NEWS RELEASE

Mogotes Metals Announces Closing of Exercise of Rights

August 13, 2026 – Toronto, Ontario – Mogotes Metals Inc. (TSXV: MOG, FSE: OY4, OTCQB:MOGMF) (“Mogotes”, or the “Company”) - https://www.commodity-tv.com/ondemand/companies/profil/mogotes-metals-inc/ - announces that, further to its press releases of July 14, 2026, July 21, 2026 and August 12, 2026, in connection with the exercise by CD Capital Fund IV L.P. ("CD Capital") of its right to subscribe for common shares in the capital of the Company (each, a "Common Share") to increase its ownership interest to 19.9% on a partially diluted basis and pursuant to pre-emptive rights agreements with various shareholders, the Company has issued an aggregate of 39,186,369 Common Shares at a price of $0.49 per Common Share for aggregate gross proceeds of $19,201,320.81 (the "Offering").

The Common Shares will be subject to a hold period of four months plus a day from the date of issuance and the resale rules of applicable securities legislation. Closing is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory and other approvals, including the approval of the TSX Venture Exchange. The gross proceeds will be used for general corporate and working capital purposes.

The Offering constitutes 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 36,689,414 Common Shares pursuant to the Offering. 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 Offering by the insider 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 Offering, which the Company deems reasonable in the circumstances in order to complete the Offering in an expeditious manner.

For further information, please contact:

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

In Europe

Swiss Resource Capital AG

Marc Ollinger

info@resource-capital.ch

www.resource-capital.ch

Cautionary Note Regarding Forward-Looking Statements:

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

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

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Toronto, Ontario, August 13, 2026 – Osisko Gold Group Inc. (NYSE: OGG, TSXV: OGG) ("Osisko Gold" or the "Company") - https://www.commodity-tv.com/ondemand/companies/profil/osisko-gold-group-inc/ - reports its financial and operating results for the three months ended June 30, 2026 ("Q2 2026").

Q2 2026 HIGHLIGHTS

Operating, Financial and Corporate Updates:

• As of June 30, 2026, the Company had approximately $837.3 million in cash and cash equivalents. Approximately $161.4 million (US$113.6 million), inclusive of accrued interest, is outstanding under the initial draw of the US$450 million senior secured project loan credit facility (the "2025 Financing Facility") with funds advised by Appian Capital Advisory Limited ("Appian") and $414.3 million (US$300.0 million) was outstanding under the convertible senior notes for the development and construction of the Cariboo Gold Project.
• The Company generated $32.7 million in revenues ($6.9 million in Q2 2025) and $12.0 million in cost of sales ($4.1 million in Q2 2025) from the sale of 5,547 gold ounces from small-scale activities including heap leaching of certain tailings and stockpile material and direct shipping of mineralized material at the Tintic Project, generating an operating income of $8.1 million ($16.3 million loss in Q2 2025).
• On April 1, 2026, the Company granted an aggregate of (i) 1,104,400 stock options of the Company (the "Options"), and (ii) 1,426,600 restricted share units of the Company ("RSUs") to certain senior officers and non-executive employees (collectively, the "Incentive Awards"), pursuant to the Company's omnibus equity incentive plan.
• On May 4, 2026, the Company appointed Ms. Sarah MacDonald as Vice President, Construction Contracting and Commercial, and on May 19, 2026, the Company appointed Mr. Greg Perrins as Vice President, Sustainable Development.
• On May 26, 2026 and May 28, 2026, the Company closed its previously announced offering of US$225.0 million aggregate principal amount of 4.125% convertible senior notes due 2031 and an additional US$75.0 million aggregate principal amount of 4.125% convertible senior notes due 2031, respectively (collectively, the "Convertible Offering"). The Company announced the Convertible Offering on May 20, 2026, and its pricing on May 21, 2026 (refer to Convertible Senior Notes Offering in the MD&A for more detail).
• On May 28, 2026, the Company announced its intention to satisfy the fourth of five deferred payments to certain sellers of the Tintic Project in Common Shares of the Company. This payment was completed through the issuance of 871,683 Common Shares on June 10, 2026.
• On June 2, 2026, the Company announced that Mr. Duncan Middlemiss would not stand for re-election at its annual and special meeting of shareholders held on June 23, 2026 (the "2026 AGM") and nominated Keith McKay, alongside other incumbent directors, for election to the Board of Directors at the 2026 AGM. The Company also announced its proposed name change to "Osisko Gold Group Inc.", which was subsequently approved by shareholders at the 2026 AGM.
• On June 9, 2026, the Company announced the completion of its planned 13,000-meter underground infill drilling program at the Cariboo Gold Project, totaling 13,684 m across 142 drillholes completed on 10-meter spacing in the Lowhee Zone. The Company also reported results from an additional 2,995 meters of infill and near-mine exploration drilling in the Lowhee Zone.
• On June 24, 2026, the Company announced the results of the 2026 AGM, where all director nominees were elected, PricewaterhouseCoopers LLP was re-appointed as auditor, and shareholders approved both the change of the Company's registered office from Québec to Ontario and the Company’s name change to "Osisko Gold Group Inc.". The Company also granted 247,129 deferred share units to its independent directors as part of its annual Board of Directors compensation review.

Cariboo Gold Project – British Columbia, Canada (100%-owned)

Pre-Construction Activities

The Company continues to advance pre-construction activities, including certain surface infrastructure and underground development.

• Water treatment plant: Upgrades to the Bonanza Ledge water treatment plant are complete. Final commissioning continues, with full operation expected in Q3 2026.
• Underground development: Approximately 2.7 km of underground development has been completed to date. Underground development continues from the existing Cow Portal into the Lowhee Zone and along the main access ramp into the Cow Mountain Zone. Development reached the first access point into the Cow Mountain Zone where a dedicated drill gallery is being advanced to enable infill drilling to support resource conversion, which is expected to commence in Q3 2026 (see Figure 1). Development rates continue to improve as headings advance beyond the Lowhee fault into more favourable ground conditions. Progress through the Lowhee fault zone was below target due to enhanced ground support requirements. At the mine site complex, earthworks have commenced on the second underground access at the Valley Portal. Once established, the Valley Portal will provide a second development front and support critical path primary development access to the Valley and Shaft Zones, which host the majority of the Cariboo Gold deposit's mineral reserves and mineral resources.
• Surface infrastructure: Construction of the waste rock storage facility, the sediment control pond, and other critical infrastructure is progressing. Early works at the mine site complex, which will host the primary processing facility, commenced in Q2 2026 and include tree clearing and geotechnical drilling. Once excavation of the Valley Portal is sufficiently advanced, earthworks and foundation construction for the main water treatment plant are expected to commence in Q3 2026. Installation of the Willow River Bridge, which will provide the Project's primary access once completed, is also expected to begin in Q3 2026.
• Camp upgrade: The site camp upgrade and expansion to 358 rooms is complete and, together with other Company-controlled accommodations, is expected to provide sufficient capacity aligned with peak construction and exploration manpower requirements.
• Project Readiness: Detailed engineering and procurement activities continue across key work streams supporting project readiness. Key areas of focus include process plant design work, site infrastructure and layout optimization, procurement of certain long-lead and major equipment packages, vendor engagement and technical bid evaluations, among others. In parallel, third-party reviews of key engineering, execution and cost inputs are also underway to further de-risk the Project and support a disciplined approach to construction readiness planning.

FIGURE 1: Cariboo Gold Project underground development; completed (gray) and planned (blue).

Infill Drilling Program

An infill drill program was completed as part of the Appian project financing obligations totaling approximately 13,684 metres. An additional 2,995 m of infill and near mine exploration drilling was released as part of ongoing Lowhee Zone underground drilling.

• The Company completed a preliminary internal reconciliation analysis of two localized areas (Zones 1 and 2), comprising an aggregate total of 17,072 metres of infill drilling in 185 diamond drill holes, which illustrated deposit variability broadly consistent with expectations.
• Relative to the existing short-term resource model, Zone 1 indicated approximately 30% more tonnes and 6% more gold ounces, at approximately 18% lower gold grade, while Zone 2 indicated approximately 8% fewer tonnes and 8% more gold ounces, at approximately 16% higher gold grade.^{1 (pg. 10)}

Exploration and Conversion Drilling Programs

A multi-faceted exploration drilling campaign across the Cariboo Gold Project and regional targets is underway. The current and planned infill drilling has the objective of (a) supporting greater definition of the existing measured and indicated mineral resources and (b) upgrading inferred mineral resources to higher confidence categories and, where appropriate, potentially converting such resources into mineral reserves after considering applicable modifying factors. Up to 20 drill rigs are expected to be active at times throughout 2026 and beyond, as the various programs overlap and advance, representing up to approximately 160,000 metres of planned drilling across all targets. Thirteen drill rigs are currently operating across all programs, including three drills active underground.

• A total of ten drill rigs are currently operating on four surface exploration programs, including three surface drill rigs targeting potential mineralization within and below the current extent of the Cariboo Gold deposit to depths of up to 1,000 metres. To date, approximately 19,215 metres of drilling have been completed, with assay results for 8,971 metres released. Assay results for the remaining drill holes are pending. Underground development of a dedicated drill gallery is progressing in the Cow Zone and is anticipated to support commencement of drilling from the first drill bay in Q3 2026.
• A second surface exploration program on the adjacent Proserpine regional greenfield exploration target was ramped up to five drill rigs, with approximately 6,463 metres completed and released, when drilling was paused for caribou calving season. Drilling has recommenced in Q3 2026 with three drill rigs.
• A third surface exploration program on the Yanks Peak target, which is helicopter supported, has also started with two drills in August 2026. The fourth surface exploration program started in Q3 2026 with two drills at the QR Mine.

FIGURE 2: Mine Site Complex processing facility site preparation works.

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

FIGURE 4: Waste rock storage facility and sediment control pond.

FIGURE 5: Site camp upgrade and expansion to 358 rooms.

Tintic Project – Utah, U.S.A. (100%-owned)

• Small-Scale Processing and Test Mining Activities: In the second quarter, the Company continued small-scale heap leaching and direct shipping of mineralized material which generated sales of 5,547 ounces of gold including direct shipping of 4,879 tonnes at an average grade of 38.71 grams per tonne of gold with an average payability factor of 89.5%. An additional 2,954 tonnes of higher-grade mineralized material was stockpiled for direct shipping as of the end of Q2 2026 and was subsequently shipped for processing in July 2026. Test mining is anticipated to continue in Q3 and Q4 2026, and into 2027.
• While management continues to evaluate options for the next steps at the Tintic Project, it is expected that limited activities beyond care and maintenance may occur on the Tintic Project from time to time, including any additional direct shipping of mineralized material from the Trixie test mine.

2026 OBJECTIVES

Note:

1. For the portion of activities to be incurred in 2026.
2. The expenditures disclosed in this table include amounts approved by the Board of Directors as at June 30, 2026, net of amounts already incurred during the six months ended June 30, 2026. Additional expenditures will be required to complete certain of the objectives and are subject to approval by the Board of Directors.

SUBSEQUENT TO Q2 2026

• On July 8, 2026, the Company announced new drill results from eleven (11) surface diamond drill holes totaling 8,971 metres completed between December 2025 and April 2026 as part of an ongoing Cariboo Gold Deeps and near mine gap infill exploration program at the Cariboo Gold Project. Approximately 65% of drilling transected areas outside the current footprint of the Cariboo Gold deposit, and results confirmed the presence of high-grade mineralization to a maximum vertical depth below surface of 718 metres in IM-26-001.
• On July 14, 2026, the Company changed its name from "Osisko Development Corp." to "Osisko Gold Group Inc." and changed the province of its registered office from Québec to Ontario. In connection with the name change, the Common Shares traded under its new trading symbol, "OGG", at the start of trading on July 20, 2026 on each of the TSXV and the NYSE. In addition, the trading symbols for the Company's common share purchase warrants also changed effective at market open on July 20, 2026: (i) warrants trading under "ODVWZ" on the Nasdaq Stock Market ("Nasdaq") and "ODV.WT.U" on the TSXV changed to "OGGWZ" and "OGG.WT.U", respectively; and (ii) warrants trading on the TSXV under "ODV.WT.A" and "ODV.WT.V" changed to "OGG.WT.A", and "OGG.WT.V", respectively.
• On July 22, 2026, the Company announced that, through its wholly owned subsidiary, Barkerville, it entered into a Support and Benefits Agreement (the "Support Agreement") with the District of Wells, British Columbia (the "District"), effective July 21, 2026, to support social and economic initiatives within the District in respect of the Cariboo Gold Project. Over its three-year term, the Support Agreement contemplates voluntary financial contributions by the Company of up to $3.0 million in aggregate, subject to the Company's sole discretion and continued participation under the Support Agreement.
• On July 23, 2026, the Company announced final results and preliminary internal reconciliation analysis of its previously completed infill drilling program in the Lowhee Zone of the Cariboo Gold Project. The preliminary internal reconciliation analysis of two localized areas, comprising an aggregate total of 17,072 metres of infill drilling in 185 diamond drill holes, illustrated deposit variability consistent with expectations, and is subject to ongoing evaluation and modelling.
• On August 5, 2026, the Company announced the first set of new drilling results from fourteen (14) surface diamond drill holes totaling 6,463 metres completed between February and May 2026 as part of an ongoing exploration program on the Proserpine regional greenfield target, located within the broader Cariboo Gold Project property boundary. Results to date confirm the presence of an emerging gold mineralized system comprising high-grade structures and broader zones of lower-grade mineralization that may indicate potential for bulk mining methods.

Consolidated Financial Statements

The Company's unaudited condensed interim consolidated financial statements (the "Financial Statements") and related management's discussion and analysis ("MD&A") for the three months ended June 30, 2026 have been filed with Canadian securities regulatory authorities and the U.S. Securities and Exchange Commission. These filings are available on the Company's website at www.osiskogold.ca, on SEDAR+ (www.sedarplus.ca) and on EDGAR (www.sec.gov) under Osisko Gold's issuer profile.

Qualified Persons

The scientific and technical information contained in this news release has been reviewed, verified and approved by Scott Smith, P. Geo., Vice President, Exploration of Osisko Gold, a "qualified person" within the meaning of NI 43-101. Verification includes core photo and three-dimensional review of logged drillhole data and assays consistent with the Company's standard procedures.

The exploration results disclosed in this news release are based on incomplete data and are preliminary in nature. There are no known drilling, sampling, recovery, or other factors that could materially affect the accuracy or reliability of the data; however, readers are cautioned that additional drilling and sampling may result in materially different results than those presented herein.

Technical Reports

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

Scientific and technical information relating to the Tintic Project and the current mineral resource estimate for the Trixie deposit (the "2024 Trixie MRE") is supported by the technical report titled "NI 43-101 Technical Report, Mineral Resource Estimate for the Trixie Deposit, Tintic Project, Utah, United States of America" dated April 25, 2024 (with an effective date of March 14, 2024) (the "Tintic Technical Report" and, together with the Cariboo Technical Report, the "Technical Reports").

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

End Notes (excluding tables)

1. The reconciliation analysis results for Zones 1 and 2 are preliminary and internal and do not constitute an updated mineral reserve or mineral resource estimate. The results relate only to the specified areas evaluated and should not be interpreted to be representative of, or applicable to, the mineral reserve or mineral resource estimate set out in the Cariboo Technical Report.

In Europe

Swiss Resource Capital AG

Marc Ollinger

info@resource-capital.ch

www.resource-capital.ch

CAUTIONARY STATEMENTS

Cautionary Statement Regarding Financing Risks

The Company's development and exploration activities are subject to financing risks. As of the date hereof, the Company has exploration and development assets which may generate periodic revenues through test mining but has no mines in the commercial production stage that generate positive cash flows. The Company cautions that test mining at its operations could be suspended at any time. The Company's ability to explore for and discover potential economic projects, and then to bring them into production, is highly dependent upon its ability to raise equity and debt capital in the financial markets. Any projects that the Company develops will require significant capital expenditures. To obtain such funds, the Company may sell additional securities including, but not limited to, the Company's shares or some form of convertible security, the effect of which may result in a substantial dilution of the equity interests of the Company's shareholders. Alternatively, the Company may also sell a part of its interest in an asset in order to raise capital. There is no assurance that the Company will be able to raise the funds required to continue its exploration programs and finance the development of any potentially economic deposit that is identified on acceptable terms or at all. The failure to obtain the necessary financing(s) could have a material adverse effect on the Company's growth strategy, results of operations, financial condition and project scheduling.

Cautionary Statement Regarding Test Mining Not Supported by a Feasibility Study

Certain operations of the Company including prior test mining activities at the Tintic Project's Trixie test mine, have operated without the benefit of a feasibility study including mineral reserves, demonstrating economic and technical viability, and, as a result, there may be increased uncertainty of achieving any particular level of recovery of material or the cost of such recovery. The Company cautions that, historically, such projects have a much higher risk of economic and technical failure. There is no guarantee that commercial production will commence, continue as anticipated or at all or that anticipated production costs will be achieved. The failure to commence or continue production could have a material adverse impact on the Company's ability to generate revenue and cash flow to fund operations. Failure to achieve the anticipated production costs could have a material adverse impact on the Company's cash flow and potential profitability.

Cautionary Statement to U.S. Investors

As a foreign private issuer under U.S. securities laws that files reports under the Canada-U.S. multijurisdictional disclosure system, the Company is permitted to prepare and report information regarding mineral properties, mineralization and estimates of mineral reserves and mineral resources, including the information in its technical reports, financial statements and MD&A, in accordance with Canadian reporting requirements, which are governed by NI 43-101. As such, such information concerning mineral properties, mineralization and estimates of mineral reserves and mineral resources, including the information in its technical reports, financial statements and MD&A, is not comparable to similar information made public by most companies subject to U.S. mineral property disclosure requirements of the U.S. Securities and Exchange Commission ("SEC").

