RAM has served the Nevada and western United States mining industry since 1991, with an established in-state base of industrial construction, mechanical, electrical and process plant maintenance capability and a workforce certified to work in an operating mine environment. RAM’s scope includes assessment and refurbishment of the process plant and supporting infrastructure, including upgrading of the electrical and instrumentation systems, and commissioning and start-up support. RAM will be supported by Nordmin, a full-service mining engineering and EPCM firm with over twenty years of experience across the mine life cycle, from detailed engineering through construction management and operations support, with offices in Thunder Bay, Sudbury and Salt Lake City.

Wood is a global leader in consulting, engineering and operations for the energy and materials sectors, supporting clients across the full project lifecycle. With more than 60 years of mining, minerals and metals experience, Wood has completed over 3,000 studies and delivered more than 250 major projects worldwide. As Owner’s Engineer for the Springer Project, Wood will provide independent engineering review and oversight of design, procurement and construction activities, including review of contractor deliverables, cost and schedule, and quality and commissioning readiness.

Skott Mealer, President and COO of Blue Moon states, “Tungsten has not been mined commercially in the United States since 2015. Springer is being advanced to help restore that domestic supply of a metal vital to industry and national defense. We are pleased to be doing this work in Nevada, with experienced in-state contractors now engaged and the site team and accommodations in place to support an accelerated program. We are advancing rapidly toward a targeted restart in late 2027, and the project will be a meaningful source of employment and economic activity in Pershing County and the State of Nevada.”

ACQUISITION OF ACCOMMODATIONS SITE FOR SPRINGER

Blue Moon has signed an agreement to acquire an accommodations site near Springer. The property being acquired is currently operating as a recreational vehicle (RV) park, including 31 RV sites and 5 mobile home sites, with septic, power and water systems servicing the units. Blue Moon intends to use the site to house employees and contractors during construction, and will evaluate further expansions, including a previously permitted expansion with an additional 14 RV sites. Access to the Property from Springer is via Tungsten road adjacent to highway I-80, totaling approximately 7 miles from the mill.

Blue Moon is acquiring the Property free and clear of all material encumbrances for consideration of US$1.7 million in cash. A purchase agreement was executed by the parties on October 5, 2026, with closing expected in December 2026. No finders’ fees are being paid on this Acquisition.

Figure 1: Accommodations property (lower centre) with Springer visible in background

Qualified Persons

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

About Blue Moon

Blue Moon is advancing 6 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, the Apex germanium-gallium-copper project in the United States and the Turner gold-copper-zinc-silver project in the United States. All 6 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.

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

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

Highlights

• Fenn-Gib Gold Project designated under Ontario’s the Ministry of Energy and Mines’ “One Project, One Process” framework
• Through the 1P1P framework, the Ministry of Energy and Mines acts as a single point of contact to coordinate all necessary provincial approvals and Indigenous consultation to reduce government review times by 50 per cent[2]
• The 1P1P framework, which supports responsible, fast-tracked mining development while maintaining rigorous standards and Indigenous consultation, is fundamental to Mayfair’s strategy for advancing Fenn-Gib through permitting, design, and into construction and operations faster than previous industry timelines
• Through the 1P1P framework, Mayfair expects to secure permits required to make a construction decision as early as 2028
• Fenn-Gib is positioned to generate significant regional economic benefits during construction and throughout commercial operations, which could begin as early as 2030.

“For too long, permitting delays stood in the way of getting Ontario’s resources to market,” said Stephen Lecce, Minister of Energy and Mines. “One Project, One Process is singlehandedly changing that - cutting duplication by half and delivering a one stop shop for mining permitting including for Mayfair Gold’s Fenn-Gib project which is expected to create over 700 jobs and add approximately $3 billion to our GDP. To compete, we must be the best, which is why our government is planning to further accelerate permitting this Fall, to get mines built faster, unlocking billions in investment to create more, good-paying jobs right here at home. From second slowest jurisdiction to open a mine in the world to emerging as one of the best in the industrialized world, our government is challenging the status quo so that we emerge as the strongest and a more sovereign energy powerhouse.” 

