole is interpreted to 6 m north of the optimal target.

LE26-267 was drilled to test K fault at the unconformity. The hole didn't intersect significant radioactivity. Moderate bleaching and interstitial clay were intersected through the lower sandstone. The drill hole intersected moderately illitic sandstones from 150 m to 15 m above the unconformity.  The basal 10 m of sandstone is a mix of chlorite and illite.   Basement core hosts multiple graphitic faults and the most significant is a 30 cm graphitic fault, intersected 13 m below the unconformity. The drill hole is interpreted to be 5 m north of the optimal target.

Central L Fault Target

Drill holes LE26-256 and LE26-263 were completed to extend mineralization intersected in LE21-101 and LE25-207. LE26-256 intersected an average of 633 cps over 2 m. A 16 m wide zone of broken core with moderate alteration was intersected 25.8 m above the unconformity, including strong hydrothermal hematite over a 2 m interval at 294 m. Basement core intersected a metre-scale cataclastic fault 39 m below the unconformity. This basement fault was targeted with drill hole LE26-263, which intersected 2,023 cps over 1.0 m from 322.5 to 323.5 m. The middle and basal sandstone is dominantly illitic in both drillholes. A significantly altered fault zone consisting of clay, limonite, and desilicification was intersected 19 m above the unconformity in drill hole LE26-263. Sooty pyrite and chloritization are associated with the mineralized zone, and basement core is strongly chloritized down to 10 m below the unconformity. Potential remains open along east for 150 m.

Hurricane Main Trend Target

LE26-269 was drilled on the Hurricane Main Trend 40 m east of the existing Deposit footprint. It intersected a maximum of 476 cps over a 0.5 m sample. The sandstone column 170 m above the unconformity is strongly illitic, while the basal 5 m above the unconformity contains a mixture of chlorite and kaolinite.

Southeast L Fault Target

Drill holes LE26-252, LE26-254, LE26-262, LE26-264, LE26-266A were completed on the eastern portion of interpreted L-fault.  

LE26-252 was drilled 30 m east of mineralized winter hole LE26-234 (see news release dated July 8, 2026). The sandstone is moderately bleached below 143.5 m. Multiple fault zones with strong quartz dissolution and white clay were intersected through lower sandstone. The basement rocks are moderately to strongly clay altered to 337.7 m, with weakly elevated radioactivity intersected within the clay altered zone (450 cps over 0.5 m from 333.5 m to 334.0 m). The drill hole is interpreted to be 8 m north of the optimal target. 

LE26-254 was drilled 27 m west of mineralized drill hole LE26-234. It intersected elevated radioactivity immediately below the unconformity from 331.5 to 333.5 m averaging 10,110 cps, including 35,900 cps over 0.5 m. The lower sandstone unit is strongly altered, with bleaching, argillization, and desilicification centered on fault zones, alongside patches of hydrothermal hematite immediately above the mineralized zone. The sandstone column below 140 m has a dominantly illitic signature. Basement core down to 40 m below the unconformity is moderately altered with pervasive, mineral-controlled clay and chloritization. Radioactivity was intersected in the basement rather than at the unconformity, but the drill hole is interpreted to have tested the optimal target position, with the basement structure intersected immediately below the unconformity. 

LE26-262 was drilled up-dip of a basement structure intersected in drill hole LE26-252. It intersected strong alteration consisting of bleaching, desilicification, and argillization roughly 100 m above the unconformity. The basal sandstone includes secondary hematitization centred on a fault and strong clay replacement. The hole is interpreted to have intersected the unconformity 12 m south of the optimal target.

LE26-264 was drilled to test the L fault at the unconformity between LE26-234 and LE26-254. The hole intersected 849 cps over 5.0 m from 324.0 to 329.0 m, including 2,490 cps over 1.0 m from 326.5 to 327.5 m. Middle and basal sandstone is dominantly illitic. Strongly bleached core begins 50 m above the unconformity, featuring patches of limonite and argillized intervals. A secondary radioactive interval in the basement (610 cps at 334.5 m) is associated with secondary hematite and clay. The hole achieved its objective, intersecting elevated radioactivity at the unconformity.

LE26-266A was planned as step-out hole approximately 140 m east of mineralization intersected in previous holes to test the extent of the alteration footprint in the eastern part of the L-fault. It intersected strongly bleached, argillized, and limonitized alteration centred on a fault zone over an 80.0 m wide interval above the unconformity. The unconformity intercept is 20 m south of the interpreted optimal target and potential along strike remains open.

Table 2. Summer 2026 drill hole summary and RS-125 spectrometer results on intervals in which radioactivity exceeded 350 cps averaged over 0.5 m measured on core.

Table 2 footnote - LE26-265, LE26-265A, and LE26-266 were abandoned in sandstone and not listed. LE26-271C1 is a wedge off LE26-271. Both were completed to target and so both are listed.Qualified Person Statement

The scientific and technical information contained in this news release was reviewed and approved by Dr. Dan Brisbin, P.Geo., IsoEnergy’s Vice President, Exploration, who is a “Qualified Person” (as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects). See the April 7, 2026 press release for information on quality assurance/quality control procedures. Dr. Brisbin has verified the data disclosed herein. Data verification procedures included comparing radioactivity measured on core with the RS-125 spectrometer to radioactivity measured downhole with the 2PGA probe, comparing RS-125 data to cps values marked on core boxes in core photos, and checking reported composite lengths and cps values. For additional information regarding the Company’s Larocque East Project, including the current mineral resource estimate for IsoEnergy’s Hurricane Deposit, please see the technical report entitled “Technical Report on the Larocque East Project, Northern Saskatchewan, Canada” dated August 4, 2022, available on the Company’s profile at www.sedarplus.ca

About IsoEnergy Ltd.

IsoEnergy (NYSE American: ISOU; TSX: ISO) is a leading, globally diversified uranium company with substantial current and historical mineral resources in top uranium mining jurisdictions of Canada, the U.S. and Australia at varying stages of development, providing near-, medium- and long-term leverage to rising uranium prices. IsoEnergy is currently advancing its Larocque East project in Canada’s Athabasca basin, which is home to the Hurricane deposit, boasting the world’s highest-grade indicated uranium mineral resource.

 For More Information, Please Contact:

Philip Williams CEO and Director info@isoenergy.ca 1-833-572-2333

X: @IsoEnergyLtd www.isoenergy.ca

     In Europa

     Swiss Resource Capital AG

     Marc Ollinger

     info@resource-capital.ch

     www.resource-capital.ch

Cautionary Statement Regarding Forward-Looking Information

This press 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 (collectively, referred to as “forward-looking information”). Generally, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. These forward-looking statements or information may relate to statements with respect to the activities, events or developments that the Company expects or anticipates will or may occur in the future, including, without limitation, the anticipated results from the 2026 exploration activities and expected timing for reporting thereof. Generally, but not always, forward-looking information and statements can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or the negative connotation thereof or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved” or the negative connotation thereof.

Forward-looking statements are necessarily based upon a number of assumptions that, while considered reasonable by management at the time, are inherently subject to business, market and economic risks, uncertainties and contingencies that may cause actual results, performance or achievements to be materially different from those expressed or implied by forward-looking statements. Such assumptions include, but are not limited to, assumptions that the results of planned exploration activities are as anticipated; the anticipated mineralization of IsoEnergy’s projects being consistent with expectations and the potential benefits from such projects and any upside from such projects; the price of uranium; that general business and economic conditions will not change in a materially adverse manner; that financing will be available if and when needed and on reasonable terms; that third party contractors, equipment and supplies and governmental and other approvals required to conduct the Company’s planned activities will be available on reasonable terms and in a timely manner. Although IsoEnergy has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information 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 information.