Further to recent amendments, U.S. mineral property disclosure requirements (the "SEC Rules") are now governed by subpart 1300 of Regulation S-K under the U.S. Securities Act. Under the SEC Rules, the SEC now recognizes estimates of "measured mineral resources", "indicated mineral resources" and "inferred mineral resources." In addition, the SEC has amended its definitions of "proven mineral reserves" and "probable mineral reserves" to be "substantially similar" to the corresponding standards adopted by the Canadian Institute of Mining, Metallurgy and Petroleum, adopted by the CIM Council ("CIM Standards"), which is the required definition standard adopted by NI 43-101. While the SEC will now recognize "measured mineral resources", "indicated mineral resources" and "inferred mineral resources", U.S. investors should not assume that any part or all of the mineralization in these categories will ever be converted into a higher category of mineral resources or into mineral reserves. Mineralization described using these terms has a greater amount of uncertainty as to its existence and feasibility than mineralization that has been characterized as reserves. Accordingly, U.S. investors are cautioned not to assume that any measured mineral resources, indicated mineral resources, or inferred mineral resources that the Company reports are or will be economically or legally mineable. Further, "inferred mineral resources" have a greater amount of uncertainty as to their existence and as to whether they can be mined legally or economically. Therefore, U.S. investors are also cautioned not to assume that all or any part of the "inferred mineral resources" exist. Under NI 43-101, estimates of inferred mineral resources may not form the basis of feasibility or pre-feasibility studies or economic studies except for preliminary economic assessments. While the above terms are "substantially similar" to CIM Standards, there are differences in the definitions under the SEC Rules and the CIM Standards. Accordingly, there is no assurance any mineral reserves or mineral resources that the Company may report as "proven mineral reserves", "probable mineral reserves", "measured mineral resources", "indicated mineral resources" and "inferred mineral resources" under NI 43-101 would be the same had the Company prepared the reserve or resource estimates under the SEC Rules.

Risks related to the development of the Cariboo Gold Project

The development of a new mining operation, including the construction of processing facilities, tailings storage infrastructure, access roads, power supply and other supporting infrastructure, is a complex and costly undertaking. The Cariboo Gold Project remains in the development stage and there is no certainty that it will be brought into commercial production within anticipated timelines, at anticipated costs, or at all. The results of the Cariboo Technical Report are based on a number of assumptions, including, among others, geological interpretations, estimated mineral resources and mineral reserves, metallurgical recoveries, construction schedules, capital and operating costs, labour and equipment availability, transportation and energy costs, regulatory requirements, and projected commodity prices. These assumptions are inherently uncertain and may prove to be inaccurate.

Actual results, costs and development timelines may differ materially from those currently anticipated due to factors such as: unforeseen geological conditions; changes to mine plan optimization; equipment failures; shortages of skilled labour and contractors; increases in the cost of materials, equipment or energy; design modifications; delays related to permitting or receipt of government approvals; adverse weather or climate conditions; and community and/or Indigenous opposition. In addition, the development of mining projects often requires substantial capital expenditures, and delays or cost overruns may require the Company to seek additional financing, which may not be available on favorable terms or at all. If the Company is unable to complete construction and development of the Cariboo Gold Project on a timely and cost-effective basis, or if operating performance following commissioning is materially lower than expected, the project may fail to achieve anticipated economic results. Any such events could have a material adverse effect on the Company's business, financial condition and results of operations.

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 availability and use of proceeds of the 2025 Financing Facility (including the ability and timing to satisfy conditions precedent to subsequent draws under the 2025 Financing Facility (if at all)) and proceeds from the Convertible Offering; continued advancement and de-risking of the Cariboo Gold Project (if at all); the ability to develop the Cariboo Gold Project; the exploration potential, prospectivity and potential for future discoveries (if any) of its properties; expectations regarding the Company's capital requirements to advance the Cariboo Gold Project to production; the ability of the Company to raise or arrange for the remaining funding required to complete the construction of the Cariboo Gold Project; the Company's strategy and objectives relating to the Cariboo Gold Project as well as its other projects; the impact of the 2025 Financing Facility, the Convertible Offering, and other financings on the Company and its financial position and allocation; the ability of the Company to service and repay principal related to the 2025 Financing Facility and the Convertible Offering whether from the operation of the Cariboo Gold Project or other sources of funds; the assumptions, qualifications and limitations relating to the Cariboo Gold Project being fully permitted and the advancement of pre-construction and early works activities; the anticipated timing for the Bonanza Ledge water treatment plant to become fully operational in Q3 2026; whether the Company’s water treatment plant and facilities will operate to expectations and meet permit conditions; the ability, progress and timing in respect of underground development at the Cariboo Gold Project, including development from the Cow Portal into the Lowhee Zone, along the main access ramp into the Cow Mountain Zone, and excavation of the Valley Portal; expectations regarding the improvement of underground development rates as headings advance beyond the Lowhee fault zone into more favourable ground conditions; the ability, progress and timing of surface infrastructure construction, including the waste rock storage facility, sediment control pond, mine site complex early works, main water treatment plant, and installation of the Willow River Bridge expected to commence in Q3 2026; the anticipated benefits and capacity of the expanded camp to meet peak construction and exploration manpower requirements; the progress and timing of detailed engineering, procurement activities, project readiness, and third-party reviews to de-risk the Project and support construction readiness planning; the ability, progress and timing in respect of exploration and infill drilling activities at the Cariboo Gold Project and on regional targets, including the surface deeps and near mine gap infill exploration program, the Proserpine regional greenfield target, the Yanks Peak target, and the QR Mine; whether additional mineral resources will be developed as a result of exploration drilling at depth within the Cariboo mine area, and/or on exploration targets beyond the mine area; the ability and expectations of current and planned infill and conversion drilling, including from the underground drill gallery expected to commence in Q3 2026, to support greater definition of existing measured and indicated mineral resources and upgrade inferred mineral resources to higher confidence resource categories and potentially convert such resources into mineral reserves, after considering applicable modifying factors (if at all); the continuation of surface exploration drilling activities and receipt of pending assay results; the utility and significance of the preliminary internal reconciliation analysis of the Lowhee Zone infill program; the continuation of small-scale heap leaching, direct shipping of mineralized material, and test mining activities at the Tintic Project in Q3 and Q4 2026 and into 2027; the ability of the Company to sustain ongoing small-scale processing and mining activities at the Tintic Project (if at all); the continuation of limited activities beyond care and maintenance at the Tintic Project; whether current and planned test mining at Tintic will generate positive cash flow after deducting all costs; the anticipated benefits (if any) of the Support and Benefits Agreement with the District of Wells; assumptions, qualifications and parameters underlying the Cariboo Technical Report (including, but not limited to, the mineral resources, mineral reserves, production profile, mine design and project economics); the ability of the Company to achieve the estimates outlined in the Cariboo Technical Report in the timing contemplated (if at all); the ability to achieve the capital and operating costs outlined in the Cariboo Technical Report (if at all); management’s perceptions of historical trends, current conditions and expected future developments; future mining activities; the ability and timing for the Cariboo Gold Project to reach commercial production (if at all); sustainability and environmental impacts of operations at the Company’s properties; future gold prices; the costs required to advance the Company’s properties; regulatory framework remaining defined and understood; and any other information herein that is not a historical fact may be "forward looking information".

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 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. Osisko Gold is confident a robust consultation process was followed in relation to its received BC Mines Act and Environmental Management Act permits for the Cariboo Gold Project and continues to actively consult and engage with Indigenous nations and stakeholders. While any party may seek to have the decision related to the BC Mines Act and/or Environmental Management Act permits reviewed by the courts, the Company does not expect that such a review would, were it to occur, impact its ability to proceed with the construction and operation of the Cariboo Gold Project in accordance with the approved BC Mines Act and Environmental Management Act permits. 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 filing of the Project Notice represents another significant milestone in advancing the Perron Gold Project toward commercial production. It formally initiates Québec's environmental assessment process for the proposed mine and reflects the Company's continued execution of its development strategy. The Project Notice provides government authorities with a comprehensive overview of the proposed mining operation, including the underground mine, surface infrastructure, environmental setting and overall project design. 

"The submission of the Project Notice is another important step as we move toward developing one of Canada's premier high-grade gold projects," said Victor Cantore, President and Chief Executive Officer of Amex Gold Mining. "Responsible mine development begins long before construction. Our team has invested considerable effort in environmental studies, engineering and community engagement, and we look forward to continuing to work collaboratively with Indigenous communities, local stakeholders and government authorities as we advance Perron through the next stages of development."

Following its review of the Project Notice, the MELCCFP will issue a directive outlining the information to be included in the Environmental Impact Assessment (EIA). The Company has already initiated preparation of the EIA through ongoing environmental baseline studies, engineering, technical evaluations and stakeholder engagement activities. 

The proposed mine is based on the positive Feasibility Study released earlier this year and contemplates a high-grade underground mining operation with mineral processing at an existing regional mill. This development strategy is designed to leverage Perron's exceptional grade while reducing initial capital requirements and accelerating the path toward commercial production. 

Key highlights of the Feasibility Study include:

• Phase 1 Proven and Probable reserves of 1,989 Mt at 12.1 g/t
• Low initial capital cost estimate of $193.9M. During the pre-production period $68.1M of revenue is generated which could offset some capital required
• Average annual gold production of 147,000 oz gold (Au) at an All in Sustaining Cost (AISC) of US$910/oz Au
• Pre-tax NPV of $1,976M and After-tax NPV of $1,127M
• Pre-tax IRR of 160.4% and After-tax IRR of 114.6%
• Cumulative Pre-tax Undiscounted Net Free Cash Flow of $2,492M and Cumulative After-tax Undiscounted Net Free Cash Flow of $1,436M
• Pre-tax payback period of 0.4 years and After-tax payback period of 0.5 years

Note: The Perron FS incorporates the latest Mineral Resource Estimate (2025 MRE - released May 21, 2025). The previous assumes a gold price of US$3,500/oz and a CA$/US$ exchange rate of 1.38:1.

In parallel with the environmental assessment process, Amex continues to advance construction of its fully permitted 40,000-tonne bulk sample program. The bulk sample will generate valuable geological, geotechnical, metallurgical and operational information while further supporting future mine development and optimization.

The Company expects the Project Notice to be made publicly available by the MELCCFP following completion of its administrative review process. Once published by the Ministry, Amex will also make the document available on its website under the Perron Project section, providing shareholders, local communities and other stakeholders with convenient access to the filing.

About Amex

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

The Perron Project in Quebec consists of 183 contiguous claims for a surface area of 65.72 km². The project hosts several zones of high-grade gold mineralization, VMS mineralization and 'hybrid' gold-rich VMS mineralization. When combined with the adjacent and contiguous Perron West Project and Abbotsford and Hepburn Projects (including additional claims acquired through staking) in Ontario, the consolidated land package spans a district-scale 570.94 km². This extensive property lies within highly prospective geology favourable for both high-grade gold and VMS mineralization.

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

Qualified Person 

The technical information in this news release has been reviewed and approved by Aaron Stone, P.Geo (OGQ – 2170, PGO – 3708), Vice President Exploration of the Company, acting as a Qualified Person within the meaning of National Instrument 43-101. 

For further information please contact:

Victor Cantore

President and Chief Executive Officer

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

In Europe

Swiss Resource Capital AG

Marc Ollinger

info@resource-capital.ch

www.resource-capital.ch

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

Forward-looking statements

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

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

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

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

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

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

Gold mineralization was intersected in all drillholes reported here (ST2601 – ST2605). Highlights so far include 9.2 m at 1.3 g/t Au (including 0.4 m at 5.6 g/t Au) and 1.1 m at 15.6 g/t Au (including 0.6 m at 27.8 g/t Au). In addition, a poly-metallic sample in hole ST2601 returned 0.5 m @ 8.9 g/t Au, 47.5 g/t Ag and 0.74% Cu.

Michael Hudson, CEO, states: “These first results delivered exactly what we hoped for at Stavaträsk - gold in our first five drillholes, from very shallow levels (from 12 m down hole), over a strike length of 650 m. Importantly, the occurrence of high-grade gold up to 27.8 g/t Au is a fabulous start for this discovery. This drilling suggests we have discovered a large, gold-bearing corridor of mineralization consisting of a quartz-vein-swarm hosted within a persistent granodiorite host-unit. This gold-bearing corridor is interpreted to be 50 m to 65 m wide, with several higher-grade structurally controlled zones of quartz-veining observed, returning several gold-rich intervals, such as; 9.2 m at 1.3 g/t Au (including 0.4 m at 5.6 g/t Au) and 1.1 m at 15.6 g/t Au (including 0.6 m at 27.8 g/t Au). In addition, a poly-metallic sample in hole ST2601 returned 0.5 m @ 8.9 g/t Au, 47.5 g/t Ag and 0.74% Cu, demonstrating potential silver and copper upside to this strongly-mineralized system. The consistent association of gold with arsenic, silver and tellurium gives our geologists a simple, reliable way to vector toward the best of the system as we plan the next stage. Assays from the final two holes are imminent, with an IP gradient array geophysical program commencing over the coming weeks and a second drill program to follow."

Technical Discussion

The Stavaträsk mineralized corridor is interpreted to lie along a structural trend within the regional-scale Vidsel-Röjnoret Shear System which the Company’s mapping and interpretation trace as a prospective corridor of up to approximately 7 km of strike cutting across several lithologies: a granodiorite-hosted vein swarm delivering broad, consistent lower-grade gold (holes ST2601–ST2603), with higher-grade veins on or close to the granodiorite contact, passing into silica–arsenopyrite shear zones in mudstone that carry higher grades (holes ST2604–ST2605). 

Initial drilling at the Stavaträsk project consisted of 7 holes measuring between 75 and 260 metres in length. The best drill intercepts in each hole are as follows: 

• ST2601: 4.5 m @ 1.4 g/t Au, 8.2 g/t Ag from 80.0 m, including:
• 0.5 m @ 8.9 g/t Au, 47.5 g/t Ag
• ST2602: 5.6 m @ 1.4 g/t Au, 1.3 g/t Ag from 79.4 m, including:
• 0.4 m @ 9.9 g/t Au, 4.4 g/t Ag
• ST2603: 1.3 m @ 2.6 g/t Au, 1.9 g/t Ag from 12.0 m
• ST2604: 9.2 m @ 1.3 g/t Au, 0.7 g/t Ag from 29.9 m, including:
• 0.4 m @ 5.6 g/t Au, 2.1 g/t Ag
• ST2605: 1.1 m @ 15.6 g/t Au, 2.9 g/t Ag from 35.5 m, including:
• 0.6 m @ 27.8 g/t Au, 5.0 g/t Ag

Drillholes ST2601–ST2607 were planned to investigate the sub-surface geology of the surface float and outcrop areas as documented in the previous news release (dated June 10, 2026). Five drillholes (ST2601-ST2603, ST2606 and ST2607) were drilled underneath the southern high-grade surface float samples, while ST2604 and ST2605 were drilled underneath high-grade gold outcrops 650 metres to the north.  In the southern drill area, a swarm of extensional-style gold-bearing quartz-arsenopyrite veins and associated gangue are hosted by a silica-chlorite-sericite-altered granodiorite.  Higher-grade, gold-rich zones were intercepted on or close to the granodiorite contact (ie., ST2601; 0.5 m @ 8.9 g/t Au), while a broader mineralization style was encountered within the bulk of the granodiorite body (ie., ST2602; 5.6 m @ 1.4 g/t Au). The granodiorite body trends in an approximate 330° strike, and dips approximately 70° to the east. In the northern drill area, drillholes ST2604 and ST2605 intercepted a more discrete quartz-arsenopyrite-bearing interval hosted in a mudstone lithology in which higher-gold grades are encountered (ie., ST2605; 1.1 m @ 15.6 g/t Au including 0.6 m @ 27.8 g/t Au). While this more narrow-style of mineralization is hosted within a different host-rock lithology, the consistency of the quartz-arsenopyrite vein-morphology and their structural geological orientation (ie., both aligned along the dominant ~330° structural corridor) demonstrate both a genetic and probable spatial connectivity of the two areas, separated by ~650m of strike length (refer to Figure 3). 

The two deepest holes of the program, ST2606 and ST2607 (Figures 3 and 4) were drilled into the granodiorite zone in order to test down-dip continuation of the granodiorite-hosted vein-swarm; drillhole ST2606 intercepted strong and continuous arsenopyrite-silica-alteration along the entirety of the granodiorite interval (ca. 214 metres drilled thickness). Assay results of these two holes are pending.

Across the five holes assayed (320 samples, ~242 m of assayed core), 101 samples (32%) run at or above 0.1 g/t Au, totalling ~67.5 m of the sampled length. The length-weighted grade of that anomalous population is ~0.96 g/t. The median anomalous sample is 0.3 g/t with 49 of the 101 samples in the 0.1 to 0.3 g/t band. 

In addition, an individual 0.5 m sample from ST2601 (80.5 m to 80.9 m) returned 0.5 m @ 8.9 g/t Au, 47.5 g/t Ag and 0.74% Cu (photo 1), highlighting the poly-metallic (gold–silver–copper) character of the mineralization and consistent with the surface and boulder-field sampling.

Photo 1: Core sample from ST2601 at 80.48 m showing arsenopyrite, pyrrhotite and chalcopyrite in a quartz shear vein, returning 8.9 g/t Au, 47.5 g/t Ag and 0.74% Cu. 

Preliminary analysis of results suggest that elevated gold-concentrations display systematic correlation with several other metal elements, particularly arsenic (ie., arsenopyrite), followed by silver, tellurium and bismuth. This arsenic geochemical-affinity with gold largely agrees with visual observations of the drillcore (and earlier surface observations) in that, gold-rich intervals are closely-tied to arsenopyrite formation (±pyrite and chalcopyrite) demonstrating a likely genetic relationship between the two. As such, this mineralogical relationship should prove very useful for further steps in exploration works (i.e. geophysical surveys and surface geochemical sampling). 