Drew Anwyll, P.Eng., Chief Executive Officer of Mayfair, stated: “Our designation under the 1P1P framework recognizes the rigorous work completed to date and the quality of the baseline data our team has collected, compiled, and interpreted in support of the Fenn-Gib Gold Project. We look forward to working collaboratively with the Apitipi Anicinapek Nation (“AAN”), the Ministry of Energy and Mines (“MEM”), and the identified Indigenous and local communities as we advance the Project through this permitting process. We are proud to have achieved the milestone of 1P1P designation, and we look forward to advancing Fenn-Gib as a Made-in-Ontario gold project.”

The 1P1P framework is a whole-of-government approach that consolidates provincial permitting, authorization, and approval processes for designated mine development projects in Ontario into a single, coordinated timeline. This approach is designed to improve predictability and reduce administrative duplication. It also coordinates Indigenous consultation at the project level, consistent with the Crown’s duty to consult under section 35(1) of the Constitution Act, 1982. Fewer, coordinated processes reduce the administrative burden on Indigenous communities; they do not reduce consultation itself.

This framework operates as an administrative overhaul to streamline approvals by establishing a single point of contact - the Mine Authorization and Permitting Delivery Team (“MAPDT”) under the MEM. The dedicated MAPDT will provide specialized project management support to Mayfair to deliver predictable permitting timelines for Fenn-Gib with a clear, transparent, and dynamic pathway while maintaining the Crown’s full duty to consult and rigorous environmental standards.

Ruben Wallin, P.Eng., SVP Sustainability for Mayfair, commented: “The 1P1P designation marks an important milestone for the project and the company. The calibre of the people we have worked with at the Ministry has been evident throughout this process. I look forward to continuing to work closely with the MEM, AAN and Indigenous community partners, and other stakeholders to deliver the lasting benefits that we believe this project and our company can provide to the region.”

Mayfair’s development strategy is anchored in targeting high-grade mineralization located at and near surface. This approach is designed to reduce construction risk and improve execution certainty. Together with the 1P1P framework and the Provincial Class Environmental Assessment process, the strategy provides a clear pathway to advance Fenn-Gib efficiently through permitting and design, into construction, and ultimately to free cash flow¹ while maintaining the optionality and the flexibility to reinvest future cash flows¹ in additional growth opportunities.

About Mayfair Gold

Mayfair Gold is a Canadian development-stage gold company focused on advancing the 100%-owned Fenn-Gib Project in the Timmins region of Northern Ontario. Fenn-Gib hosts a 4.3-million-ounce indicated mineral resource of gold (181.3Mt at an average grade of 0.74 g/t) and the expected strategy outlined in the 2026 Pre-Feasibility Study (the “PFS”)[3] is to develop the Project under the provincial permitting process, targeting the higher-grade 1-million-ounce probable mineral reserve (25.1Mt at an average grade of 1.29 g/t) sitting near-surface, highlighting the optionality and scalability provided by the deposit. The PFS also outlines the potential to develop Fenn-Gib into a new Canadian gold producer, with initial development capital of C$450 million, a base-case payback period of 2.7 years, and cumulative free cash flow1 of US$896 million over the first six years of production based on a US$3,100/oz gold price. The Company is advancing permitting activities, detailed engineering, and stakeholder engagement with the goal of starting construction in 2028 with initial production in 2030. The Company also remains focused on exploration around the broader land package with the goal of enhancing mineral resource scale and growth opportunities.