Such statements represent the current views of IsoEnergy with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by IsoEnergy, are inherently subject to significant business, economic, competitive, political and social risks, contingencies and uncertainties. Risks and uncertainties include, but are not limited to the following: negative operating cash flow and dependence on third party financing; uncertainty of additional financing; no known mineral reserves; aboriginal title and consultation issues; reliance on key management and other personnel; actual results of exploration activities being different than anticipated; changes in exploration programs based upon results; availability of third party contractors; availability of equipment and supplies; failure of equipment to operate as anticipated; accidents, effects of weather and other natural phenomena; other environmental risks; changes in laws and regulations; regulatory determinations and delays; stock market conditions generally; demand, supply and pricing for uranium; other risks associated with the mineral exploration industry, and general economic and political conditions in Canada, the United States and other jurisdictions where the Company conducts business. Other factors which could materially affect such forward-looking information are described in the risk factors in IsoEnergy’s most recent annual management’s discussion and analysis and annual information form and IsoEnergy’s other filings with the securities regulators which are available under the Company’s profile on SEDAR+ at www.sedarplus.ca and and on EDGAR at www.sec.gov. IsoEnergy does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

Cautionary Note to United States Investors Regarding Presentation of Mineral Resource Estimates

The mineral resource estimates included in this press release have been prepared in accordance with the requirements of the securities laws in effect in Canada and Australia, as applicable, which differ in certain material respects from the disclosure requirements promulgated by the U.S. Securities and Exchange Commission (the “SEC”). Accordingly, information contained in this press release may not be comparable to similar information made public by U.S. companies reporting pursuant to SEC disclosure requirements.

Kwezi is a mature underground PGM shaft within the Rustenburg operation where mining has reached the limits of the approved mining license area. As such, and in line with expectations, the shaft is approaching the end of its economic life. 

The Company has implemented various initiatives over several years to extend the shaft's life, including reserve optimisation and boundary adjustments. A recently proposed Kwezi Shallows project that had an opportunity to access available shallow up-dip mineral resources was expected to add reserves and support future production; however, stakeholder objections, appeals and delays in required approvals have prevented the project from progressing as planned. The absence of these additional reserves has accelerated depletion of the remaining mining inventory and weakened the shaft's sustainability.

Kwezi reported losses of approximately R208 million in 2024 and R91 million in 2025. Although stronger PGM prices supported positive margins during the first half of 2026, Kwezi is forecast to return to losses during the second half of 2026 as production declines.

Based on the outcome of a detailed operational and financial review of Kwezi shaft, the Company considers it necessary to commence a Section 189A consultation process regarding the proposed restructuring of Kwezi shaft. The consultation process will, among other things, consider measures to avoid or minimise job losses, mitigate the impact on affected employees and evaluate alternatives that may improve the shaft's viability. No final decision has been made.

The proposed restructuring could potentially affect approximately 781 employees and 333 contractor employees.

In H1 2026, Kwezi produced 20,658 4E ounces, representing less than 3% of total managed and attributable SA PGM production of 734,645 4E ounces for the period.

"We acknowledge and are sensitive to the uncertainty that consultation processes create for employees and their families and remain deeply committed to engaging constructively throughout the process. Unfortunately, given the depletion of economically mineable reserves and the corresponding declining financial outlook, it is necessary to commence consultations regarding the future of Kwezi shaft," said Richard Stewart, Chief Executive Officer. 

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  

In Europe

Swiss Resource Capital AG

Marc Ollinger

info@resource-capital.ch

www.resource-capital.ch

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

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 a

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 NinetyOne 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  

In Europe

Swiss Resource Capital AG

Marc Ollinger

info@resource-capital.ch

www.resource-capital.ch

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

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.

+++ Security of supply, data centers, and new projects are shifting the outlook for uranium +++

Dear Readers,

Uranium demand is growing — supply chains are becoming a strategic factor. The nuclear industry is entering a phase of heightened attention. Rising electricity demand, data centers, and the desire for reliable, low-emission generation are strengthening political and industrial support for nuclear energy. The International Energy Agency (IEA) expects record-breaking generation from the global reactor fleet in 2025 and points to the growing electricity demand from data centers and artificial intelligence.

For uranium, fuel demand is particularly relevant: The World Nuclear Association (WNA) estimates reactor demand in 2025 at around 68,920 metric tons of uranium (tU). In the reference scenario, this could rise to just over 150,000 tU by 2040. The upper-range scenario is over 204,000 tU, while the lower-range scenario is more than 107,000 tU.

At the same time, the IEA reports that electricity consumption by data centers will have risen by 17% by 2025. By 2030, it could double from 485 to about 950 TWh. This creates a structural argument for the need for secure electricity sources.

Uranium Energy: Ongoing Production and U.S. Supply Chain

Uranium Energy Corp. - https://www.commodity-tv.com/ondemand/companies/profil/uranium-energy-corp/ - focuses on uranium mining and processing in the U.S. At Burke Hollow in South Texas, new ISR production began in April 2026 following approval by the Texas Commission on Environmental Quality. The uranium is processed at the Hobson Central Processing Plant; Burke Hollow is integrated into the hub-and-spoke model as a satellite project.

In Wyoming, the relevant regulatory authority approved the expansion of Christensen Ranch. Three new header houses in Wellfield 11 began production during the reporting period; according to the company, five more were under construction, and another was awaiting approval. UEC reported production of 32,195 pounds of uranium concentrate from Christensen Ranch for the third quarter of fiscal year 2026. With Burke Hollow and Christensen Ranch, UEC operates two of its three U.S. hub-and-spoke ISR platforms.

The next operational milestone is Ludeman in the Powder River Basin. UEC has completed a 240-well delineation program there and plans to develop Ludeman as its third ISR mine. Processing is to take place at the Irigaray Central Processing Plant.

In addition, the subsidiary United States Uranium Refining & Conversion Corp. is working on a planned uranium conversion facility. An NRC docket has been issued, the site selection has been narrowed down to a shortlist, and, according to UEC Engineering, Fluor is supporting site selection, licensing, and development work. 

IsoEnergy: High-Grade Hurricane and New U.S. Opportunity

IsoEnergy Ltd. - https://www.commodity-tv.com/play/isoenergy-ceo-on-the-disa-deal-to-enhance-the-future-us-uranium-production/ -  is a uranium exploration and development company. Its focus is on Larocque East in the Athabasca Basin in Saskatchewan, home to the Hurricane deposit. The current mineral resource estimate dated July 8, 2022, reports 48.6 million pounds of U₃O₈ as an indicated resource at 34.5% U₃O₈, as well as 2.7 million pounds as an inferred resource at 2.2% U₃O₈.

Ongoing exploration is expanding the prospects: The 2026 summer program was planned to include approximately 8,000 meters of drilling in up to 20 drill holes along the Hurricane South Trend. Elevated radioactivity was detected in each of the first four completed drill holes. Drill hole LE26-250 returned 11,075 cps over 3.5 meters, including 43,160 cps over 0.5 meters.

A second key development is the transaction with DISA Technologies, completed on August 19, 2026, to establish DISA Uranium Corporation. IsoEnergy contributed five permitted, historically producing conventional uranium mines in Utah and received 1,677,350 shares of the new company in return. At the same time, a $105 million financing round was completed. IsoEnergy invested $33 million and, following the closing, holds approximately 33% of DISA Uranium on a fully diluted basis.

DISA Uranium aims to combine HPSA technology for recovering uranium from tailings, the reactivation of conventional U.S. production, and the development of its own processing capabilities. The initial focus will be on Tony M. According to its own presentation, IsoEnergy also plans to release an updated PEA for Tony M by the end of 2026. 

Conclusion: Two Different Leverage Points for the Same Supply Story

The renaissance of nuclear energy is increasing the importance of fuel supply. The WNA scenarios show why new mines, existing production platforms, and additional processing capacities could become relevant in the long term. Uranium Energy is already one step ahead in implementation: Burke Hollow is in production, Christensen Ranch is being expanded, and Ludeman is set to follow.

IsoEnergy stands out thanks to the high-grade resources at Hurricane and its new 33% stake in DISA Uranium. Rising UEC production, further permits, robust IsoEnergy drilling analyses, the Tony M PEA, and DISA’s operational progress would serve as powerful catalysts. This makes both stocks interesting candidates.

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

You can also find further information in our new Uranium Metal Report at the following link: https://www.resource-capital.ch/de/reports/ansicht/uran-report-2026-03/.

Best of luck and warm regards

Yours,

Marc Ollinger

Swiss Resource Capital AG

Sources and Data as of

Data as of: September 4, 2026. Company information and study findings are identified as such; editorial assessments are not company forecasts.