This drilling at Stavaträsk suggests mineralization is hosted in a continuous, structurally-controlled, gold-bearing  corridor, hosted within both the igneous and sedimentary rocks found in the region. This relationship is typical of known multi-million ounce, structurally controlled orogenic gold deposits from the Nordics, including Agnico Eagles Kittila mine, Goldsky Resources Barsele project, and Dragon Minings Fäboliden deposit.

Stavaträsk Project

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

Gold, silver and copper mineralization is structurally hosted, with massive to semi-massive arsenopyrite, pyrite and chalcopyrite with silica alteration. Outcrop samples return grades of 93 g/t Au and 24 g/t Ag. A boulder field located 650 m southeast of the main outcrop yielded 8 samples averaging 3.2 g/t Au (range 0.1 g/t to 11.2 g/t Au), 67 g/t Ag (range 1 g/t to 154 g/t Ag) and 0.83% Cu (range 0.003% to 2.43% Cu) and is surrounded by historic drill collars for which assay data is largely unavailable.

Technical Background

The team behind Hannan has decades of combined exploration experience across the Nordic region, bringing deep local knowledge, relationships and operating capability to the portfolio. 

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

The true thickness of the mineralized intervals reported here is not known at this stage.

Drill hole intervals have been calculated using 0.5 g/t Au cut-off with a maximum 2 m internal dilution; higher-grade sub-intervals reported at a 3.0 g/t Au cut-off with 2 m internal dilution.

Sweden: A Tier-One European Mining Jurisdiction

Sweden is positioning itself as the cornerstone of Europe's domestic mineral supply under the EU Critical Raw Materials Act. The efficiency of its permitting regime is demonstrated firsthand at Stavaträsk, where a drill permit was secured in four weeks. The country ranks among the world's top 10 most attractive mining jurisdictions in the Fraser Institute's most recent survey, offering stable policy, established infrastructure, low-cost hydropower and a skilled workforce. The district also supports near year-round drilling: an established forestry road network enables access through the summer, while winter snow cover allows rigs to move broadly across the terrain, with only a short shoulder season around April-June.

Maintaining Momentum in Peru 

The large Previsto gold-copper prospect (Amanecer project) in Peru remains the Company’s flagship asset and primary focus, and the Swedish projects complement – rather than replace – that priority. 

With the Previsto permitting timeline extending maiden drilling into 2027, and with the Company well-funded, Hannan has secured a low-cost, share-based entry into three high-grade gold projects – structured to add exploration optionality with minimal upfront cash – allowing the Company to keep the drill bit turning and deliver near-term results for shareholders during the interim window. 

Sampling, Analytical Methods and Quality Control

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

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

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

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

Further Information

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

In Europe

Swiss Resource Capital AG

Marc Ollinger

info@resource-capital.ch

www.resource-capital.ch

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

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

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

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

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

Figure 3: Plan view of the Stavaträsk project showing drilling results reported here across 650 m strike, surface geochemistry and sulphide logged in drillholes without assays ST2606 and ST2607.

Figure 4: Section A-B looking north across drillholes ST2601, ST2606, ST2607 showing results reported here from ST2601 and sulphide presence log from holes awaiting assays ST2606 and ST2607. Width of intrusive is approximately 65 m.

Table 1:  Drill collar summary table.

Table 2: Summary of Significant Assay Results (ST2601 – ST2605). Reported lengths are downhole (core) lengths; the true thickness of the mineralized intervals is not yet known. 

Composite intervals @ 0.5 g/t cut-off, max 2 m waste:

High-grade sub-intervals @ 3 g/t:

Table 3: All individual assays reported from ST2601-2605 reported here >0.1 g/t Au. Individual assay and sample intervals are reported to one decimal place.

“Parral continues to provide excellent results, propelling the Company to record operating cash flows of $26.3 million.  As we complete our twelfth year at Parral, it continues to operate strongly and is producing record cash flows for us,” said Brad Langille, President and CEO.  “At quarter end, we held $284 million USD in cash, which exceeds the initial capital expenditure of $227 million per the feasibility study for our recently permitted Los Ricos South.  With our permit in hand at Los Ricos South and a positive construction decision from the board, we are well positioned to create long-term benefits for all stakeholders.”

Highlights for the quarter ending June 30, 2026:

• Record operating cash flow of $26.3 million USD
• Cash of $284 million USD
• Revenue of $27.8 million on the sale of 419,986 SEO at an average realized price per ounce of $66.09
• Net income of $10.9 million
• Production of 477,464 SEO, consisting of 268,673 silver ounces, 3,036 gold ounces, 88 tonnes of copper, and 116 tonnes of zinc

Following are tables showing summarized financial information and key performance indicators:

¹Includes a positive adjustment of $15,530 from working capital for the quarter ended June 30, 2026 ($1,792 in June 30, 2025).

¹Key performance indicators are unaudited non-GAAP measures, see reconciliation in MD&A.

² SEO include gold ounces, copper tonnes, and zinc tonnes sold converted to a silver equivalent based on a ratio of the average market metal price for each period.  The ratio of gold:silver for each of the periods presented was:  Q3-25 – 98, Q3-26 – 62.  The ratio for copper was: Q3-25 – 311, Q3-26 - 181.  The ratio for zinc was: Q3-25 – 79, Q3-26 – 48.

Silver equivalent ounces sold have been impacted by the strengthening of silver prices relative to gold for the three months ended June 30, 2026 compared to June 30, 2025, with the equivalency ratio of gold:silver decreasing from 98 to 62.  For comparison purposes, using the June 30, 2025 equivalency ratio for the quarter ended June 30, 2026 would result in 531,825 SEO sold, which also results in an increase of $8.58 per SEO to AISC.  AISC was also significantly impacted in the quarter by a non-cash fair value adjustment of $2.5 million on stock based awards due to the increase in the Company’s share price, this resulted in an increase in AISC of $5.85 per SEO.  Adjusting for these items would provide a comparative AISC of $26.35 per SEO.

This news release should be read in conjunction with the interim consolidated financial statements for the quarter ended June 30, 2026, notes to the financial statements, and management's discussion and analysis for the quarter ended June 30, 2026, which have been filed on SEDAR+ and are available on the Company’s website.

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 Inc. 

T: 416 855 0435

Email : steve@gogoldresources.com

Or visit : www.gogoldresources.com

In Europe

Swiss Resource Capital AG

Marc Ollinger

info@resource-capital.ch

www.resource-capital.ch

CAUTIONARY STATEMENT:

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

This news release may contain "forward-looking information" as defined in applicable Canadian securities legislation. All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding the Parral tailings project, the Los Ricos project, future operating margins, future production and processing, and future plans and objectives of GoGold, constitute forward looking information that involve various risks and uncertainties. Forward-looking information is based on a number of factors and assumptions which have been used to develop such information but which may prove to be incorrect, including, but not limited to, assumptions in connection with the continuance of GoGold and its subsidiaries as a going concern, general economic and market conditions, mineral prices, the accuracy of mineral resource estimates, and the performance of the Parral 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 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.

Cautionary non-GAAP Measures and Additional GAAP Measures 

Note that for purposes of this section, GAAP refers to IFRS. The Company believes that investors use certain non-GAAP and additional GAAP measures as indicators to assess mining companies. They are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared with GAAP. Non-GAAP and additional GAAP measures do not have a standardized meaning prescribed under IFRS and therefore may not be comparable to similar measures presented by other companies. 

Additional GAAP measures that are presented on the face of the Company’s consolidated statements of comprehensive income include “Operating income (loss)”. These measures are intended to provide an indication of the Company’s mine and operating performance. Per ounce measures are calculated by dividing the relevant mining and processing costs and total costs by the tonnes of ore processed in the period. “Cash costs per ounce” and “All-in sustaining costs per ounce” are used in this analysis and are non-GAAP terms typically used by mining companies to assess the level of gross margin available to the Company by subtracting these costs from the unit price realized during the period. These non-GAAP terms are also used to assess the ability of a mining company to generate cash flow from operations. There may be some variation in the method of computation of these metrics as determined by the Company compared with other mining companies. In this context, “Cash costs per ounce” reflects the cash operating costs allocated from in-process and dore inventory associated with ounces of silver and gold sold in the period. “Cash costs per ounce” may vary from one period to another due to operating efficiencies, grade of material processed and silver/gold recovery rates in the period. “All-in sustaining costs per ounce” include total cash costs, exploration, corporate and administrative, share based compensation and sustaining capital costs. For a reconciliation of non-GAAP and GAAP measures, please refer to the Management Discussion and Analysis dated August 11, 2026 for the period ended June 30, 2026, as presented on SEDAR+.

Jason Dunning, Head of U.S. Special Projects for Blue Moon, stated, "This acquisition marks a meaningful step in Blue Moon’s strategy to build a leading US-focused critical metals platform. The portfolio represents a compelling collection of tungsten and antimony projects in the United States at a time when domestic sources are increasingly important. Many of these Projects historically produced high-grade antimony and tungsten, including reported tungsten grades of up to 14% WO₃, during periods of major strategic demand, including WWI, WWII, the Korean War and the Vietnam War. Since that time, the Projects have seen very limited modern work, creating what we believe is a significant opportunity for Blue Moon to apply a disciplined, modern approach across a historically important package of assets. While tungsten was the focus of the historical work, it should be noted that tungsten mineralization may also provide important indications for copper and gold exploration potential. We intend to methodically advance several of these Projects, with a focus on leveraging the Company’s Springer complex in Nevada for potential processing, while seeking to unlock value from the broader portfolio through future monetization opportunities."

TRANSACTION

Consideration for the Projects consists of the following:

• 2.8 million common shares of the Company, subject to a 4-month holding period, at a price of US$5.55/sh or a total of approximately US$15.5 million
• A 1.0% NSR royalty on each Project
• US$5.0 million in cash, of which US$2.5 million is to be paid on the closing date and US$2.5 million is to be paid on the first anniversary of the closing date
• A capped inferred resource development milestone payment on tungsten projects advanced by Blue Moon (“Development Payments”)
  1. The Development Payments will be based on the grade of the first delineated inferred resource within 15 years of the Closing Date:
     • Under 0.15% WO₃: US$1.50/MTU WO₃
     • 0.1501% to 0.30% WO₃: US$2.50/MTU WO₃
     • 0.3001% to 0.45% WO₃: US$3.50/MTU WO₃
     • Over 0.45% WO₃: US$4.50/MTU WO₃
  2. The Development Payments will be paid either in cash or split 50% cash and 50% in Blue Moon common shares, at Blue Moon’s election; and
  3. Each Development Payment will be capped at a maximum aggregate payment of US$8.5 million per Project.
• A monetization incentive based on consideration received by Blue Moon from the disposal of any Project:
  1. A payment of 10% of the consideration received by Blue Moon, payable in cash or shares at Blue Moon’s discretion; and
  2. An inferred resource development milestone payment on tungsten projects advanced by the then owner of each Project within 15 years of the Closing Date, totaling US$1.50/MTU WO₃.

Figure 1. Map of the Projects with Blue Moon’s Springer, Apex and Blue Moon mines.

KEY PROJECTS IN PORTFOLIO

Blue Moon considers four of the Projects to be high priority for direct shipping high-grade tungsten ores to its Springer Complex (the “Key Projects”):

Oregon Mine, Colorado

The Boulder County Tungsten District forms a south-west to north-east belt about 9.7 km long (about 6.0 miles) and 1.6 to 4.8 km wide (about 1.0 to 3.0 miles) on the east flank of the Front Range, in Precambrian-aged metamorphic and intrusive terrain near the Colorado mineral belt. The dominant rocks are Precambrian Boulder Creek granite and younger Silver Plume granite that are cut by early Tertiary biotite latite dikes and intrusions, locally overlain by Quaternary deposits. The tungsten-bearing veins are Tertiary in age, interpreted by Lovering (USGS Professional Paper 245, 1953) as related to the biotite latite intrusion. 

Mineralization is ferberite (with secondary scheelite) in chalcedonic quartz fissure veins (the Oregon, Quaker City and Hildegarde veins) in the Boulder Creek granite. Historically, there is documented production in the USGS Professional Paper 245 of approximately 5,000 short tons with an average grade of about 14.51% WO₃ between 1907 and 1929, noting that it is from hand-sorted vein ore that a qualified person has not verified and that must not be relied upon for the mineralization associated with this important target. The veins are narrow and typically high-grade in the district. No modern exploration, no drilling under a documented program, no QA/QC-controlled sampling, and no metallurgical test work has been carried out.

Wildhorse Canyon, Idaho

Tungsten was discovered at Wildhorse Canyon in August 1953 and mined by Cordero Mining Co. between 1954 and 1958. Recorded historical production between 1954 and 1957 was approximately 12,000 tons of ore mined from Steep Climb, Hard to Find and Beaver, yielding 7,461 short ton units (149,220 lb) of WO₃ (Mitchell, 1999) or a grade of 0.62% WO₃. Historical exploration drilling totaled eleven holes (4,724 feet) on Steep Climb (1982) and two holes (205 feet) on Hard to Find (1985); collars and assays are not in the public record and are unverified.

The deposits are reduced / calcic scheelite skarns (tactite) developed where leucogranodiorite to "alaskite" dikes intruded and metasomatically replaced impure, micaceous marble bands enclosed in biotite gneiss, migmatite and quartzite. Mineralization is structurally controlled along the crest of a north-northwest trending (N15 to N20 W) asymmetric anticline and is restricted to tactite in impure marble adjacent to the dikes; pure marble is barren. Ore minerals are scheelite with molybdenite in epidote and chlorite-garnet tactite; trace beryllium is reported. Bodies are tabular lenses and pods, generally 5 feet or less thick, over a mineralized horizon traced and projected for about 5.7 km (about 3.5 miles).

Williams, Arizona

The Williams Project is hosted in a light-colored, coarse-grained granite, locally banded or gneissoid, and it is cut by irregular aplite and pegmatite dykes. Tungsten mineralization occurs as huebnerite (MnWO₄), the manganese-rich end of the wolframite series, as bladed crystals (to about 7.5 cm) enclosed in quartz and along mica seams within gently north-dipping quartz veins associated with an aplite dyke. Two vein sets are documented in the district: a gently north-dipping set (about 18 to 30 degrees north) striking approximately east-west (N70 to N80 W underground), which hosts the productive Williams vein; and a steeply north-dipping set of broadly parallel strike, which appears less productive. The principal vein was explored over approximately 195 metres (about 640 feet) of strike and about 97.5 metres (about 320 feet) down-dip.

Documented exploration and development on the Project was carried out by historical operators between 1902 and 1955 and consisted of hand and conventional underground development: three upper adit levels (the 200-, 260- and 280-feet levels), a lower haulage adit (the “0” level), an inclined winze and connecting raises, totaling about 1,200 m (about 4,000 feet) of underground workings on as many as seven levels, together with numerous surface cuts and pits. A total of approximately 88,000 t of ore was historically mined over the mine life at a grade of 0.75% WO₃.  No systematic modern exploration (geochemistry, geophysics, modern drilling) has been documented since the 1961 United States Bureau of Mines (USBM) circular.

Hub Mines, Nevada

The Hub Mines deposit is a tungsten-bearing quartz-vein system hosted in a Jurassic quartz monzonite intrusion within the Basin and Range Province. Mineralization occurs in at least six narrow quartz veins arranged in a north-east-trending, en-echelon array, dipping approximately 55 to 75 degrees to the west; the principal vein, the Hub Vein, has a documented strike length of more than 400 metres (about 1,300 feet). Vein widths range from a few centimeters to about 1.5 metres (a few inches to 5 feet). The dominant ore mineral is huebnerite (MnWO₄), with subordinate wolframite and scheelite, and minor to trace lead, silver, gold, copper, fluorite, and locally antimony. The recorded average mill-feed grade for historical production was approximately 1.4% WO₃, and one shipment of hand-sorted ore is recorded at about 20% WO₃ that a QP qualified person has not verified and that must not be relied upon for the mineralization associated with this important target. The 1983 USBM survey records that no workings have explored the depth of the mineralized veins, so the veins are interpreted to remain open at depth.

Exploration and development of the Hub Mines are entirely historical including the original surface shipments from 1899, subsequent underground development including a main adit of about 549 metres (1,800 feet) with an inclined raise of about 152 metres (500 feet) to surface, near-surface stoping along about 300 metres (1,000 feet) of strike, a 50-ton gravity concentration mill operated between 1911 and 1916, placer work in 1941, and dump reworking between 1950 and 1955. The most recent technical work on the Project has been reconnaissance sampling and mapping by the USBM in 1981 and 1983 (MLA 56-83). No modern exploration, no drilling under a documented program, no QA/QC-controlled sampling, and no metallurgical test work have been carried out.

OTHER

Blue Moon anticipates hiring a team to manage the Projects and advance the Key Projects to the drilling stage over the next two years. The Company sees the potential to commence direct shipping ore from one or more of the Key Projects within three years.

This Transaction also marks Blue Moon's foray into antimony. There are at least five Projects that historically were high grade, former direct ship ore sites within the portfolio (2-10% Sb in high grade veins). The concept is either to sell the ore to a third party or, in due course, or build a small-scale antimony smelter at the Springer site. There are two such facilities in the US; one in Alaska and one in Montana, also at a small scale.

A binding LOI was signed by the parties on August 10, 2026. The Transaction is subject to TSX Venture approval and is expected to close in October 2026. No finder’s fees are being paid on this Transaction.

QUALIFIED PERSONS 

The technical and scientific information of this news release has been reviewed and approved by Mr. Jason Dunning, M.Sc., P.Geo., Blue Moon’s Head of U.S. Special Projects, and a non-Independent Qualified Person, as defined by NI 43-101.

About Blue Moon

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

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 the Projects through exploration and potential production. 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 such as ore sorting; 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.

Barrick/IAMGOLD drill highlights include:

Note: All drill intervals are reported as downhole intervals. Mineralized structures/hosts are generally steep dipping between 70 to 85 degrees. Refer to Appendix 1 for full details of Barrick/IAMGOLD reverse circulation and diamond drill holes and assay results.

