An aggregate of 81,000 stock options was granted to directors on September 30, 2026, having an exercise price of $0.22. All such stock options will be exercisable for a period of three years from the date of grant and have vested immediately upon grant. In the event a director intends to exercise such stock options, such director shall be solely responsible for paying the entirety of the exercise price.

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/, X (formerly Twitter) at  https://x.com/AuraniaLtd, and LinkedIn at https://www.linkedin.com/company/aurania-resources-ltd-.

For further information, please contact:

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. 

Highlights: 

• 72% Growth in the 2026 Selebi Main MRE. The 2026 Selebi Main MRE increased to 32.47 million tonnes, grading 1.53% copper and 0.97% nickelcompared with 18.89 million tonnes grading 1.69% copper and 0.88% nickel in the 2024 MRE, with substantial increases in contained copper and nickel, including:
  1. 55% increase in contained copper to 495,400 tonnes, from 319,200 tonnes in 2024.
  2. 91% Increase in contained nickel to 316,800 tonnes, from 165,500 tonnes in 2024.
  3. Cobalt is now included in the 2026 Selebi Main MRE, adding a third reported metal to the mineral resource estimate.
• Resource tonnage growth: 91% of the increase is attributable to new drilling in the Flexure Zone.
• Updated technical inputs. The 2026 Selebi Main MRE reflects updated metal price assumptions of US$5.10/lb Copper and US$9.10/lb nickel and incorporates previously reported metallurgical results demonstrating the ability to produce separate, clean copper and nickel concentrates that meet commercial smelter specifications.
• Further growth potential. Recent step-out drilling completed after the mineral resource cut-off date intersected thick, high-grade massive sulphide mineralization. Those results are not included in the 2026 Selebi Main MRE.

Next Steps: 

• Selebi North Mineral Resource Estimate is Nearing Completion. The Selebi North Mineral Resource Estimate is being finalized and will be reported once complete. Together with the 2026 Selebi Main MRE announced today, it will provide a more comprehensive view of the mineral resource and overall scale of the Selebi Mines.

Sean Whiteford, CEO of the Company, commented: “The updated Selebi Main estimate is a major milestone for NexMetals. Resource growth, driven primarily by new drilling in the Flexure Zone, exceeded our expectations and provides a stronger foundation for the next phase of technical work. Given the scale of the increase, we are reporting the Selebi Main Mineral Resource Estimate while MSA completes its work on Selebi North, which is not included in today’s figures. Consistent with Selebi Main, our drilling at Selebi North has been highly successful, delivering significant intercepts down plunge and beyond Selebi North’s 2024 mineral resource envelope. These results support our expectation of growth in the Selebi North resource, and we are optimistic that its forthcoming estimate will further demonstrate the size and scale of the Selebi Mines.

“Selebi Main also remains open beyond the limits of this estimate. Step-out drilling completed after the resource cut-off date has intersected thick, high-grade massive sulphide mineralization. Our data driven approach of using BHEM to guide our drilling has been tremendously successful and supports further growth potential both in down-dip and down-plunge directions. We continue to maintain a strong treasury position, with an approximate cash balance of $10.5 million at September 30th, supporting our ability to advance the next phase of work. Once the Selebi North Mineral Resource Estimate is complete, we will provide guidance on next steps.”

2026 Selebi Main Mineral Resource Estimate as of September 28, 2026

Notes:  

1. All tabulated data have been rounded and as a result minor computational errors may occur.
2. Mineral Resources, which are not Mineral Reserves, have no demonstrated economic viability. There is no guarantee that all or any part of the Mineral Resource will be converted into a Mineral Reserve. The estimate of Mineral Resources may be materially affected by geology, environment, permitting, legal title, taxation, socio-political, marketing, or other relevant issues.
3. kt = thousand tonnes, Mt = Million tonnes, Mlbs = million pounds
4. The 2026 MRE has been prepared in accordance with the CIM Definition Standards (2014) and CIM Best Practice Guidelines (2019) with a data cut-off of September 21, 2026, and an effective date of September 28, 2026.
5. Mineral Resources are reported at a cut-off value of US$75/t NSR (Net Smelter Return) defined as received value of final metal recovered minus off-site costs, and a minimum thickness of 1.5 metres.
6. Mineral Resources are estimated using long-term prices of US$9.10/lb Ni, US$5.10/lb Cu, US$20.00/lb Co. The same metal prices were used in NSR calculations.
7. Mineral Resources are estimated using nickel, copper and cobalt recoveries of 55.6%, 96.1%, and 60.2%, respectively, derived from metallurgical studies which consider a two-concentrate scenario.
8. Payabilities and off-site treatment and refining costs were derived from an independent marketing study commissioned by NexMetals.
9. Bulk density has been estimated in the block model based on an extensive data set of measurements taken from drillhole cores. The average density is 3.51 t/m³ for the Upper vein and 3.38 t/m³ for the Lower vein.
10. Mineral Resources are reported using NSR values which assume mining costs of US$47.60/tonne, concentrate processing costs of US$20.00/tonne and G&A of US$5.50/tonne.
11. Areas depleted or sterilized by mining were removed from the mineral resource as well as an interpreted dyke.
12. There are no Mineral Reserves.
13. Copper equivalent is calculated using the formula CuEq =(Cu%*96.4+Ni%*87.0+Co%*132.7)/96.4.

The table reports Selebi Main only. The updated Selebi North mineral resource estimate is pending and is not included. Totals may not add up due to rounding.

Figure 1: Long section of Selebi Mines highlighting the 2026 Selebi Main MRE. 

Mineral Resource Data and Quality Control

The historical sampling data collected by the previous owner and operator, BCL Limited (“BCL”) included Ni and Cu assays and selective Co assays. The historical data was verified by NEXM through drilling of new holes between historical holes, which intersected mineralization in the expected position, and a twin intercept from a wedge from one BCL surface hole. The data compared within reasonable limits given the variability of the mineralization.

The geological database used in the MRE comprises sixty-nine (69) historical (BCL) surface drillholes and 38 NEXM drillholes, including the extension of 6 BCL drillholes, and 171 underground drillholes drilled by BCL during mining operations that were selected by MSA from a larger underground drilling dataset to be representative of the mineralization in and close to the mined-out areas.

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

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

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

Mineral Resource Estimate

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

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

The deposit can be described as a metamorphosed magmatic nickel-copper sulphide deposit. Mineralization at Selebi Main comprises massive, semi-massive and disseminated sulphides contained within a unit of amphibolite that is surrounded by undifferentiated quartzo-feldspathic and mafic gneisses. Two mineralized zones have been interpreted, known as the Upper Vein and the Lower Vein, which are separated by barren gneiss. The Upper Vein is generally the most continuous, whereas the Lower Vein is not developed over the entire area of the Upper Vein. The veins reach thicknesses of up to 35 metres and can narrow to 10’s of cm and pinch out locally. The veins have an average true thickness of approximately 7 metres for each vein. The deposit is broadly tabular with a strike length of between 1,500 m in the shallower areas to 2,500 m at depth and NEXM drilling intersected nickel-copper sulphides at depths of up to approximately 1,950 m below surface. Stoping has depleted the Mineral Resource from near surface to between 800 m and 1,000 m below surface. The deposit dips to the southwest at an average of 40 degrees, however, local dip variability was commonly experienced in the prior mining areas.

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

All recent exploration at the project, since the closure of the mine, was completed by NEXM in 2022 and 2023, and from 2025 to 2026 and is ongoing. All prior exploration work of relevance to the MRE was completed by the previous operator, BCL Ltd (BCL) up until 2016. The drilling completed since the 2024 MRE allowed for refinement of the previous interpretation and extension to the previously defined resource area. The cut-off date for inclusion of data in this MRE is 21 September 2026.

Geological modelling was undertaken in Datamine Studio RM utilising implicit vein modelling. Upper and Lower veins were coded into the surface and underground drillhole data based on thickness, lithology and grade. Vein intercepts were selected based on an approximate threshold Net Smelter Return (NSR) value of US$70/t using nickel, copper and cobalt grades, while ensuring geological continuity between closely spaced intercepts. A minimum thickness of 1.5 metres was used to allow for a potential minimum mining width, and in some cases dilution outside the mineralized vein was included. Variography was completed using Datamine Supervisor software. Ellipsoids were orientated in the plane of mineralization with slight anisotropy along the mineralization plunge. Nickel, copper, and cobalt grades were interpolated into a rotated block model with a parent cell size of 20 mX by 20 mY by 2 mRL using ordinary kriging, and density was estimated using inverse distance squared. The Datamine process of “Dynamic Anisotropy” was used to modify the search ellipse to changes in the vein orientation. Volumes representing mined voids were removed and a single modelled dyke was assigned grades of zero. NSR was then calculated for each block model cell using the estimated grades, metal prices, recoveries, off-site costs and payabilities. The mineral resource model was classified into the Inferred category, taking into account data quality, geological modelling uncertainty, drillhole spacing and kriging outputs. The majority of the Inferred Mineral Resource is informed by drillholes with an approximate spacing of 200 metres or significantly less close to the mined areas. The Mineral Resource extent was extrapolated a maximum of 100 metres along strike, 150 metres down plunge or the lesser of halfway to a below threshold intercept. 

The Mineral Resource was reported using am NSR grade above US$75 and a minimum thickness of 1.5 metres. Using concentrate costs of US$20/tonne, G&A of US$5.50 per tonne, mining costs of US$47.6 and royalites of 3% for base metals the Mineral Resource satisfies cut-off grade criteria and the QP considers that reasonable prospects for eventual economic extraction (RPEEE) for the Mineral Resource have been demonstrated.

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

Qualified Persons 

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

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

The scientific and technical content of this news release has been reviewed and approved by Sharon Taylor, V.P. Geophysics of the Company, MSc, P.Geo, who is a “qualified person” for the purposes of NI 43-101.

Technical Report

The 2026 Selebi Main MRE will be supported by a NI 43-101 Technical Report to be filed within 45 days of this news release.

SRC Swiss Resource Capital AG Engagement

NexMetals has engaged SRC Swiss Resource Capital AG (“SRC”) to provide digital, translation, news and communications services in Europe (the “Services”). Under the terms of the engagement agreement (the “Agreement”), NexMetals has agreed to pay SRC a fee of CHF 5,000 per month out of its working capital for a six-month term until March 1, 2026, continuing month-to-month thereafter. SRC’s CEO is Marc Ollinger and has an address at Poststr. 1, CH-9100 Herisau, Switzerland. SRC is at arm's length to NexMetals, has no interest, directly or indirectly, in NexMetals or its securities (or any right or intent to acquire such an interest), and has no other relationship with NexMetals, except pursuant to the Agreement. The Agreement is subject to the approval of the TSX Venture Exchange.

About NexMetals Mining Corp.

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

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

Sean Whiteford

CEO 

info@nexmetalsmining.com

1-866-794-NEXM (6396)

Follow Us 

X: https://x.com/NexMetalsCorp  

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

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

In Europe

Swiss Resource Capital AG

Marc Ollinger

info@resource-capital.ch

www.resource-capital.ch

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

Cautionary Note Regarding Forward-Looking Statements

This news release contains “forward-looking statements” within the meaning of the United States federal securities laws and “forward-looking information” within the meaning of applicable Canadian securities legislation (collectively, “forward-looking information”) based on expectations, estimates and projections as at the date of this news release. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. For the purposes of this release, forward-looking information includes, but is not limited to, the filing of a Technical Report prepared in accordance with National Instrument 43-101 on SEDAR+ and EDGAR within 45 days of this news release; the growth and corresponding completion and reporting of the updated Selebi North mineral resource estimate; the expectation that the combined Selebi Main and Selebi North estimates will provide a more complete picture of the Selebi Mines mineral resources; further growth potential from step-out drilling completed after the resource cut-off date, including thick, high-grade massive sulphide mineralization extending beyond the updated resource envelope; Selebi's development potential, the ability to produce separate, clean copper and nickel concentrates meeting commercial smelter specifications, and remaining upside potential; the Company continuing to advance the Selebi Project through drilling and further technical work; and the Company providing guidance on next steps following completion of the Selebi North estimate. The forward-looking information in this news release is based on certain key assumptions, including, but not limited to, assumed metal prices and recoverability; the ability of the Company to produce separate, clean copper and nickel concentrates meeting commercial smelter specifications; the continued availability of qualified personnel to complete pending technical work; MSA completing the Selebi North mineral resource estimate in the ordinary course without material delays; the Company's ability to file the Technical Report on SEDAR+ and EDGAR within the required 45-day period; the absence of material adverse changes to applicable laws, regulations or permitting requirements in Botswana; and the Company having sufficient working capital to fund its planned exploration and development activities. The forward-looking statements in this news release, by their nature, necessarily involve known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied in these forward-looking statements. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, potential delays in the completion and reporting of the Selebi North mineral resource estimate by MSA; the risk that the Technical Report may not be filed within the stated 45-day period; capital and operating costs varying significantly from estimates; the preliminary nature of drilling and metallurgical test results; the risk that step-out drilling results completed after the resource cut-off date may not translate into additional mineral resources upon further evaluation; payabilities of metals varying from expectations; the ability of exploration results to predict mineralization; the risk that the Company will not be able to expand or enhance its current mineral resource estimates; the ability of the Company to implement its drilling, geoscience and metallurgical work on its properties and work plans generally; prefeasibility or the feasibility of mine production; delays in obtaining or failures to obtain required governmental, environmental or other project approvals; uncertainties relating to the availability and costs of financing needed in the future; changes in equity markets; inflation; fluctuations in commodity prices; delays in the development of projects; the other risks involved in the mineral exploration and development industry; and those risks set out in the Company’s filings with the SEC on EDGAR (www.sec.gov) and public disclosure record on SEDAR+ (www.sedarplus.ca), in each case, under the Company’s issuer profile. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.

Highlights

• Equity investment – Macquarie has entered into a subscription agreement for C$10 million of Mayfair common shares, priced at $C4.26, representing a 10% premium to the 5-day VWAP, aligning a leading global resources bank with Mayfair’s shareholders.
• Project finance facility - non-binding engagement letter to arrange a C$300 million project finance facility (inclusive of up to C$20 million capitalized interest) which, if completed on the terms contemplated, would fund the majority of the C$450 million initial development capital estimated in the 2026 Pre-Feasibility Study.
• Early draw feature – the proposed Facility includes a C$25 million early drawdown tranche expected to be available on closing, which would provide financial flexibility to fund early works, long-lead equipment purchases and detailed engineering ahead of full construction drawdowns.
• Interest rate – Adjusted Term Canadian Overnight Repo Rate Average “CORRA” plus 4.75% per annum, stepping down to Adjusted Term CORRA plus 4.25% per annum following project completion, with up to C$20 million of interest capitalizable during construction.
• Repayment terms aligned with the mine plan – quarterly repayments would commence six months after the start of commercial production, with full repayment no later than 72 months after initial drawdown of the Facility following the early drawdown tranche.
• Gold offtake – the financing package includes an offtake right in favour of Macquarie over the first 50,000 ounces of gold produced each year, to a maximum of 300,000 ounces, priced at a published reference price less US$50 per ounce, with 50% of such gold offtake vesting concurrently with signing of the engagement letter and closing of Macquarie’s equity investment and the remaining 50% of such gold offtake vesting on closing of the Facility.

Under the non-binding term sheet, Macquarie would act as Mandated Lead Arranger, Agent and Sole Underwriter of the Facility, which would be structured as a project finance facility. The proceeds would be used to partially fund the development, construction, commissioning and start-up of Fenn-Gib, together with associated working capital and project costs. The Facility would be secured by first-ranking security over the Project. Macquarie may, in consultation with Mayfair, arrange participation by additional lenders or risk participants in respect of a minimum of 30% of the Facility amount.

Kevin Annett, Mayfair’s Chief Financial Officer, stated: “Entering into this engagement letter and financing term sheet represents an important milestone for Mayfair as we advance Fenn-Gib toward development. We are pleased to partner with Macquarie, a highly respected global financial institution with deep mining sector experience. The proposed financing provides a strong foundation for our broader project funding strategy while allowing us to maintain a disciplined approach to capital allocation and project execution. We believe Macquarie will be an excellent long-term partner as we advance Fenn-Gib and continue to grow the Company.”

Mike Burns, Head of Mining Finance – Americas in Macquarie’s Commodities and Global Markets business, added: “Fenn-Gib stands out as a Canadian gold project with the potential to become a significant new producer. Mayfair has taken a disciplined approach to advancing and de-risking the project, and we are pleased to bring Macquarie’s global mining and project finance experience to support the next stage of its development. As a shareholder and through our engagement on the senior debt financing, we look forward to working with the Mayfair team as it advances Fenn-Gib towards construction and production.”

The term sheet is non-binding. The proposed Facility and related transactions remain subject to completion of due diligence, including review by an independent engineer, negotiation and execution of definitive documentation, and satisfaction of conditions precedent customary for a financing of this nature.

The C$10 million strategic equity investment will be priced at C$4.26, representing a 10 percent (10%) premium to the 5-day volume-weighted average trading price of the Company’s common shares on the TSX Venture Exchange on and including September 30, 2026, subject to Exchange approvals.

About Mayfair Gold

Mayfair Gold is a Canadian development-stage gold company focused on advancing the 100%-owned 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.