• IEA: The Path to a New Era for Nuclear Energy – Market Environment, Nuclear Energy, and SMRs

• IEA: Key Questions on Energy and AI – Data Centers and Electricity Demand

• World Nuclear Association: World Nuclear Fuel Report 2025–2040 – Uranium Demand Scenarios

• Uranium Energy: Q3 Fiscal 2026 Results – Production, Christensen Ranch, Ludeman, UR&C

• Uranium Energy: 2026 News Releases – Burke Hollow and Regulatory Milestones

• IsoEnergy: DISA Uranium Transaction Closing – Transaction and Financing, August 19, 2026

• IsoEnergy: Hurricane South Trend / Summer Drilling – Drilling Program and Radioactivity Measurements

• IsoEnergy: Corporate Presentation, August 2026 – Resources, DISA, and Corporate Goals

Intro Image: KI geerated

Important Notice / Disclaimer

ADVERTISING AND CONFLICTS OF INTEREST

This article is a paid marketing communication and not an independent financial analysis. It is distributed on behalf of Uranium Energy Corp. and IsoEnergy Ltd. SRC swiss resource capital AG has paid investor relations advisory agreements with both companies. This disclosure is intentionally placed at the beginning and is repeated here.

Purpose and Classification. The content is intended solely for general information and corporate communications. It does not constitute investment advice, nor does it represent an individual recommendation, solicitation, or offer to buy, sell, or hold securities or other financial instruments. No assessment of personal circumstances, investment objectives, knowledge, or risk tolerance is conducted. The decision to invest and the review of original documents, stock exchange announcements, and risks are the sole responsibility of the reader.

Sources, Information, and Forward-Looking Statements. The information has been compiled from publicly available sources and company disclosures. Despite editorial diligence, no warranty is provided as to the accuracy, completeness, timeliness, or translations. Statements regarding plans, objectives, forecasts, studies, potential developments, resource expansions, production increases, or economic potential are forward-looking. They are based on assumptions and are subject to significant uncertainties; they are not guarantees. Deviations may arise in particular due to uranium prices, permits, financing, dilution, costs, timelines, technology, environmental regulations, supply chains, political conditions, and market and project risks. There is no obligation to update this information.

Technical Information. Mineral resources are not mineral reserves, and their economic recoverability has not been proven. Study results, historical estimates, and corporate targets should be interpreted accordingly and must not be construed as guaranteed production or guaranteed profitability. Radioactivity measurements in cps are not laboratory grade specifications. The companies’ original publications are authoritative for technical details and the applicable reporting standards.

Risks. Investments in commodity, uranium, and exploration companies are speculative and may be subject to significant fluctuations. Risks include, among others, those related to exploration and resource estimation, project development, operations, permits, the environment and reclamation, safety, waste management and decommissioning obligations, financing and dilution, technology, timelines, demand, exchange rates, politics, and geopolitics. Even if the industry performs well, the value of a stock may decline. A total loss of the capital invested cannot be ruled out.

Relationships and Positions. Based on the information available, the author does not hold any shares, options, other derivatives, or direct short positions in Uranium Energy Corp. or IsoEnergy Ltd. This article was not reviewed, commented on, or approved by either company prior to publication. SRC swiss resource capital AG reports no net position. SRC is not aware of any of the issuers discussed holding a stake of at least 5% in SRC. Other SRC employees, authors, or affiliated companies may hold their own positions.

Regulatory Notice. The disclosure and editorial content are based on the transparency and objectivity requirements for investment communications, in particular Section 85 of the German Securities Trading Act (WpHG), Article 20 of the Market Abuse Regulation (MAR), and Delegated Regulation (EU) 2016/958, as well as the guidelines of the British Columbia Securities Commission (BCSC) on promotional communications and investor relations activities. This article, the securities, the company information, or their accuracy have not been approved, registered, or reviewed by BaFin, the BCSC, or any other regulatory authority. This notice does not constitute legal advice and is not a substitute for a review by a qualified legal or compliance advisor in the relevant jurisdiction.

Liability and External Links. To the extent permitted by law, we disclaim any liability for direct or indirect damages arising from the use of this information. Mandatory statutory liability claims remain unaffected. Linked external websites are outside our area of responsibility; their terms and conditions and privacy policies apply. The disclaimer of SRC swiss resource capital AG at https://www.resource-capital.ch/de/disclaimer-agb/ applies in addition. No warranty is provided for translations; in case of doubt, the original publication shall prevail.

Use of AI-powered systems. AI-powered systems may be used as editorial tools in the creation and editing of our content, particularly to assist with research, analysis, structuring, and linguistic refinement. All content intended for publication undergoes a thorough human and editorial review prior to publication, is revised as necessary, and is approved by the responsible editorial team. Editorial responsibility for the published content remains solely with the respective publisher.

Dear Readers,

Gold and silver often move in tandem, but they serve different functions in the market. Gold is heavily influenced by central bank purchases, reserve decisions, and safe-haven demand. Silver, in addition, has an industrial demand component. The gold-silver ratio describes how many ounces of silver are mathematically equivalent to the value of one ounce of gold.

The latest Market Trend Report, “Is the Gold:Silver Ratio Relevant Today?”, was prepared by Precious Metals Insights on behalf of the Silver Institute. The analysis examines trends spanning more than 3,000 years, as well as price, supply, and demand data from 1970 to 2026. The result: The correlation between gold and silver has strengthened over the past two decades. At the same time, the ratio exhibits a long-term tendency to revert to the mean. According to the study, the equilibrium lies at just under 60:1.

Particularly relevant is the explanation for the recent deviation: Strong demand for gold from central banks is likely to have pushed the ratio above its long-term equilibrium. This can be interpreted as an indication of relative catch-up potential for silver, but it is no guarantee of a specific price trend.

Fundamental conditions remain constructive

In addition to the ratio, the supply side also calls for careful monitoring of the silver market. The Silver Institute expects a sixth consecutive structural deficit in 2026. According to the industry forecast, physical investment demand is set to rise by 20% to 227 million ounces. At the same time, high prices in certain applications may lead to material savings or substitution. Data centers, artificial intelligence, and automotive applications are cited as structural demand drivers.

For producers, a higher silver price generally boosts revenue. Developers can also benefit from the revaluation of studies, resources, and financing. Both remain dependent on metal prices, costs, permits, and operational implementation.

Endeavour Silver: Production Meets Growth

Endeavour Silver - https://www.commodity-tv.com/ondemand/companies/profil/endeavour-silver-corp/ - is already a producer and, according to the company, operates three mines in Mexico and Peru. In the second quarter of 2026, 1,943,955 ounces of silver and 10,474 ounces of gold were produced; resulting in 3,437,794 ounces of silver equivalent. For the first half of the year, the company reported 6,779,737 ounces of silver equivalent. Operating cash flow before taxes from mining operations totaled $99.9 million in the second quarter, and cash and cash equivalents as of June 30, 2026, stood at $236.6 million.

The operational story is complemented by ongoing ramp-ups. At Kolpa, a significant portion of the plant expansion was brought online in the first quarter; in the second quarter, throughput increased by 36% compared to the first quarter. At Terronera, the LNG plant is operational according to the company, while the ramp-up of the mining complex is expected to continue in the third quarter of 2026. For investors, this creates a combination of ongoing production, additional throughput, and the potential for operational improvements to bolster earnings quality.

Vizsla Silver: Panuco Moves Closer to Implementation

Vizsla Silver - https://www.commodity-tv.com/ondemand/companies/profil/vizsla-silver-corp/ - is developing the Panuco Silver-Gold Project, which it owns 100 percent, in the Mexican state of Sinaloa. The feasibility study, completed in November 2025, projects an average of 17.4 million ounces of silver equivalent per year over an initial mine life of 9.4 years. Based on the metal price assumptions used in the study - $35.50 per ounce of silver and $3,100 per ounce of gold - the study reported a post-tax NPV5 of $1.8 billion, an IRR of 111%, and a payback period of seven months.