Bambadji Project Location

The Bambadji Project is contiguous with the eastern margin of Fortuna’s Diamba Sud Gold Project (refer to Figure 1), which hosts Mineral Reserves containing 1.15 million ounces of gold with a final investment decision anticipated shortly. Bambadji comprises two properties covering approximately 190 km² and extending over approximately 60 kilometers of prospective strike, with established secondary roads providing direct access from Diamba Sud.

Figure 1: Property Location Map

Geology and Mineralization

The acquisition includes an extensive, high-quality exploration dataset comprising geochemical, geophysical, and lithological information, together with approximately 214,000 meters of historical auger, reverse circulation, and diamond drilling.

Historic drilling and fieldwork have identified several styles of gold mineralization across Bambadji, including analogues to the Diamba Sud breccia-style mineralization, Yalea sericite-albitite style, and the high-tourmaline Gara style. Across the project, at least eight significant drill-defined prospects have been identified, together with several highly prospective mineralized trends that remain open along strike and at depth. Historical drilling has generally been shallow and widely spaced, with several multi-kilometer gaps along these anomalous gold trends, providing clear targets for Fortuna’s initial exploration program.

2026 Exploration Program

Fortuna has approved an initial US$8 million exploration budget for Bambadji for the remainder of 2026, comprising 51,000 meters of reverse circulation and diamond drilling. Drilling is expected to commence in the third quarter.

The program is designed to improve confidence and definition across several advanced drill-defined targets located within a 20-kilometer radius of the proposed Diamba Sud plant site (refer to Figure 1). Eight priority targets have been identified for initial drilling, while generative exploration will continue in parallel to advance additional targets along the project’s highly prospective mineralized trends.

Transaction Terms

Pursuant to the terms of the definitive transaction agreements dated August 10, 2026 entered into between Fortuna and certain subsidiaries of Barrick and IAMGOLD (collectively, the “Sellers”), in consideration of the acquisition of the Bambadji Project, Fortuna paid US$200 million in cash from its treasury (US$130.35 million to a subsidiary of Barrick, and US$69.65 million to a subsidiary of IAMGOLD). 

In addition, Fortuna has granted to the Sellers, a 0.5 percent net smelter return royalty on the first 1.75 million ounces of gold produced from the Bambadji Nord property (0.325 percent to a subsidiary of Barrick, and 0.175 percent to a subsidiary of IAMGOLD. 

TD Securities acted as sole financial advisor to Fortuna with respect of the acquisition.

Quality Assurance & Quality Control (QA - QC) 

The drill database extends back to 1993 with IAMGOLD, Anmercosa Exploration (a subsidiary of Anglo American Ltd), Ashanti Goldfields and Barrick (formerly Randgold) variously managing exploration across that period.  The majority of drilling has been conducted since 2007 by Barrick (Randgold).

Industry standard practices were used throughout, reflecting the protocols of the day, however, not all can be verified. 

Reverse circulation (RC) drilling used a 5.25-inch face sampling pneumatic hammer with samples collected into 60-liter plastic bags. Samples were kept dry by maintaining enough air pressure to exclude groundwater inflow. Once collected, RC samples were riffle split through a three-tier splitter to yield a 12.5 percent representative sample for submission to the analytical laboratory. The residual 87.5 percent samples were stored at the drill site until assay results were received and validated. Coarse reject samples for all mineralized samples corresponding to significant intervals were retained and stored on-site at the company-controlled core yard, however not all samples have been retained due to age degradation.

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

Since 2016, RC and DD samples were transported by company vehicle or commercial courier to SGS Laboratories in Mali (Bamako) or ALS Kedougou/Ouagadougou. Routine gold analysis using a 50-gram charge and fire assay with an atomic absorption finish was completed for all samples. Quality control procedures are noted as including the systematic insertion of blanks, duplicates and sample standards into the sample stream. In addition, the SGS laboratories insert their own quality control samples. 

Qualified Person 

Paul Weedon, Senior Vice President, Exploration for Fortuna Mining Corp., is a Qualified Person as defined by National Instrument 43-101 being a member of the Australian Institute of Geoscientists (Membership #6001). Mr. Weedon has reviewed and approved the scientific and technical information contained in this news release. Mr. Weedon has verified the data disclosed including sampling, analytical, and test data underlying the information or opinions contained herein by reviewing the methodologies described for sampling and analytical testing, assessing the results of QA – QC programs, validating the geochemical and geological databases and reviewing diamond drill core. The verification process identified that QA – QC data supporting some of the earlier historical drill results is more limited in nature with additional validation work including reassaying of samples and drilling of twin holes to be planned in future work programs for confirmation purposes.

About Fortuna Mining Corp. 

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

ON BEHALF OF THE BOARD

Jorge A. Ganoza 

President, CEO, and Director

Fortuna Mining Corp.

Investor Relations: 

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

In Europe

Swiss Resource Capital AG

Marc Ollinger

info@resource-capital.ch

www.resource-capital.ch

Forward looking Statements

This news release contains forward-looking statements which constitute “forward-looking information” within the meaning of applicable Canadian securities legislation and “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 (collectively, “Forward-looking Statements”). All statements included herein, other than statements of historical fact, are Forward-looking Statements and are subject to a variety of known and unknown risks and uncertainties which could cause actual events or results to differ materially from those reflected in the Forward-looking Statements.  The Forward-looking Statements in this news release  include, without limitation, statements regarding the anticipated benefits of the Acquisition; timing of the final investment decision of Fortuna’s Diamba Sud Gold Project; the 2026 exploration program for Bambadji; the Mineral Resource estimates at Diamba Sud; the Company’s proposed exploration plans and timelines at Diamba Sud; potential for future resource growth at Diamba Sud; the Company’s business strategies, plans and outlook; the Company’s plans for its mines and mineral properties; and the future financial or operating performance of the Company.  Often, but not always, these Forward-looking Statements can be identified by the use of words such as “estimated”, “potential”, “open”, “future”, “assumed”, “projected”, “proposed”, “used”, “detailed”, “has been”, “gain”, “planned”, “reflecting”, “will”, “anticipated”, “estimated”, “containing”, “remaining”, “to be”, or statements that events, “could” or “should” occur or be achieved and similar expressions, including negative variations.   

Forward-looking Statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of the Company to be materially different from any results, performance or achievements expressed or implied by the Forward-looking Statements. Such uncertainties and factors include, among others, operational risks associated with mining and mineral processing; uncertainty relating to Mineral Resource and Mineral Reserve estimates; uncertainty relating to capital and operating costs, production schedules and economic returns; risks relating to the Company’s ability to replace its Mineral Reserves; risks related to the conversion of Mineral Resources to Mineral Reserves; risks associated with mineral exploration and project development; uncertainty relating to the repatriation of funds as a result of currency controls; environmental matters including obtaining or renewing environmental permits and potential liability claims; uncertainty relating to nature and climate conditions; laws and regulations regarding the protection of the environment (including greenhouse gas emission reduction and other decarbonization requirements and the uncertainty surrounding the interpretation of omnibus Bill C-59 and the related amendments to the Competition Act (Canada); risks associated with political instability and changes to the regulations governing the Company’s business operations; changes in national and local government legislation, taxation, controls, regulations and political or economic developments in countries in which the Company does or may carry on business; risks associated with war, hostilities or other conflicts, such as the Ukrainian – Russian, Israeli – Hamas and Iran – Israel and United States conflicts, and the impacts they may have on global economic activity; risks relating to the termination of the Company’s mining concessions in certain circumstances; developing and maintaining relationships with local communities and stakeholders; risks associated with losing control of public perception as a result of social media and other web-based applications; potential opposition to the Company’s exploration, development and operational activities; risks related to the Company’s ability to obtain adequate financing for planned exploration and development activities; property title matters; risks related to the ability to retain or extend title to the Company’s mineral properties; risks relating to the integration of businesses and assets acquired by the Company; impairments; risks associated with climate change legislation; reliance on key personnel; adequacy of insurance coverage; operational safety and security risks; legal proceedings and potential legal proceedings; uncertainties relating to general economic conditions; risks relating to a global pandemic, which could impact the Company’s business, operations, financial condition and share price; competition; fluctuations in metal prices; risks associated with entering into commodity forward and option contracts for base metals production; fluctuations in currency exchange rates and interest rates; tax audits and reassessments; risks related to hedging; uncertainty relating to concentrate treatment charges and transportation costs; sufficiency of monies allotted by the Company for land reclamation; risks associated with dependence upon information technology systems, which are subject to disruption, damage, failure and risks with implementation and integration; labor relations issues; as well as those factors discussed under “Risk Factors” in the Company's Annual Information Form for the fiscal year ended December 31, 2025. Although the Company has attempted to identify important factors that could cause actual actions, events, or results to differ materially from those described in Forward-looking Statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. 

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

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

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

Appendix 1: Bambadji Project historic drill program details of the drill holes and assay results of significance

Fig 1. Infill and Deep Exploration Drilling Location Map with the Measured, Indicated and Inferred Resources (2026 Feasibility)

INFILL DRILLING ASSAY HIGHLIGHTS

This news release includes assays from 12 surface infill holes. The HQ diamond drill ("DD") holes total 2,628.6 m with starting depths ranging from 146.8 m to 459.8 m.

The 12 holes listed below test a strike length of over 700 m of the current Indicated Resource nearest the initial planned production areas, confirming mineralization continuity in areas with previously sparse intersections and with structural complexity. The intersections aim to upgrade the area to a Measured Resource while providing structural and geotechnical data that strengthen the understanding of structural controls on mineralization and the mine design.

The complete list of assay results, including true thickness estimates, are presented in Table 1. In addition to the grades listed below, NUS-DD-26-08 intersected 0.6 m at 0.69 g/t Pt and 0.42 g/t Pd. This provides additional insight to previous showings of palladium and platinum previously encountered in hole NUS-DD-14-001.

Table 1. Length-weighted assay returns above the cut-off grade of 0.30% Cu from the ongoing infill drilling program

1. Metal prices assumed were US$4.20/lb Cu, US$27.00/oz Ag and US$2,200/oz Au and coefficient factors of 0.00781 for Ag and 0.740 for Au

2. The applied formula for copper equivalent was: CuEq% = Cu%_Grade + (0.00781 * Ag_Grade) + (0.74 * Au_Grade)

3. Metallurgical recovery assumptions were 96% Cu, 80% Ag and 93% Au, which stem from SGS metallurgical test work completed in 2022

4. The cut-off grade of 0.30% Cu was derived from the price and recovery values above, as well as a smelter payability of 97.3% and an assumed total operating cost US$26.20/t of ore

5. True thickness was calculated using: True Thickness = (From - To) * sin (intersection alpha angle)

6. True thickness metres have been rounded to one decimal place

The sections and plan view shown in Figures 2, 3 and 4 provide a reference to the current Measured and Indicated Resource. Section A-A' shows a fan patterned that was aimed at a previous corridor of sparse drilling close to the area of earliest planned mine development and production. Holes such as GT-DD-26-05 were extended to assess ground conditions in areas of planned underground infrastructure. The fan confirms the presence of thicker mineralization in this area of the mineralized horizon, with intersects of up to 3.16 m in hole NUS-DD-26-04 returning copper grades above the cut-off grade of 0.3%.

The infill drilling seen in Sections B-B', C-C', E-E' and F-F' targeted shallow areas that were not tested in previous drilling, leaving this mineralized horizon unsampled and poorly defined, particularly the diabase intrusive that runs parallel to the mineralization.

Holes such as NUS-DD-26-01 and NUS-DD-26-02 alleviate such issues and have subsequently yielded strong results.

Section D-D' shows a portion of the mineralized horizon that is affected by the presence of a large fault. Consequently, previous Mineral Resource Estimates have been very conservative in this area which resulted in a break in the existing mine design. The analysis of these results constrains the fault boundaries and indicates additional tonnages extending from the known Measured Resource. Based on these findings, the Mineral Resource Estimate (MRE) will be updated, leading to an optimized mine design.

Fig 2. Plan view map displaying current infill drill hole locations across the Nussir project

Fig 3. New drills and Mineral Resource Estimate

Fig 4. Sections of Infill Drilling with New Assays

DEEP EXPLORATION DRILLING PROGRAM

Blue Moon continues to expand the high-grade, deep mineralization in the western limb of the Nussir project, following up on the recommendations outlined in the NI 43-101 Technical Report by Adam Wheeler where a high-grade intercept of 9.7 meters at 1.22% CuEq in hole NUS-DD-14-001 was identified at a depth of 1.2 km.

The Company previously announced results from this zone in its April 15, 2026 news release, showcasing 2 successful intercepts of this high-grade zone returning 1.75% Cu, 0.16 g/t Au and 27.91 g/t Ag (2.08% CuEq) over 6.7 meters (NUS-DD-1401-02 at 1,166.5 meters) and 0.86% Cu, 0.16 g/t Au and 27.75 g/t Ag (1.19% CuEq) over 3.0 meters (NUS-DD-1401-03A at 1,120.7 meters).

This additional intersection is not only encouraging for the continuity of mineralization but also its thickness between the deeper intersections from April's press release and the existing resource defined in the 2025 Mineral Resource Estimate. Observations such as those shown in Figure 4 and the section in Figure 5, as well as those from beyond the mineralized horizon, are key to understanding the mineralization variability and zonation within the deposit. Hypotheses generated during continued studies of vein paragenesis and structural mapping strengthen the geological model and will guide further exploration programs.

Table 2. Length-weighted assay returns above the cut-off grade of 0.30% Cu from the ongoing deep exploration program

1. Metal prices assumed were US$4.20/lb Cu, US$27.00/oz Ag and US$2,200/oz Au and coefficient factors of 0.00781 for Ag and 0.740 for Au

2. The applied formula for copper equivalent was: CuEq% = Cu%_Grade + (0.00781 * Ag_Grade) + (0.74 * Au_Grade)

3. Metallurgical recovery assumptions were 96% Cu, 80% Ag and 93% Au, which stem from the Nussir Project Feasibility Study, dated April 16, 2026, and filed on SEDAR+ which stem from SGS metallurgical test work completed in 2022

4. The cut-off grade of 0.30% Cu was derived from the price and recovery values above, as well as a smelter payability of 97.3% and an assumed total operating cost US$26.20/t of ore

5. True thickness was calculated using: True Thickness = (From - To) * sin (intersection alpha angle)

6. True thickness metres have been rounded to one decimal place

Fig 5. Section G-G' - deep exploration drillhole NUS-DD-26-07

SAMPLING AND QA/QC

Drill core currently produced at Nussir are in both NQ and HQ diameters; the 2026 winter-spring infill program was drilled in HQ for greater sample yield for ongoing metallurgical test work. This HQ drill core was sampled with half sawn core for metallurgical test work and quarter core for multi-element analysis. The NQ drill core, produced from all other programs, will use half core samples for multi-element analysis. The remaining half and quarter core will be retained by Blue Moon for future reference.

Starting in March 2026, Blue Moon's samples from Q1 drilling have been shipped and delivered to ALS Piteå in Sweden. Such material has also been complemented by previously unsampled, mineralized material, from historical drill cores stored at The Geological Survey of Norway's drill core archive at Løkken. Samples are prepared at ALS Piteå before being shipped to ALS's facility in Ireland where they are subjected to fire assay and multi-element analysis (currently ME-ICP61 & PGM-ICP24). The ALS laboratory in Piteå maintains ISO 17025 accreditation via SWEDAC.

Sample size is stipulated to be 1 meter, while acknowledging boundaries such as lithological contacts. The current procedure is to sample 15 meters to either side of known and visual mineralization. QA/QC samples, in the form of sample blanks, duplicates and certified reference materials ("CRM") are currently inserted every 8th sample, equating to an insertion rate of 12.5%. Duplicates are quarter core whilst CRM material, closely matched to the Nussir mineralization, is supplied from OREAS.

EXTENSION OF ENGAGEMENT OF OUTSIDE THE BOX CAPITAL

Blue Moon is pleased to announce that it has extended its engagement of Outside The Box Capital Inc. ("Outside The Box Capital"), a marketing services firm at 2202 Green Orchard Place, Oakville, Ontario L6H 4V4, founded by Jason Coles and Kelvin Coelho, to provide marketing and investor awareness services (the "Services"). The prior announcement on March 6, 2026, which expired on September 9, 2026, will be extended to November 8, 2026.

The Services will include, but are not limited to, planning and creating social media content, assisting the Company with its various social media channels, increasing investor awareness in new communities, and producing feature content about the Company on its own and other third-party media platforms.

The Company will make a follow-on payment of US$175,000 to Outside The Box Capital for the remaining term of the engagement subject to TSXV acceptance. No securities will be issued as compensation.

Outside The Box Capital has no direct relationship with the Company other than pursuant to this engagement. To the best of the Company's knowledge, as of the date hereof, Outside The Box Capital, including its directors and officers, does not own, directly or indirectly, any securities of the Company, nor does it have any right to acquire such securities. Outside The Box Capital may acquire securities of the Company in the open market in the future; however, it will not receive any securities as compensation for the Services.

WINNING MEDIA LLC AGREEMENT

The Company has entered into an investor relations and digital marketing services agreement dated August 4, 2026 with Winning Media LLC ("Winning Media"), an arm's length service provider based in Houston, Texas.

Under the terms of the agreement, Winning Media will provide a range of investor relations and digital marketing services, including programmatic advertising, financial content distribution, influencer outreach, native advertising, podcast placements, email and SMS campaigns, and other online marketing initiatives designed to increase market awareness of the Company.

The agreement is for an initial term of three (3) months, commencing upon TSXV acceptance. In consideration for the services, the Company will pay Winning Media a total upfront fee of US$100,000. No securities will be issued to Winning Media as compensation.

Winning Media and its principals are arm's length to the Company and, to the knowledge of the Company, do not currently own any securities of the Company.

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.

Vancouver, BC – Newcore Gold Ltd. ("Newcore" or the "Company" - https://www.commodity-tv.com/ondemand/companies/profil/newcore-gold-ltd/) (TSX-V: NCAU, OTCQX: NCAUF) is pleased to announce that it has filed the technical report supporting the Pre-Feasibility Study ("PFS" or the "Study") for the Company’s Enchi Gold Project ("Enchi" or the "Project") in Ghana. 