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, targeting the higher-grade 1-million-ounce mineral reserve, building and operating the Fenn-Gib Project, any anticipated permitting timelines, the completion of the proposed financing with Macquarie on the terms described in this news release or at all, the availability, size, structure, pricing, drawdown and repayment of the project finance facility and the early draw tranche, the completion of the proposed equity investment and gold offtake, the sufficiency of the financing package relative to estimated development capital, and all disclosure related to the PFS, including expected 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.

The campaigns added 325 channel samples over 580.5 m of channels and extended the mapped mineralized breccia by 105 m to a strike length of 410 m (Figure 3). Every one of the 325 new channel samples returned gold, silver or copper mineralization, taking the total to 648 of 648 samples mineralized samples above background. A panel sample taken adjacent to the principal channel returned 32.8 g/t Au and 130 g/t Ag (Plate 1), the second-highest gold grade from rock sampling at Previsto. Sampling is limited to outcrop exposed in the jungle; all sampled areas represent minimum dimensions and remain open in all directions.

Michael Hudson, CEO, states: “Every one of the 648 channel samples we have collected at Previsto Central has returned mineralization above background levels. That consistency, across a breccia now traced for 410 m and open in all directions, tells us we are dealing with a system of real scale. More important is what kind of system it is. Previsto has the hallmarks of an alkalic porphyry-epithermal system, the deposit class that hosts Cripple Creek in Colorado, and to our knowledge the first of its type recognized in Peru. 

“With drilling commencing again next month in Sweden, our work now in Peru is to vector into the core of the system as we advance through permitting toward our maiden drill program in 2027.”

Plate 1: Photo of panel sample 17796. Roscoelite-adularia altered feldspar porphyry returned 32.8 g/t Au and 130 g/t Ag.

Previsto Central Detailed Results

Every one of the 325 channel samples returned gold, silver, or copper mineralization. Combined with the 323 mineralized channel samples reported across the two previous campaigns (news releases dated June 3, 2026, and July 22, 2026), all 648 channel samples collected at Previsto Central across four consecutive campaigns have returned mineralization above background levels, a 100% hit rate sustained as the sampled footprint has grown. Channel CH17992 returned 77.3 m @ 0.1 g/t Au, 2 g/t Ag (uncut) and infills a gap between earlier channels, with individual samples returning 2.3 g/t Au and 0.9 g/t Au within the breccia. Channel CH18662 extends the mapped breccia a further 105 m southeast to a strike length of 410 m (Figure 3). Channel CH18046 returned 19.8 m @ 0.6 g/t Au, 6 g/t Ag (uncut) and outlines a developing higher-grade gold trend stretching from the principal channel over 370 m south.

The two campaigns focused on a 650 m x 240 m polygon (Figure 2) centred on and extending east and south of the principal channel, completing 580.5 m (325 samples) of cumulative channel sampling. Channels were oriented transverse (dominantly NW-SE to N-S) across the porphyry stocks and breccia zones to define alteration boundaries, determine structural controls, and assess the lateral extension of mineralization (Figure 3). Highlight channel composites are summarized below (broad intervals without a cut-off; higher-grade intervals at a 0.5 g/t Au cut-off, maximum internal dilution 0 m): 

1. CH18046: 19.8 m @ 0.6 g/t Au, 6 g/t Ag including 2.0 m @ 3.1 g/t Au
2. CH17992: 77.3 m @ 0.1 g/t Au, 2 g/t Ag including 1.5 m @ 2.3 g/t Au
3. CH17986: 10.6 m @ 0.5 g/t Au, 5 g/t Ag including 6.7 m @ 0.7 g/t Au
4. CH18227: 54.3 m @ 0.2 g/t Au, 2 g/t Ag and 7.7 m @ 0.6 g/t Au
5. CH18273: 11.6 m @ 0.4 g/t Au, 3 g/t Ag including 4.0 m @ 0.6 g/t Au
6. CH18284: 12.1 m @ 0.3 g/t Au, 1 g/t Ag including 3.3 m @ 0.9 g/t Au
7. CH18252: 16.7 m @ 0.2 g/t Au, 3 g/t Ag including 3.1 m @ 0.7 g/t Au
8. CH18060: 10.4 m @ 0.3 g/t Au, 3 g/t Ag including 2.5 m @ 0.6 g/t Au

In addition to channel sampling, 34 rock chip and panel samples were collected across a 600 m x 200 m polygon at Previsto Central. Assay results are summarized in Table 1 (n = 34):

Table 1: Summary of results of rock chip and panel sampling.

Mineralized Breccia and Structural Setting

Mapping during the two campaigns identified two mineralized breccia styles within the feldspar porphyry host: a crackle breccia exposed along the 77.3 m principal channel (CH17992), and discrete breccia bodies up to 6.7 m wide in channels CH17986, CH18486 and CH18273. The breccias carry adularia and roscoelite (a vanadium-bearing mica) alteration with disseminated pyrite and local tellurides, and a veinlet sample returned 0.16% V, a diagnostic signature of alkalic epithermal systems.

Gold and copper are interpreted to be carried mainly by an early north-south set of K-feldspar-quartz-sulphide veinlets. Surface outcrops are strongly weathered and leached of copper, zinc and lead, but relict veinlets and boxwork textures indicate the primary sulphide-bearing system continues below the weathered zone, a target that only drilling can test. The mineralized breccia now extends over 410 m of strike and remains open in all directions.

Alkalic Porphyry-Epithermal Setting: A Rare and Significant Deposit Class

Work by the Company’s geological consultants indicates that the Previsto system displays the hallmark characteristics of an alkalic porphyry-epithermal district, a class of deposit that includes a number of major gold districts. Features identified at Previsto include:

• Roscoelite-cemented hydrothermal breccias associated with Au-Ag-Te-V-Cu-Mo-Pb-Ba-As, with grades up to 33.1 g/t Au and 120 g/t Ag at the Previsto Central target.
• Fluorite occurring as cement in roscoelite-cemented breccias, a diagnostic feature of alkalic systems.
• Massive adularia alteration associated with Au-Ag-Te mineralization.
• Pseudoleucite-bearing syenite porphyries, a silica-undersaturated intrusive suite that is globally rare and genetically linked to alkalic gold mineralization.

These features are shared with Cripple Creek in Colorado, a district that has produced more than 20 million ounces of gold from a similar alkalic igneous setting with roscoelite, adularia and telluride associations. Emperor and Tuvatu in Fiji are further alkalic analogues. To the Company’s knowledge, Previsto is the first system of this type recognized in Peru, which substantially increases the project’s district-scale potential. Mineralization at Cripple Creek, Emperor and Tuvatu is not necessarily indicative of mineralization at Previsto.

Next Steps

Hannan is advancing two work fronts at Previsto:

• Structural Mapping: Detailed mapping and channel sampling of Previsto Central outcrops to further define higher-grade gold and understand the structural controls of mineralization, with a focus on vectoring toward the core of a potentially highly prospective breccia pipe.
• Drill Permitting: DIA evaluation in progress in parallel at DGAAM, ANA and SERFOR, with final approvals anticipated during Q1 2027, ahead of the first ever drill program at Previsto. 

DIA Submission and New Decree to Expedite Exploration Drilling

On July 14, 2026, the Company announced the completion and submission of its Declaración de Impacto Ambiental (“DIA”) or Environmental Impact Statement for the 100% owned Amanecer gold-copper project. The DIA is the primary environmental certification required for drilling to proceed in Peru and provides for 18 drill platforms and 7,650 m of diamond drilling across the Previsto Central and Inca Garcilazo prospects, the first ever drilling at Previsto. The DIA was submitted to the General Directorate of Mining Environmental Affairs (“DGAAM”) of Peru’s Ministry of Energy and Mines. DGAAM has confirmed that the request for evaluation and opinion has also been delivered to SERFOR, Peru’s National Forest and Wildlife Service, and the evaluation process is now in progress in parallel at DGAAM, the National Water Authority (“ANA”) and SERFOR. Final DIA and other approvals are anticipated during Q1 2027, after which drilling can commence.

Hannan also welcomes the July 2026 publication of Supreme Decree No. 014-2026-EM in Peru’s official gazette, El Peruano, which amends the Environmental Protection Regulation for Mining Exploration Activities and is expected to expedite permitting for the project. Under the reform, the evaluating authority, MINEM, may now notify companies of observations without waiting for all external entities to report, the DIA threshold has been expanded to 60 drilling platforms to give more mid-sized projects access to the streamlined Category I pathway, duplicate observations are prohibited, official technical assistance desks have been established, and strict, predictable timelines now apply to both authorities and companies, with penalties for administrative inaction. These changes are expected to bring greater efficiency and predictability to the evaluation of the Amanecer DIA.

About the Previsto Prospect (DIA AMANECER)

The 100% owned Previsto prospect (DIA AMANECER) is located in central-eastern Peru (Figures 1 and 2). The area is characterized by steep topography on the eastern flank of the Central Cordillera with elevations between 800 m and 2,000 m above sea level. The prospect was discovered in 2021 during an extensive greenfields prospecting program initiated by Hannan targeting back-arc porphyry copper-gold systems.

Previsto has rapidly evolved from a greenfields prospect to an emerging alkalic porphyry-epithermal area. At Previsto and Belen, a significant-scale porphyry cluster is present within an area of 25 km by 10 km, with eight porphyry and/or epithermal targets now identified.

Technical Background

All samples were collected by Hannan geologists. Samples were transported to ALS in Lima via third-party services using trackable parcels and by company staff. At the laboratory, rock samples were prepared and analyzed by standard methods. The sample preparation involved crushing 70% to less than 2 mm, riffle split off 250 g, pulverize split to better than 85% passing 75 microns. Samples were analyzed by method ME-MS61, a four-acid digest performed on 0.25 g of the sample to quantitatively dissolve most geological materials. Analysis is via ICP-MS. Gold was analyzed by ALS in Lima using a standard sample preparation and 30 g fire assay sample charge. QAQC protocol for rock samples is to include one CRM per 25 samples. 

Channel samples are considered representative of the in-situ mineralization. At this stage, true widths of mineralization are not known. Grab or panel samples are selective by nature and are unlikely to represent average grades on the property.

About Hannan Metals Limited (TSXV:HAN) (OTCPK: HANNF) (Frankfurt: C8MQ)

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; 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.

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: Overview of the 347 km² Valiente project area in Peru.

Figure 2: Map showing the 5 km x 5 km gold anomaly at Previsto and the location of several systems developing within the Previsto footprint which highlight this area as a new mineral district. Location of current results also shown. 

Figure 3: Previsto Central area showing gold in rock chips and channels, including channels reported here. The 410 m strike length of the mineralized breccia is shown in the NW-SE orientation (true width unknown). Call outs along channels reported here show gold and silver results.

The Notes offering was completed on a private placement basis to persons reasonably believed to be qualified institutional buyers in accordance with Rule 144A under the United States Securities Act of 1933, as amended (the "Securities Act") and outside of the United States pursuant to Regulation S under the Securities Act (the "Offering").

Sean Roosen, Chairman and CEO, commented: "With construction of the Cariboo Gold Project underway following our positive final investment decision earlier this month, the completion of this offering further bolsters our already strong balance sheet position and, together with other available sources of capital, fully funds us through commercial production anticipated in 2029. Refinancing the existing Appian project finance facility on cost-effective terms lowers our overall cost of capital and provides greater financial flexibility as we progress construction. The exceptional support from leading institutional investors underscores the quality of the Cariboo Gold Project, our development strategy and management's ability to deliver. Our focus remains on disciplined project execution while concurrently advancing exploration programs aimed at unlocking the vast exploration potential of the Project and its broader regional land package.”

The Notes are fully and unconditionally guaranteed by certain of the Company’s subsidiaries, which, at closing, consisted of Barkerville Gold Mines Ltd., its subsidiary that holds the Cariboo Gold Project in British Columbia, Canada (the "Cariboo Gold Project" or "Project"), and are secured by a first priority lien on the Company’s and each guarantor’s property, including equity interests owned by the Company and each guarantor in their respective subsidiaries, the interest reserve account and disbursement account described below, and personal and real property, subject to certain exceptions.

The net proceeds from the Offering were approximately US$578.0 million, after deducting the initial purchasers’ discounts and commissions and estimated offering expenses. The net proceeds from the Offering were used to:

• repay all amounts outstanding, and terminate all commitments, under the Company’s senior secured credit facility with Appian Capital Advisory Limited (the "Appian Credit Facility") with approximately US$120.8 million of the net proceeds from the Offering;
• fund a segregated interest reserve account in an amount equal to the first five interest payments on the Notes; and
• fund, with the remaining net proceeds, a segregated disbursement account with funds to be used to advance the Cariboo Gold Project.

Table 1 below summarizes the estimated sources and uses of capital from August 1, 2026, through to forecasted commercial production in H2 2029, after giving effect to the net proceeds from the Offering.

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

1. Totals may not add up due to rounding. Assuming a USD:CAD exchange rate of C$1.38 per US$1.00.
2. As adjusted cash and cash equivalents give effect to US$30 million (C$41 million) in expected gross proceeds from the Trafigura equity investment announced September 14, 2026.
3. Net proceeds from the Offering of approximately US$578.0 million less repayment of approximately US$120.8 million of amounts outstanding under the Appian Credit Facility.
4. Exploration expenditures include remaining flow-through expenditure obligations of approximately C$22 million, with the balance related to planned exploration activities across conversion, infill, and CGP deeps exploration surface and underground drilling.

In connection with the Offering, the initial purchasers purchased the Notes at a purchase price of 98.25% of the principal amount of the Notes.   

The offer and sale of the Notes have not been and will not be registered under the Securities Act, or any state securities laws, or qualified by way of a prospectus in any province or territory of Canada. The Notes may not be offered or sold in the United States or to U.S. persons absent registration or an applicable exemption from the registration requirements of the Securities Act and applicable state securities laws. The Notes sold to persons located or resident in Canada are subject to a customary four-month hold period under Canadian securities laws.

This news release is neither an offer to sell nor a solicitation of an offer to buy any of the Notes being offered in the Offering, nor shall it constitute an offer, solicitation or sale of any Notes in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to the registration or qualification thereof under the securities laws of any such state or jurisdiction. 

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”). Such forward-looking statements, by their nature, require Osisko Gold to make certain assumptions and necessarily involve known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied in these forward-looking statements. Such forward-looking statements are not guarantees of performance and are identified with words such as “may”, “will”, “would”, “could”, “expect”, “believe”, “plan”, “anticipate”, “intend”, “estimate”, “potential”, “propose”, “project”, “outlook”, “foresee”, “continue”, “objective”, “strategy”, variants of these words or the negative or comparable terminology, as well as terms usually used in the future and the conditional. Information contained in forward-looking statements is based upon certain material assumptions that were applied in drawing a conclusion or making a forecast or projection, including statements pertaining to the Company’s expected funding through commercial production anticipated in 2029; the Company’s expected financial flexibility as it progresses construction; the Company’s focus on disciplined project execution and its plans to advance exploration programs aimed at unlocking the exploration potential of the Project and its broader regional land package; the anticipated use of proceeds from the Offering; the Company’s estimated sources and uses of capital; the ability to develop the Cariboo Gold Project and its status as being fully permitted; the Company's objective of becoming an intermediate gold producer; and the exploration potential and potential for future discoveries (if any) of its properties.

Osisko Gold considers its assumptions to be reasonable based on information currently available but cautions the reader that their assumptions regarding future events, many of which are beyond the control of Osisko Gold, may ultimately prove to be incorrect since they are subject to risks and uncertainties that affect Osisko Gold and its business. Such risks and uncertainties include, but are not limited to: the absence of further work stoppages or suspensions at the Cariboo Gold Project; risks associated with the development and construction of the Cariboo Gold Project; risks relating to third-party approvals, including the issuance of permits by governments, favourable regulatory conditions and approvals, 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; the absence of unforeseen ground conditions or other geological challenges; the ability to continue current operations and exploration; regulatory framework and presence of laws and regulations that may impose restrictions on mining; 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; the availability of necessary equipment, supplies and infrastructure; risks relating to exploration, development and mining activities; the global economic climate; fluctuations in metal and commodity prices; fluctuations in the currency markets; dilution; environmental risks; and community, non-governmental and governmental actions and the impact of stakeholder actions. Readers are urged to consult the disclosure provided under the heading “Risk Factors” in the Company’s annual information form for the year ended December 31, 2025 as well as those risks and factors disclosed in the Company’s most recent financial statements and management’s discussion and analysis and other public filings filed under Osisko Gold’s issuer profile on SEDAR+ (www.sedarplus.ca) and on the SEC’s EDGAR website (www.sec.gov), for further information regarding the risks and other factors facing the Company, its business and operations. Although the Company believes the expectations conveyed by the forward-looking statements are reasonable based on information available as of the date hereof, no assurances can be given as to future results, levels of activity and achievements. The Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by law. Forward-looking statements are not guarantees of performance and there can be no assurance that these forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. 

Readers are cautioned that the foregoing list of assumptions, risks and uncertainties is not exhaustive. The forward-looking statements contained herein are made as of the date of this news release and, except as required by applicable law, the Company undertakes no obligation to update publicly or to revise any of the 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.