Since the study was published, Vizsla has reported further progress toward implementation. In April 2026, EPCM and mine planning contracts were awarded, followed in June by an agreement for the delivery of key processing equipment. Initial engineering and procurement activities were subsequently authorized. The equipment is initially intended to support a processing plant with a daily capacity of 3,300 metric tons and enable a later expansion to 4,000 metric tons. The company continues to cite the second half of 2027 as the target for first silver production. According to the company, a final production decision has not yet been made; detailed planning, financing, and the necessary permits, among other factors, are key to this decision.

Upcoming Milestones

• Endeavour Silver: continued ramp-up at Terronera, utilization of the expanded Kolpa capacity, and the development of production, costs, and cash flow in the coming quarters.
• Vizsla Silver: Progress on permits, detailed planning, equipment, mine development, and financing, as well as preparations for the announced production start in the second half of 2027.
• Ratio and Market: Whether a move toward long-term equilibrium will actually translate into relative strength in silver prices remains dependent on price trends, demand, interest rates, currencies, and investor flows.

Conclusion: Two Different Investments to Benefit from Silver

The gold-silver ratio provides a clear framework for comparing the two precious metals. Endeavour Silver combines this market momentum with ongoing production, cash flow, and operational ramp-up.

Vizsla Silver, on the other hand, offers a research-backed development outlook with clearly defined technical and economic milestones. The positive investment story remains contingent on certain conditions: metal prices, cost control, permits, financing, and technical implementation must all align.

If the companies achieve their next targets, capital market interest in both stocks should continue to rise.

Current company information and press releases from Endeavour Silver (- https://www.resource-capital.ch/de/unternehmen/endeavour-silver-corp/ -) and Vizsla Silver (- https://www.resource-capital.ch/de/unternehmen/vizsla-silver-corp/   -).

Good luck and best regards

Yours,

Marc Ollinger

Swiss Resource Capital AG

Sources and Methodology

Data as of: September 4, 2026, unless otherwise stated in the text. Industry reports, company announcements, company websites, and technical studies were used. AgEq figures are based on the respective companies’ assumptions and are not readily comparable across different companies.

Silver Institute: Gold-Silver Ratio Study / Precious Metals Insights

Silver Institute: 2026 Outlook on Supply, Demand, and Deficit

Endeavour Silver: Q2 2026 Financial Results

Endeavour Silver: Corporate Presentation, September 2026

Vizsla Silver: Feasibility Study for Panuco

Vizsla Silver: EPCM and Mine Planning Contracts

Vizsla Silver: Equipment Supply Agreement

Intro Image: Endeavour Silver

Disclaimer and Disclosure

Promotional Nature: This article is a paid marketing communication or advertorial and is distributed on behalf of Endeavour Silver Corp. and Vizsla Silver Corp. SRC swiss resource capital AG has paid IR/communications contracts with both companies. This is expressly indicated in a prominent location.

No Investment Advice: This article does not constitute independent financial analysis, investment advice, an investment recommendation, or a solicitation to buy, sell, or hold securities or other financial instruments. It does not take into account the personal circumstances, investment objectives, or risk tolerance of individual readers and is not intended to serve as the basis for an individual investment decision.

Author and Company Information: The publisher and author profile is SRC swiss resource capital AG; the author is a freelance journalist. According to the information available, the author does not hold any shares, options, warrants, other derivatives, or direct short positions in Endeavour Silver Corp. or Vizsla Silver Corp. According to the information available, SRC’s net position in the issuers discussed is less than 0.5% in each case. According to the information available, neither issuer is known to hold a stake of at least 5% in SRC swiss resource capital AG.

No Prior Review: This article was not fact-checked, commented on, or approved by either company prior to publication. There was no prior consultation or approval by the companies.

Sources and Independence: The editorial content is based on the industry reports, company announcements, company websites, and technical studies linked in the article. The information has been editorially reviewed; however, no independent geological assessment, no proprietary valuation model, and no proprietary technical feasibility study were prepared. Company information and study data are identified as such.

Technical and Economic Information: Mineral resources are not mineral reserves and do not constitute proof of economic viability. A feasibility study is a model based on specific assumptions; its key figures are no guarantee of actual production, economic viability, or the value of a project. Drilling results, resources, reserves, metallurgy, costs, production targets, and timelines are subject to change. Silver-equivalent (AgEq) figures are based on the respective company’s assumptions and are not automatically comparable across issuers.

Forward-Looking Statements: Statements regarding the planned start of production at Panuco, potential capacity expansions, permits, financing, ramp-ups, costs, cash flows, or potential increased capital market attention are forward-looking statements or editorial assessments. They are based on the company’s statements and assumptions as stated and may prove to be inaccurate . Actual results may differ materially, particularly due to fluctuations in metal prices and exchange rates, inflation, cost increases, financing, dilution, permits, environmental and social requirements, security conditions, infrastructure, supply chains, technical implementation, operational disruptions, geology, and changes in project parameters.

Mining and Securities Risks: Investments in exploration, development, and mining companies are speculative and may result in significant losses, including the complete loss of the capital invested. Past price or company performance is not a reliable indicator of future results. Even for companies already in production, risks exist, including those related to metal prices, costs, reserves, operations, the environment, permits, financing, and debt.

Regulatory Classification: This disclosure is based on the transparency requirements for financial communications and investment recommendations pursuant to Section 85 of the German Securities Trading Act (WpHG) in conjunction with Article 20 of Regulation (EU) No. 596/2014 (MAR) and Delegated Regulation (EU) 2016/958, as well as the British Columbia Securities Commission’s guidance on promotional communications. Neither BaFin nor the BCSC has approved or reviewed this article, the securities mentioned, or the accuracy of the information provided.

Disclaimer and External Links: Despite careful research, no warranty is provided regarding the accuracy, completeness, timeliness, or error-free nature of the information. Liability claims are excluded to the extent permitted by law. The operators of external, linked websites are solely responsible for their content; no legal violations were apparent at the time the links were posted. The disclaimer of SRC swiss resource capital AG, available under “SRC Disclaimer” and “Terms and Conditions,” applies in addition.

Data Status and Updates: Initial publication: September 5, 2026, 7:30 a.m. Europe/Berlin. There is no obligation to provide ongoing updates. The most current original announcements and regulatory filings by the issuers shall prevail.

Use of AI-powered systems: AI-powered systems may be used as editorial tools in the creation and editing of our articles, particularly to assist with research, analysis, structuring, and linguistic revision. All content intended for publication undergoes a thorough human and editorial review prior to publication, is revised as necessary, and is approved by the responsible editorial team. Editorial responsibility for the published content remains solely with the respective publisher.

Note: This disclaimer does not constitute binding legal advice. Prior to publication, a review should be conducted based on the specific publication medium, contractual relationships, and the applicable legal and regulatory requirements.

Luz del Sol: Drilling Defines a New Porphyry Target

Drilling at Luz del Sol, south of the Filo del Sol deposit, has defined a new porphyry drill target immediately east of FS_DDH_015 (Figures 1 and 2). Holes FS_DDH_013 and FS_DDH_015 were designed to test a large magnetotelluric (MT) conductor that coincides with an extensive zone of silica-clay alteration – a classic signature of the upper levels of a porphyry system.

Both holes intersected anomalous copper associated with porphyry dikes and hydrothermal breccias within the MMFZ: FS_DDH_013 returned 18 m at 0.21% Cu from 216 m, and FS_DDH_015 returned 24 m at 0.16% Cu from 179 m and 20.5 m at 0.15% Cu from 218.5 m (Table 1). These grades are not economic, but they are the vectors expected on the flanks of a porphyry system. The silica-clay-white mica alteration at Luz del Sol sits higher in the system than the strong potassic alteration that hosts the Albor breccia in FS_DDH_016 (180 m at 0.98% CuEq; see news release dated July 9, 2026), and mineralization in FS_DDH_015 has been partly leached near surface, with minor secondary copper enrichment.

Figure 1  Plan view of the Meseta, Luz del Sol, Albor and Cuenca targets, showing the drill holes reported in this release and the new road-cut channel assays. Dashed yellow outline is the expanded Cuenca porphyry target (1.3 km × 0.5 km).