The technical report, titled "Enchi Gold Project, Pre-Feasibility Study, NI 43-101 Technical Report”, was prepared by Lycopodium (Americas) Limited of Mississauga, Ontario, as the lead consultant, in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") and has an effective date of June 23, 2026. The technical report is available under the Company’s SEDAR+ profile at www.sedarplus.ca.

The PFS provides a base case assessment of developing Enchi as a conventional open pit mining operation with standard milling and carbon-in-leach processing 5.5 million tonnes per annum utilizing contract mining. The PFS is based on a Mineral Resource Estimate announced by Newcore on March 18, 2026 which incorporated drilling completed through 
 October 6, 2025, and excludes more than 50,000 of additional metres from the 80,000 metre drill program underway at Enchi. Current drilling has targeted high-grade potential at depth, intersecting mineralization above the reserve and resource grade and extending the limits of the pits that constrain the Mineral Reserves and Mineral Resources. Results from drilling completed in 2026 will be incorporated into future reserve and resource estimates, as well as future project economic studies.

Further details regarding the PFS for the Project is summarized in Newcore’s news release dated June 24, 2026, as well as in the technical report which is available on Newcore’s website at newcoregold.com and under the Company’s SEDAR+ profile at www.sedarplus.ca.

Qualified Persons

The PFS for the Enchi Gold Project was prepared for Newcore by Lycopodium as lead study manager, with support from other industry consultants, each of whom is a "qualified person" within the meaning of NI 43-101 and considered to be "independent" of the Company under section 1.5 of NI 43-101. 

• Lycopodium (Canada) Limited: Preetham Nayak, P. Eng. (Capital Cost Estimate and Project Economics), Ryda Peung, P. Eng. (Metallurgy and Mineral Processing, Recovery Methods, Process Operating Costs), Zuned Shaikh, P. Eng. (Project Infrastructure).
• Fuse Advisors (part of SLR): Grant Carlson, P. Eng. (Mining and Mineral Reserves, Mining Capital and Operating Costs).
• Knight Piésold: Ing. Ama Nketiah, Hugues Ngoy Nkulu, Martiens Prinsloo, Pr.Sci. Nat,  
   Jorge Velazquez (Project Infrastructure), George Lartey-Young, CEnv (Environment, Social, Community Impact).
• DRA Americas Inc.: Ryan Wilson, P. Geo., Matthew Halliday, P. Geo., Schadrac Ibrango, 
   P. Geo., (Geology and Mineral Resources), Claude Bisaillon, P. Eng. (Geotechnical Pit Design Criteria).

Mr. Gregory Smith, P. Geo, Vice President of Exploration at Newcore, is a "Qualified Person" within the meaning of NI 43-101. Mr. Smith has reviewed and approved the scientific and technical information contained in this news release.

About Newcore Gold Ltd.

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

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

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

Luke Alexander

President, CEO & Director

For further information, please contact: 

Mal Karwowska | Vice President, Corporate Development and Investor Relations

+1 604 484 4399

info@newcoregold.com 

www.newcoregold.com  

In Europe

Swiss Resource Capital AG

Marc Ollinger

info@resource-capital.ch

www.resource-capital.ch

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

Cautionary Note Regarding Forward-Looking Statements

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

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

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

Forward-looking statements contained herein are made as of the date of this news release and Newcore disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results, except as may be required by applicable securities laws. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.

CEO Mark Selby said, “As we get our first project – Crawford - through to a key federal milestone, we look forward to continuing to advance our pipeline of projects in the Timmins Nickel District.  These latest higher-grade results at Reid not only underscore the potential of Reid but the broader potential of our entire Timmins Nickel District.”

Reid Project

Reid is a serpentinized ultramafic - with a geophysical footprint approximately 2.5 times larger than that of Crawford’s - consisting mainly of dunite and minor peridotite with multiple intervals of higher-grade nickel mineralization. 

A drill program of 9 holes is being completed with the purpose of infilling previous drill sections and to bring previously potential zones into inferred and indicated mineral resource categories. This release contains assay results from the first 2 of the 9 drillholes (see Table 1 and Figures 1-3).

The current Reid Resource published on January 12, 2026, contains an Indicated Resource of 0.87 billion tonnes grading 0.23% nickel containing 2.0 million tonnes of nickel, an Inferred Resource of 1.45 billion tonnes grading 0.22% nickel containing 3.2 million tonnes of nickel.  

Table 1 – Reid drilling highlights

*True width undetermined. All lengths are drillhole lengths.

Figure 1 – Reid – CNC Drillholes Over Total Magnetic Intensity

Table 2: Drillhole Orientation

Figure 2 – Reid – CNC Plan View showing Nickel Resource and completed drilling.

Figure 3 – Reid – CNC Cross Section of REI25-92A (ending approximately 90 m below current designed pit) in relation to Nickel Resource.

Property AcquisitionsFurther to the Company's news release dated May 7, 2026, which disclosed the acquisition of a 100% interest in certain mineral claims located in the Cochrane District in Northern Ontario (the "Property"), the Company has entered into an amending agreement with the vendors to clarify the terms of the acquisition (the "Amending Agreement"). Pursuant to the Amending Agreement, the Company will pay $2,400 in cash and issue 60,000 common shares to the vendors, subject to approval of the TSX Venture Exchange ("TSXV"). The vendors will also retain a 1.5% Net Smelter Return (the "Royalty"). The Company has the option to buy down half of the Royalty for a one-time payment of $500,000. Quality Assurance and Control, Drilling and Assaying Edwin Escarraga, MSc, P.Geo., a "Qualified Person" as defined by National Instrument 43-101, is responsible for the on-going drilling and sampling program, including quality assurance (QA) and quality control (QC). The NQ sized core is collected from the drill in sealed core trays and transported to the core logging facility. The core is marked and sampled at 1.5 metre lengths and cut with a diamond blade saw. One set of samples is transported in secured bags directly from the Canada Nickel core shack to Actlabs Timmins. Activation Laboratories is an ISO/IEC 17025 accredited lab. Analysis for precious metals (gold, platinum and palladium) are completed by Fire Assay while analysis for nickel, cobalt, sulphur and other elements are performed using a peroxide fusion and ICP-OES analysis. Certified standards and blanks are inserted at a rate of 3 QA/QC samples per 20 core samples making a batch of 60 samples that are submitted for analysis.Qualified Person and Data Verification Stephen J. Balch P.Geo. (ON), VP Exploration of Canada Nickel and a "Qualified Person" as such term is defined by National Instrument 43-101, has verified the data disclosed in this news release, and has otherwise reviewed and approved the technical information in this news release on behalf of Canada Nickel Company Inc. About Canada Nickel Company

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

For further information, please contact:Mark SelbyCEOPhone: 647-256-1954Email: info@canadanickel.com   

In Europe

Swiss Resource Capital AG

Marc Ollinger

info@resource-capital.ch

www.resource-capital.ch

 Cautionary Statement Concerning Forward-Looking StatementsThis press release contains certain information that may constitute "forward-looking information" under applicable Canadian securities legislation.  Forward looking information includes, but is not limited to, drill and exploration results relating to the target properties described herein (the "Properties"), the significance of drill results, the ability to continue drilling, the impact of drilling on the definition of any resource, the potential of the Crawford Nickel Sulphide Project and the Properties, timing and completion (if at all) of mineral resource estimates, the ability to sell marketable materials, strategic plans, including future exploration and development plans and results, corporate and technical objectives, receipt of TSX Venture Exchange approval for the acquisition described herein and the completion of the transaction.  Forward-looking information is necessarily based upon several assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information.   Factors that could affect the outcome include, among  others:   future prices and the supply of metals, the future demand for metals, the results of drilling, inability to raise   the money necessary to incur the expenditures required to retain and advance the property, environmental liabilities   (known  and  unknown), general business, economic, competitive, political and social uncertainties, results of  exploration programs, risks of the mining industry, delays in obtaining governmental approvals, failure to obtain  regulatory or shareholder approvals. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information.  Accordingly, readers should not place undue reliance on forward-looking information.  All forward-looking information contained in this press release is given as of the date hereof and is based upon the opinions and estimates of management and information available to management as at the date hereof.  Canada Nickel disclaims any intention or obligation to update or revise any forward-looking information, whether because of new information, future events or otherwise, except as required by law.  

The Board of Directors has also approved the Company’s quarterly dividend for the second quarter of 2026. The quarterly cash dividend of US$0.0225 per common share is payable on September 2, 2026, to shareholders of record as at the close of business on August 19, 2026. 

The dividend is designated as an “eligible dividend” for Canadian income tax purposes. 

The declaration, amount, and payment of future dividends remain subject to the discretion of the Board and will depend upon the Company’s financial results, capital requirements, business conditions, compliance with applicable legal and debt covenant requirements and other factors considered relevant. The Company will review its dividend policy on an ongoing basis and may amend it at any time.

Equinox Gold Contact

Etienne Morin, Chief Capital Markets Officer

E: etienne.morin@equinoxgold.com

T: +1 604.260.0516

Ingrid Rico, SVP Capital Markets 

E: ingrid.rico@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”). Forward-looking Information in this news release relates to the Company’s amended dividend policy, including the expected amount of any future quarterly dividend. Forward‑looking Information is generally identified by words such as “will”, “future”, and similar expressions, or statements that actions, events or results “may”, “could” or “should” occur. Although the Company believes the expectations reflected in the Forward‑looking Information are reasonable, readers are cautioned not to put undue reliance on Forward-looking Information as actual results may differ materially.  Forward-looking Information in this news release is based on the Company’s current expectations and projections about future events and these assumptions include: Equinox Gold’s ability to achieve the production, cost and development expectations for its respective operations and projects; prices for gold remaining as estimated; and availability of funds for the Company’s projects and future cash requirements, including for any dividend. While the Company considers these assumptions to be reasonable based on information currently available, they may prove to be incorrect. Forward-looking Information involves numerous risks, uncertainties and other factors that may cause actual results to differ materially from those expressed or implied. These factors include those described in the section “Risk Factors” in the Company’s Management Information Circular dated June 19, 2026, in the section “Risk Factors” in the Company’s most recent MD&A, and in the section “Risks Related to the Business” in Equinox Gold’s most recently filed Annual Information Form, each available on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov/edgar. Forward‑looking Information reflects management’s current expectations and assumptions and is subject to change. Except as required by applicable law, the Company undertakes no obligation to update or publicly revise any Forward‑looking Information, whether because of new information, future events or otherwise. No inference should be drawn from any update that the Company will make further updates. All Forward‑looking Information in this news release is expressly qualified by this cautionary statement.

Darren Hall, CEO of Equinox Gold, commented: “With completion of the business combination with Orla Mining on July 31, we enter the second half of 2026 as North America’s new senior gold producer, with meaningfully greater production and cash flow, and one of the industry’s strongest organic growth profiles. The financial benefits of the combination will begin to be reflected in our third quarter results, with our focus on disciplined integration, operational execution and delivering the long-term value this transformational combination has created.

“The second quarter reflected continued improvement across our Canadian operations, with higher production at both Greenstone and Valentine. At Valentine, high-grade reconciliation improved significantly compared to the first quarter as our operational initiatives gained traction, and that positive trend continued into July. The process plant continues to perform exceptionally well, consistently exceeding nameplate capacity, while ongoing gains in mining performance are supporting higher-grade mill feed. Together with Greenstone’s continued ramp-up and the addition of Musselwhite, we expect our Canadian portfolio to deliver higher production at lower unit costs through the second half of 2026.

“The new Company’s consolidated 2026 production guidance of 870,000 to 920,000 ounces of gold reflects 12 months of production from Equinox Gold’s existing portfolio and five months (August through December) from the assets acquired with Orla Mining. On a pro-forma basis, considering a full 12 months of production from both companies, annual production is expected to be approximately 1.1 million ounces of gold in 2026.

“The Board of Directors has approved construction of the Phase 2 expansion at Valentine, reflecting our confidence in the operation and our disciplined approach to investing in high-return organic growth. The expansion is expected to increase processing capacity to approximately 13,700 tonnes per day (5.0 Mtpa) and average annual gold production to approximately 223,000 ounces, unlocking the full long-term value of this cornerstone Canadian mine. Construction is expected to be completed in late 2028.

“With the merger complete, the Board of Directors has approved a 50% increase to our quarterly dividend, reflecting the strength of our balance sheet, our growing free cash flow generation, and our commitment to delivering meaningful shareholder returns while continuing to invest in high-return organic growth opportunities. 

“Our focus is clear: achieve operational excellence, allocate capital with discipline and successfully execute our organic growth pipeline, creating long-term shareholder value as North America’s new senior gold producer.”

Q2 2026 Highlights

• Produced 176,836 ounces of gold, including 64,656 oz from Greenstone, 32,617 oz from Valentine, 18,572 oz from Mesquite, 59,476 oz from Nicaragua and 1,515 oz from Castle Mountain
• Sold 177,959 ounces of gold from All Operations¹ at an average realized gold price of $4,256 per oz
• Cash costs of $1,816 per oz² and all-in sustaining costs (“AISC”) of $2,175 per oz for All Operations²
• Cash flow before changes in non-cash working capital of $272.0 million
• Mine-site free cash flow from All Operations before changes in non-cash working capital of $223.7 million²
• Revenue of $769.8 million
• Adjusted EBITDA from All Operations of $358.3 million²
• Income from mine operations of $301.7 million
• Net income of $230.6 million or $0.29 per share (basic)
• Adjusted net income from All Operations of $123.3 million or $0.16 per share²
• Paid dividends to shareholders of $11.8 million ($0.015 per share) on June 5, 2026
• Entered into an arrangement agreement to combine with Orla Mining to create a new North American senior gold producer with the capacity to produce approximately 1.1 million ounces of gold annually, and a clear path to more than 1.9 million ounces of annual production³ from the combined portfolio of high-quality North American growth projects
• Announced 20-year land access agreements with all three communities hosting Los Filos Mine, enabling the gradual restart of heap leach operations, while advancing technical studies to evaluate potential expansion opportunities

Subsequent Events 

• On July 7, 2026, the Company sold 8.7 million common shares in Versamet Royalties Corporation for gross proceeds of C$130 million ($92 million)
  • On July 31, 2026, the Company completed the business combination with Orla Mining and issued 378,115,579 common shares and paid $0.0001 per share in cash to former Orla Mining shareholders
    • Darren Hall will retire from Equinox Gold effective October 31, 2026. Jason Simpson, former President and CEO of Orla Mining, joined Equinox Gold as President and will assume the role of CEO upon Darren Hall’s retirement
    • As the Company enters its next chapter, it is supported by a strong and experienced leadership team, including Peter Hardie, Chief Financial Officer; Etienne Morin, Chief Capital Markets Officer; Andrew Cormier, Chief Operating Officer; Daniella Dimitrov, Chief Corporate Development, Sustainability and Risk Officer; Sylvain Guerard, Executive Vice President, Exploration; and Matthew MacPhail, Executive Vice President, Technical Services
    • The Board of Directors consists of Chuck Jeannes (Chair), Lenard Boggio (Lead Director), Tamara Brown, Omaya Elguindi, Douglas Forster, Darren Hall, Blayne Johnson, Rob Krcmarov, Jason Simpson, David Stephens and Mike Vint. Ross Beaty will remain closely involved as Chair Emeritus and a Special Advisor
  • On August 5, 2026, the Board of Directors approved construction of the Valentine Phase 2 expansion project with an initial capital budget of $436 million, including $54 million of contingency. Updated 2026 guidance includes $50-$60 million of growth capital related to the project, which was not included in the Company’s original 2026 guidance. Construction is expected to be completed in late 2028
  • On August 5, 2026, the Board of Directors approved a 50% increase to our quarterly dividend to $0.0225 per common share, which equates to an annualized dividend of $0.09 per common share. The dividend is payable on September 2, 2026 to shareholders of record at the close of business on August 19, 2026
• As of July 31, 2026, Equinox Gold had a pro forma net cash position of $214 million (excluding convertible debentures)^2,4 and available liquidity of $1,214 million⁴

¹ All Operations includes both Continuing Operations and Discontinued Operations (the Brazil mines that were sold in January 2026).

² Cash costs per oz sold, AISC per oz sold, mine-site free cash flow, adjusted net income, adjusted earnings per share, adjusted EBITDA, sustaining expenditures, and net debt are non-IFRS measures. See Non-IFRS Measures and Cautionary Notes.

³ Anticipated production growth comes from completion of the Valentine Phase 2 expansion (Canada) and with Castle Mountain (USA), South Railroad (USA), Los Filos (Mexico) and Camino Rojo underground (Mexico) in production and operating in line with expectations outlined in current technical reports, which technical reports are available under the respective SEDAR+ profiles of Equinox Gold (in the case of Valentine, Castle Mountain and Los Filos) and Orla (in the case of South Railroad and Camino Rojo).

⁴ Net cash is calculated using combined Equinox Gold and Orla cash of $729 million, as at June 30, 2026, as reported by Equinox Gold and Orla, and drawn debt of $515 million as at July 31, 2026, excluding in-the-money convertible debentures and equipment loans. Pro forma adjustments reflect the repayment of the Orla Term Loan and Revolving Credit Facility but exclude estimated transaction costs that will be reflected in Q3 2026. Available liquidity is calculated as combined $729 million of cash as at June 30, 2026 plus $485 million of undrawn debt on Equinox Gold’s Revolving Credit Facility as at July 31, 2026. 

Updated 2026 Guidance Reflects Combined Company  

Following completion of the business combination with Orla Mining on July 31, 2026, Equinox Gold is providing updated consolidated guidance for 2026 that reflects five months (August to December 2026) of contribution from Musselwhite and Camino Rojo. For comparative purposes, on a full-year pro forma basis assuming the Equinox Gold and Orla Mining business combination had been completed on January 1, 2026, consolidated 2026 production guidance would have been approximately 1.1 million ounces of gold. 