The agreement is an important step in implementing the US PGM operations’ plan to fully mechanise its mining, including a move away from a rock-breaking incentive to a team-based incentive and modernising certain legacy benefits that were out-of-scope with the United States market.

Strike action by members of the USW at the Stillwater East mine and Columbus metallurgical facility continues. The Company remains committed to constructive engagement to reach an agreement that enables long-term sustainability of the operations.

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.

Equinox Gold’s global exploration programs are currently active across nine projects, with 45 drill rigs operating across Canada, the United States, Mexico and Nicaragua. The Company has completed approximately 308,000 metres of drilling year-to-date, with 16 rigs operating in Canada, 15 in Mexico and 12 in Nicaragua and two in the United States (increasing to four in the near term). The 2026 global discovery and mineral resource expansion exploration program is supported by a budget of approximately US$155 million and includes approximately 477,000 metres of planned drilling, focused on mineral resource growth, mine-life extension and the advancement of exploration opportunities across the Company’s operating portfolio.

2026 Canada Highlights:

• Musselwhite:Drilling along the mine trend continues to intersect gold mineralization and confirms continuity up to two kilometres beyond current operations, supporting future mineral resource growth and mine-life extension, including:
  • 22.9 m @ 10.00 grams per tonne gold (“g/t Au”) (Mine extension – PQ Extension Zone “PQE”)
  • 20.5 m @ 7.31 g/t Au (Mine extension – PQE)
• Valentine:Drilling continues to expand mineralization along the mine trend, with potential for mineral resource growth, while advancing the new Minotaur discovery, including:
  • 99.4 m @ 0.98 g/t Au (Frank Zone)
  • 27.3 m @ 2.11 g/t Au (Minotaur)
• Greenstone: The first major exploration program since 2020 started in August, targeting underground extensions and near-pit mineral resource growth. Initial drill holes have intersected mineralized intervals in targeted horizons, with assays pending.

Jason Simpson, President of Equinox Gold, commented: “Canada is increasingly becoming the foundation of Equinox Gold’s production and organic growth strategy, with greater than 60% of 2026 gold production from Canadian operations. With three long-life operating mines, significant processing capacity and large, highly prospective, and underexplored land packages, we see substantial opportunity to grow production from assets and infrastructure we already own.

“At Musselwhite, drilling continues to demonstrate high-grade mineralization along the mine trend, up to two kilometres beyond current operations and around the existing mine. Valentine continues to deliver new discoveries and opportunities to grow open-pit mineral resources in what is now being recognized as a new gold district. Greenstone, Equinox Gold’s largest gold production centre, has significant underground and untapped regional exploration potential.

“Our objective is clear. Turn today's results – the extended mine trend at Musselwhite, the new discoveries at Valentine and the underground potential at Greenstone – into mineral resources and mineral reserves, extend mine lives and maximize the value of existing infrastructure, while focusing on disciplined growth and generating long-term shareholder value. We believe our current mine plans capture only part of the long-term growth potential across our Canadian portfolio.”

A LARGE-SCALE CANADIAN GOLD PLATFORM WITH SIGNIFICANT ORGANIC GROWTH POTENTIAL

Equinox Gold’s Canadian operations provide a substantial base of existing production complemented by multiple avenues for organic growth. The addition of Musselwhite provides a third established Canadian production centre and an additional platform for mineral reserve replacement, mineral resource growth and production optimization.

Across the Canadian portfolio, the Company is advancing three complementary exploration programs, with the objectives to:

• Musselwhite: Extend the mine trend, grow and convert high-grade underground mineral resources and identify additional mill feed to maximize utilization of existing processing infrastructure;
• Valentine: Grow mineral resources along the 32-kilometre Valentine Lake Shear Zone and emerging targets while advancing the planned Phase 2 expansion that doubles mill throughput to approximately 5.0 million tonnes per year; and
• Greenstone: Convert higher-grade underground and satellite mineral resources, extend mine life through regional deposits and optimize throughput beyond the current 27,000-tonne-per-day nameplate capacity.

At Musselwhite, drilling results received through the end of July 2026 will be incorporated into a year-end mineral reserve and mineral resource update expected in Q1 2027. The update will include new mineral resources at PQE. Ongoing drilling continues to demonstrate the potential for additional mineral resource growth and future conversion opportunities along the trend through 2027 and 2028. At Valentine, drilling data through July 2026 will be included in the year-end mineral resource and mineral reserve update. At Greenstone, recently started drilling focused on mineral resource growth at depth is targeted to be included in a mineral resource and mineral reserve update at year-end 2027.

MUSSELWHITE – EXTENDING A PROVEN HIGH-GRADE GOLD SYSTEM SHOWING SIGNIFICANT UPSIDE

Musselwhite is a high-grade underground gold mine in Northwestern Ontario that has produced more than six million ounces of gold over nearly 30 years of operation. Exploration at Musselwhite is currently advancing through three parallel programs. The underground drill program is targeting mineral resource and mineral reserve growth and conversion within the Lynx, PQ, West Limb and Redwings zones. The deep directional surface drill program is testing the down-plunge extension of the mine trend, with results demonstrating the continuity of mineralization approximately two kilometres beyond current operations. The near-mine surface drill program is evaluating additional targets within the broader mine corridor, with the objective of identifying new sources of mill feed and further extending the mine life.

The current underground drilling program continues to deliver multiple significant high-grade intersections across all priority areas, including the Lynx, PQ, West Limb and Redwings zones. A total of 36,315 metres has been drilled year-to-date in 2026.

The deep directional surface drilling program is testing the northwest down-plunge extension of the mine trend. The program has demonstrated exceptional continuity of mineralization and confirmed the continuity of two stacked mineralized zones, interpreted as the Lynx and PQE zones, with mineralization remaining open down plunge and both up and down dip on section (see Orla Mining news release dated April 9, 2026). A total of 15,230 metres has been drilled in 2026.              

New 2026 Highlights include:

Underground:

• 9.2 m @ 16.96 g/t Au (Lynx, 26-LNX-056)
• 9.2 m @ 12.39 g/t Au (PQE, 26-PQE-007)
• 1.0 m @ 471.00 g/t Au (PQE, 26-PQE-054)
• 13.2 m @ 9.55 g/t Au (Redwings, 26-RDW-007)

Mine Trend Extension:

• 22.9 m @ 10.00 g/t Au(26-NSD01-008W)
  1. Including:
• 0.6 m @ 37.10 g/t Au
• 0.7 m @ 21.19 g/t Au
• 0.5 m @ 23.74 g/t Au
• 1.4 m @ 43.07 g/t Au
• 12.4 m @ 5.77 g/t Au(26-NSD01-006W)
  1. Including 3.2 m @ 16.25 g/t Au
• 0.9 m @ 288.74 g/t Au (26-NSD02-008W)
• 20.5 m @ 7.31 g/t Au (26-NSD02-009W)
  1. Including 1.2 m @ 21.07 g/t Au 

The combination of high-grade underground results and successful deep directional drilling increases Equinox Gold’s confidence in the opportunity to expand mineral resources and mineral reserves and extend the mine life.

The near-mine surface drill program was completed in September, with 7,940 metres drilled in 2026. New shallow mineralization was intersected at Camp Bay and along the Musselwhite 4 km South-East Trend targets, including 18.9 m @ 2.94 g/t Au (26-CMP-015) and 0.7 m @ 42.22 g/t Au (26-KAZ-002). The 2026 drilling results, combined with a global review and re-modelling of historical near-mine drilling data, have significantly improved the understanding of the near-mine mineral endowment and identified priority mineralized trends for potential testing in 2027. Further work is planned to test the potential for satellite mineralization near existing mine infrastructure, within approximately 10 kilometres of the mill.

Beyond the mine area, Equinox Gold controls a district-scale land package of approximately 65,000 hectares across the North Caribou Greenstone Belt, providing significant opportunities for both near-mine mineral resource growth and regional discovery. The property hosts numerous known mineral occurrences and prospective geological trends, supporting a substantial pipeline of exploration targets. The Company has advanced a regional data compilation, target definition and prioritization to unlock the full potential of this land package.

Figure 1: Musselwhite Long Section – Underground and Deep Directional Highlights. Drilling supports continuity of high-grade mineralization along the mine trend for approximately two kilometers beyond current operations.

Figure 2: Plan View Musselwhite Regional Compilation. Land package spans 65,000 hectares across the North Caribou Greenstone Belt, with a pipeline of regional and near-mine targets identified for follow-up.

Figure 3: Plan View Musselwhite Near-Mine Highlights. Drilling has intersected shallow gold mineralization at Camp Bay and along the Musselwhite South-East Trend targets.

VALENTINE – BUILDING A NEW GOLD DISTRICT

Exploration at the Valentine Gold Mine continues to identify mineralization along the Valentine Lake Shear Zone (“VLSZ”), also referred to as the mine trend. Mineralization is currently defined along approximately 15 kilometres of strike, with drilling having tested the system to an average vertical depth of 300 to 500 metres, highlighting significant potential to expand mineralization both laterally and at depth. The newly identified Minotaur Zone (see Equinox Gold news release dated February 2, 2026) opens a distinct, new area of exploration potential, reinforcing the broader district-scale upside. The 2026 exploration program is focused approximately two-thirds on the mine trend and one-third on regional targets, including Minotaur. Mineral resource growth targets include infill and expansion drilling at the Frank Zone, located southwest of the Leprechaun open pit, with an initial mineral resource estimate for Frank planned in the near future. A total of 50,560 metres of development drilling and 18,330 metres of generative/regional drilling has been completed year to date.

Results from the Leprechaun, Marathon, Frank and Banshee zones continue to demonstrate the potential for mineral resource growth along the mine trend. Recent drilling has improved confidence in mineralization within and adjacent to the current pit designs, while also extending mineralization beyond existing mineral resource boundaries. Ongoing drilling at Frank and Banshee is focused on mineral resource definition and expansion, with deeper drilling planned to evaluate the potential for mineralization below the current pit limits.

The Minotaur discovery located approximately eight kilometres northwest of the Valentine Mill, continues to demonstrate significant exploration potential. Drilling completed in 2026 has expanded the known footprint of mineralization, extending the strike length of the original discovery zone to more than one kilometre and identifying additional mineralization beyond the area previously reported. Drilling has also outlined a broader zone of deformation and mineralization extending over two kilometres in length and one kilometre in width, with mineralization remaining open in all directions. Geological interpretation at Minotaur is ongoing, with the geometry, controls and continuity of mineralization still being defined as new exploration data are integrated.

The 2026 drill highlights presented below demonstrate both the in-pit and along-strike mineral resource expansion potential across the VLSZ, as well as the early-stage promising results from Minotaur:

• 44.0 m @ 3.57 g/t Au(BN-26-005, Banshee Zone, immediately southwest of the Marathon Pit)
  1. Including 1.6 m @ 23.38 g/t Au and 5.0 m @ 16.65 g/t Au
• 164.0 m @ 2.55 g/t Au (MA-24-489, Marathon pit, northeast side)
• Including 22.0 m @ 7.28 g/t Au and 2.0 m @ 19.96 g/t Au
• 126.0 m @ 2.15 g/t (LP-24-001, Leprechaun Pit)
• Including 28.0 m @ 4.99 g/t Au
• 22.0 m @ 4.00 g/t Au (FZ-26-168, Frank Zone, proximal to Leprechaun Pit)
• Including 6.1 m @ 10.25 g/t Au
• 33.2 m @ 1.57 g/t Au (MT-26-029, Minotaur)
• Including 0.9 m @ 31.21 g/t Au and 2.1 m @ 8.49 g/t Au

With less than 20% of the 327 km² land package explored to date, opportunities for additional mineral resource growth and new discoveries are substantial.

Continued exploration success has the potential not only to extend the mine life but also to enhance the long-term value and utilization of an expanded Valentine processing facility. The planned Valentine Phase 2 expansion is expected to double processing capacity to 5.0 million tonnes per year. Following completion of Phase 2, the Valentine Report (as defined below) estimates Valentine is expected to average approximately 223,000 ounces of gold production annually over the subsequent ten years (see Equinox Gold news release dated March 30, 2026).

Figure 4: Plan Map Valentine Gold Mine. Drilling highlights along the mine trend demonstrate continued mineral resource growth and extension potential, while the Minotaur discovery to the north highlights the potential for broader district-scale opportunities. 
 

Figure 5: Valentine Long Section. Drilling supports mineral resource growth potential both along strike and at depth across the Frank and Minotaur zones.

GREENSTONE – SIGNIFICANT UNDERGROUND AND REGIONAL OPTIONALITY

Greenstone is Equinox Gold’s largest Canadian production centre and is underpinned by a significant open-pit mineral reserve, higher-grade underground mineral resources not included in the current mine plan, and an extensive regional land position covering much of the Beardmore-Geraldton Greenstone Belt.

The 2026 exploration program commenced on August 14 and is expected to ramp up to four drill rigs by October. The program is focused on three priority target areas:

• Underground Extension: Testing opportunities to expand and convert higher-grade underground mineral resources (planned 16,800 metres);
• North Pit Wall: Targeting mineral resource and mineral reserve growth adjacent to the existing open pit (planned 5,040 metres); and
• South Porphyry: Targeting mineral resource growth along the south wall of the open pit (planned 2,520 metres).

The broader Greenstone land package provides considerable additional exploration potential. Equinox Gold controls a significant portion of the Beardmore-Geraldton Greenstone Belt, which hosts numerous deposits, prospects and historical gold mines. Eight past-producing mines across the property historically produced, in aggregate, two million ounces of gold at grades greater than 15 g/t Au, with limited modern exploration. A regional data compilation and targeting initiative is underway to identify and prioritize opportunities across the broader land package.

Figure 6: Plan Map Greenstone Regional Compilation. Regional land position covers much of the Beardmore-Geraldton Greenstone Belt, host to eight past-producing mines with two million ounces of historical production at gold grades above 15 g/t Au.

EXPLORATION: LEVERAGING EXISTING INFRASTRUCTURE TO CREATE LONG-TERM VALUE

Equinox Gold believes the combination of established operations, significant processing infrastructure and large prospective land packages differentiates its Canadian exploration portfolio.

At Musselwhite, the Company sees the opportunity to continue extending a high-grade system that has already supported nearly 30 years of mining and to identify sufficient additional inventory to maximize the use of existing excess mill capacity.

At Valentine, the opportunity is to systematically explore a 32-kilometre mineralized trend and surrounding geological structures while expanding processing capacity to approximately 5.0 million tonnes per year.

At Greenstone, the opportunity is to complement the large open-pit operation with higher-grade underground mineral resources and regional deposits while pursuing opportunities to increase throughput beyond current nameplate capacity.

2027 Exploration Outlook

Equinox Gold plans to maintain substantial exploration efforts across its three Canadian assets and broader portfolio of assets in the United States, Mexico and Nicaragua, with a focus on creating value through exploration. The programs are designed to grow mineral resources and replace mineral reserves, extend mine lives, make new discoveries and create additional optionality at both operating and development-stage assets, supporting long-term production growth and maximizing the value of the Company’s portfolio.

Additional Technical Information  

All mineralized interval lengths reported are down-hole intervals, with true width estimates ranging from 30-100% for the reported interval. See Tables 1 to 6 of this news release for estimated true widths of individual composites. True widths are not estimated in cases where there is insufficient geological control on gold mineralization.   A minimum sampling length of 0.30 m is used for both underground and surface drilling. The reported composites were not subject to “capping” of high grades. Equinox Gold believes that applying a top cut would have a negligible effect on overall grades. Visual observations of drill core at Greenstone are not a reliable proxy for gold grade, and the presence, nature and extent of mineralization remain unconfirmed until laboratory assay results are received.

Quality Assurance/Quality Control

Quality Assurance/Quality Control (“QA/QC”) protocols followed at Valentine include the insertion of blanks and standards at regular intervals in each sample batch. Drill core is cut in half with one half retained at site and the other half tagged and sent to MSALabs in Grand Falls-Windsor, NL or in Timmins, ON. MSALabs is independent of Equinox Gold. All reported core samples are analyzed for gold by fire assay (prior to April 2026) using a 30g aliquot with atomic absorption finish or PhotonAssay^TM (from April 2026 onward), using a 500g crushed sample. All samples above 0.30 g/t Au and those in economically interesting intervals are further assayed via metallic screen technique. There are no known drilling, sampling, recovery, or other factors that could materially affect the accuracy, reliability or results from the Valentine drill program.  Additional information regarding the Company’s data verification processes at Valentine is set out in the Company’s NI 43-101 technical report for the project entitled “NI 43-101 Technical Report – Valentine Gold Mine, Newfoundland and Labrador, Canada” with an effective date of December 31, 2025 (the “Valentine Report”), which can be found on the Company’s website at www.equinoxgold.com and on Equinox Gold’s profile on SEDAR+ at www.sedarplus.ca,  for additional information.

Gold assay results at Musselwhite were obtained at ALS Canada Inc. (“ALS”) or SGS Canada Inc. (“SGS”) using fire assay fusion and an atomic absorption spectroscopy finish (ALS: Au-AA23, SGS: GE_FAA30V5). If samples returned gold values greater than 10 ppm, samples are re-run with gold by fire assay and gravimetric finish (ALS: Au-GRA21, SGS: GO_FAG30V). Gold results were also obtained at ALS using PhotonAssay^TM on two aliquots of 500g of crushed sample (ALS: Au-PA01). For Fire Assay analyses, standards were inserted at a frequency of four in every 100 samples, and blanks were inserted at a frequency of four in every 100 samples.