The new target is defined by a strong induced polarization (IP) chargeability high (35 to >45 ms) – a geophysical response typically produced by sulphide minerals – that sits directly beneath and beside the oxidized, leached breccias in the upper part of FS_DDH_015. The zone of higher MT conductivity partly overlaps the secondary copper enrichment within the MMFZ (Figure 2).

Three observations point to a porphyry source nearby. Some breccia fragments in FS_DDH_015 carry strong potassic alteration (fine K-feldspar replacement and magnetite veining); others are cut by sericite–pyrite (“D-type”) veinlets; and the mapped quartz stockwork veining and anomalous gold-copper channel samples at surface all sit above the chargeability high. Together they suggest a deeper porphyry that may come close to surface east of the MMFZ. The target will be drilled in 2026–2027.

Figure 2  Section through FS_DDH_015 (A–A′ on Figure 1) showing the new road-cut channel assays (Table 1) and the IP chargeability high that defines the new porphyry drill target east of the hole.

Cuenca: A Growing Porphyry Target

New channel sampling has expanded the Cuenca porphyry target to approximately 1.3 km × 0.5 km (dashed yellow outline, Figures 1 and 3). Like Albor and Cruz del Sur, Cuenca appears to lie along a branch of the MMFZ. The Cuenca target features multiple coincident anomalies:

• Geophysics – a magnetic low (TMI-RTP), possibly reflecting magnetite-destructive phyllic alteration typical of the upper parts of porphyry systems;
• Intrusions and structures – an interconnected network of NE- and NW-striking diorite porphyry dikes, phreatic breccia dikes, and argillic to vuggy-silica altered structures;
• Veining – an area of mapped quartz stockwork veining;
• Rock-chip geochemistry – strongly anomalous gold, silver, copper, molybdenum, antimony, arsenic, lead and zinc; and
• Channel sampling (this release) – strongly anomalous gold and lesser copper along three road cuts (Figures 1 and 3; Table 1).

The principal road cut (Road Cut 1) is 297 m long and lies about 400 m east of FS_DDH_015. Gaps in outcrop prevented continuous sampling, but the 153 m of exposed rock averaged 0.31 g/t Au and 0.11% Cu, including 54 m at 0.46 g/t Au and 0.14% Cu – a strong result for surface samples in a leached, high-level environment. Two further road cuts within the Cuenca outline returned 123.4 m at 0.32 g/t Au and 0.05% Cu (Road Cut 2) and 61.7 m at 0.19 g/t Au and 0.04% Cu (Road Cut 3). Trenching and further channel sampling in 2026–2027 will define the extent of the underlying gold-copper anomaly.

Meseta: Still to be Tested

Meseta remains untested. Drilling in 2025–2026 met difficult ground in highly silicified and fractured rock – itself typical of a high-level epithermal environment – and was deferred in favour of higher-priority targets with better ground conditions. Mogotes plans to return in 2026–2027 to test for deeper high-sulphidation and porphyry mineralization.

Figure 3  View southeast from Meseta (foreground) across the Luz del Sol, Albor and Cuenca (dashed yellow) targets. Blue shaded area traces the approximate area of the Macho Muerto Fault Zone; coloured squares are the new road-cut channel assays. Field of view across Luz del Sol is about 2.5 km.

2025–2026 Season: Two Discoveries on the Macho Muerto Fault Zone

Mogotes drilled 6,208 m in this season at Filo Sur (4,746 m in Argentina and 1,461 m in Chile). Both discoveries sit on the MMFZ: the high-grade Albor breccia (see news release dated July 9, 2026) and the Cruz del Sur gold-copper porphyry (see news release dated May 1, 2026).

Albor

Albor is the highest-grade intercept drilled at Filo Sur to date: FS_DDH_016 cut 180 m of strongly mineralized magmatic-hydrothermal breccia from 108 m depth. Potassic alteration intensifies toward the bottom of the hole, adjacent to an IP chargeability high – a further porphyry target at depth (Figure 4).

Downhole lengths. Composite and copper-equivalent (CuEq) parameters are given in the notes to Table 1.

Figure 4  Section through FS_DDH_016 at Albor (looking northwest) showing the high-grade breccia and deeper porphyry targets.

Cruz del Sur

At Cruz del Sur, FS_DDH_006 discovered a large gold-copper porphyry system with two broad mineralized intervals totalling more than 640 m. FS_DDH_007 intersected a near-surface gold-zinc breccia in the MMFZ from 24 m depth and a deeper gold-copper porphyry intercept (Figure 5). Mineralization remains open in all directions; defining the extent and grade of the system is a priority for 2026–2027.

Downhole lengths. Dash: element not reported for the interval. Zinc is included in CuEq for FS_DDH_007 only. Intervals are composited at a 0.20% CuEq cut-off; the May 1, 2026 release reported gold-only composites for these holes.  

Figure 5  Sections through Cruz del Sur drill holes FS_DDH_006 (looking northeast) and FS_DDH_007 (looking northwest).

2026–2027 Program: Drilling Steps Up to 20,000 Metres

The 2025–2026 season established the MMFZ as a key control on mineralization at Filo Sur: it hosts both discoveries and a growing pipeline of porphyry targets. Within the project the structure extends over roughly 10 km, from Meseta in the north through Luz del Sol and Albor to Cruz del Sur in the southeast, and most of it remains undrilled (Figure 6).

Planning is under way for a 20,000 m program – more than three times this season’s total. Priorities are:

1. Albor – extension drilling at the high-grade breccia and its related porphyry targets;
2. Cruz del Sur – extending the gold-copper porphyry and the fault-hosted breccias;
3. Luz del Sol–Cuenca – a first porphyry test along the target alignment;
4. Meseta – completing the drill test for high-sulphidation and porphyry mineralization; and
5. The wider MMFZ – reconnaissance drilling for additional high-grade breccias and porphyries along its full length.

Beyond the MMFZ, the Colorida–Frontera, Filo Este and Rincon targets – each a multi-kilometre system showing porphyry- to epithermal-style mineralization – will also be advanced.

Figure 6  Oblique aerial view of the Filo Sur concessions (light cyan) showing the drill holes reported in this release (red labels) and the target areas planned for 2026–2027 exploration and drilling (magenta, pink and white outlines).

Table 1  Assay results for the drill holes and road-cut channel samples reported in this release. Drill intervals are downhole lengths; channel intervals are surface lengths.

Notes: Reported drill intervals are length-weighted downhole composites calculated at a cut-off grade of 0.20% CuEq. Composite intervals begin and end with samples grading at or above cut-off and may include up to 6.0 m of consecutive internal dilution below cut-off; unsampled intervals within composites are assigned zero grade. “Including” intervals are calculated at a cut-off of 1.0% CuEq and may include up to 6.0 m of consecutive internal dilution. Copper equivalent is calculated as CuEq (%) = Cu (%) + (Au g/t × 1.0327) + (Ag g/t × 0.0119) + (Mo % × 4.817) + (Zn % × 0.2772), using metal prices of US$4.69/lb Cu, US$3,321/oz Au, US$38.30/oz Ag, US$22.59/lb Mo and US$1.30/lb Zn, and metallurgical recoveries of 80% for each of Cu, Au, Ag, Mo and Zn. Assumed recoveries are based on district analogues; no metallurgical test work has yet been completed on the project, actual recoveries may differ and there is no certainty that the metals will be recovered at the assumed levels. CuEq values are provided for illustrative purposes only, consistent with CSA guidance on metal-equivalent disclosure. Zinc is included in the CuEq calculation only for FS_DDH_007, where zinc averaged more than 0.1% over the reported intervals. Intercepts are reported as downhole intervals; insufficient information is currently available to determine true widths.

Table 2  Collar locations of the drill holes reported in this release.

About Mogotes Metals Inc.

Mogotes Metals Inc. is a mineral exploration company focused on copper, gold and silver in the prospective Vicuña district of Argentina and Chile. The Company’s flagship Filo Sur project adjoins Lundin Mining’s Filo del Sol – one of the world’s largest copper-gold-silver discoveries¹ – and lies along the same north-south trending belt as the Filo del Sol–Aurora deposits and NGEx Minerals’ Lunahuasi and Los Helados copper-gold deposits.