¹ Cash costs per ounce sold and AISC per ounce sold are non-IFRS measures. See Non-IFRS Measures and Cautionary Notes. Consolidated AISC per oz sold excludes corporate general and administrative expenses.

² 2026 Growth Capital guidance includes $70-$80M for South Railroad and $35-$40M for Los Filos. Valentine’s Growth Capital includes $50-$60M allocated to Phase 2.

³ General and administrative expenses exclude share-based compensation and transaction costs.

2026 updated guidance reflects year-to-date performance and expected production for the balance of the year. The Company anticipates stronger production from its Canadian operations – Greenstone, Musselwhite and Valentine – in the second half of 2026, driving improved consolidated AISC for the remainder of 2026. Equinox Gold maintains strong margins, with updated consolidated cash cost guidance of $1,600-$1,700/oz and AISC guidance of $1,900-$2,000/oz. Cash cost and AISC guidance ranges by asset have been revised to reflect year-to-date results and the impact of higher fuel prices.

Equinox Gold will continue to advance its portfolio of organic growth projects, with $105-$120 million in growth capital allocated to studies, engineering, procurement and construction. This includes $70-$80 million at South Railroad in the United States, where the Company anticipates receiving a Federal Record of Decision, a key permitting milestone, in August 2026; and $35-$40 million at Los Filos in Mexico. In addition, updated guidance includes $50-$60 million of growth capital for the Valentine Phase 2 expansion, which was not included in the Company’s original 2026 guidance. As a result, the Company’s consolidated 2026 growth capital guidance is $600-$650 million.

Consolidated Operational and Financial Highlights – Operating Data 

1. The Brazil Operations, Los Filos and Castle Mountain are excluded from the 2026 Guidance. Valentine, Los Filos and Castle Mountain were excluded from the 2025 production and cost guidance issued in June 2025 (“2025 Guidance”). References to 2025 Guidance and 2026 Guidance for the respective periods are interchangeably referred to as “Guidance”.
2. Cash costs per oz sold and AISC per oz sold are non-IFRS measures. See Non-IFRS Measures and Cautionary Notes.
3. Consolidated cash costs per oz sold and AISC per oz sold exclude Castle Mountain’s results after August 2024 when residual leaching commenced (see Development Projects) and Los Filos’ results after March 2025 when operations were indefinitely suspended on April 1, 2025 (see Development Projects).  Consolidated cash costs per oz sold and AISC per oz sold include Valentine commencing December 2025 after the mine achieved commercial production. Consolidated AISC per oz sold excludes corporate general and administration expenses.
4. Consolidated cash costs per oz sold and AISC per oz sold for Q1 2025 have been adjusted to exclude the results from Los Filos which were excluded from 2025 Guidance.
5. Numbers in tables throughout this news release may not sum due to rounding. 

Consolidated Operational and Financial Highlights – Financial Data 

1. Adjusted EBITDA, adjusted net income, adjusted EPS and net debt are non-IFRS measures. See Non-IFRS Measures and Cautionary Notes.
2. Numbers in tables throughout this news release may not sum due to rounding.
3. Net debt in the MD&A and financial statements includes convertible debentures as per IFRS, whereas convertible debentures have been excluded from the highlight bullets earlier in this news release since they are in-the-money and expected to convert to equity.

Additional information regarding the Company’s financial and operating results can be found in the Company’s Q2 2026 Financial Statements and accompanying MD&A. These documents are available for download on the Company’s website at www.equinoxgold.com, on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov/edgar.

Conference Call and Webcast

The Company will host a conference call and webcast to discuss the results on Thursday, August 6, 2026, commencing at 7:00am PT (10:00am ET). The webcast will be available for replay on Equinox Gold’s website until February 6, 2027.

Conference call

Toll-free in U.S. and Canada: 1-833-752-3366

International callers: +1 647-846-2813

Webcast login

Equinox Gold | Financials

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 meaningful exposure to gold with a diversified portfolio and clear path to growth. Learn more at www.equinoxgold.com or contact ir@equinoxgold.com.

Equinox Gold Contact

Etienne Morin, Chief Capital Markets Officer

E: etienne.morin@equinoxgold.com

T: +1 604.260.0516

Ingrid Rico, SVP Capital Markets 

E: ingrid.rico@equinoxgold.com

T: +1 604.260.0516

In Europe

Swiss Resource Capital AG

Marc Ollinger

info@resource-capital.ch

www.resource-capital.ch

Non-IFRS Measures

In this news release, cash costs, cash costs per oz sold, AISC, AISC per oz sold, adjusted net income, adjusted EPS, mine-site free cash flow, adjusted EBITDA, net debt, and sustaining capital expenditures are measures with no standardized meaning under IFRS, i.e. they are non-IFRS measures, and may not be comparable to similar measures presented by other companies. Their measurement and presentation is consistently prepared and 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 IFRS. Numbers presented in the tables below may not sum due to rounding.

Cash Costs and Cash Costs per oz Sold

Cash costs is a common financial performance measure in the gold mining industry; however, it has no standard meaning under IFRS. The Company reports total cash costs on a per oz sold basis. The Company believes that, in addition to conventional measures prepared in accordance with IFRS, certain investors use this information to evaluate the Company’s performance and ability to generate operating income and cash flow from mining operations. Cash costs are calculated as mine site operating costs and are net of costs allocated to by-products. Cash costs are divided by ounces sold to arrive at cash costs per oz sold. In calculating cash costs, the Company deducts costs allocated to by-products as it considers the cost to produce the gold is reduced as a result of the by-product sales incidental to the gold production process, thereby allowing management and other stakeholders to assess the net costs of gold production. The measure is not necessarily indicative of cash flow from operations under IFRS or operating costs presented under IFRS.

AISC per oz Sold

The Company uses AISC per oz of gold sold to measure performance. The methodology for calculating AISC was developed internally and is outlined below. Current IFRS measures used in the gold industry, such as operating expenses, do not capture all of the expenditures incurred to discover, develop and sustain gold production. The Company believes AISC per oz sold provides further transparency into costs associated with producing gold and will assist analysts, investors and other stakeholders of the Company in assessing its operating performance, its ability to generate free cash flow from current operations and its overall value. AISC includes cash costs (described above) and also includes sustaining capital expenditures, sustaining lease payments, reclamation cost accretion and amortization and exploration and evaluation costs. This measure seeks to reflect the full cost of gold production from current operations, therefore, expansionary capital and non-sustaining expenditures are excluded. 

The following table provides a reconciliation of cash costs per oz of gold sold and AISC per oz of gold sold to the most directly comparable IFRS measure on an aggregate basis:

1. Non-recurring charges recognized in operating expenses relates to a write-down of heap leach ore at Los Filos driven by the indefinite suspension of operations on April 1, 2025.
2. Consolidated cash cost per oz sold and AISC per oz sold exclude Castle Mountain results after August 31, 2024 when residual leaching commenced, Los Filos results after March 31, 2025 as operations were indefinitely suspended on April 1, 2025 and Valentine results for the period prior to December 2025 after the mine achieved commercial production. Consolidated AISC per oz sold excludes corporate general and administration expenses.
3. See table below.

The following table provides a reconciliation of total cash costs and AISC from Discontinued Operations: 

Sustaining Capital and Sustaining Expenditures

The following table provides a reconciliation of sustaining capital expenditures to the Company’s total capital expenditures for Continuing Operations:

1. Per note 6 of the consolidated financial statements. Capital additions exclude non-cash changes to reclamation assets arising from changes in discount rate and inflation rate assumptions in the reclamation provision.
2. Non-cash additions include right-of-use assets associated with leases recognized in the period, capitalized depreciation for deferred stripping activities, and capitalized non-cash share-based compensation.
3. Relates to Castle Mountain after August 2024 when residual leaching commenced, Los Filos after March 2025 as operations were indefinitely suspended on April 1, 2025 and Valentine for the period prior to December 2025 after the mine achieved commercial production.
4. See table below.

The following table provides a reconciliation of sustaining capital and sustaining expenditures from Discontinued Operations: 

Total Mine-Site Free Cash Flow

The following table provides a reconciliation of mine-site free cash flow to the most directly comparable IFRS measure on an aggregate basis:

1. Non-recurring charges recognized in operating expenses for the three and six months ended June 30, 2025 include a write-down of heap leach ore at Los Filos driven by the indefinite suspension of operations on April 1, 2025.
2. Includes taxes paid and proceeds from gold prepayments that are not factored into mine-site free cash flow and are included in operating cash flow before non-cash changes in working capital in the statement of cash flows.
3. See table below.

The following table provides a reconciliation of mine site free cash flow after changes in working capital from Discontinued Operations: 

EBITDA and Adjusted EBITDA 

The following tables provide the calculation of EBITDA and adjusted EBITDA, as calculated by the Company:

1. Non-recurring charges recognized in operating expenses for the three and six months ended June 30, 2025 include a write-down of heap leach ore at Los Filos driven by the indefinite suspension of operations on April 1, 2025.
2. See table below.

The following table provides a reconciliation of adjusted EBITDA from Discontinued Operations: 

Adjusted Net Income and Adjusted EPS

The following table provides the calculation of adjusted net income and adjusted EPS, as adjusted and calculated by the Company:

1. Non-recurring charges recognized in operating expenses for the three and six months ended June 30, 2025 include a write-down of heap leach ore at Los Filos driven by the indefinite suspension of operations on April 1, 2025.
2. See table below.

The following table provides a reconciliation of adjusted net income from Discontinued Operations: 

Net Debt

A reconciliation of net debt is provided below.

Cautionary Notes and 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 benefits of the Company’s combination with Orla Mining, including expectations for production capabilities, cash flow, growth and long-term value; the Company’s updated 2026 consolidated guidance, including production, cash costs, AISC, growth capital, exploration expenditures and G&A; Valentine Phase 2 expansion, including expected processing capacity, production and the timing of engineering, procurement and construction; the timing of the Federal Record of Decision for South Railroad; the restart of operations and expansion opportunities at Los Filos; the Company’s management and planned transitions; the advancement of South Railroad, Los Filos, Castle Mountain and Camino Rojo as part of the Company’s growth pipeline; and the Company’s goals and objectives, including creating long-term shareholder value.

Forward-looking Information is typically identified by words such as “believe”, “will”, “achieve”, “grow”, “plan”, “expect”, “estimate”, “anticipate”, “target”, “advance”, “increase”, 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 them.

Forward-looking Information is based on the Company’s current expectations and assumptions, including: achievement of the expected benefits of the transaction with Orla Mining; achievement of exploration, production, cost and development goals; achieving design capacity at Greenstone and Valentine operations; successful implementation of the Phase 2 expansion at Valentine; the restart of Los Filos; timely receipt of South Railroad permitting; stable gold prices and input costs; availability of funding, accuracy of Mineral Reserve and Mineral Resource estimates; statements relating to the distribution of dividends to shareholders of the Company; the periodic review of, and changes to, the Company’s dividend policy; the declaration and payment of future dividends; adherence to mine plans and schedules; expected ore grades and recoveries; absence of labour disruptions or unplanned delays; productive relationships with workers, unions and communities; maintenance and timely receipt of new permits and regulatory approvals; geopolitical stability; compliance with environmental and safety regulations; and constructive engagement with Indigenous and community partners.  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 those described in the section “Risk Factors” in the Company’s Management Information Circular dated June 19, 2026, in the section “Risk Factors” in the Company’s MD&A dated February 20, 2026 for the year ended December 31, 2025, and in the section titled “Risks Related to the Business” in Equinox Gold’s most recently filed Annual Information Form, both of which are 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.

Technical Information

The scientific and technical information contained in this news release was approved by Matthew MacPhail, P.Eng., Executive Vice President, Technical Services for Equinox Gold and a “Qualified Person” under National Instrument 43-101.

Line to 3D Visuals: https://vrify.com/decks/23480?auth=829532ad-ef99-48f1-a3e6-b5e9667f5c44

Tony Makuch, Discovery’s CEO, commented: “The excellent drilling results we are announcing today are extremely encouraging as we work towards releasing NI 43-101 resource estimates at Dome and TVZ before the end of 2026, and further advancing Owl Creek. These are three critical growth projects that, collectively, could contribute between a quarter and half a million ounces of annual gold production. With an existing 11.0 million ounce Inferred Resource, we expect Dome to become our second largescale, open-pit operation in Timmins, along with Pamour, where recent drill results confirmed a strike length extending more than 4.0 km, with the mineralization remaining open in multiple directions and at depth. TVZ and Owl Creek are part of the Hoyle Pond Complex and both will benefit from our recent acquisition of the Kidd Metallurgical Site, located contiguous to Hoyle Pond and Pamour. Our plan for the Met Site is to construct a new conventional gold circuit that will process material from Pamour, Hoyle Pond, Owl Creek and other potential new sources of production. We also plan to commence processing Borden material using one of the current flotation circuits, likely beginning early next year, and will convert another circuit to gold flotation for future processing of TVZ material, given the refractory nature of the mineralization.  

“Looking at today’s results, drilling at Dome continued to intersect excellent grades and widths in the southwest, north and northeast portions of the project, including favourable results from drilling below the north wall of the current resource pit. At TVZ, additional high-grade intersections were reported from drilling on both the 1210 and 1680 levels, with the results demonstrating excellent correlation of mineralized zones and grades with previously drilled holes and also confirming the down plunge potential of the TVZ zone. We also have completed drilling to collect samples for metallurgical testing, with the results expected to be received later this year. Drilling at Owl Creek included additional positive results, with the Company having now commenced work on a 1.5 km underground drift from Hoyle Pond to Owl Creek. Development of the drift will support an acceleration of drilling for additional extensions at Owl Creek and the 750 Zone, and the evaluation of new targets, such as the historic 350 Zone, which is located 500 m to the east of the 750 Zone.” 

Dome Mine Project

Drilling at Dome included a total of 23 holes (8,391 m) being completed (Figure 1), with 5 holes (451 

m) being abandoned due to excessive deviation from the target.    

Dome is among the largest historic gold producers in Canada, with total production of 16.7 million ounces from both underground and open pit sources between 1910 and 2017. 

Geologically, the mine is located on the south limb of the Porcupine Syncline and is just north of the Destor Porcupine Fault, with mineralization in multiple zones extending from surface to a depth of approximately 1,600 m. 

The current mineral resource at Dome includes 222.3 million tonnes with an average grade of 1.49 gpt for a total of 11.0 million ounces in the Inferred category. The resource assumes a large-scale, openpit concept to expand the historic pit along strike and to depth.  

The current drill program is being completed in preparation for a new mineral resource estimate and involves drilling in areas surrounding and below the historic pit. The work program also includes further evaluations of data and mineralization models to upgrade portions of the resource to the Indicated resource category, and to evaluate the potential for future underground mining at Dome.  

The new drilling was focused on infilling gaps in information and confirmation of historic drill holes in the southwest, north and northeast portions of the property and continued to obtain highly encouraging results.    

Drilling in the southwest portion of the property included nine holes (3,096 m) to evaluate mineralization near the limits of the current resource pit. and continued to indicate excellent grades and widths of mineralization at very shallow depths from surface. Significant results include: 1.89 gpt over 12.1m, in hole DOM26-033; 1.48 gpt over 12.0m, in DOM26-030; 1.38 gpt over 17.0m, in hole DOM26-034;  0.79 gpt over 11.9m, in hole DOM26-024; and 1.72 gpt over 7.0m, 0.76 gpt over 10.8m; 0.79 gpt over 6.0m and, 3.26 gpt over 4.1m, in hole DOM26-026 (Table 1). 

Drilling in the north portion of the property included 8 holes (4,349 m) to evaluate the mineralization below the north wall of the resource pit and was also very successful. Significant results include 9.09 gpt over 17.3m including 14.76 gpt over 7.8m, 3.86 gpt over 18.0m including 15.39 gpt over 2.6m, 13.49 gpt over 3.5m in hole DOM26-050; 1.03 gpt over 17.8m, 4.89 gpt over 2.8m and, 2.26 gpt over 4.2m, in hole DOM26-006A; 1.61 gpt over 13.2m and 22.0 gpt over 1.0m in hole DOM26-011; 3.04 gpt over 2.0m in hole DOM26-015; 1.51 gpt over 3.8m in hole DOM26-016 and; 5.04 gpt over 

8.4m, including 11.20 gpt over 3.0m, in hole DOM26-008.  

Drilling to the northeast included one new hole (495 m) which tested near the northeast limit of the resource pit and intersected a quartz vein structure containing 278.48 gpt over 1.1m, including 951.0 gpt over 0.3m. 

Drilling at the project is continuing with two drills, one located in the southwest portion of the historic open pit and the other on the north side. Work is also continuing to evaluate additional drill targets to the north, south and west sides of the pit. Considering results and progress to date, the project remains on track for the planned resource update in late 2026.   

Table 1. Intercepts from New Drilling at Dome Project^1,2 

1. All assays are reported uncut.
2. Intervals are reported using core lengths only as true widths are not known at this time.  

Figure 1. Dome ResultsTVZ Project 

Drilling at the Hoyle Pond Mine included a total of 22 holes totalling 5,238.5 m (including 1 abandoned hole – 261m) from the 1210 level and 1680 level exploration drifts to confirm and expand the TVZ Zone. 

TVZ is a significant zone of gold mineralization located between the 800 and 1800 m levels in the southeast portion of the Hoyle Pond Mine (Figures 2 and 3).  

Past work at the project includes 437 holes (172,319 m) of wide-spaced drilling from three main platforms on the 900, 1210 and 1410 levels, as well as limited development, mapping, chip sampling and metallurgical test work on the 1210 level. Results from the drilling, mapping and chip sampling have been positive and indicate multiple holes with grades exceeding 5.00 gpt over widths of 5 to 10 m. The results also indicate positive results from the two deepest holes to test the zone to date, holes 21009 and 21094, with returned values of 6.29 gpt over 5.3 m and 4.98 gpt over 4.0 m, respectively, between the 1550 and 1610 levels. As a result, the potential to extend the zone to greater depths is considered excellent. 