ALS and SGS are both independent of Equinox Gold. ALS is an ISO-17025 accredited laboratory for PhotonAssay^TM methods. There are no known drilling, sampling, recovery, or other factors that could materially affect the accuracy or reliability of the drilling data at Musselwhite.

For additional information on Musselwhite, see the Musselwhite Report (as defined below) and Orla Mining Ltd.’s (“Orla”) press releases dated April 9, 2026, December 18, 2025, October 6, 2025 and April 1, 2025.

Historical drilling programs at Musselwhite were completed by Goldcorp. Inc. (“Goldcorp”) and/or Newmont Corporation (“Newmont”), the prior owners of the project. The Company’s independent qualified person for the Musselwhite Report was of the opinion that the drilling and sampling procedures for Musselwhite drill samples by Goldcorp and Newmont were reasonable and adequate for the purposes of the Musselwhite Report, and that the Goldcorp and Newmont QA/QC program met or exceeded industry standards. See the Company’s NI 43-101 technical report for the project entitled “Technical Report – Musselwhite Mine, Ontario, Canada” with an effective date of November 18, 2024 (the “Musselwhite Report”), which can be found on the Company’s website at www.equinoxgold.com and on Orla’s profile on SEDAR+ at www.sedarplus.ca, for additional information.

Qualified Person and Technical Information

The scientific and technical information contained in this news release was approved by Sylvain Guérard Executive Vice President Exploration for Equinox Gold who is a “Qualified Person” under National Instrument 43-101.

To verify information related to the 2026 drilling programs at both Musselwhite and Valentine, Mr. Guérard visited both properties during 2026 and discussed logging, sampling and sample shipping processes with responsible site personnel; discussed and reviewed assay and QA/QC results with responsible personnel; and reviewed supporting documentation, including drill hole locations and orientations and significant assay interval calculations.

About Equinox Gold

Equinox Gold (TSX: EQX, NYSE-A: EQX) is a Canadian mining company positioned as the new North American senior gold producer with a strong foundation of high-quality, long-life gold operations in Canada and across the Americas, and a pipeline of development and expansion projects. Guided by a seasoned leadership team with broad expertise, the Company is focused on disciplined execution, operational excellence and long-term value creation. Equinox Gold offers investors exposure to a diversified portfolio of gold operations, and clear path to growth. Learn more at www.equinoxgold.com or contact ir@equinoxgold.com.

Equinox Gold Contacts

Etienne Morin, Chief Capital Markets Officer

Ingrid Rico, SVP Capital Markets

E: ir@equinoxgold.com

T: +1 604.260.0516

In Europe

Swiss Resource Capital AG

Marc Ollinger

info@resource-capital.ch

www.resource-capital.ch

Cautionary Notes & Forward-Looking Statements

This news release contains certain forward-looking information and forward-looking statements within the meaning of applicable securities legislation and may include future-oriented financial information or financial outlook information (collectively “Forward-looking Information”). Actual results of operations and the ensuing financial results may vary materially from the amounts set out in any Forward-looking Information. Forward-looking Information in this news release relates to, among other things, statements regarding: the strategic vision for the Company, exploration potential of the Company’s properties, future exploration activities, objectives and expected results of exploration activities, production capabilities and optimization activities, growth potential, mineral resource growth and conversion, mineral reserve replacement, potential mine life extension, expansion projects, estimated future production and future financial or operating performance, including exploration upside, future mining opportunities and future mineral resource and mineral reserve estimates, including the expected timing thereof. Forward-looking Information is generally identified using words like “will”, “potential”, “growth”, “future”, “continues”, “target”, “expect”, “increase”, and similar expressions and phrases or statements that certain actions, events or results “may”, “could”, or “should”, or the negative connotation of such terms, are intended to identify Forward-looking Information. Although the Company believes that the expectations reflected in such Forward-looking Information are reasonable, undue reliance should not be placed on Forward-looking Information since the Company can give no assurance that such expectations will prove to be correct. The Company has based Forward-looking Information on the Company’s current expectations and projections about future events and these assumptions include: Equinox Gold’s ability to achieve the exploration, production, cost and development expectations for its respective operations and projects; prices for gold remaining as estimated; availability of funds for the Company’s projects and future cash requirements; the Company’s ability to maintain and obtain all necessary permits, licenses and regulatory approvals in a timely manner or at all; no unexpected geological formations or environmental hazards are encountered; tonnage of ore to be mined and processed and ore grades and recoveries remaining consistent with mine plans. While the Company considers these assumptions to be reasonable, they may prove to be incorrect.

 Forward-looking Information involves numerous risks, uncertainties and other factors that may cause actual results and developments to differ materially from those expressed or implied by such Forward-looking Information. Such factors include certain risks and uncertainties described in the section “Risk Factors” in Equinox Gold’s Management Information Circular dated June 19, 2026, and in the section “Risks Related to the Business” in Equinox Gold’s most recently filed Annual Information Form, each of which is available on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov/edgar. Forward-looking Information reflects management’s current expectations for future events and is subject to change. Except as required by applicable law, the Company assumes no obligation to update or to publicly announce the results of any change to any Forward-looking Information contained or incorporated by reference to reflect actual results, future events or developments, changes in assumptions or other factors affecting Forward-looking Information. If the Company updates any Forward-looking Information, no inference should be drawn that the Company will make additional updates with respect to those or other Forward-looking Information. All Forward-looking Information contained in this news release is expressly qualified by this cautionary statement.

Concurrently with the closing of the Offering, the Company also issued an aggregate of 4,000,000 Shares on a non-brokered private placement basis at a price of $2.00 per Share, to raise additional gross proceeds of $8,000,000 (the “Concurrent Offering”).

Tara Christie, President and CEO of Banyan, commented: "We are very pleased to welcome Franco-Nevada as a new shareholder of Banyan and thank all of our existing and new shareholders for their strong support. This financing strengthens Banyan’s financial position, allowing us to rapidly advance AurMac and Nitra through 2028, including drilling, engineering and permitting what is one of Canada’s largest gold deposits."

The net proceeds from the sale of the Shares pursuant to the Offering and Concurrent Offering will be used for advancement of the Company’s Yukon projects and general corporate and working capital purposes.

Subject to compliance with applicable regulatory requirements and in accordance with National Instrument 45-106 – Prospectus Exemptions (“NI 45-106”), the Shares issued pursuant to the Offering were offered for sale to purchasers resident in Canada and/or other qualifying jurisdictions pursuant to the listed issuer financing exemption under Part 5A of NI 45-106 as amended and supplemented by Coordinated Blanket Order 45-935 Exemptions from Certain Conditions of the Listed Issuer Financing Exemption. Accordingly, the Shares sold pursuant to the Offering are not subject to a hold period pursuant to applicable Canadian securities laws. The Shares sold pursuant to the Concurrent Offering are subject to a statutory hold period expiring January 30, 2027, pursuant to applicable Canadian securities laws.  The Offering and Concurrent Offering remain subject to the final approval of the TSX Venture Exchange.

Insiders of the Company have purchased, directly or indirectly, an aggregate of 250,000 Shares pursuant to the Concurrent Offering, as a result of which the Concurrent Offering is a “related party transaction” under Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The Company is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 pursuant to the exemptions contained in Sections 5.5(a) and 5.7(1)(a) of MI 61-101 on the basis that neither the fair market value (as determined under MI 61-101) of the subject matter of, nor the fair market value of the consideration for, the Concurrent Offering, insofar as it involves the related parties, exceeded 25% of the Company’s market capitalization (as determined under MI 61-101).

This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful, including any of the securities in the United States of America. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “1933 Act”) or any state securities laws and may not be offered or sold within the United States or to, or for account or benefit of, U.S. persons unless registered under the 1933 Act and applicable state securities laws, or an exemption from such registration requirements is available. “United States” and “U.S. person” have the meaning ascribed to them in Regulation S under the 1933 Act. 

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. 

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 in the Traditional Territory of the Kaska Nations, closest to the Liard First Nation and Daylu Dena Council.

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 530 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 CORPORATION

(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, the receipt of final regulatory approvals of the Offering and Concurrent Offering and use of proceeds to be raised pursuant thereto, the potential for resource expansion and increased grades; 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, availability of financing, receipt of regulatory approvals, 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.

Not for distribution to United States newswire services or for dissemination in the United States

• Fourth Quarter Production Up 157%, Total Cost per Pound⁽²⁾ Down 33%: Combined production from Christensen Ranch and Burke Hollow in the fourth quarter totaled 82,744 pounds of precipitated uranium and dried and drummed U₃O₈, up from 32,195 pounds in the third quarter, at a Total Cash Cost per Pound⁽²⁾ of $30.01 and a Total Cost per Pound of $36.54.
• Production Doubled at Christensen Ranch, Total Cost per Pound Down 35%: Fourth quarter production at Christensen Ranch doubled to 65,392 pounds of precipitated uranium and dried and drummed U₃O₈ at a Total Cash Cost per Pound of $28.38 and a Total Cost per Pound of $35.63, down from $46.69 and $54.61, respectively, in the third quarter.
• Commenced Production at Burke Hollow, Ramp-Up Underway: In its first full quarter of operation, Burke Hollow produced 17,352 pounds of precipitated uranium and dried and drummed U₃O₈ at a Total Cash Cost per Pound of $36.13 and a Total Cost per Pound of $39.93. As planned, this initial phase was limited to a small section of the first production area to establish key operating parameters ahead of expansion across the full wellfield.
• First Full Year of Production at a Total Cash Cost of $34.24 and Total Cost of $39.94 per Pound: Fiscal 2026 production totaled 229,294 pounds of precipitated uranium and dried and drummed U₃O₈, with 359,260 pounds produced since commissioning through the end of the fiscal year.
• Growing U.S. Government Demand for Unobligated U.S.-Origin Uranium: In response to a Request for Information (“RFI”) from the National Nuclear Security Administration (“NNSA”), which outlined a need for 4 million pounds per year of unobligated U.S.-origin uranium with deliveries as soon as 2030, UEC affirmed its capability to fully support that requirement. Adding to that demand, the U.S. Army plans to deploy more than 20 microreactors requiring unobligated U.S.-origin uranium.
• United States Uranium Refining & Conversion Corp (“UR&C”) Advances Toward a Class IV Cost Estimate: Working with its engineering partner Fluor Enterprises, Inc. (“Fluor”), UR&C completed core execution plans, built a combined dedicated 63-member project team, began preparing its U.S. Nuclear Regulatory Commission license application and progressed site selection. The Class IV cost estimate is expected to be completed by mid-2027.
• Wellfield Construction Underway at Ludeman, UEC’s Next In-Situ Recovery (“ISR”) Mine: Installation of the monitoring, injection and recovery wells in the initial wellfield is underway. Engineering for the satellite ion-exchange plant has progressed with the procurement of long lead-time equipment.
• Advancing Wellfield Development at Sweetwater, UEC’s Third Hub-and-Spoke: Drilling in Sweetwater North identified mineralization trends that support further delineation and advance the first two production areas.
• Roughrider Drilling Completed: 36,000 meters of core drilling was completed during the quarter to support resource conversion and the planned pre-feasibility study (“PFS”) for the world class Roughrider Project located in the Athabasca Basin of Saskatchewan, Canada. 

Fiscal 2026 Financial Highlights 

• Peer Leading Realized Sales Price: Sold 400,000 pounds from inventory at a weighted average realized price of $93.13 per pound, which the Company believes to be the highest among publicly traded uranium producers, generating revenue of $37.3 million and gross profit of $16.9 million for fiscal 2026.
• Robust Balance Sheet: $753 million in liquid assets⁽¹⁾, including cash of $495 million, with no debt.
• Strategic Inventory Position in a Tightening Market: 1,256,000 pounds of U₃O₈ as of July 31, 2026, valued at $109 million at current market prices⁽¹⁾, excluding 359,260 pounds of precipitated uranium and dried and drummed U₃O₈ at the Irigaray Central Processing Plant (“CPP”) and Hobson CPP. 

Corpus Christi, TX, September 29, 2026 – Uranium Energy Corp (NYSE American: UEC) (the “Company” or “UEC”) - https://www.commodity-tv.com/ondemand/companies/profil/uranium-energy-corp/ - is pleased to announce that it has filed its Annual Report on Form 10-K for the fiscal year ended July 31, 2026. 

Amir Adnani, President and CEO, stated: 

“In fiscal 2026, UEC became a multi-mine uranium producer. Twelve months ago, we were producing from a single mine in Wyoming. Today, we are producing from two mines in two states, are well along the way in building a third at Ludeman, have grown our operating team to more than 250 people and have doubled drilling capacity. We started production at Burke Hollow, the largest greenfield in-situ recovery mine to come online in the United States in over a decade, and expanded wellfield infrastructure at Christensen Ranch. This growth is underpinned by the largest uranium resource base in the country, providing depth and a long duration runway to keep scaling.

Our unhedged sales strategy delivered a weighted average realized price of $93.13 per pound, which we believe is the highest among publicly traded uranium producers. Consistent with our strategy over many quarters, we continue to hold most of our inventory, and that approach is being rewarded as the market tightens. 

Through UR&C, we are building America's only vertically integrated uranium company, from mining and processing to refining and conversion. The U.S. Government’s growing demand for unobligated U.S.-origin uranium and conversion confirms why we set out to build it: those needs can only be met by U.S. mines, U.S. technology and U.S. conversion.

We enter fiscal 2027 debt-free with an exceptional balance sheet and the ability to fund our ongoing growth. With this unparalleled combination of resource depth, financial strength and talent, UEC has never been better positioned to build on and extend its leadership position in the United States.”

Growing U.S. Government Demand for Unobligated U.S.-Origin Uranium and Conversion

The U.S. Department of Energy through the NNSA issued a RFI to ascertain domestic company capabilities to supply unobligated U.S.-origin uranium and conversion services in support of NNSA needs through the 2040s. The RFI outlined NNSA requirements for unobligated U.S.-origin uranium at 4 million pounds of U₃O₈ / 1,500 metric tonnes of uranium as UF₆ per year with deliveries commencing as early as 2030.

UEC's response to the RFI affirmed that we are positioned to fully support NNSA’s U₃O₈ requirements as our production in Texas and Wyoming ramps up. Through UEC's subsidiary, UR&C, we are positioning to provide the necessary conversion services in accordance with NNSA requirements, further demonstrating UEC's commitment to serve as America's national champion for the front end of the nuclear fuel cycle.

On August 26, 2026, the Department of the Army announced the selection of five nuclear reactor developers to be awarded up to a combined $2.2 billion to own, construct and operate nuclear microreactors on five military installations. The Army anticipated more than 20 microreactors to be deployed through the Janus Program with all requiring unobligated U.S.-origin uranium and conversion services.

The growing U.S. Government demand for unobligated U.S.-origin uranium and conversion services highlights UEC’s distinct positioning as a leading domestic supplier and the only company pursuing a vertically integrated fuel cycle solution.

United States Uranium Refining & Conversion Corp (UR&C)

During fiscal 2026, UR&C advanced its planned uranium conversion facility across technology development, licensing and project execution, working with its engineering partner Fluor. UR&C’s combined dedicated 63-member project team draws on Fluor’s nuclear-focused Mission Solutions business subject matter experts, including specialists in process technology, nuclear and environmental engineering and project delivery. Project mobilization was completed in full compliance with U.S. Department of Energy export control regulations for nuclear technology. UR&C is advancing toward a Class IV cost estimate, which is expected to be completed by mid-2027.

Following receipt of its U.S. Nuclear Regulatory Commission Docket Number earlier this year, UR&C finalized its regulatory engagement strategy and began preparing its license application, supported by Jensen Hughes, a specialist nuclear licensing firm engaged for the project.

UR&C and Fluor expanded collaboration with leading equipment vendors, National Laboratories and specialty subcontractors to accelerate process design and laboratory work, including evaluation of process technology and thermophysical properties. UR&C is also pursuing partnerships with National Laboratories and academic institutions to enhance technical development, drawing on industry expertise and historical operating knowledge.

The goal is to position UR&C’s conversion process as a U.S. technology, eligible for delivering unobligated U.S.-origin UF₆ supply for the requirements of the U.S. Government. To that end, to safeguard export-controlled information, UR&C’s project team has implemented a Technology Control Plan and completed comprehensive training.

Powder River Basin, Wyoming, Hub-and-Spoke ISR Operations 

Hub: Irigaray CPP; Spokes: Christensen Ranch and Ludeman

In the fourth quarter, 65,392 pounds of precipitated uranium and dried and drummed U₃O₈ were produced at Christensen Ranch at a Total Cash Cost per Pound of $28.38 and a Total Cost per Pound of $35.63. Higher production reduced Total Cost per Pound by 35%, from $54.61 in the prior quarter. 

As previously reported, three new header houses in Wellfield 11 began production late in the third fiscal quarter. Four additional header houses were constructed and tested as of the end of the fourth fiscal quarter, bringing the total to five that were awaiting regulatory approval for startup at such time. On September 28, 2026, final regulatory approvals were issued for four of these. Production is expected to commence at these newly approved header houses in the coming weeks. 