For further information

Mogotes Metals Inc.

Allen Sabet, President and Chief Executive Officer

T: +1 (647) 846-3313  ·  E: info@mogotesmetals.com

W: mogotesmetals.com   ·  X: @mogotesmetals

In Europe

Swiss Resource Capital AG

Marc Ollinger

info@resource-capital.ch

www.resource-capital.ch

Additional Information

The information contained in this news release was accurate at the time of dissemination but may be superseded by subsequent news release(s). The Company is under no obligation, nor does it intend, to update or revise the forward-looking information, whether as a result of new information, future events or otherwise.

Qualified Person

The scientific and technical disclosure for the Filo Sur project included in this news release has been reviewed and approved by Carl Schnell, MAIG, the Qualified Person as defined by National Instrument 43-101. Mr. Schnell is the Company’s Head of Geology and is not independent of the Company.

The Qualified Person has not verified the information regarding adjacent properties such as Filo del Sol, and the information regarding mineralization on the Filo del Sol project is not necessarily indicative of the mineralization on the Filo Sur project.

Sampling, Analysis and QA/QC

Mogotes applies industry-standard exploration sampling methodologies and techniques. All geochemical soil, stream, rock and drill samples are collected under the supervision of the Company’s geologists in accordance with industry practice, and assays are obtained and reported under a quality assurance and quality control (QA/QC) program. Drill core is PQ, HQ and NQ diameter diamond core. Core samples comprise half core cut with a diamond saw and hydraulic cutter, with the remaining core retained on site in core boxes for verification and future reference. Samples from Argentina are bagged in raffia bags and shipped by dedicated truck to the ALS laboratory in Mendoza, Argentina; samples from Chile are bagged in raffia bags and delivered to the ALS laboratory in Copiapó, Chile. These facilities carry out sample preparation (PREP-31B: crush to 70% passing 2 mm, riffle split off 1 kg, pulverize to 85% passing 75 microns). Prepared samples are sent to the ALS laboratory in Lima, Peru, for gold and multi-element analysis. Gold (Au-ICP21) is analyzed by fire-assay fusion of a 30 g charge with an ICP-AES finish, and a suite of 48 elements (ME-MS61) is analyzed by four-acid digestion with an ICP-MS finish.

Certified reference materials (CRMs), blanks and field duplicates were inserted into the sample stream at regular intervals as part of the Company’s QA/QC program, at an approximate rate of one control sample for every nine samples. Laboratory internal QA/QC procedures included duplicate analyses, standards and blanks.

Assay results from drill core samples may be higher, lower or similar to results obtained from surface rock, channel or trench samples because of surficial oxidation and enrichment processes or natural geological grade variation in the primary mineralization. Channel samples are surface samples and are not necessarily representative of mineralization at depth.

Cautionary Note Regarding Forward-Looking Statements

Neither 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.

Certain statements made and information contained herein constitute “forward-looking information” and “forward-looking statements” within the meaning of applicable securities legislation (collectively, “forward-looking information”). The forward-looking information contained in this news release is based on information available to the Company as of the date of this news release. Except as required under applicable securities legislation, the Company does not intend, and does not assume any obligation, to update this forward-looking information. Generally, this forward-looking information can frequently, but not always, be identified by use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “projects”, “targets”, “assumes”, “strategy”, “goals”, “objectives”, “potential”, “possible”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or statements that certain actions, events, conditions or results “will”, “may”, “could”, “would”, “should”, “might” or “will be taken”, “will occur” or “will be achieved” or the negative connotations thereof. All statements other than statements of historical fact may be forward-looking statements.

No assurance can be given that this information will prove to be correct and such forward-looking information included in this news release should not be relied upon. In particular, this news release contains forward-looking information pertaining to assumptions made in the interpretation of drill results, geology, grade, geochemistry, potential implications of geophysics interpretations, and continuity of mineral deposits; the assumption that visual estimates, core logging observations and pXRF measurements referenced in this news release (including in the figure captions) will be confirmed by subsequent laboratory assays; the assumption that future drill holes at the Albor target or elsewhere on the Filo Sur project will encounter mineralization of similar grade, width, continuity or character to that reported herein; expectations regarding access and demand for equipment, skilled labour and services needed for exploration and development of mineral properties; and that activities will not be adversely disrupted or impeded by exploration, development, operating, regulatory, political, community, economic, environmental and/or health and safety risks. In addition, this news release may contain forward-looking statements or information pertaining to: potential exploration upside at the Filo Sur project, including the extent and significance of the porphyry copper-gold system and the prospectivity of exploration targets; exploration plans and expenditures; the ability of the Company to conduct its field programs as planned; the success of future exploration activities; potential for resource expansion; ability to build shareholder value; expectations with regard to adding to its Mineral Reserves or Resources through exploration; ability to execute planned work programs; plans or ability to mobilize or add additional drill rigs; timing or anticipated results of laboratory results; government regulation of mining activities; environmental risks; unanticipated reclamation expenses; title disputes or claims; limitations on insurance coverage; and other risks and uncertainties. While the Company anticipates running an exploration program, it may encounter unexpected weather, logistics, community, access, permitting, legal, environmental, drilling and other challenges, costs, or delays that could prevent the Company from completing the program on the expected timeline or at all. Exploration at Filo Sur is seasonal and is carried out at high altitude in the Andes, where snowfall, storms, flooding, road closures and other adverse weather or climatic events may restrict access to site and suspend or halt field and drilling activities for extended periods or for an entire season. Any further drilling is dependent on pending results from this year’s program and the Company securing additional funding. This program could be delayed or not be carried out at all. There is no assurance that the 20,000 m of drilling described in this news release, or any part of it, will be carried out or completed; the Company may complete materially fewer metres than planned, or may not drill at all.

Although the Company believes that the expectations reflected in such forward-looking statements and/or information are based on assumptions that are reasonable, undue reliance should not be placed on forward-looking statements since the Company can give no assurance that such expectations will prove to be correct. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements, including the risks, uncertainties and other factors identified in the Company’s periodic filings with Canadian securities regulators, available under the Company’s SEDAR+ profile at www.sedarplus.ca, as well as, among other things: general business, economic and mining industry conditions; foreign exchange rates; weather, climatic and geological conditions; the supply and demand for commodities; that financing will be available if and when needed on reasonable terms and that the Company will not experience any material labour dispute, accident, or failure of plant or equipment; the stability and predictability of the political environments and legal and regulatory frameworks; the ability of the Company to obtain, maintain, renew and/or extend required permits, licences, authorizations and/or approvals from the appropriate regulatory authorities; that contractual counterparties perform as agreed; and the ability of the Company to continue to obtain qualified staff and equipment in a timely and cost-efficient manner to meet its needs. These factors are not, and should not be construed as being, exhaustive. Although the Company has attempted to identify important factors that would cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated, or intended. 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. All of the forward-looking information contained in this document is qualified by these cautionary statements. Readers are cautioned not to place undue reliance on forward-looking information due to the inherent uncertainty thereof. Statements relating to “mineral resources” are deemed to be forward-looking information, as they involve the implied assessment, based on certain estimates and assumptions, that the mineral resources described can be profitably produced in the future. Forward-looking information is provided for the purpose of providing information about management’s current expectations and plans and allowing investors and others to get a better understanding of the Company’s operating environment.

+++ Gold Market: Strategic Demand Remains a Factor +++

Gold fulfills several functions in the global financial system. It is held as a reserve by central banks and used by investors for diversification. The World Gold Council estimates average central bank purchases over the past four years at around 1,000 metric tons annually — twice as much as the average for the previous decade. In the second quarter of 2026, a net 289 metric tons were added.

As a result, demand remains structurally significant, even though the price of gold may react in the short term to interest rates, the U.S. dollar, and economic and geopolitical news. For gold companies, the environment is fundamentally supportive.