Results of the past metallurgical work indicate a strong correlation of gold with arsenopyrite and variable recoveries, but with the potential for improvement using enhanced processing.    

The current work program is designed to infill and expand the TVZ Zone, with drilling ongoing from the historic drill platforms, in preparation for an initial NI 43-101 mineral resource in late 2026.  

Drilling from the 1210 Level includes 19 holes (4,257m) that intersect the target model near the level elevation and extend up to 200 metres above and below it. Selected intervals from these holes have been sampled and submitted to XPS Laboratories in Sudbury, Ontario, for metallurgical testing. Results are expected late 2026.  

Significant results from holes drilled near the 1210 level include: 5.13 gpt over 18.2m and 5.15gpt over 12.0m, in hole 27967; 7.04 gpt over 16.9m, in hole 27970; 5.17 gpt over 21.0m, in hole 27971; 

5.73 gpt over 23.2m, in hole 27972; 6.93gpt over 11.7m and 4.54 gpt over 22.9m, in hole 27974; 

5.65 gpt over 30.5m, including 9.05 gpt over 13.2m, in hole 27976; and 4.40 gpt over 14.0m, in hole 27977. Significant results from holes above the level include: 5.84 gpt over 10.6m, in hole 27889 and 

5.13 gpt over 5.3m, in hole 27888 and significant results from below the level include: 5.24 gpt over 

12.9m, in hole 27891; 3.45 gpt over 15.0m and 4.59 gpt over 25.0m in hole 27969; 2.73 gpt over 19.9m and 4.54 gpt over 18.4m in hole 27968; 3.06 gpt over 15.1m and 6.80gpt over 8.0m in hole 27894; 4.41 gpt over 13.4m in hole 27890 and 5.46 gpt over 12.5m and 4.43 gpt over 4.4m, in hole 27892 (Table 2 and Figure 3). Review of results indicates good correlation of mineralized zones and grades within the new holes and previously drilled holes with local upsides in grade noted due to unsampled core in older holes.  

Drilling from the 1680 level includes 2 holes (720.5 m) to continue testing the lower part of the target model which also obtained very favourable results including: 4.51 gpt over 9.0 m, in hole 27849 and; 4.30 gpt over 24.4m, including 5.73 gpt over 12.4m, in hole 27899. The intercept in hole 27899 is located approximately 130 meters above the 1680 level and 40 meters up plunge of previously released hole 27854 which intersected 5.82 gpt over 9.0m and 4.32 gpt over 19.0m, and the intercepts in hole 27849 are located 50 meters below the 1680 level and 30 meters east of hole 27855 which intersected 3.20 gpt over 6.7m, including 5.78 gpt over 2.5m and 15.60 gpt over 0.3m (see press release dated April 23,2026).  

Drilling at TVZ is ongoing with two drill rigs operating from the 1210 level and one drill on the 1410 level. Current drilling on the 1210 level is primarily focused on infilling and extending mineralization proximal to historic drill intercepts, while drilling from the 1410 level continues to test the projected down plunge extension of the TVZ Zone. 

Table 2: Intercepts from TVZ Project^1,2,3

1. All assays are reported uncut.
2. Intervals are reported using core lengths as true widths are not known at this time. 
3. Acronyms stand for: QV = Quartz Vein, VG = Visible Gold, qs = quartz stringers, aspy = arsenopyrite. 

Figure 2. TVZ Results (1)

Figure 3: TVZ Results (2)  

Owl Creek 

Drilling at the Owl Creek Project included a total of 10 holes (4,216 m) to confirm and expand mineralization near the former Owl Creek open pit (Figure 4). Of the holes drilled, three holes (294 m) were abandoned due to excessive deviation. 

The Owl Creek open pit is located approximately 1.5 kilometres west of the Hoyle Pond Ramp Portal and along the south side of the Hoyle Pond belt near the contact between metasedimentary and metavolcanic rocks. The pit, as well as two underground ramps below it, were developed by Falconbridge Gold in the 1980's and were utilized to recover approximately 237,000 ounces of gold at an average grade of 3.75 gpt.  

Significant results include: 7.09 gpt over 17.0m, including 23.12 gpt over 3.9, in hole OC26-036B; 6.35gpt over 9.4m, 2.69 gpt over 30.9m, including 9.31 gpt over 2.0m and, 2.86 gpt over 17.4m, in hole OC26-038; 3.41 gpt over 17.0m, including 7.45 gpt over 3.1m;5.96 gpt over 7.0m in hole OC27042; 5.73 gpt over 4.2m and 2.74 gpt over 30.4m in hole OC26-046; 4.72 gpt over 24.0m, including 

12.26 gpt over 6.8m, in hole OC26-040; 4.86 gpt over 8.4m in hole OC26-044; and 19.35 gpt over

5.4m, including 270.0 gpt over 0.3m in hole OC26-045A (Table 3).  

Holes OC26-036B, OC26-038, OC26-040, and OC26-042 were drilled to infill previously untested gaps in the eastern portion of the deposit between the 275 m and 375 m levels. Hole OC26-036B was drilled approximately 335 m below previously released hole OC26-029A, while hole OC26-038 was drilled approximately 135 m below OC26-029A. Hole OC26-040 was drilled approximately 200 m below OC26029A, and hole OC26-042 was drilled approximately 55 m west of OC26-029A (see press release dated April 23, 2026). 

Holes OC26-040, OC26-44, OC26-045A and OC26-046 were drilled to infill untested areas below the historic pit surface between the surface and the 175 m level. Relative to previously released hole OC26029A, hole OC26-044 was collared approximately 125 m up-dip and 150 m to the west, hole OC26045A was drilled approximately 125 m up-dip and 225 m to the west, and hole OC26-046 was drilled approximately 125 m up-dip and 275 m to the west. 

While the review and interpretation of drilling is still in progress, results to date at both Owl Creek and the 750 Zone are very encouraging. As a result, the Company has initiated a new exploration ramp from the Hoyle Pond Mine to Owl Creek to allow more detailed drilling at Owl Creek, as well as exploration drilling between the two areas.  The new exploration ramp will start from the existing surface portal for the Hoyle Pond Mine located, just north of the 350 Zone, and is projected to be approximately 1.5 km in length. The expected completion date for the ramp is in Q3 2027.   

The current drill program is continuing with two rigs that will focus on infill and extension of mineralization at both the Owl Creek and the 750 zones. Work is also in progress to review potential new drill targets along the Hoyle Pond – Owl Creek Trend, such as the historic 350 Zone, which is located 500 m to the east of the 750 Zone and is partially developed, with a ramp connecting it to the Hoyle Pond Mine near the main ramp portal. 

Table 3. Intercepts from New Drilling at the Owl Creek Project^1,2 

1. All assays are reported uncut.
2. Intervals are reported using core lengths only as true widths are not known at this time.  

Figure 4. Owl Creek Plan View  QUALIFIED PERSONS 

Discovery’s exploration programs at the Porcupine Operations are conducted under the supervision of Eric Kallio, P.Geo., Senior Vice President, Exploration, Kara Byrnes, P.Geo, Vice President, Exploration and Geology – Porcupine and Craig Yuill, P.Geo., Exploration Manager. Mr. Kallio, Ms. Byrnes and Mr. Yuill are “qualified persons” for the purpose of National Instrument 43-101, Standards of Disclosure for Mineral Projects, of the Canadian Securities Administrators, and have reviewed and approved the scientific and technical information in this news release. 

Readers are referred to the mineral resource estimate as set out in the Company’s current technical report entitled “Porcupine Complex, Ontario, Canada NI 43-101 Report on Preliminary Assessment” with an effective date of January 13, 2025 (the “Technical Report”), which is available under the Company’s issuer profile on SEDAR+ at www.sedarplus.ca. Statements concerning mineral resource estimates may also be deemed to constitute forward looking information to the extent that they involve estimates of the mineralization that will be encountered if the property is developed. The Technical Report includes the results of a preliminary economic assessment which is preliminary in nature. It includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves and there is no certainty that the preliminary economic assessment will be realized.  

QA/QC CONTROLS 

The Company follows a quality assurance and control (“QA/QC”) program to ensure that sampling and analysis of all exploration work is conducted in accordance with best practices.  

At TVZ, core is logged and sampled in a secure facility at the Hoyle Pond mine site and under supervision of Qualified Geologists.  The NQ sized drill core is predominantly sawn in half with one half of the core prepared for shipment, the other half of core retained for future assay verification. CRM standards, coarse blank material and duplicates are inserted every 20 samples. Core samples are picked up by Activation Laboratories at the Hoyle Pond facility and tracked via a chain of custody from site to the lab for preparation and assaying.  

At Dome, core is logged and sampled in a secure facility at the Dome mine site and under supervision of Qualified Geologists.  The NQ sized drill core is predominantly sawn in half with one half of the core prepared for shipment, the other half of core retained for future assay verification. CRM standards, coarse blank material and duplicates are inserted every 20 samples. Core samples are picked up by Activation Laboratories at the Dome Mine core facility and tracked via a chain of custody from site to the lab for preparation and assaying.  

At Owl Creek, all new drill core collected by Discovery is logged and sampled in a secure facility at the Hoyle Pond mine site and under supervision of Qualified Geologists. The NQ sized drill core is predominantly sawn in half with one half of the core prepared for shipment, the other half of core retained for future assay verification. CRM standards, coarse blank material and duplicates are inserted every 20 samples. Core samples are picked up by Activation Laboratories at the Hoyle Pond facility and tracked via a chain of custody from site to the lab for preparation and assaying.  

Discovery utilizes the accredited external lab Activation Laboratories to manage its core analysis. 

ActLabs is certified by the Standards Council of Canada which conforms with ASB-RG Mineral Analysis Laboratory for the Accreditation of Mineral Analysis Testing Laboratories and CAN-P-4E ISO/IEC 17025: General Requirements for the Competence of Testing and Calibration Laboratories.  

Sample preparation includes crushing drill core up to 80% passing 2 mm, riffle splitting 500 grams and pulverizing to 95% passing 105 µm followed by both scheduled and specifically requested silica sand cleaning. Gold Analysis involves Fire Assay – Atomic Absorption technique from a 50-gram pulp sample with grade ranges between 5 to 10,000 ppb. Samples greater than 10,000 ppb are analyzed with a gravimetric finish. Selected high grade samples are also analyzed using the screen metallics procedure. 

ABOUT DISCOVERY 

Discovery Mining Ltd. is a growing precious metals company that is creating value for stakeholders through exposure to gold, silver and other critical minerals. Discovery is advancing plans to more than double annual gold production through investment in the Company’s Porcupine assets, which include multiple operations, attractive growth projects and significant exploration upside in one of the world’s most renowned gold camps in and near Timmins, Ontario. The acquisition of the Kidd Operations in June 2026 further increased Discovery’s land position within the camp, provided valuable infrastructure that will support the Company’s growing gold business, and added critical minerals to the Company’s current production profile. Discovery’s silver exposure comes mainly from the 100%-owned Cordero project, one of the world’s largest undeveloped silver deposits, which is located close to infrastructure in a prolific mining belt in Chihuahua State, Mexico. 

On Behalf of the Board of Directors, 

Tony Makuch, P. Eng

President, CEO & Chairman 

For further information contact:                                                    

Mark Utting, CFA

SVP Investor Relations 

Phone: 416-806-6298 

Email: mark.utting@dsvmining.com 

Website:www.dsvmining.com  

In Europe

Swiss Resource Capital AG

Marc Ollinger

info@resource-capital.ch

www.resource-capital.ch

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION 

This news release may include forward-looking statements that are subject to inherent risks and uncertainties. All statements within this news release, other than statements of historical fact, are to be considered forward looking. Although Discovery believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those described in forward-looking statements. Statements include but are not limited to the resource conversion and expansion drilling at Dome, TVZ and Owl Creek, the high-grade mineralization potential from Owl Creek, located within close proximity to Hoyle Pond; the anticipated results and timing associated with the updated exploration program at the Porcupine Complex; the ability to make new discoveries across the broader property;   the ability to complete and the anticipated benefits associated from the development of the Dome and TVZ work programs; the timing associated with a new mineral resource update planned in late 2026 and the anticipated benefits thereof; the ability to convert and extend mineral resources; the development of the Porcupine Operations and its attractive economics and significant exploration upside; construction decision and development, the results of the Technical Report and the anticipated capital and operating costs, sustaining costs, net present value, internal rate of return, the method of mining the Porcupine Operations, payback period, process capacity, average annual metal production, average process recoveries, concession renewal, permitting of the assets, anticipated mining and processing methods, feasibility study production schedule and metal production profile, anticipated construction period, anticipated mine life, expected recoveries and grades, anticipated production rates, infrastructure, social and environmental impact studies, the completion of key de-risking items, including the timing of receipt permits, availability of water and power, availability of labour, job creation and other local economic benefits, tax rates and commodity prices that would support development of the Project, and other statements that express management's expectations or estimates of future performance, operational, geological or financial results Information concerning mineral resource/reserve estimates and the economic analysis thereof contained in the results of the feasibility study are also forwardlooking statements in that they reflect a prediction of the mineralization that would be encountered, and the results of mining, if a mineral deposit were developed and mined. Forward-looking statements are statements that are not historical facts which address events, results, outcomes or developments that the Company expects to occur. Forward-looking statements are based on the beliefs, estimates and opinions of the Company’s management on the date the statements are made and they involve a number of risks and uncertainties.  

Factors that could cause actual results to differ materially from those described in forward-looking statements include the completion of the drill programs and the results thereon, the ability to complete the required drilling on a timely basis and the impact of the completion of such drill programs on the ability for the Company to prepare an updated resource estimate in 2026; fluctuations in market prices, including metal prices, continued availability of capital and financing, and general economic, market access restrictions or tariffs, changes in U.S. laws and policies regarding regulating international trade, including but not limited to  changes to or implementation of tariffs, trade restrictions, or responsive measures of foreign and domestic governments, changes to cost and availability of goods and raw materials, along with supply, logistics and transportation constraints, changes in general economic conditions including market volatility due to uncertain trade policies and tariffs, , the actual results of current and future exploration activities; changes to current estimates of mineral reserves and mineral resources; conclusions of economic and geological evaluations; changes in project parameters as plans continue to be refined; the speculative nature of mineral exploration and development; risks in obtaining and maintaining necessary licenses, permits and authorizations for the Company’s development stage and operating assets; the accuracy of historical and forward-looking operational and financial information estimates provided by Newmont; the Company’s ability to integrate the Porcupine Operations; statements regarding the Porcupine Operations, including the results of technical studies and the anticipated capital and operating costs, sustaining costs , internal rate of return, concession or claim renewal, the projected mine life and other attributes of the Porcupine Operations, including net present value, the timing of any environmental assessment processes, reclamation obligations; operations may be exposed to new diseases, epidemics and pandemics, including any ongoing or future effects of COVID-19 (and any related ongoing or future regulatory or government responses) and its impact on the broader market and the trading price of the Company’s shares; provincial and federal orders or mandates (including with respect to mining operations generally or auxiliary businesses or services required for operations) in Canada and Mexico, all of which may affect many aspects of the Company's operations including the ability to transport personnel to and from site, contractor and supply availability and the ability to sell or deliver mined silver; changes in national and local government legislation, controls or regulations; failure to comply with environmental and health and safety laws and regulations; labour and contractor availability (and being able to secure the same on favourable terms); disruptions in the maintenance or provision of required infrastructure and information technology systems; fluctuations in the price of gold or certain other commodities such as, diesel fuel, natural gas, and electricity; operating or technical difficulties in connection with mining or development activities, including geotechnical challenges and changes to production estimates (which assume accuracy of projected ore grade, mining rates, recovery timing and recovery rate estimates and may be impacted by unscheduled maintenance); changes in foreign exchange rates (particularly the Canadian dollar, U.S. dollar and Mexican peso); the impact of inflation; geopolitical conflicts; employee and community relations; the impact of litigation and administrative proceedings (including but not limited to mining reform laws in Mexico) and any interim or final court, arbitral and/or administrative decisions; disruptions affecting operations; availability of and increased costs associated with mining inputs and labour; delays in construction decisions and any development of the Porcupine Operations; changes with respect to the intended method of mining and processing ore from the Porcupine Operations; inherent risks and hazards associated with mining and mineral processing including environmental hazards, industrial accidents, unusual or unexpected formations, pressures and cave-ins; the risk that the Company’s mines may not perform as planned; uncertainty with the Company's ability to secure additional capital to execute its business plans; contests over title to properties; expropriation +or nationalization of property; political or economic developments in Canada and Mexico and other jurisdictions in which the Company may carry on business in the future; increased costs and risks related to the potential impact of climate change; the costs and timing of exploration, construction and development of new deposits; risk of loss due to sabotage, protests and other civil disturbances; the impact of global liquidity and credit availability and the values of assets and liabilities based on projected future cash flows; risks arising from holding derivative instruments; and business opportunities that may be pursued by the Company. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. Discovery does not assume any obligation to update any forward-looking statements except as required under applicable laws. The risks and uncertainties that may affect forward-looking statements, or the material factors or assumptions used to develop such forward-looking information, are described under the heading "Risks Factors" in the Company’s Annual Information Form dated February 19, 2026, and the Company’s technical report (the “Technical Report”) entitled “Porcupine Complex, Ontario, Canada NI 43-101 Report on Preliminary Assessment” with an effective date of January 13, 2025, which is available under the Company’s issuer profile on SEDAR+ at www.sedarplus.ca.   

Preliminary Economic Assessment Disclaimer: The Technical Report includes the results of a preliminary economic assessment which is preliminary in nature. It includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves and there is no certainty that the preliminary economic assessment will be realized. Readers should refer to the full text of the Technical Report related to Mineral Resources and Mineral Reserves estimates as filed on www.sedarplus.ca.  

For shareholders residing in Canada, the Canadian dollar equivalent will be determined based on the daily rate published by the Bank of Canada on the record date or, if the Bank of Canada does not publish a rate on that date, on the most recent preceding business day.