Currently, three additional header houses are under construction. Header house construction has been bolstered by an increase in drilling capacity, with 17 drill rigs in operation in the Powder River Basin at fiscal year-end, up from 12 in the prior year.

At the Ludeman ISR project in the Powder River Basin, monitor, injection and recovery wells for the first wellfield are under construction and being tested for mechanical integrity. 

Engineering for the satellite ion-exchange plant was significantly advanced during the fourth quarter, allowing the Company to procure long lead-time equipment. Civil engineering for the plant pad was completed, and a construction contractor was selected. The powerline location has been established, and surveys are expected to be completed in the first quarter of fiscal 2027.  

South Texas Hub-and-Spoke ISR Operations

Hub: Hobson CPP; Spoke: Burke Hollow

Operations began at the Burke Hollow ISR mine in April and at the Hobson CPP in May. In its first full quarter of operation, Burke Hollow produced 17,352 pounds of precipitated uranium and dried and drummed U₃O₈ at a Total Cash Cost per Pound of $36.13 and a Total Cost per Pound of $39.93. 

The first shipment of uranium-loaded resin from Burke Hollow reached Hobson in mid-May, and every processing step at the plant, from resin transfer and elution through precipitation, drying and packaging, has now been commissioned.

As planned, production activity in the quarter was limited to a small section of the first production area at Burke Hollow, consisting of 126 injection and recovery wells that were brought online to establish optimal operating parameters, such as lixiviant chemistry, pump sizing and wellfield patterns. These results will guide the next phase of operations as mining in the first production area expands. 

The Company had 21 drill rigs in operation in South Texas at fiscal year-end, up from 8 in the prior year.

Sweetwater, Wyoming, Hub-and-Spoke Development

At Sweetwater, the FAST-41 and National Environmental Policy Act federal permitting process continued to advance under the leadership of the Bureau of Land Management ("BLM"). Currently, the FAST-41 Permitting Dashboard expects completion of the Environmental Assessment (“EA”) in March 2027 and approval of the Plan of Operations in May 2027. Baseline studies were largely completed in the quarter, with final reports expected to be submitted to BLM in the first quarter of fiscal 2027.

Drilling in the Sweetwater North area identified mineralization trends that support continued delineation. Building on these results, additional drilling is planned for the first quarter of fiscal 2027 to further extend the mineralization identified in the initial program and to advance wellfield design for the first two production areas.

Work continues by the Company and Wood Group to assess the refurbishment requirements for the Sweetwater Mill for both conventional and ISR operations, with focus currently on the installation of ion-exchange and elution systems for ISR operations.

The Company had two drill rigs in operation in the Great Divide Basin at the end of the fiscal year.

Roughrider Project, Saskatchewan

As part of the planned PFS at the Roughrider Project, the Company completed its previously announced diamond drilling program, which has expanded to 36,000 meters, with the goal of converting resources into higher categories. This included resource targets throughout the West Zone, East Zone and Far East Zone. Working alongside Tetra Tech Canada Inc., the preparation of the PFS is progressing. 

During the quarter, the geotechnical drilling for a future tailings management facility was completed. This included the collection of water samples and the installation of water level monitoring stations.  

In August 2026, the Company entered into a Definition Study Agreement with Saskatchewan Power Corporation to advance engineering, EA and community engagement work specifically for the connection of a high-voltage transmission line to the Roughrider Project. 

Conference Call Details

A conference call will be held at 11:00 a.m. ET (8:00 a.m. PT) on Tuesday, September 29, 2026, to discuss the Company's results, upcoming catalysts and current market conditions. To participate, please use one of the following methods:

Webinar: Click Here

North America (toll-free): 1-877-270-2148

International: 1-412-902-6510

An accompanying presentation will be available on UEC’s website at www.uraniumenergy.com and a replay of the event will be available following the presentation.

For further information, please refer to the Company’s Annual Report on Form 10-K for the fiscal year ended July 31, 2026, which includes the Company’s audited consolidated financial statements and management’s discussion and analysis, and is available on the Company's website at www.uraniumenergy.com and under its profile at www.sec.gov.

Notes:

1. As of July 31, 2026. Liquid assets consist of cash and equity securities and uranium inventories based on market values and does not include in-process inventory and uranium concentrates from extraction at the Irigaray CPP and Hobson CPP. Market values for securities are based on applicable closing prices on July 31, 2026 and uranium inventories are based on the spot price quoted from UxC at ConverDyn on such date.
2. Total Cost per Pound and Total Cash Cost per Pound are not measures of financial performance under accounting principles generally accepted in the United States ("GAAP") and should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. See “Non-GAAP Measures” below.

About Uranium Energy Corp

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

 Contact Uranium Energy Corp Investor Relations at:

Toll Free: (866) 748-1030

Fax: (361) 888-5041

E-mail: info@uraniumenergy.com

In Europe

Swiss Resource Capital AG

Marc Ollinger

info@resource-capital.ch

www.resource-capital.ch

Stock Exchange Information:NYSE American: UECWKN: A0JDRR

ISIN: US9168961038

 Non-GAAP Measures  

This news release includes reference to "Total Cost per Pound", “Total Cash Cost per Pound”, “Total Non-Cash per Pound” and "Production‑Based Royalties, Ad Valorem and Severance Tax per Pound", which do not have standardized meanings under GAAP. We define: (i) Total Cost per Pound as the addition to in-process inventory and uranium concentrates from extraction (each a component of inventories on the consolidated balance sheets) for the applicable period divided by the quantity (in pounds) of precipitated uranium and dried and drummed U₃O₈ produced in such period; (ii) Total Cash Cost per Pound as the addition to in-process inventory and uranium concentrates from extraction (each a component of inventories on the consolidated balance sheets), excluding depreciation, depletion and amortization, for the applicable period divided by the quantity (in pounds) of precipitated uranium and dried and drummed U₃O₈ produced in such period; (iii) Total Non-Cash Cost per Pound as the difference between Total Cost per Pound and Total Cash Cost per Pound; and (iv) Production‑Based Royalties, Ad Valorem and Severance Tax per Pound (a component of Total Cash Cost per Pound) as the production‑based royalties, ad valorem and severance tax accrued for the applicable period divided by the quantity (in pounds) of precipitated uranium and dried and drummed U₃O₈ produced in such period. Production‑Based Royalties, Ad Valorem and Severance Tax per Pound does not include royalties on sales, which will be recognized as part of cost of sales in future periods when the uranium concentrates are sold. We believe that, in addition to conventional measures prepared in accordance with GAAP, certain investors and other stakeholders also use this information to evaluate our operating and financial performance. The use of these performance measures is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. Our definition of these measures may differ from other mining companies and therefore, may not be comparable. These non-GAAP measures should be read in conjunction with our consolidated financial statements for the applicable periods.

Christensen Ranch / Irigaray CPP

 Burke Hollow / Hobson CPP 

    Combined Total Production 

  Cautionary Statement Regarding Forward-Looking Statements

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

Sibanye-Stillwater’s primary listing on the JSE Limited, secondary listing of American depositary shares on the New York Stock Exchange, and its issued share capital will be unaffected by the secondary listing on A2X.

The secondary listing on A2X is expected to provide investors with greater access to Sibanye-Stillwater’s ordinary shares through an additional regulated trading platform, enhancing shareholder choice and supporting liquidity in the Company’s shares.

Sibanye-Stillwater’s ordinary shares will be available to be traded on A2X from the A2X listing date.

A2X is a licensed stock exchange authorised to provide a secondary listing venue for companies and is regulated by the South African Financial Sector Conduct Authority and the Prudential Authority of the Reserve Bank in terms of the Financial Markets Act 19 of 2012, as amended.

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.

Each Unit is comprised of one common share of the Company and one-half of one warrant (each whole warrant, a “Warrant”). Each Warrant shall be exercisable into one common share of the Company (a “Warrant Share”) at a price of C$1.35 per Warrant Share for an exercise period of 24 months from the closing of the Offering.

The Company will grant the Underwriters an option, exercisable in whole or in part, at any time until and including 30 days following the closing of the Offering, to purchase up to an additional 15% of the Offering. If this option is exercised in full, an additional C$13,050,000 in gross proceeds will be raised pursuant to the Offering and the aggregate gross proceeds of the Offering will be approximately C$100 million.

The Company plans to use the net proceeds from the Offering to fund exploration and development expenditures at the Company’s silver-gold El Tigre Project located in Sonora, Mexico (the “Project”), as well as for working capital and general corporate purposes.

The Offering is scheduled to close on or about October 13, 2026 and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the TSX and the securities regulatory authorities.

The Units will be offered by way of a short form prospectus to be filed in all provinces of Canada, except Québec. The Units will also be sold to U.S. buyers on a private placement basis pursuant to an exemption from the registration requirements in Rule 144A of the United States Securities Act of 1933, as amended, and other jurisdictions outside of Canada provided that no prospectus filing or comparable obligation arises.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful. The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended (the “1933 Act”) and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the 1933 Act, as amended, and applicable state securities laws. 

The preliminary short form prospectus and the final short form prospectus will be available on SEDAR+ at www.sedarplus.ca. Copies of the preliminary short form prospectus and final short form prospectus may also be obtained by contacting the Company or Stifel Canada, attention: ProspectusCanada@stifel.com.

Capital Expenditure Update for El Tigre Project

The Company is also providing an update on the expected capital expenditures (“CapEx”) for the construction of the mine and process plant for the Stockwork Zone at the Project.

On March 18, 2026, the board of directors of the Company approved the construction decision for the Stockwork Zone at the Project and in the same month, entered into an Engineering, Procurement and Construction Management Contract (the “EPCM”) with Kappes, Cassiday & 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 the Project. The Company also hired its own experienced mine construction executive team to work with KCA and KCN. Commissioning and first pour are targeted for December 2027.

The updated estimated CapEx for the Project is now approximately US$124 million (an increase of approximately US$37 million from the initial CapEx estimate in the Company’s technical report titled “Stockwork Zone Pre-Feasibility Study and Underground Preliminary Economic Assessment of the El Tigre Silver-Gold Project Sonora, Mexico” effective as of June 20, 2025 and dated January 22, 2026 (the “2026 Technical Report”)), comprising approximately US$108 million under the EPCM and approximately US$16 million managed directly by the Company. 

The updated estimated CapEx is a result of the following:

• Following completion of the technical report titled “Pre-Feasibility Study of the El Tigre Silver-Gold Project Sonora, Mexico for Silver Tiger Metals Inc.” effective as of October 22, 2024 and dated December 6, 2024 (the “2024 Technical Report”), the Company entered into a Front End Engineering and Design (FEED) contract with KCA, which included a review and update for the CapEx estimation. The increased CapEx was the result of this detailed exercise, which reflected the following:
  1. Cost escalation in the mining industry over the last couple of years has been significant and has contributed an estimated 10% to the current CapEx estimate compared to the time of the 2024 Technical Report.
  2. Following the 2026 Technical Report, the Company conducted additional geotechnical drilling and, on the basis of that analysis, added approximately US$25 million to the scope of the earthworks. In particular, the Class C volumes (the material requiring blasting) have nearly doubled in the final design.
  3. The Company has entered into binding supply agreements for major equipment, including the crushing plant, Merrill Crowe precipitation circuit, and the conveying and stacking systems, with local suppliers. The negotiated pricing resulted in additional costs compared to the 2026 Technical Report, consistent with realized cost escalation in the industry.

Readers are reminded that the results of the economic analysis included in the 2026 Technical Report for the Stockwork Zone were based on certain assumptions made as of the effective date of the report and that those inputs are subject to a number of known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those presented therein. Readers are encouraged to consider, among other things, the impact of the increased CapEx estimate on the economic analysis included in the 2026 Technical Report for the Stockwork Zone.

As at September 10, 2026, the Company had contractually committed approximately US$81 million, representing approximately 66% of the total estimated CapEx, and had incurred approximately US$17 million towards the CapEx requirement. The following table summarizes the Company’s estimated remaining CapEx requirements and pro forma cash position following completion of the Offering.

Notes:

1. Assuming full exercise of the over-allotment option, the gross proceeds from the Offering would be approximately C$100 million.
2. Assuming full exercise of the over-allotment option, the Underwriters’ cash commission would be approximately C$5 million.
3. Assuming full exercise of the over-allotment option, the pro forma cash balance following the Offering would be approximately C$185 million and the excess cash after funding the estimated remaining CapEx requirement would be approximately C$35 million.
4. Represents the Company’s estimated remaining CapEx requirements as of September 10, 2026, based on the updated estimated CapEx of approximately US$124 million less approximately US$17 million incurred as of such date and converted to Canadian dollars using the Bank of Canada daily exchange rate for the U.S. dollar on September 18, 2026.

About Silver Tiger

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 2026 Technical Report is available on SEDAR+ and under the Company’s profile as well as on its website at www.silvertigermetals.com.

Qualified Person

Dave Duncan, P. Geo., VP Exploration of Silver Tiger, is the Qualified Person for Silver Tiger as defined under National Instrument 43-101. Mr. Duncan has reviewed and approved the scientific and technical information in this press release.

For further information, please contact: 

Glenn Jessome, President and CEO 

902 492 0298

jessome@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 use of proceeds of the Offering, closing of the Offering, and approval of the TSX, the Project, capital cost estimates and estimated cost to completion of the Project, construction progress and timing, 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 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, its annual information form. The forward-looking information contained in this release is made as of the date of this release.

THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT INTENDED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES

All monetary amounts are expressed in Canadian Dollars, unless otherwise indicated.

Throughput at the Guitarra processing plant has significantly increased following Phase 1 expansion modifications to the existing crushing and milling circuits. Daily production has reached up to a steady 720 tonnes per day (“tpd”). This represents more than a 40% increase versus the previous nameplate capacity of 500 tpd.  Further modifications to increase capacity are scheduled to be made following the commissioning of the new 11x12 ball mill.

Greg Liller, Chief Operating Officer and Executive Chairman, commented, “We continue to advance our Phase 1 and Phase 2 expansions at Guitarra. With the new ball mill now installed, Sierra Madre has also accelerated underground development. We have started groundworks for the permitted dry stack tailings facility expansion, a key component of our Phase 2 plan to increase throughputs to 1,200 tpd to 1,500 tpd. We look forward to updating the market as we advance towards Phase 2 expansion.” 

Foundation construction and installation of the 11x12 ball mill has been completed. The foundation and cement base required the pouring of 400 cubic meters of cement along with 16 tonnes of steel rebar.

Figure 1: New Ball Mill Installed

Installation of the drive motor, cyclones and instrumentation is under way with commissioning expected in November 2026. This ball mill, combined with the existing ones, is expected to achieve the Phase 2 goal of 1200 tpd to 1500 tpd of milling capacity, more than eight months ahead of schedule.

Coloso and Nazareno Development

Development has been accelerated at all three of the mines within La Guitarra – Guitarra, Nazareno and Coloso - to provide feed to the expanded plant. Approximately 2.6 kilometers of development drives have been completed since June 2026. As haulage ramps are being driven both vertically and downward from the 180-access level, this ramp development is expected to allow for additional production areas to be developed. Since July 2026, over 800 meters of access and production drives have been completed. Based on the 2023 Mineral Resource Estimate, the Nazareno Measured resource stood at 309,877 tonnes grading 215 g/t silver and 0.55 g/t gold, for 257 g/t AgEq. Inferred resources are at 753,784 tonnes grading 229.2 g/t silver, 0.29 g/t gold for 251 g/t AgEq⁽¹⁾. AgEq calculated at a 77.27:1 silver gold ratio. Reconciliation from actual stope mining to date has shown higher gold grades.

Guitarra Development

At the Guitarra mine, over 1.5 kilometres of development has been completed since June 2026.  Work in the lower Central mine area has been accelerated and this area now contributes an important portion of mill feed. Development work needed to bring the Los Angeles bulk tonnage deposit into production has been started. The new design is expected to allow easier access and haulage alongside a lower mining cost in the future. The development and dewatering of the San Raphael I and II areas has been accelerated with the purchase of additional pumps. The current mine plan calls for initial production from higher-grade blocks by the end of October 2026.

East District Development

The company is also examining the possibility of bringing a small portion of the East District into production. At Santa Ana, an initial mine design has been completed and the Company is contemplating beginning construction of a portal in 2027. The Santa Ana mineralization is wide and mining is planned using long hole methods. The 2023 resource estimate for the Santa Ana deposit stands at 761,292 tonnes in the Measured category, grading 159 g/t silver and 0.19 g/t gold, or 174 g/t AgEq. The Inferred resource is 544,892 tonnes grading 178 g/t silver, 0.13 g/t gold and an AgEq grade of 188 g/t⁽¹⁾. AgEq calculated at a 77.27:1 silver gold ratio.  

Dry Stack Tailings Facility

Ground work for the fully permitted Phase 4 tailings expansion has begun. Per SEMERNAT (Secretaría del Medio Ambiente y Recursos Naturales, the federal Mexican regulatory agency in charge of environmental permitting) requirements, trees have been measured and marked for cutting and the required paperwork submitted. Clearing of trees and vegetation is scheduled for October. Bid documents for earthworks have been prepared and sent out with mobilization of the chosen contractor scheduled for November 2026. The first construction phase consists of three parts with a capacity of 877,000 tonnes. Total capacity within the permitted area is on the order of over 5,000,000 tonnes.