GoldMining: Resources, Studies, and Financials Set the Course

GoldMining Inc. - https://www.commodity-tv.com/play/goldmining-ceo-update-why-sao-jorge-and-la-mina-could-be-game-changers/ - has a diversified portfolio of gold and gold-copper projects in the Americas. According to the company’s update on June 25, 2026, its global resource base now comprises 13.1 million oz AuEq of “measured and indicated” resources, as well as an additional 9.0 million oz AuEq of “inferred” resources. In addition, the company reported no debt and approximately $185 million in cash and publicly traded securities. GoldMining also holds approximately 74% of U.S. GoldMining, the owner of the Whistler project in Alaska.

La Mina in Colombia is currently the most advanced economic project. The updated PEA, effective as of April 22, 2026, models a post-tax NPV5 of $1.0 billion and a post-tax IRR of 32.2% in the base case scenario at $3,500 per ounce of gold. The study model projects $523 million in initial capital, a payback period of approximately 2.7 years, an average annual production of 152,400 oz AuEq over the first five years, an AISC of $1,045 per ounce of gold, and a mine life of 11.2 years.

São Jorge in Brazil complements this development with a second current economic anchor. The technical study submitted in July, which includes a PEA and has a cut-off date of June 9, 2026, shows a modeled after-tax NPV5 of $532 million and an after-tax IRR of 42.4% in the base case scenario at $3,500 per ounce of gold. The initial capital is estimated at US$202 million, including a 25% contingency. The PEA models an average of 51,250 oz of gold per year over 10.6 years and an AISC of US$1,464 per ounce. The company plans to further de-risk the project with a pre-feasibility study and permitting work.

Southern Cross: High-Grade Drilling Results from Sunday Creek

Southern Cross Gold Consolidated Ltd. - https://www.commodity-tv.com/ondemand/companies/profil/southern-cross-gold-consolidated-ltd/ - focuses on its 100% owned Sunday Creek gold-antimony project, located approximately 60 km north of Melbourne in Victoria. The latest results show that the drilling campaign continues to test high-grade zones at depth and additional mineralization to the east.

The results released on September 2 provide a striking new data point: Drill hole SDDSC222W1 intersected 0.6 m grading 993.2 g/t AuEq starting at a depth of 808.5 m — including 972.0 g/t gold and 8.9% antimony. According to the company, this interval lies approximately 620 m below the surface and ranks as the ninth-best composite interval on the project. In the same set of results, SDDSC227 returned 5.1 m at 27.2 g/t AuEq, including 2.6 m at 51.1 g/t AuEq.

The results build on the interval reported on August 25 in the Rising Sun Zone. SDDSC230 returned 0.3 m at 1,466.7 g/t AuEq, including 1,466.4 g/t gold and 0.1% antimony, which also included 0.1 m at 4,500.8 g/t AuEq. 

The company is maintaining a high technical pace. According to the company, 283 drill holes totaling 136.9 km have been reported since the end of 2020. The ongoing program covers 200,000 m through the first quarter of 2027. As of the latest update, results from 72 drill holes were still pending, while 11 drill rigs were in operation. At the same time, work is progressing on the exploration adit. Once completed, it could increase the number of available drilling rigs both above and below ground.

Conclusion:

The market environment continues to provide gold with a clear structural demand driver. GoldMining boasts a combination of a large resource base, two current PEAs, approximately $185 million in cash and publicly traded securities, and a strategic stake in U.S. GoldMining. Southern Cross rounds out the picture with repeated high-grade gold-antimony drill results, an ongoing large-scale program, and the expansion of access to deeper zones.

Good luck and best regards

Yours,

Marc Ollinger

Swiss Resource Capital AG

Sources and Methodology

Sources: WGC Central Bank Survey · WGC Q2 Demand Report · GoldMining Update · La Mina PEA · São Jorge PEA · Southern Cross 09/02 · Southern Cross 08/25 · BCSC Promotional Communications · Art. 20 MAR

Methodology/Assumptions: This presentation is based on the cited company announcements, technical and economic studies, and the World Gold Council’s market analysis. Company data, drill results, resources, and PEA metrics are reproduced as provided. No proprietary price, DCF, resource, or valuation model was developed, and no independent technical review was conducted. AuEq figures and study values are based on the respective companies’ definitions and assumptions; forecasts and targets are subject to change.

Disclaimer and Disclosure

Advertising and Editorial Classification: This article is a paid advertisement or marketing communication. It is not an independent financial analysis and does not constitute investment advice, an investment recommendation, a solicitation to submit an offer, or an offer to buy or sell shares, securities, or other financial instruments. No individual assessment of investment objectives, financial circumstances, or risk tolerance is conducted.

Client, Author Profile, and Date: The clients are GoldMining Inc. and Southern Cross Gold Consolidated Ltd. The article is published under the author profile of Swiss Resource Capital AG; it was created and distributed by SRC swiss resource capital AG, and the author is a freelance journalist.

Compensation and Conflicts of Interest: SRC swiss resource capital AG has paid IR/communications contracts with both of the aforementioned companies and is distributing this article on their behalf. According to the available information, SRC holds a net position of less than 0.5% in each of the issuers in question. There is no known stake of at least 5% in SRC held by either of the two issuers. As of the date of publication, the author does not hold any shares, options, warrants, other derivatives, or direct short positions in either company.

Company Review: GoldMining Inc. and Southern Cross Gold Consolidated Ltd. have neither reviewed nor approved this article prior to publication. Company information, technical studies, drill results, forecasts, and targets are identified as such. Editorial review does not replace your own technical, legal, or financial review.

Risks: Investments in exploration and development companies are speculative. Significant price losses, up to and including total loss, are possible. Significant risks include, in particular, metal price, currency, market, liquidity, financing, dilution, and debt risks, as well as exploration, geological, metallurgical, resource, reserve, permitting, environmental, infrastructure, indigenous rights, construction, cost, supply chain, operational, and execution risks. A PEA is preliminary; mineral resources are not mineral reserves. Drilling results are point-in-time results and do not necessarily indicate a resource, reserve, economic viability, or true thickness. Past stock price or company performance is not a reliable indicator of future results.

Technical Information and Forward-Looking Statements: Technical and economic information is derived from company press releases, technical reports, and studies prepared in accordance with the standards specified therein, in particular NI 43-101 and—to the extent used by Southern Cross—JORC. These standards and definitions are not readily comparable to U.S. or other reporting systems. Forward-looking statements are based on assumptions and are subject to known and unknown risks; actual results may differ materially.

Transparency and Legal Framework: Disclosure is designed to clearly identify advertising and material conflicts of interest and, where applicable, is guided by the transparency requirements of Article 20 of the MAR, as well as the Principles for Promotional Communications published by the British Columbia Securities Commission. It is not claimed that this article has been reviewed, authorized, or approved by BaFin or the BCSC. This article is intended for publication in German and does not constitute an offer in jurisdictions where such an offer would be prohibited.

Sources, Timeliness, and Liability: The information is derived from sources that were considered reliable at the time of publication. Despite careful research, no warranty is provided as to its accuracy, completeness, or timeliness. Liability for direct or indirect damages is excluded to the extent permitted by law. Linked external content is the sole responsibility of its operators; no liability is assumed for such content. There is no advisory, asset management, or other investment agreement. There is no obligation to provide ongoing updates. In addition, the full disclaimer at www.resource-capital.ch/de/disclaimer-agb/ applies.

Use of AI-powered systems: AI-powered systems may be used as editorial tools for research, analysis, structuring, and linguistic editing. Published content undergoes a thorough human and editorial review prior to publication; editorial responsibility remains with SRC swiss resource capital AG.

Christian Kargl-Simard, CEO of Blue Moon states, “This acquisition more than doubles Springer’s existing water rights and ensures that Springer retains its flexibility to grow into the future as a hub-and-spoke processing complex. The land package can also act as a strategic logistics hub, with access to highway I-80 and adjoining the Union Pacific rail line.”

The Property

The Property consists of over 2,100 acres of land in Pershing County, Nevada, bounded by I-80 on one side and the Union Pacific railroad on the other side. The associated water permits hold over 1,500 afa of water rights in the Imlay basin, with total annual permitted consumptive use of over 1,300 afa and a maximum pumping rate of over 4,300 gpm. The Property also has a 60 KVA power line that is located on site.

Access to the Property from Springer is via Tungsten road and highway I-80, totaling approximately 14 miles. Given the proximity of the property, favourable terrain and access to both the highway and rail line, the Property has the ability to be developed into a future logistics hub for Springer.