Dividend Reinvestment Plan

The Company also wishes to remind its shareholders that it has implemented a dividend reinvestment plan (the “Plan”). Shareholders who are residents of Canada and the United States may elect to participate in the Plan in connection with the dividend to be paid on October 15, 2026 to
 shareholders on record as of September 30, 2026, and consequently benefit from the 3% discount
 offered for the third quarter dividend. More details are available on OR Royalties’ website at http://ORroyalties.com/dividends/drip/.

Non-registered beneficial shareholders who wish to participate in the Plan should contact their financial advisor, broker, investment dealer, bank or other financial institution that holds their common shares to inquire about the applicable enrolment deadline and to request enrolment in the Plan. For more information on how to enroll or any other inquiries, contact our transfer agent at 1-800-387-0825 (toll-free in Canada) or shareholderinquiries@tmx.com.

Participation in the Plan does not relieve shareholders of any liability for taxes that may be payable in respect of dividends that are reinvested in common shares under the Plan. Shareholders should consult their tax advisors concerning the tax implications of their participation in the Plan having regard to their particular circumstances.

This press release is not an offer to sell or a solicitation of an offer to buy any securities in the United States or any other jurisdiction.

About OR Royalties Inc. 

OR Royalties is a precious metals royalty and streaming company focused on Tier-1 mining jurisdictions defined as Canada, the United States, and Australia. OR Royalties commenced activities in June 2014 with a single producing asset, and today holds a portfolio of over 200 royalties, streams and similar interests. OR Royalties’ portfolio is anchored by its cornerstone asset, the 3-5% net smelter return royalty on Agnico Eagle Mines Ltd.’s Canadian Malartic Complex, one of the world’s largest gold mines.

OR Royalties’ head office is located at 1100 Avenue des Canadiens-de-Montréal, Suite 300, Montréal, Québec, H3B 2S2.

In Europe

Swiss Resource Capital AG

Marc Ollinger

info@resource-capital.ch

www.resource-capital.ch

Forward-looking statements

Certain statements contained in this press release may be deemed "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995, as amended, and “forward-looking information” within the meaning of applicable Canadian securities legislation. These forward-looking statements, by their nature, require the Company to make certain assumptions and necessarily involve known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied in these forward-looking statements. Forward-looking statements are not guarantees of performance. In this news release, these forward-looking statements may involve, but are not limited to, comments with respect to the directors and officers of the Company, information pertaining to the fact that all conditions for payment of the dividend will be met and that such dividend will continue to be an “eligible dividend” as defined in the Income Tax Act (Canada). Words such as "may", "will", "would", "could", "expect", "believe", "plan", "anticipate", "intend", "estimate", "continue", or the negative or comparable terminology, as well as terms usually used in the future and the conditional, are intended to identify forward-looking statements. 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 that the financial situation of the Company will remain favourable. The Company considers its assumptions to be reasonable based on information currently available, but cautions the reader that its assumptions regarding future events, many of which are beyond the control of the Company, may ultimately prove to be incorrect since they are subject to risks and uncertainties that affect the Company and its business.

For additional information with respect to these and other factors and assumptions underlying the forward-looking statements made in this press release, see the section entitled “Risk Factors” in the most recent Annual Information Form of OR Royalties which is filed with the Canadian securities commissions and available electronically under OR Royalties’ issuer profile on SEDAR+ at www.sedarplus.com and with the U.S. Securities and Exchange Commission and available electronically under OR Royalties’ issuer profile on EDGAR at www.sec.gov. The forward-looking information set forth herein reflects OR Royalties’ expectations as at the date of this press release and is subject to change after such date. OR Royalties disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, other than as required by law.

Financial Highlights

• Revenues from royalties and streams of $97.8 million ($60.4 million in Q2 2025¹);
• Cash flows generated by operating activities of $83.2 million ($51.4 million in Q2 2025);
• Cash margin² of $94.7 million or 96.8% ($57.8 million or 95.8% in Q2 2025);
• Net earnings of $61.4 million, $0.33 per basic share ($32.4 million, $0.17 per basic share in Q2 2025);
• Adjusted earnings² of $60.5 million, $0.32 per basic share ($34.1 million, $0.18 per basic share in Q2 2025);
• 20,757 gold equivalent ounces (“GEOs³”) earned (19,700 GEOs in Q2 2025);
  1. GEO deliveries were modestly lower than the first quarter, primarily reflecting an unscheduled six-day mill shutdown at Canadian Malartic as well as planned mine sequencing at Mantos Blancos, partially offset by initial GEO contributions from newer assets in the portfolio;
• Cash balance of $75.6 million and debt outstanding of $215.0 million as at June 30, 2026, for a net debt position² of $139.4 million;
• Purchase for cancellation, under the normal course issuer bid, of a total of 225,712 common shares for $8.0 million (C$11.2 million); and,
• Declaration of a quarterly dividend of $0.065 per common share paid on July 15, 2026 to shareholders of record as of the close of business on June 30, 2026, an increase of 18.2% compared to the previous quarterly dividend.

Portfolio Growth

During the quarter, OR Royalties closed $335.0 million of previously announced acquisitions: Terraco Gold Corp., holder of net smelter return (“NSR”) royalties covering Solidus Resources LLC's Spring Valley Gold Project in Nevada ($168.0 million); a portfolio of eight royalties acquired from Gold Fields Limited (“Gold Fields”) anchored by a 1.5% NSR on Compañia de Minas Buenaventura S.A.A.’s producing San Gabriel gold-silver mine in Peru ($115.0 million); and finally, as part of the same transaction with Gold Fields, deferred payment obligations from Galiano Gold Inc. ($52.0 million for $60.0 million of scheduled payments). Royalty, stream and other interests grew to $1.48 billion as at June 30, 2026 from $1.14 billion at year-end 2025.  

Subsequent to quarter-end, the Company closed the $28.0 million Murray Brook precious metals stream (with a C$5.5 million equity subscription) with Canadian Copper Inc., and entered into a binding agreement with Hot Chili Limited (“Hot Chili”) pursuant to which Hot Chili agreed to extend the Company’s NSR royalties to cover the La Verde project at Costa Fuego in consideration for cash payment of $15.0 million.  

Subsequent to June 30, 2026

• Closing of the previously announced $28.0 million precious metals stream with Canadian Copper Inc. (“Canadian Copper”) with respect to its New Brunswick assets, comprising the Murray Brook properties and the Caribou property, including the Caribou Processing Plant, concurrently with a $3.9 million (C$5.5 million) equity subscription in Canadian Copper;
• Binding agreement with Hot Chili pursuant to which Hot Chili agreed to extend the Company’s royalties (1.0% of payable copper production and 3.0% of payable gold production) to the La Verde project, which is part of the broader Costa Fuego copper-gold project, in consideration for cash payment of $15.0 million payable on closing, which is expected to occur in the third quarter of 2026;
• Following Agnico Eagle Mines Limited’s July 2, 2026 disclosure regarding the Barnat open pit at Canadian Malartic, the Company increased the pace of repurchases under its normal course issuer bid, acquiring 1,007,496 common shares for $29.1 million (C$40.8 million) in July — more than four times the number of shares repurchased during the entire second quarter — bringing total 2026 repurchases to 1,555,678 shares;
• Increase in the amount available under the revolving credit facility from $650.0 million to $850.0 million and the additional uncommitted accordion from $200.0 million to $350.0 million, as well as extension of the maturity date from May 30, 2029 to August 4, 2030; and,
• Declaration of a quarterly dividend of $0.065 per common share payable on October 15, 2026 to shareholders of record as of the close of business on September 30, 2026.

Management Commentary

Jason Attew, President & CEO of OR Royalties commented: “Revenues and operating cash flows each grew 62% year-over-year — the arithmetic of a 96.8% cash margin business in a stronger precious metals market — and we remain on track for our 2026 guidance of 80,000 to 90,000 GEOs. We also closed $335.0 million of acquisitions in the quarter, including NSR royalties on San Gabriel, already producing and paying, and Spring Valley, amongst others.

When our shares sold off following Agnico Eagle's July 2 disclosure on the Barnat pit, we bought back over one million shares in early July, more than four times the number of shares repurchased in the entire second quarter, and at meaningfully lower prices. Along these lines, our conviction in Canadian Malartic remains unchanged. And this is what shareholders should expect from us: cash generation strong enough to fund a growing dividend, execute on buybacks when the market misprices our shares, and invest in a still-robust pipeline of new opportunities, all at once.”

Q2 2026 RESULTS CONFERENCE AND WEBCAST CALL DETAILS

Qualified Person

The scientific and technical content of this news release has been reviewed and approved by Guy Desharnais, Ph.D., P.Geo., Vice President, Project Evaluation at OR Royalties Inc., who is a “qualified person” as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”).

About OR Royalties Inc. 

OR Royalties is a precious metals royalty and streaming company focused on Tier-1 mining jurisdictions defined as Canada, the United States, and Australia. OR Royalties commenced activities in June 2014 with a single producing asset, and today holds a portfolio of over 200 royalties, streams and similar interests. OR Royalties’ portfolio is anchored by its cornerstone asset, the 3-5% net smelter return royalty on Agnico Eagle Mines Limited’s Canadian Malartic Complex, one of the world’s largest gold mines.

OR Royalties’ head office is located at 1100 Avenue des Canadiens-de-Montréal, Suite 300, Montréal, Québec, H3B 2S2.

In Europe

Swiss Resource Capital AG

Marc Ollinger

info@resource-capital.ch

www.resource-capital.ch

Notes:

Average Metal Prices 

1. The London Bullion Market Association’s pm price in U.S. dollars per ounce.
2. The London Bullion Market Association’s price in U.S. dollars per ounce.
3. The London Metal Exchange’s price in U.S. dollars per tonne.

1. Three months ended June 30, 2025 (“Q2 2025”).

1. Non-IFRS Measures

Cash Margin (in dollars and in percentage of revenues)

Cash margin in dollars and in percentage of revenues are non-IFRS financial measures. Cash margin (in dollars) is defined by OR Royalties as revenues less cost of sales (excluding depletion). Cash margin (in percentage of revenues) is obtained by dividing the cash margin (in dollars) by the revenues.

Management uses cash margin in dollars and in percentage of revenues to evaluate OR Royalties’ ability to generate positive cash flow from its royalty, stream and other interests. Management and certain investors also use this information, together with measures determined in accordance with IFRS Accounting Standards such as gross profit and operating cash flows, to evaluate OR Royalties’ performance relative to peers in the mining industry who present these measures on a similar basis. Cash margin in dollars and in percentage of revenues are only intended to provide additional information to investors and analysts and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS Accounting Standards. They do not have any standardized meaning under IFRS Accounting Standards and may not be comparable to similar measures presented by other issuers.

A reconciliation of the cash margin (in thousands of dollars and in percentage of revenues) is presented below:

Adjusted earnings and adjusted earnings per basic share

Adjusted earnings and adjusted earnings per basic share are non-IFRS financial measures and are defined by OR Royalties by excluding the following items from net earnings (loss) and net earnings (loss) per share: foreign exchange gains (losses), impairment charges and reversals related to royalty, stream and other interests, changes in allowance for expected credit losses, write-offs and impairments of investments, gains (losses) on disposal of royalty, stream and other interests (excluding gains (losses) on buy-down and buy-back of royalty, stream and other interests), gains (losses) on investments, share of income (loss) of associates, transaction costs and certain other items such as non-cash gains (losses), as well as the impact of income taxes on these items. Adjusted earnings per basic share is obtained from the adjusted earnings divided by the weighted average number of common shares outstanding for the period.

Management uses adjusted earnings and adjusted earnings per basic share to evaluate the underlying operating performance of OR Royalties as a whole for the reporting periods presented, to assist with the planning and forecasting of future operating results, and to supplement information in its consolidated financial statements. Management believes that in addition to measures prepared in accordance with IFRS Accounting Standards such as net earnings (loss) and net earnings (loss) per basic share, investors and analysts use adjusted earnings and adjusted earnings per basic share to evaluate the results of the underlying business of OR Royalties, particularly since the excluded items are typically not included in OR Royalties’ annual guidance. While the adjustments to net earnings (loss) and net earnings (loss) per basic share in these measures include items that are both recurring and non-recurring, management believes that adjusted earnings and adjusted net earnings per basic share are useful measures of OR Royalties’ performance because they adjust for items which may not relate to or have a disproportionate effect on the period in which they are recognized, impact the comparability of the core operating results from period to period, are not always reflective of the underlying operating performance of the business and/or are not necessarily indicative of future operating results. Adjusted net earnings and adjusted net earnings per basic share are intended to provide additional information to investors and analysts and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS Accounting Standards. They do not have any standardized meaning under IFRS Accounting Standards and may not be comparable to similar measures presented by other issuers.

A reconciliation of net earnings to adjusted net earnings is presented below:

Net cash/(net debt) position (in dollars)

Net cash/(net debt) position is a non-IFRS financial measure and is defined by OR Royalties by the cash balance minus the long-term debt balance at the end of a period.

Management uses the net cash/(net debt) position to evaluate OR Royalties’ current net liquidity position (i.e. total cash less total long-term debt). Management and certain investors also use this information, together with measures determined in accordance with IFRS Accounting Standards such as operating cash flows and undrawn balances available under credit facilities, to evaluate OR Royalties’ investment capacity. Net cash/(net debt) position is only intended to provide additional information to investors and analysts and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS Accounting Standards. It does not have any standardized meaning under IFRS Accounting Standards and may not be comparable to similar measures presented by other issuers.

A reconciliation of the net cash/(net debt) position is presented below:

1. Gold Equivalent Ounces

GEOs are calculated on a quarterly basis and include royalties and streams. Silver ounces and copper tonnes earned from royalty and stream agreements are converted to gold equivalent ounces by multiplying the silver ounces or copper tonnes earned by the average silver price per ounce or copper price per tonne for the period and dividing by the average gold price per ounce for the period. Cash royalties and other metals and commodities are converted into gold equivalent ounces by dividing the associated revenue earned by the average gold price for the period.

Forward-Looking Statements

Certain statements contained in this press release may be deemed “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995, as amended, and “forward-looking information” within the meaning of applicable Canadian securities legislation. Forward-looking statements are statements other than statements of historical fact, that address, without limitation, future events, that conditions for the closing of the transaction with Hot Chili will be met in a timely manner, that the 2026 guidance on GEOs will be achieved and the ability of the Company to continue to invest in a pipeline of new opportunities. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential”, “scheduled” and similar expressions or variations (including negative variations), or that events or conditions “will”, “would”, “may”, “could” or “should” occur. All statements in this press release, other than statements of historical fact, are forward-looking statements, including statements that address, without limitation: future events, the closing of the recently announced transaction with Hot Chili. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors, most of which are beyond the control of OR Royalties, and actual results may accordingly differ materially from those in forward-looking statements. Such risk factors include, without limitation, (i) with respect to properties in which OR Royalties holds a royalty, stream or other interest; risks related to: (a) the operators of the properties, (b) timely development, permitting, construction, commencement of production, ramp-up (including operating and technical challenges), (c) differences in rate and timing of production from Mineral Resource Estimates or production forecasts by operators, (d) differences in conversion rate from Mineral Resources to Mineral Reserves and ability to replace Mineral Resources, (e) the unfavorable outcome of any challenges or litigation relating to title, permit or license, (f) hazards and uncertainty associated with the business of exploring, development and mining including, but not limited to unusual or unexpected geological and metallurgical conditions, slope failures or cave-ins, flooding and other natural disasters or civil unrest or other uninsured risks, (ii) with respect to other external factors: (a) fluctuations in the prices of the commodities that drive royalties, streams, offtakes and investments held by OR Royalties, (b) a trade war or new tariff barriers, (c) fluctuations in the value of the Canadian dollar relative to the U.S. dollar, (d) regulatory changes by national and local governments, including permitting and licensing regimes and taxation policies, regulations and political or economic developments in any of the countries where properties in which OR Royalties holds a royalty, stream or other interest are located or through which they are held, (e) continued availability of capital and financing and general economic, market or business conditions, (f) responses of relevant governments to infectious diseases outbreaks and the effectiveness of such response and the potential impact of such outbreaks on OR Royalties’ business, operations and financial condition, and (g) geopolitical uncertainties; (iii) with respect to internal factors: (a) business opportunities that may or may not become available to, or are pursued by OR Royalties, (b) the integration of acquired assets, (c) the determination of OR Royalties’ PFIC status or (d) that preliminary financial information may be subject to quarter-end and year-end adjustments. The forward-looking statements contained in this press release are based upon assumptions management believes to be reasonable, including, without limitation: the absence of significant change in OR Royalties’ ongoing income and assets relating to determination of its PFIC status, and the absence of any other factors that could cause actions, events or results to differ from those anticipated, estimated or intended and, with respect to properties in which OR Royalties holds a royalty, stream or other interest, (i) the ongoing operation of the properties by the owners or operators of such properties in a manner consistent with past practice and with public disclosure (including forecast of production), (ii) the accuracy of public statements and disclosures made by the owners or operators of such underlying properties (including expectations for the development of underlying properties that are not yet in production), (iii) no adverse development in respect of any significant property, (iv) that statements and estimates relating to mineral reserves and resources by owners and operators are accurate and (v) the implementation of an adequate plan for integration of acquired assets.

For additional information on risks, uncertainties and assumptions, please refer to the most recent Annual Information Form of OR Royalties filed on SEDAR+ at www.sedarplus.ca and EDGAR at www.sec.gov which also provides additional general assumptions in connection with these statements. OR Royalties cautions that the foregoing list of risks and uncertainties is not exhaustive. Investors and others should carefully consider the above factors as well as the uncertainties they represent and the risk they entail. OR Royalties believes that the assumptions reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be accurate as actual results and prospective events could materially differ from those anticipated in such forward-looking statements, and such forward-looking statements included in this press release are not a guarantee of future performance and should not be unduly relied upon. These statements speak only as of the date of this press release. OR Royalties undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, other than as required by applicable law.