⁽¹⁾ Notes for 2023 La Guitarra Mineral Resource Estimate: Canadian Institute of Mining Metallurgy and Petroleum ("CIM") definition standards were followed for the resource estimate. The 2023 resource models used nominal cutoff grades which are based on mining and milling costs of US$50 for cut and fill mining, US$38 per tonne for long-hole. A net payable recovery of 70% (historical plant recovery plus an allowance for smelter deductions, refining costs, and concentrate transportation). Silver price of US$22 and a gold price of $1700 and a Gold Silver Ration of 77.27:1. Assays were capped at 825 g/t for silver and 6.55 g/t for gold. Variable cut-off by deposit: Nazareno and Coloso - Block Model 135 AgEq cut-off grade (COG) and a 1 m Minimum True Thickness; Guitarra - Polygonals Estimates 135 g/t AgEq COG and a 1 m Minimum Horizontal Width; Los Angeles - Block Model Long Hole Mining 90 g/t AgEq COG; Mina De Agua - East District Polygonal Estimate 135 g/t AgEq COG or 90 g/t AgEq COG and > 2 m Horizontal Width; The tailings used a 30 g/t AgEq COG. Mineral Resources that are not mineral reserves do not have economic viability. Numbers may not add due to rounding. The estimate of mineral resources may be materially affected by: metal prices and exchange rate assumptions; changes in local interpretations of mineralization geometry and continuity; changes to grade capping, density and domain assignments; changes to geotechnical, mining and metallurgical recovery assumptions; ability to maintain environmental and other regulatory permits and ability to maintain the social license to operate. A copy of the 2023 NI 43-101 report, prepared by TechSer Mining Consultants Ltd. ("TechSer") of Vancouver B.C., by David Thomas, P.Geo. and QP Geology and Cristian Garcia, P.Eng. and QP Mining, titled "La Guitarra Mineral Resource Estimate Guitarra Silver-Gold Project, Temascaltepec, Estado de México, México" with an effective date of October 24, 2023, is available on SEDAR+ and the company´s website at sierramadregoldandsilver.com/presentations/NI-43-101-La-Guitarra-Mineral-Resource-Estimate.pdf

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.

HIGHLIGHTS

1. HISTORICAL CORE RE-ASSAY PROGRAM

The Company has undertaken a thorough re-examination and re-assay campaign of previously drilled core located on the property. To date, approximately 64% of the 18,000 meters of historical core has been relogged, including 18% of the historical meterage received as final assay results. Some of the best results include:

• Surface drillhole NM-13 confirmed a 7.00 m interval grading 1.28% WO₃ and 0.01% Mo from 160 m;
• Surface drillhole NM-44 confirmed a 24.25 m (13.72 m true width) interval grading 0.22% WO₃ and 0.03% Mo from 249 m, including 9.55 m (5.40 m true width) grading 0.53% WO₃ and 0.12% Mo; and
• Underground drillhole SU-27 confirmed an 8.24 m (6.34 m true width) interval grading 0.64% WO₃ and 0.01% Mo from 59 m, including 3.09 m grading 1.19% WO₃ and 0.02% Mo.

1. STOCKPILE SAMPLING UPDATE

The Company has completed a field program to sample and assay previously defined stockpiles on the property, resulting in 499 unique samples. These samples will be used to ascertain the grade and determine viability for processing the stockpiles through the Springer mill. This sampling is being combined with a LiDAR survey completed in August to estimate the tonnage of material available.

1. BLM APPROVAL OF EXPLORATION NOTICE

The Bureau of Land Management has approved the submitted Exploration Notice to perform selected works on public land. Five acres of disturbance is included in the notice, including drilling and drill roads in the southwest quadrant of the near mine area, access to private land in the northwest quadrant, and auger tailings sampling to the southeast of the main gate.

Theodore Veligrakis, VP Exploration, stated, ‘’The results from the historical core re-assay program are very encouraging and continue to validate the quality and scale of the mineralized system at Springer. In particular, the higher-grade intervals demonstrate the potential for meaningful grade continuity within the broader tungsten system. Combined with the ongoing geological relogging, stockpile sampling and our expanding exploration program, we are building a much stronger understanding of Springer’s overall resource potential and how we can best advance and expand it.’’

1. HISTORICAL DRILLING ASSAY HIGHLIGHTS

The Company has access to approximately 18,000 meters of historical diamond drill core for re-logging. The archive includes SU underground drillholes and NM surface drillholes completed by General Electric in the late 1970s and early 1980s. It also includes select holes from the 2007 campaign by Golden Predator before RC drilling was introduced. To date, 11,670 meters of historical core have been re-logged as part of the Company’s ongoing validation and geological reinterpretation program. Historical sampling covered only ~5% of the available core, was limited to tungsten assays, and had no documented QA/QC procedures, despite pXRF and visual confirmation of other economic mineralization, including but not limited to copper, molybdenum, and silver. 

The current sampling program shown in Figure 1 includes quarter-core sampling of previously assayed intervals as well as substantial volumes of previously untested mineralized rock. Historical mining and tungsten pricing led to selective “high-grading” of the drill core, focused mainly on the richest portions of the scheelite-bearing units, instead of a true statistical representation of the geological host of the mineralization. The expanded assay program now includes buffers around high-grade mineralization, lower-grade material, and mineralization outside the main skarn lenses, including the Granodiorite Springer Stock, a significant secondary target not previously evaluated. The historical drillhole NM-49 reaches a true depth of 880 m below surface- twice the depth of other drilling on the property.  It was originally drilled as an investigatory hole before sinking the Sutton 3 Shaft and returned favorable grades in the granodiorite. This intrusive hosts extensive quartz veining, variable molybdenite, chalcopyrite, and tungsten mineralization, along with evidence of elevated bismuth-bearing minerals. This deep hole offers a glimpse into the potential of a larger driving system at depth, warranting further follow-up and interpretation.

Figure 1 - Map showing distribution of historical holes being re-logged and re-assayed

The following 2 tables outline the initial results of the re-assaying program and Figure 2 is a section of re-assayed results at Sutton 2.

Figure 2 - Cross section showing Sutton 2 significant underground drilling intercepts and simplified geology. Ground elevation is 1,505 m above sea level

1. STOCKPILE SAMPLING

The grab sampling program of pre-existing stockpiles was completed on September 6, 2026 (Figure 3). The purpose of this sampling is to test for grade distribution and material characteristics for all previously mined material that remains stockpiled on surface, to assess the viability of processing this previously mined material through the Springer mill. Samples were taken at approximately ten-meter intervals around the base of defined stockpiles, containing representative lithologies of the material. In total, twenty-eight stockpiles were sampled, with 499 grab samples and 79 Quality Control samples shipped to ALS Labs in Reno, NV. Assays for this resampling program remain pending.

In August, a LiDAR survey was also completed to generate accurate volume estimates for each stockpile, providing the basis for estimating tonnage. This stockpiled material is expected to form the initial mill feed in 2027.

 Figure 3 - Identified stockpiles (28 total) with corresponding samples (499) at Springer 

1. BLM EXPLORATION NOTICE APPROVAL 

 Blue Moon’s application to the United States Bureau of Land Management (BLM Exploration Notice NVNV106841534) in support of exploration activities on public lands was conditionally accepted on August 26, 2026, and fully approved on September 10, 2026, following payment of the associated reclamation bond. The approval of this application grants Blue Moon permission to conduct new exploration diamond drilling on 13 pads on public lands in support of the 67,000 m drilling campaign (Figure 4). The application also provided Blue Moon approval to conduct mechanized auger sampling of existing tailings material (see Blue Moon news release, July 7, 2026). Figure 4 - Location of approved roads and drill pads given under BLM Notice NVNV106841534 

PRICING AND ISSUANCE OF THE ELMET GROUP CO. WARRANTS TO BLUE MOON

On September 21, 2026, as required by the binding letter agreement entered into between The Elmet Group Co. (“Elmet”) and Blue Moon announced on September 14, 2026 regarding a series of strategic transactions intended to unlock the value of Blue Moon’s Springer Tungsten Complex, Elmet issued to Blue Moon warrants to purchase 1,166,970 shares of Elmet common stock at an exercise price of US$21.423 per share.

SAMPLING AND QA/QC

The Springer Mine hosts historical drill core from multiple previous owners of the property, in core diameters of BQ, NQ, and HQ sizes.

The ongoing re-logging and sampling program has increased sampling coverage to approximately 44% of the available core. Final assay results from ALS Labs in Reno, Nevada, have been received for 18% of the historical core. Samples are being analyzed by ALS Geochemistry using analytical packages that include XRF analysis for WO₃, a 48-element multi-element suite, and selective fire assay for gold. Comprehensive QA/QC protocols have been implemented in accordance with CIM Best Practice Guidelines, with QA/QC samples representing approximately 12.5% of all assays, or a 1:8 ratio. These protocols support a robust dataset for future exploration targeting and resource evaluation.

The current sampling program includes quartering of previously assayed material and a large volume of previously untested, but mineralized rock. Due to the historical mining methods and tungsten prices, the drill core was “high-graded”, with focus only on skarn hosted scheelite rich zones. New assaying includes buffers to high grade mineralization, lower grade material, ore hosted outside the main skarn lenses including a major secondary source not considered previously – the Granodiorite Springer Stock. This intrusive hosts significant quartz veining, variable molybdenite, chalcopyrite, and tungsten mineralization and evidence of elevated bismuth bearing minerals.

QUALIFIED PERSONS 

The technical and scientific information of this news release has been reviewed and approved by Mr. Lazaros Dalampiras, MAusIMM, CP(Geo), Blue Moon’s Head of Mineral Resources, 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). 

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.

This news release contains forward-looking information, pertaining to, among other things, the advancement by the Company of multiple projects across jurisdictions. The Company cautions that all forward-looking information is inherently subject to change and uncertainty and that actual events, results and performance may differ materially from those expressed or implied by the forward-looking information. A number of risks, uncertainties and other factors could cause actual results and events to differ materially from those expressed or implied in the forward-looking information or could cause the Company’s current objectives, strategies and intentions to change. These risks and uncertainties include but are not limited to: the risk that exploration activities will not result in finding economically viable mineralization; uncertainties inherent in exploration and drilling, including geological, technical, and metallurgical risks; inaccurate or incomplete geological models or interpretations; operational risks such as equipment failure, contractor performance, accidents; environmental, health and safety risks; adverse weather or seasonal access constraints; changes in laws, regulations, or government policies; community or stakeholder opposition; fluctuations in commodity prices and currency exchange rates; cost overruns; and risks related to the availability of capital and financing. 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. 

Any forward-looking information contained in this news release represents management’s current expectations and are based on information currently available to management and are subject to change after the date of this news release. 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. The Company is under no obligation (and expressly disclaims any intention or obligation) to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law. All of the forward-looking information in this news release is qualified by the cautionary statements herein.

Jorge A. Ganoza, Fortuna’s Chief Executive Officer, Director, and co-founder, will present on Monday, September 28, at 11:00 a.m. MDT (1:00 p.m. ET). Investors and other interested parties are invited to attend.

A live webcast of the presentation will be available at https://mf.live/?play4616. A replay will be available at the same link following the presentation. 

About Mining Forum Americas 

Mining Forum Americas is the world’s oldest and largest gathering of precious commodity equities matched with their investors. Presented yearly since 1989, it showcases seven-eighths of the world’s publicly traded gold and silver companies when measured by production or reserves.

About Fortuna Mining Corp. 

Fortuna Mining Corp. is a Canadian precious metals mining company with three operating mines, the feasibility-stage Diamba Sud Gold Project in Senegal, and a portfolio of exploration projects in Argentina, Côte d’Ivoire, Guinea, Guyana, and Peru. Fortuna is targeting an annualized production rate of approximately 500,000 gold equivalent ounces from the second half of 2028. Sustainability is at the core of our operations and stakeholder relationships. We produce gold and silver while creating long-term shared value through efficient production, environmental stewardship, and social responsibility. For more information, please visit our website at www.fortunamining.com

ON BEHALF OF THE COMPANY

Carlos Baca

Vice President, Investor Relations

Fortuna Mining Corp.

Investor Relations: 

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

In Europe

Swiss Resource Capital AG

Marc Ollinger

info@resource-capital.ch 

www.resource-capital.ch

Forward looking Statements

This news release contains “forward-looking information” within the meaning of applicable Canadian securities legislation and “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 (collectively, “Forward-looking Statements”). Forward-looking Statements in this news release include statements that Fortuna is targeting an annualized production rate of approximately 500,000 gold equivalent ounces from the second half of 2028. Forward-looking Statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of the Company to be materially different from any results, performance or achievements expressed or implied by the Forward-looking Statements. Such uncertainties and factors include, among others, operational risks associated with mining and mineral processing; uncertainty relating to Mineral Resource and Mineral Reserve estimates; uncertainty relating to capital and operating costs, production schedules, and economic returns; risks associated with mineral exploration and project development; as well as those factors discussed under “Risk Factors” in the Company’s Annual Information Form for the fiscal year ended December 31, 2025. Forward-looking Statements contained herein are based on the assumptions, beliefs, expectations and opinions of management, including, but not limited to, successful completion and ramp-up of the Séguéla Mine expansion and commissioning and ramp-up of the Diamba Gold Sud Project, subject to a positive final investment decision; the accuracy of Fortuna’s current Mineral Resource and Mineral Reserve estimates; and that Fortuna’s activities will be conducted in accordance with its public statements and stated goals. Forward-looking Statements are made as of the date hereof, and Fortuna disclaims any obligation to update any Forward-looking Statements, whether as a result of new information, future events, or results or otherwise, except as required by law.

Michael Hudson, President & CEO/Managing Director states: “Lodging the mining licence application is an important step for Sunday Creek and the outcome of several years of drilling, technical work and conversations with our neighbours and the communities around Kilmore, Clonbinane and Sunday Creek. Exploration drilling continues to exceed our expectations, and governments and industry partners around the world are seeking new antimony supply sooner than anyone anticipated. That combination has allowed us to begin assessing the project in more detail and to plan the next steps through the Victorian regulatory and approvals process. Sunday Creek already supports around 120 jobs, and a potential new Western source of antimony matters to Australia and its allies.

“A mining licence is a starting point, not a right to mine. Before any mining could occur at Golden Dyke, SXGC would need an approved Mine Work Plan and also a planning permit, which has its own public process. We will keep sharing information as each step comes up, and we welcome hearing from anyone who has questions or concerns.”

Mining Licence Application

The MLA was accepted by RV on 22 September 2026 from Clonbinane Goldfield Pty Ltd. Clonbinane Goldfield Pty Ltd is the Company’s wholly owned subsidiary and holder of the existing Sunday Creek licences. The application was made under the Mineral Resources (Sustainable Development) Act 1990 (Vic) and the Mineral Resources (Sustainable Development) (Mineral Industries) Regulations 2019. The application area covers the historic Golden Dyke workings, approximately 30.7 hectares, on 100% freehold land owned by the Company. Detailed exploration drilling to date has concentrated on this area, and the Company now holds sufficient information on the gold and antimony mineralization remaining in and around the historic workings to assess the potential for future underground mining, subject to the further approvals described below.

Statutory process from here

Acceptance starts the public phase of the assessment under the Mineral Resources (Sustainable Development) Act 1990 (Vic). Within 14 days of acceptance the Company must advertise the application in the local newspaper and a Victoria-wide newspaper, and Resources Victoria will publish details on its application website. The Company will also give written notice to the owners and occupiers of adjoining land. Any person may comment on or object to the application within 21 days of the last advertisement. Resources Victoria then considers all submissions and makes a recommendation to the Minister for Resources, whose decision to grant or refuse the licence is due within 120 days of acceptance.

What a mining licence does and does not authorise

The grant of a mining licence does not, on its own, permit mining to commence. It defines the licence area and the licence holder and is the first of several approvals that would be required. Before any mining could commence at Sunday Creek, SXGC would need to:

• obtain a planning permit under the Planning and Environment Act 1987 (Vic), or prepare an Environment Effects Statement if required, through a process that includes formal public exhibition and submissions in the same way as other residential, industrial or commercial developments;
• prepare a Mine Work Plan and obtain its approval from Resources Victoria. A Mine Work Plan is substantially more detailed than the Company’s current Exploration Work Plan and cannot be approved until planning consent is in place; and
• lodge a rehabilitation bond with Resources Victoria, hold public liability insurance, and give seven days’ written notice of intention to commence work to the landowner and Resources Victoria.

Each of these steps will be communicated to the community as they occur.

Community engagement

SXGC will share information about the application with surrounding residents and will continue to provide updates as the application progresses through assessment. The Company encourages neighbours and the wider community to raise questions or provide feedback directly on 1800 717 638, by email to community@southerncrossgold.com.au, or through www.southerncrossgoldcommunity.com.au. The public notices will be placed in The North Central Review and The Age newspaper from the week of 28 September 2026, and details of how to make a submission will be available from Resources Victoria once advertising commences.

Next steps

Exploration drilling continues across the Sunday Creek project. Should drilling at other prospects within the project, including the Christina, Rising Sun and Apollo historic mines, return results of comparable prospectivity, the Company may apply for additional mining licences over those areas in the future. Any further application would follow the same public assessment process.