Transaction Terms

Blue Moon is acquiring the Property free and clear of all material encumbrances for the following consideration:

• US$3.5 million in cash upon signing the definitive agreement, of which US$0.1 million is a non-refundable deposit; and
• the issuance by Blue Moon to the Seller of US$4.5 million common shares of Blue Moon upon closing, based on the 10-day VWAP of the shares prior to issuance.

The Seller shall be responsible for filing the documentation with NDWR for the transfer of the water rights to Blue Moon for use at Springer, the cost of which filing will be paid by Blue Moon.  

Key conditions precedent to completion of the Acquisition are TSXV approval and the completion of the water rights transfer to Blue Moon. A purchase and sale agreement has been executed by the parties on September 2, 2026, and completion is expected to happen in early 2027. No finders’ fees are being paid on this Acquisition.

About Blue Moon

Blue Moon is advancing 5 brownfield polymetallic projects, including the Nussir copper-gold-silver project in Norway, the NSG copper-zinc-gold-silver project in Norway, the Blue Moon zinc-gold-silver-copper project in the United States, the Springer tungsten-molybdenum project in the United States and the Apex germanium-gallium-copper project in the United States. All 5 projects are well located with existing local infrastructure including roads, power and historical infrastructure. Zinc, copper and tungsten are currently on the USGS and EU list of metals critical to the global economy and national security and germanium and gallium are also on the USGS list of critical metals. Major shareholders include Teck Resources Limited, funds managed by Oaktree Capital Management, Hartree Partners LP, Wheaton Precious Metals, Altius Minerals Corporation, Baker Steel Resources Trust, LNS and Monial. More information is available on the Company’s website (www.bluemoonmetals.com). 

For further information:

Blue Moon Metals Inc.

Christian Kargl-Simard

CEO and Director

Phone: (416) 230-3440

Email: christian@bluemoonmetals.com 

In Europe

Swiss Resource Capital AG

Marc Ollinger

info@resource-capital.ch

www.resource-capital.ch

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.

CAUTIONARY DISCLAIMER - FORWARD LOOKING STATEMENTS 

This news release contains forward-looking statements and forward-looking information (collectively "forward-looking information") within the meaning of applicable Canadian and United States securities laws. All statements included herein, other than statements of historical fact, may be forward-looking information and such information involves various risks and uncertainties. Forward-looking information is often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "project", "predict", "potential", "targeting", "intend", "could", "might", "should", "believe" and similar expressions.

Without limiting the generality of the foregoing, this news release contains forward-looking information pertaining to the following: the completion of the Acquisition, the expected benefits and synergies from the Acquisition; and other matters ancillary or incidental to the foregoing.

A number of risks, uncertainties and other factors could cause actual results and events to differ materially from those expressed or implied in the forward-looking information or could cause the Company's current objectives, strategies and intentions to change. These risks and uncertainties include but are not limited to: the inability of Blue Moon to complete and integrate the Acquisition; risks associated with the integration of Springer project operations; risks associated with mining operations in Nevada; regulatory and permitting risks at the state and federal level including with respect to the development of the Claims; and management's ability to anticipate and manage the factors and risks referred to herein. A comprehensive discussion of other risks that impact Blue Moon can also be found in its public reports and filings which are available at www.sedarplus.ca and on the website of the U.S. Securities and Exchange Commission at www.sec.gov.

The forward-looking information is based on certain key expectations and assumptions made by Blue Moon's management, including but not limited to: expectations concerning prevailing commodity prices; the ability to obtain, renew and extend permits as required; estimates of reserves and resources at various sites; and the integration of the Claims and the Springer project operations.

Any forward-looking information contained in this news release represents management's current expectations and is based on information currently available to management and is subject to change after the date of this news release. Accordingly, the Company warns investors to exercise caution when considering statements containing forward-looking information and that it would be unreasonable to rely on such statements as creating legal rights regarding the Company's future results or plans.

The Company cannot guarantee that any forward-looking information will materialize and readers are cautioned not to place undue reliance on this forward-looking information. Except as required by applicable securities laws, the Company is under no obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by law. All of the forward-looking information in this news release is qualified by the cautionary statements herein.

The strike notice relates specifically to employees covered by the collective bargaining agreement for the Stillwater East mine and Columbus metallurgical facility. The East Boulder mine is covered by a separate collective bargaining agreement and is not included in this strike notice. Negotiations under the East Boulder agreement are continuing.

Sibanye-Stillwater has been engaging with the union for more than four months to conclude a new collective bargaining agreement. The Company remains committed to constructive engagement and to reaching an agreement that appropriately recognises employees' interests while enabling the operational changes required to secure the longer-term sustainability of the US PGM operations.

As shared at our International Capital Markets Day on 20 April 2026 (Link to webpage), the US PGM operations are implementing an integrated, productivity-led transformation programme centered on increased mechanisation and modernised work practices. This programme enables increased productivity, thereby reducing unit costs, and improving through-cycle resilience and long-term sustainability of the US PGM operations. Critically, modernised work practices are required to complement the technical and operational transformation, and in this regard a redesigned performance and incentive plan has been proposed as part of the collective bargaining agreement. 

The US PGM operations produced 137,930 2Eoz during the six months ended 30 June 2026 at a negative notional free cash flow margin, of which the Stillwater East mine contributed 76,334 2Eoz (about 55%) and East Boulder contributed 61,595 2Eoz. Based solely on the Stillwater East mine’s H1 2026 production rate, the operation produced an average of approximately 446 2Eoz per day. Actual production impacted by the strike will depend on its duration, the operating arrangements during the strike, the availability of processing facilities and the timing of  subsequent production restart.

Commenting on the strike notice, CEO Richard Stewart said: “Successfully reducing the unit operating costs at the US PGM operations remains an imperative to securing the long-term future of these operations and to justify required future capital investment. The productivity transformation program has been carefully planned and designed to achieve this, and the proposed bargaining agreement is critical to enable the productivity and operating changes required. We have a clear plan to secure the future of these operations. However, if that plan cannot be implemented and the operations remain unsustainable, there may ultimately be no viable basis for the continued operation. We remain committed to constructive engagement with the United Steelworkers to reach agreement that will secure the long-term sustainability of these world-class operations that produce critical metals in the United States, preserve employment and create lasting value for all stakeholders.”

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.

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.

 SDDSC222W1 returned the headline result, 0.6 m @ 993.2 g/t AuEq (972.0 g/t Au, 8.9% Sb) from 808.5 m, the 9^th best composite intersection drilled at Sunday Creek, 620 m below surface. SDDSC227 returned the shallowest high-grade intersection drilled in Apollo East, 5.1 m @ 27.2 g/t AuEq including 2.6 m @ 51.1 g/t AuEq from 260.9 m and only 144 m below surface, and the most easterly and shallowest drill intersection on the project, along with an antimony assay of 32.5% Sb. Five individual assays in this release exceed 50 g/t Au, ranging from 97.6 g/t to 972.0 g/t. 

Michael Hudson, President & CEO states:  "This release does two things at once. SDDSC222 and its wedge SDDSC222W1 pushed Apollo down-dip, returning 972 g/t gold over 0.6 m at 620 metres vertical depth, our 9^th best intersection at Sunday Creek. SDDSC223 and SDDSC227 extended Apollo East to its shallowest and easternmost extensions. Grades keep improving with depth at Sunday Creek rather than tailing off, but they are not absent at surface either.

“SDDSC227 makes the point better than any hole here: 32.5% antimony, alongside individual gold assays of 186.0 g/t and 116.0 g/t, all within 144 m of surface. SDDSC227 returned 5.1 m @ 27.2 g/t gold equivalent including 2.6 m @ 51.1 g/t and also delivered the easternmost significant intersection drilled at Sunday Creek to date, 110 m below mineralization we trenched at MTSC001 back in 2021. Apollo East is open to the east and we intend to keep pushing it in that direction.

 “We are growing Apollo and Apollo East in both directions at once, and with eleven rigs turning, results pending from 72 holes and our 200,000 m program running through to Q1 2027, we expect to keep delivering."