Further Information 

Further discussion and analysis of the Sunday Creek project is available through the interactive Vrify 3D animations, presentations and videos all available on the SXGC website.   These data, along with an interview with President & CEO/Managing Director Michael Hudson can be viewed at www.southerncrossgold.com or visit www.southerncrossgoldcommunity.com.au or contact us on 1800 717 638 or community@southerncrossgold.com.au.

Critical Metal Epizonal Gold-Antimony Deposits

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

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

Antimony represents approximately 15% to 17% in situ recoverable value of Sunday Creek at an AuEq of 2.39 ratio.

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

Southern Cross Gold Consolidated Ltd. (TSX: SXGC, ASX: SX2, OTCQX: SXGCF), is defining a leading gold-antimony project at the Sunday Creek Gold-Antimony Project, located 60 km north of Melbourne. Sunday Creek is a significant gold and antimony drill discovery in a Tier 1 location, with high-grade drill results including 98 composite intersections exceeding 100 g/t Au from 142.5 km of drilling (including historic drilling). The mineralization follows a "Golden Ladder" structure over 12 km of interpreted strike length, with structures drill tested from surface to 1,200 m depth.

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

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

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

- Ends -

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

For further information, please contact:

Mariana Bermudez – Corporate Secretary 

mb@southerncrossgold.com or +1 604 685 9316    

Executive Office

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

Nicholas Mead – VP Investor Relations

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

Justin Mouchacca, Assistant Company Secretary, 

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

Subsidiary Office  

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

In Europe

Swiss Resource Capital AG

Marc Ollinger

info@resource-capital.ch

www.resource-capital.ch

NI 43-101 Technical Background and Qualified Person

Kenneth Bush, Head of Exploration for SXGC, a Member of Australian Institute of Geoscientists and a Registered Professional Geologist in the fields of Mining and Exploration (#10315), is the Qualified Person as defined by the NI 43-101. They have prepared, reviewed, verified and approved the technical contents of this release. 

Analytical samples are transported to the Bendigo facility of On Site Laboratory Services (“On Site”) which operates under both an ISO 9001 and NATA quality systems. Samples were prepared and analyzed for gold using the fire assay technique (PE01S method; 25 gram charge), followed by measuring the gold in solution with flame AAS equipment. Samples for multi-element analysis (BM011 and over-range methods as required) use aqua regia digestion and ICP-OES analysis. The QA/QC program of Southern Cross Gold consists of the systematic insertion of certified standards of known gold content, blanks within interpreted mineralized rock and quarter core duplicates. In addition, On Site inserts blanks and standards into the analytical process. 

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

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

𝐴𝑢𝐸𝑞 = 𝐴𝑢 (𝑔/𝑡) + 2.39 × 𝑆𝑏 (%)

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

JORC Competent Person Statement 

Information in this announcement that relates to exploration results contained in this report is based on information compiled by Mr Kenneth Bush a Member of Australian Institute of Geoscientists and a Registered Professional Geologist in the fields of Mining and Exploration (#10315). Mr Bush has sufficient experience relevant to the style of mineralization and type of deposit under consideration, and to the activities undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the Joint Ore Reserves Committee (JORC) Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Bush is Head of Exploration of Southern Cross Gold Consolidated Limited and consents to the inclusion in the report of the matters based on their information in the form and context in which it appears. 

Certain information in this announcement that relates to prior exploration results is extracted from the Independent Geologist’s Report dated 11 December 2024 which was issued with the consent of the Competent Person, Mr Steven Tambanis. The report is included in the Company’s prospectus dated 11 December 2024 and is available at www.asx.com.au under code “SX2”. The Company confirms that it is not aware of any new information or data that materially affects the information related to exploration results included in the original market announcement. The Company confirms that the form and context of the Competent Persons’ findings in relation to the report have not been materially modified from the original market announcement.

Certain information in this announcement also relates to prior drill hole exploration results, which are available to view on www.southerncrossgold.com.

The Company confirms that it is not aware of any new information or data that materially affects the information included in the original document/announcement and the Company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcement.

Forward-Looking Statement

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

 Figure 1: MIN009040 application boundary (red) over the Golden Dyke area, showing the exploration decline portal, historic workings and August 2026 exploration target areas.

Figure 2: MIN009040 application boundary (red dashed) within SXGC freehold land (green) at Sunday Creek, with Clonbinane Road and Hibberds Lane. Inset shows regional location.

Figure 3: Sunday Creek regional plan view showing soil sampling, structural framework, regional historic epizonal gold mining areas and broad regional areas.  The main regional drill areas are at Tonstal, Consols and Leviathan located 4,000 m to 7,500 m along strike from the main drill area at Golden Dyke- Apollo. Map in GDA94/ MGA Zone 55.

Figure 4: Location of the Sunday Creek project, along with the 100% owned Redcastle Gold-Antimony Project

Christian Kargl-Simard, CEO of Blue Moon states: “Through our screening of Western US critical metals projects, Turner clearly met our spoke requirements with potential scale, timeline and logistics to our Springer hub. There is a clear synergy with the Blue Moon Mine to unlock with nearby rail infrastructure. Turner has seen limited exploration, with the potential for a VMS camp, along with unquantified cobalt potential. We plan to aggressively explore and develop Turner with establishment of an exploration drive into the deposit including both surface and underground drilling to support metallurgical work as soon as possible.”

The Company believes that material that is extracted from Turner and the Blue Moon Mine may allow for comingling, or at least, use a similar flotation mill to produce both copper and zinc concentrates with strong precious metals credits. Additional metallurgical and engineering-related studies are required to verify if comingling is possible before it can be integrated into any future engineering report. These studies will be initiated to develop a PEA that is expected to incorporate the Blue Moon Mine and Turner with a new 1,800 tpd mill at the Company’s Springer complex in Nevada. It is expected that the extracted material from both projects will be transported primarily by rail (Figure 1), however, transportation studies are required to demonstrate viability. The Company is targeting to complete these studies by the end of 2027. In the meantime, Blue Moon will initiate permitting for exploration drilling and underground development at Turner, which is expected to take 12 to 18 months. It should be noted that the Company undertook a similar permitting methodology for the Blue Moon Mine in California. For Turner, it will be assumed that there is no processing of extracted material in Oregon.

Figure 1: Blue Moon’s Western United States Hub and Spoke Project Location Map

Turner (Copper – Gold – Zinc – Silver – Cobalt)

Turner is a Cyprus-type, VMS deposit that is located approximately 40 miles southwest of Grants Pass, Oregon near the border with California. The deposit can be potentially exploited by underground mining methods, and the project is contained within three patented mining claims, which total approximately 60 acres. An additional 574 acres of contiguous private land is also part of this transaction, as well as 15 unpatented lode mining claims.

The sulphide mineralization that comprises the deposit is hosted within primitive, ophiolitic volcanic rocks associated with sea floor volcanism in an extensional tectonic setting. Turner deposit has three distinct zones of sulphide mineralization: UHZ, MUZ, and MLZ; which are semi-tabular, stacked bodies that strike 130 degrees (southeast) and dip 35 degrees to the northeast. The known strike length of the sulphide mineralization is approximately 1000 to 1500 ft (305 to 457 metres) with a down dip extent of about 800 to 1000 ft (244 to 305 metres). The geologic continuity of the sulphide mineralization at Turner is well established through core drilling and 3D modeling of geology and structure.

In the May 17, 2010, historical PEA completed to NI 43-101 standards titled “Turner Gold Resource and Preliminary Economic Assessment” (prepared by: J.M. Marek, P.E.; B.W. Buck, R.P.G; M.D. Strickler, P.E.; S. Annavarapu, P.E.; and J.J. Moore, P.E.), there is a mineral resource estimate of 2.447 million tons of Indicated category material grading 1.25% copper, 2.79 g/t gold, 2.65% zinc, 9.64 g/t silver, and 0.05% cobalt, and 2.084 million tons of Inferred category material grading 0.99%, 2.73 g/t gold, 2.78% zinc, 19.91 g/t silver and 0.04% cobalt. The Company intends to disclose the mineral resource estimate (“MRE”), both Indicated and Inferred categories, as a historical MRE for Turner within the meaning of National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101") adopted by the CIM Council on May 19, 2014. It should be noted that the non-Independent Qualified Person for the Company has not done sufficient work to verify and validate the historical MRE, meaning the Company is not treating the historical MRE as current. 

Modeling for the historical MRE was developed based on exploration drilling that was completed by previous operators and it is supported by information provided from 84 drill holes, totaling 19,542 feet, completed between 1957 and 1989. The historical, 2010 NI 43-101 MRE on the project is outlined below in Table 1.[JD1] 

The Company believes verification of the historical mineral resource estimate is required but existing modeling provides a starting point from which to start developing the confidence in the historical mineral resource estimate. Regardless, the favorable volcanic strata hosting Turner are characterized by a precious metal enriched depositional environment that makes Turner different than many similar deposits in its peer group. As such, former operators have published some exceptional drilling results from Turner over the years, some of which are shown on a drill plan map and drill section in Figure 2 and presented in more detail in Table 2.

Notes:

1. Historical Mineral Resource Estimate tabulation is cited from restated filing on May 17, 2010 (originally filed November 10, 2009) historical PEA report, Green Park Capital Corp.
2. The non-Independent Qualified Person for the Company has not done sufficient work to classify the historical Mineral Resource Estimate referenced herein as a current Mineral Resource Estimate and therefore the Company is not treating the historical Mineral Resource Estimate as current Mineral Resource Estimate.
3. The historical Mineral Resource Estimate (MRE) was reported above a cut-off NSR value of US$52/t for Mineral Resources in the underground environment (2010) based on estimated metallurgical recoveries, assumed metal prices, and smelter terms, which include payable factors treatment charges, penalties, and refining charges; noting that the historical, 2010 Mineral Resource was estimated using the metal price assumptions: US$2.00/lb Cu, US$0.65/lb Zn, US$900/oz Au, and US$12.50/oz Ag.
4. For CuEq calculation, the commodity prices were based on long term pricing from CIBC (September 2026): US$3,570/oz Au, US$5.03/lb Cu, US$1.27/lb Zn and US$ 50.17/oz of Ag. Smelter recoveries of Au 97%, Cu 95.2%, Zn 95% and Ag 77% were based on the May 2010 PEA. The formula used for the copper equivalency is CuEq= Cu% + (Au (g/t) x 1.054610) + (Ag (g/t) x 0.0117649) +(Zn % x 0.251955).[CK2] [JD3]  Cobalt is not included in the CuEq calculation since it has not been part of any metallurgy studies at Turner.
5. Mineral Resources are inclusive of Mineral Reserves, and they are not Mineral Reserves because they do not have demonstrated economic viability.
6. T non-independent Qualified Person for the Company is 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
7. Numbers may not add due to rounding.

Table 1: Historical NI 43-101 Mineral Resource Estimate (2010)

The Company’s non-Independent Qualified Person believes Turner will require, among other things: (i) additional exploration diamond drilling on the MRE and data collection including assays and lithogeochemistry; (ii) further detailed 3D modelling on mineralization controls of the deposit geological and structural settings to support future MRE updates; (iii) continued metallurgical studies for base and precious metal recovery factors, as well as ore sorting work programs; and (iv) studies to scope any future potential for underground extraction through determining optimal cut-off grades, appropriate mining methods, and necessary ground support plans. However, the non-Independent Qualified Person believes the historical MRE to be reliable and relevant to informing the advancement of future exploration targeting and infill definition drilling on Turner, since the deposit is open at depth and along strike. Insufficient work has been done to properly quantify the true exploration potential of geological host rocks around Turner.

In terms of metallurgical studies outlined in the historical 2010 PEA, it was shown that the sulphide mineralization was amenable to conventional flotation, yielding three products: 1) a copper concentrate, 2) a zinc concentrate, and 3) a gold concentrate. No metallurgical studies have been completed in respect to cobalt, albeit analyzed extensively in the drill hole database, meaning there is an opportunity for the Company requiring additional testwork.

Figure 2: Select Drill Plan of Historical Drilling and Corresponding Drill Section (A to A’) Highlighting CuEq Results

Notes:

1. Information is based on historical press release from Josephine Mining Corp dated June 3, 2011, September 9, 2011, and October 6, 2011.
2. Results are based on Resource update reported on the press release filed by Josephine Mining Corp dated October 24, 2012.
3. No apparent true thickness was determined for intercepts, given the early-stage nature of the exploration project.
4. For CuEq calculation, the commodity prices were based on long term pricing from CIBC (September 2026): US$3,570/oz Au, US$5.03/lb Cu, US$1.27/lb Zn and US$50.17/oz Ag. Smelter recoveries of Au 97%, Cu 95.2%, Zn 95% and Ag 77% were based on the May 2010 PEA. The formula used for the copper equivalency is CuEq= Cu% + (Au (g/t) x 1.054610) + (Ag (g/t) x 0.0117649) +(Zn % x 0.251955). Cobalt is not included in the CuEq calculation since it has not been part of any metallurgy studies at Turner.

Table 2: Select Historical Drill Hole Results from Turner

Transaction Terms

Blue Moon is acquiring 100% of Turner, consisting of approximately 634 acres of private land and 15 unpatented claims, subject to an existing 1.5% NSR royalty, clear of all other encumbrances for the following consideration:

1. US$4,700,000 in cash, subject to the payment of a US$500,000 deposit on announcement;
2. The issuance by Blue Moon to Gold Coast of 4,778,761 common shares of Blue Moon’s issued and outstanding common shares worth ~US$27 million, based on a 20-day VWAP price of US$5.65/sh, in 4 equal tranches over a 12-month period following closing, provided that the release of tranches 2 through 4 of the share consideration may be accelerated in accordance with the terms of the definitive agreement of the Transaction;
3. Additional milestone payments in cash upon the achievement of the following:
4. A cash payment in the amount of US$2,000,000 upon receiving the necessary permits to begin underground exploration and/or development of Turner;
5. A cash payment in the amount of US$2,000,000 upon receiving the necessary permits to begin mining of Turner; and
6. A cash payment in the amount of US$3,000,000 six months following the commencement of commercial production from Turner.

No off-takes or streams have been sold on the project. Key conditions precedent to completion of the Transaction are TSX-V approval and other items customary to an asset sale transaction. A negotiated definitive agreement has been executed by the Seller and Blue Moon on September 22, 2026, and completion is expected to occur in November 2026. This is an arms-length Transaction and no finders’ fees are being paid.

Grant of Stock Options, RSUs and DSUs

The Company has granted a total of 50,000 incentive stock options under the Company’s share compensation plan to a consultant of the Company. The stock options have an exercise price of C$8.10 per stock option and are exercisable for a period of five years from the date of grant. The stock options vest over three years with a third vesting every year and are governed by the terms and conditions of the Company’s stock option plan. 

The Company has also awarded a total of 993,146 restricted share units (“RSUs”) under the Company’s share compensation plan to officers and employees of the Company. The RSUs will vest annually over a two-year period from the award date. The Company also granted a total of 268,586 deferred share units (“DSUs”) under the Company’s share compensation plan to the independent directors of the Company. The DSUs will vest upon the later of the 12 months from the grant date and the directors’ departure from the Company.

Qualified PersonsFor the purposes of this news release, Jason Dunning, M.Sc., P.Geo., the Company’s General Manager Special Projects, is the designated non-Independent Qualified Person in accordance with NI 43-101, and he has reviewed and approved both the technical and scientific information of this news release.About Blue MoonBlue 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 expected benefits and synergies from the Transaction; resource estimates at Turner; continued testing, exploration, mining and advancement of the Blue Moon Mine and Turner; mineral price expectations; 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 site; risks associated with mining operations in Oregon and Nevada; regulatory and permitting risks at the state and federal level including with respect to the development of Turner; 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 various sites; the integration of the Springer Mine and Mill operations; the completion and subsequent realization of expected synergies and benefits from the Transaction.

Any forward-looking information contained in this news release represents management’s current expectations and are based on information currently available to management and are subject to change after the date of this news release. 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.

 [JD1]NTD - still working on a simple paragraph summarizing MRE from 2009 (restated 2010) PEA; to be inserted.

 [CK2]Use lbs in prices and Co?

 [JD3]Cannot use cobalt since it has not seen any focus in the metallurgy studies, so no recovery data in any 43101 report. It is cited as an opportunity in the pyrite. 

It is unclear if any work has been done that is not in the dataroom regarding metallurgy, specifically including cobalt. It was included in the MRE solely because it was part of the geochemistry/assay data.

Filo Sur: Drilling Steps Up to 20,000 Metres

Mogotes plans up to 20,000 m of drilling at Filo Sur in the 2026–2027 season – more than three times the 6,208 m drilled in 2025–2026 (see news release dated September 4, 2026). Drilling is targeted to restart in November 2026, subject to weather and site access. 

The program is built around the two discoveries made on the Macho Muerto Fault Zone (MMFZ) last season. It has four priorities (Figure 1):

1. Albor – extend the high-grade breccia discovery along strike and at depth, and make the first test of the porphyry target interpreted beneath it (September 4, 2026);
2. Cruz del Sur – expansion drilling at the gold-copper porphyry discovered this year, which remains open in all directions (May 1, 2026);
3. Luz del Sol, Cuenca and Meseta – first porphyry tests at Cuenca and follow up on new target at Luz del Sol, and completion of the drill test at Meseta; and
4. The MMFZ – reconnaissance drilling along the roughly 10 km of the structure within the project, most of which remains undrilled.

Figure 1  Oblique aerial view of the Filo Sur concessions (light cyan) showing the target areas planned for 2026–2027 exploration and drilling (magenta, pink and white outlines). First published in the news release dated September 4, 2026.

Beskauga: Drilling 50,000m and a Preliminary Economic Assessment

At Beskauga in Pavlodar Province, Kazakhstan, the Company has started drilling, and plans to continue drilling up to 50,000 m drilling, with drilling to continue until winter weather sets in. Mogotes expects first assay results from the current program in the fourth quarter of 2026.

The Company is targeting a PEA within 12 months, to be followed by a pre-feasibility study. Mogotes holds an option to acquire 100% of Beskauga (see news release dated February 27, 2026).

Copper Cliff: Drill-Ready Once Permitted

At Copper Cliff in Montana, the Company plans 8,000 to 9,000 m of drilling, with the earliest possible start in November 2026. Permitting is pending and work is ongoing in this regard.

Copper Cliff is held under an option to enter a joint venture with Kennecott Exploration Company, a subsidiary of Rio Tinto. Mogotes may earn a 51% interest by funding US$16 million of exploration expenditure over three years (see news release dated April 15, 2026).

Table 1 summarizes the three programs.

Table 1  Exploration programs planned for the next 12 months.

Updated Corporate Presentation for Beaver Creek

Mogotes has updated its corporate presentation ahead of its participation in the Precious Metals Summit Beaver Creek in Colorado (September 22–25, 2026). It sets out the results of the 2025–2026 Filo Sur season and the work planned across all three projects over the next 12 months.

The presentation is available on DocSend and on the Company’s website at mogotesmetals.com.

In addition, the Company would like to clarify certain disclosure in its press release of August 27, 2026. The exercise of pre-emptive rights constituted a related party transaction within the meaning of TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions ("MI 61-101") as insiders of the Company purchased an aggregate of 5,503,323 common shares pursuant to the placement. The Company is relying on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(b) and 5.7(1)(a) of MI 61-101, as the Company is not listed on a specified market and the fair market value of the participation in the placement by the insiders does not exceed 25% of the market capitalization of the Company in accordance with MI 61-101. The Company did not file a material change report in respect of the related party transaction at least 21 days before the closing of the placement, which the Company deems reasonable in the circumstances in order to complete the Placement in an expeditious manner.

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 in this Presentation has been reviewed and approved by the Company's Qualified Persons (as defined under NI 43-101) on a project-by-project basis, as follows: (a) the scientific and technical disclosure relating to the Filo Sur Project has been reviewed and approved by Carl Schnell, MAIG, a Qualified Person as defined under NI 43-101 — Mr. Schnell is a consultant to the Company and is not considered independent for the purposes of NI 43-101; (b) the scientific and technical disclosure relating to the Copper Cliff Project has been reviewed and approved by Peter Ellsworth, CPG, a Qualified Person as defined under NI 43-101 — Mr. Ellsworth is a consultant to the Company and is not considered independent for the purposes of NI 43-101; and (c) the scientific and technical disclosure relating to the Beskauga Project has been reviewed and approved by Tony Worth, MAIG, a Qualified Person as defined under NI 43-101 — Mr. Worth is a consultant to the Company and is not considered independent for the purposes of NI 43-101. 

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.

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: the size, scope, cost, priorities and timing of the planned 2026–2027 drill programs at the Filo Sur, Beskauga and Copper Cliff projects, including the restart of drilling at Filo Sur in November 2026; the estimated cost of the Filo Sur program and the Beskauga program budget; the sufficiency of the Company’s current treasury to fund those programs; the timing of first assay results from the Beskauga program; the timing and completion of a preliminary economic assessment and a subsequent pre-feasibility study at Beskauga; the receipt and timing of permits for drilling at Copper Cliff; the Company’s ability to earn an interest in the Copper Cliff project under its option to joint venture with Kennecott Exploration Company; the interpretation of geology, geophysics and prior drill results, and the prospectivity of exploration targets; 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 Company’s projects; 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 exploration programs, 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 programs 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; drilling at Beskauga and Copper Cliff may likewise be constrained by weather. Program costs may exceed estimates, and any work beyond the programs described in this news release may depend on results and on the Company securing additional funding. These programs could be delayed or not be carried out at all. There is no assurance that the 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.

The Notes will pay interest semi-annually in arrears on April 1 and October 1 of each year, commencing on April 1, 2027, and will mature on October 1, 2031. The Notes will be fully and unconditionally guaranteed by certain of the Company's subsidiaries, which, at closing, is expected to consist of Barkerville Gold Mines Ltd., the Company's subsidiary relating to the Cariboo Gold Project, and will be secured by a first priority lien on the Company's and each guarantor's property, including equity interests owned by the Company and each guarantor in their respective subsidiaries, the interest reserve account and disbursement account, as described herein, and personal and real property, subject to certain exceptions.

Osisko Gold intends to use the aggregate net proceeds from the Offering, after deducting the initial purchasers' discounts and commissions and estimated offering expenses, to 

• repay all amounts outstanding, and terminate all commitments, under the Appian Credit Facility with approximately US$120.9 million of the net proceeds from this offering;
• fund a segregated interest reserve account in an amount equal to the first five interest payments on the Notes; and
• fund, with the remaining net proceeds, a segregated disbursement account with funds to be used to advance the Cariboo Gold Project.

The Notes were offered and will be sold only to persons reasonably believed to be qualified institutional buyers in accordance with Rule 144A under the United States Securities Act of 1933, as amended (the "Securities Act"), and to non-U.S. persons outside the United States pursuant to Regulation S under the Securities Act. The Notes were offered and will be sold in Canada on a private placement basis pursuant to applicable Canadian prospectus exemptions.

The offer and sale of the Notes have not been and will not be registered under the Securities Act or any state securities laws and the Notes may not be offered or sold in the United States or to U.S. persons absent registration or an applicable exemption from the registration requirements of the Securities Act and applicable state securities laws. This news release shall not constitute an offer to sell or the solicitation of an offer to buy the Notes, nor shall there be any offer or sale of the Notes in any jurisdiction in which such offer, solicitation or sale would be unlawful.

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"). Such forward-looking statements, by their nature, require Osisko Gold to make certain assumptions and necessarily involve known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied in these forward-looking statements. Such forward-looking statements are not guarantees of performance and are identified with words such as "may", "will", "would", "could", "expect", "believe", "plan", "anticipate", "intend", "estimate", "potential", "propose", "project", "outlook", "foresee", "continue", "objective", "strategy", variants of these words or the negative or comparable terminology, as well as terms usually used in the future and the conditional. Information contained in forward-looking statements is based upon certain material assumptions that were applied in drawing a conclusion or making a forecast or projection, including statements pertaining to: the terms of the Notes; the completion and timing of the proposed Offering; the Company's ability to satisfy the conditions to closing of the Offering; the anticipated use of proceeds from the Offering; the ability to develop the Cariboo Gold Project and its status as being fully permitted; the Company's objective of becoming an intermediate gold producer; and the exploration potential and potential for future discoveries (if any) of its properties; and the intention to terminate the Appian Credit Facility.

Osisko Gold considers its assumptions to be reasonable based on information currently available but cautions the reader that their assumptions regarding future events, many of which are beyond the control of Osisko Gold, may ultimately prove to be incorrect since they are subject to risks and uncertainties that affect Osisko Gold and its business. Such risks and uncertainties include, but are not limited to: the risk that the conditions to closing of the Offering are not satisfied and that the Offering is not completed; the absence of further work stoppages or suspensions at the Cariboo Gold Project; risks associated with the development and construction of the Cariboo Gold Project; risks relating to third-party approvals, including the issuance of permits by governments, favourable regulatory conditions and approvals, 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; the absence of unforeseen ground conditions or other geological challenges; the ability to continue current operations and exploration; regulatory framework and presence of laws and regulations that may impose restrictions on mining; 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; the availability of necessary equipment, supplies and infrastructure; risks relating to exploration, development and mining activities; the global economic climate; fluctuations in metal and commodity prices; fluctuations in the currency markets; dilution; environmental risks; and community, non-governmental and governmental actions and the impact of stakeholder actions. Readers are urged to consult the disclosure provided under the heading "Risk Factors" in the Company's annual information form for the year ended December 31, 2025 as well as those risks and factors disclosed in the Company's most recent financial statements and management's discussion and analysis and other public filings filed under Osisko Gold's issuer profile on SEDAR+ (www.sedarplus.ca) and on the SEC's EDGAR website (www.sec.gov), for further information regarding the risks and other factors facing the Company, its business and operations. Although the Company believes the expectations conveyed by the forward-looking statements are reasonable based on information available as of the date hereof, no assurances can be given as to future results, levels of activity and achievements. The Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by law. Forward-looking statements are not guarantees of performance and there can be no assurance that these forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. 

Readers are cautioned that the foregoing list of assumptions, risks and uncertainties is not exhaustive. The forward-looking statements contained herein are made as of the date of this news release and, except as required by applicable law, the Company undertakes no obligation to update publicly or to revise any of the 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.

“Construction at Los Ricos South is moving ahead at full steam. Site clearing is well advanced, with more than 150 contractors on site, and all long-lead equipment orders have been placed,” said Brad Langille, President and CEO. “With US$284 million in cash in addition to cash flow from Parral, the project is fully funded with no debt or additional equity required. Based on our internal estimates using $60/oz silver and $4,200/oz gold, we see our maximum cash outlay in Q3 2027 and maintain cash reserves at a minimum of US$130 million throughout the build. We are progressing on schedule and remain focused on delivering first silver pour in Q2 2028.”

Los Ricos South Construction Highlights

• Active site works – Site clearing and earthworks advancing at the process plant site with more than 150 contractors on site.
• All long-lead orders placed – All long-lead equipment orders have been placed, with procurement continuing on schedule.  The long-lead orders include the SAG mill, tailings filter, crusher, electrical switchgear, Merrill-Crowe plant, conveyors, slurry pumps, hydrocyclones, feeders and screens.  
• Plant design – the design by M3 and DENM Engineering is at 90% complete
• Underground mining contractor selected – Cominvi planned to mobilize to site in Q4 2026.
• Schedule maintained – Construction and procurement remain on schedule, with first silver pour reiterated for Q2 2028.

To date, the Company has spent US$15 million on the project.  Following are the key schedule milestones:

Los Ricos South Key Schedule Milestones

• Earthworks commenced – August 2026
• Underground mine plan optimization commenced – August 2026
• Start of powerline installation – November 2026
• Concrete foundation pouring – January 2027
• Portal development / ramp blasting – January 2027
• Paste plant construction begins – January 2027
• Hill-slope stabilization / mining – Main/Abra zone – March 2027
• SAG mill delivery to site – May 2027
• Plant commissioning begins – January 2028

Figure 1 – Los Ricos South Quarterly Capital Spend vs Cash Balance

• Based on current internal estimates using $60/oz Silver and $4,200/oz Gold.
• Includes exercise of 27.5 million outstanding warrants in November 2028 at C$3.50/warrant for net proceeds of approximately US$67.5 million.

Picture 1 – Los Ricos South Current Status Compared to Detailed Engineering

Technical information contained in this news release with respect to GoGold has been reviewed and approved by Mr. Bob Harris, P.Eng., who is a non-independent qualified person for the purposes of NI 43-101.

About GoGold Resources

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

For further information please contact:

Steve Low

Corporate Development

GoGold Resources 

T: 416 855 0435 

E: steve@gogoldresources.com

In Europe

Swiss Resource Capital AG

Marc Ollinger

info@resource-capital.ch

www.resource-capital.ch

CAUTIONARY STATEMENT:

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

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

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

The Notes were issued pursuant to an indenture dated as of September 21, 2023 (the “Indenture”) between the Company and Computershare Trust Company, N.A., as trustee. In accordance with the terms of the Indenture, on October 20, 2026 (the “Redemption Date”), the Company will redeem all Notes that have not been converted prior to 5:00 p.m., New York City time on October 19, 2026 (the “Conversion Deadline”).

Redemption Process

The redemption price for each Note will equal 100% of its outstanding principal amount, plus accrued and unpaid interest thereon to, but excluding, the Redemption Date (the “Redemption Price”). For each $1,000 principal amount of Notes, the Redemption Price will be equal to approximately $1,000.66. On the Redemption Date, the Redemption Price will become due and payable, and interest on the Notes will cease to accrue.

For all Notes in book-entry form, payment of the Redemption Price will be made through the facilities of the Depository Trust Company (“DTC”), and all such redeemed Notes will be surrendered for payment of the Redemption Price in accordance with the applicable rules and procedures of the DTC. The paying agent is Computershare Trust Company, N.A., and the address of the paying agent for delivery of any Notes in certificated form is Computershare Trust Company, N.A., 1505 Energy Park Drive, St. Paul, MN, USA 55108, Attention: Corporate Trust Operations.

Right to Convert the Notes

Holders of the Notes may convert all or any portion of their Notes (in a principal amount that is an integral multiple of $1,000) at any time prior to 5:00 p.m., New York City time on October 19, 2026 or, if the Company fails to pay the Redemption Price on the Redemption Date, until the date on which the Redemption Price is paid. To convert any Note, the holder must comply with the applicable rules and procedures of the DTC. As of September 18, 2026, the conversion rate under the Indenture is 158.7302 common shares of the Company (the “Common Shares”) per $1,000 principal amount of Notes. Such conversion rate will be adjusted to 165.0732 for any converting holder, representing a conversion price of approximately $6.0579, after giving effect to the applicable dividend adjustment and make-whole increase under the Indenture. 

Based on this conversion rate, an aggregate of up to 28,475,124 Common Shares will be issued (representing approximately 2.44% of Common Shares outstanding) if all the Notes are converted. 

This press release shall not constitute a notice of redemption or a notice of the right to convert the Notes. This press release is neither an offer to sell nor a solicitation of an offer to buy the Notes or any other securities and shall not constitute an offer to sell or a solicitation of an offer to buy, or a sale of, the Notes or any other securities in any jurisdiction in which such offer, solicitation or sale is unlawful. No representation is made as to the correctness or accuracy of the CUSIP number either as printed on the Notes or as contained in this press release. 

About Equinox Gold 

Equinox Gold (TSX: EQX, NYSE-A: EQX) is a Canadian mining company positioned as the new North American senior gold producer with a strong foundation of high-quality, long-life gold operations in Canada and across the Americas, and a pipeline of development and expansion projects. Guided by a seasoned leadership team with broad expertise, the Company is focused on disciplined execution, operational excellence and long-term value creation. Equinox Gold offers investors exposure to a diversified portfolio of gold operations, and clear path to growth. Learn more at www.equinoxgold.com or contact ir@equinoxgold.com.

Equinox Gold Contacts

Etienne Morin, Chief Capital Markets Officer

Ingrid Rico, SVP Capital Markets

E: ir@equinoxgold.com

T: +1 604.260.0516

In Europe

Swiss Resource Capital AG

Marc Ollinger

info@resource-capital.ch

www.resource-capital.ch

Cautionary Notes & Forward-Looking Statements

This news release includes forward-looking information and forward-looking statements within the meaning of applicable securities laws and may include future-oriented financial information or financial outlook information (collectively “Forward-looking Information”). Actual results of operations and the ensuing financial results may vary materially from the amounts set out in any Forward-looking Information. Forward-looking Information in this news release includes: the Company’s redemption of the Notes, including the timing of, and payment of the redemption price on, the redemption date; the period during which holders of the Notes may elect to convert their Notes; and the conversion rate and conversion price applicable to the Notes, including as adjusted in connection with the redemption notice, and the resulting number of Common Shares issuable upon conversion of the Notes.  Forward-looking Information is typically identified by words such as “believe”, “will”, “grow”, “plan”, “expect”, “estimate”, “advance”, “commence”, “continue” and similar terms, including variations like “may”, “could”, or “should”, or the negative connotation of such terms. While the Company believes these expectations are reasonable, they are not guarantees and undue reliance should not be placed on this Forward-Looking information. Forward-looking Information is based on the Company’s current expectations and assumptions. While the Company considers these assumptions reasonable, they may prove incorrect. Forward-looking Information involves numerous risks, uncertainties and other factors that may cause actual results and developments to differ materially from those expressed or implied by such Forward-looking Information. Such factors include certain risks and uncertainties described in the section “Risk Factors” in Equinox Gold’s Management Information Circular dated June 19, 2026, and in the section “Risks Related to the Business” in Equinox Gold’s most recently filed Annual Information Form, each of which is available on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov/edgar. Forward-looking Information reflects management’s current expectations for future events and is subject to change. Except as required by applicable law, the Company assumes no obligation to update or to publicly announce the results of any change to any Forward-looking Information contained or incorporated by reference to reflect actual results, future events or developments, changes in assumptions or other factors affecting Forward-looking Information. If the Company updates any Forward-looking Information, no inference should be drawn that the Company will make additional updates with respect to those or other Forward-looking Information. All Forward-looking Information contained in this news release is expressly qualified by this cautionary statement.