Cautionary Note Regarding Forward-Looking Information

This news release contains certain forward-looking information within the meaning of applicable Canadian securities legislation and forward-looking statements within the meaning of applicable United States securities legislation (collectively, “forward-looking information”). The use of the words “will” and “expected” and similar expressions is intended to identify forward-looking information. Forward-looking information in this news release includes, but is not limited to, the designation expected to streamline permitting and provide more predictable timelines and to accelerate progress toward a construction decision and, ultimately, to production and free cash flow¹, Mayfair expecting to secure permits required to make a construction decision as early as 2028, Fenn-Gib being positioned to generate significant regional economic benefits during construction and throughout commercial operations, which could begin as early as 2030, the expectation that the Project will create over 700 jobs and add approximately $3 billion to Ontario’s GDP, continuing to work closely with the MEM, AAN and Indigenous community partners, and other stakeholders to deliver the lasting benefits the Company believes the Project and the Company can provide to the region, the development strategy anchored in targeting high-grade mineralization located at and near surface, designed to reduce construction risk and improve execution certainty, targeting the higher-grade 1-million-ounce mineral reserve, building and operating the Fenn-Gib Project, and all disclosure related to the PFS, including expected commencement of construction and production. Although Mayfair believes that the expectations reflected in such forward-looking information are reasonable, readers are cautioned that actual results may vary from the forward-looking information. The Company has based the forward-looking information on the Company’s current expectations and assumptions about future events. This information also involves known and unknown risks, uncertainties, and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information, including the risks, uncertainties, and other factors identified in the annual information form and Form 40-F of the Company for the year ended December 31, 2025, available under the Company’s profiles on SEDAR+ at www.sedarplus.ca and EDGAR at www.sec.gov, respectively. Furthermore, the forward-looking information contained in this news release is as at the date of this news release, and Mayfair does not undertake any obligation to publicly update or revise any of this forward-looking information except as may be required by applicable securities laws.  

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

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

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

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

In Europe

Swiss Resource Capital AG

Marc Ollinger

info@resource-capital.ch

www.resource-capital.ch

[1] Free cash flow or cash flows do not have a standardized meaning and may not be comparable to similar

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

[2] Government of Ontario, Ministry of Energy and Mines, One Project, One Process Framework Guidance (October 30, 2025), “Objectives”, p. 2. Available at: www.ontario.ca/page/mining-one-project-one-process-framework.

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

Highlights:

• Infill Drilling Underway: Three diamond core drill rigs have commenced drilling at Sao Jorge to execute an initial 6,000-metre infill drilling campaign.
• Objective to Enhance existing Mineral Resource Confidence: The objective of the program is to provide additional data for an updated mineral resource estimate ("MRE") with the goal of enhancing confidence in, and upgrading to indicated classification, the existing inferred resources within the pit shell currently contained in the Project's existing preliminary economic assessment (the "PEA").
  1. The Company anticipates that the results of the infill drilling will be used to prepare an updated MRE to support the PFS, which it currently anticipates will be completed in the first half of 2028.
• Project Studies: The infill drilling will produce fresh core samples required for future metallurgical test work, which will inform trade-off studies to determine the optimum process path for São Jorge mineralized material.
• De-Risking: Planning is also underway for geotechnical and hydrogeological drilling around the planned open pit mine, and condemnation drilling beneath proposed site infrastructure locations. 

Alastair Still, Chief Executive Officer of GoldMining, commented: “Following the recent addition of our new Project Director to lead the Project’s advancement, we are thrilled to officially launch the Pre-Feasibility Study, and we now have three core drills turning at São Jorge. This initial 6,000-metre program is designed to improve our resource confidence and to provide the geotechnical and metallurgical data necessary to optimize our mine plan and flowsheet. We believe we are well-positioned to continue to advance and de-risk this asset.”

2026 Infill Drilling Program

The planned initial 6,000-metre diamond drilling program is designed to reduce drill spacing to provide higher confidence in the continuity of mineralization in areas where mineral resources are presently classified as inferred mineral resources. These zones are generally located around the margins of the main mineralized core of the São Jorge deposit. The objective is to improve interpreted geological and geostatistical continuity in order to classify all mineral resources contained within the pit shell of the Project's PEA, and planned PFS open pit mine design in the measured or indicated mineral resource categories. 

In addition to resource conversion, the program will yield fresh core samples to facilitate advanced mineralogical sampling and metallurgical testing, as well as essential data for the geotechnical stability analysis of the proposed open pit and major site facilities. Three rigs are now active on the Program.

The PFS will build upon the base case established in the PEA and is intended to further evaluate the Project's economic viability and to refine capital and operating cost estimates.

About São Jorge

The São Jorge Gold Project is located in the Tapajós gold district in Pará State, Brazil, adjacent to regional highway BR-163. It is a granite-hosted, intrusion-related gold mineral system. 

On June 11, 2026, the Company announced a PEA for São Jorge that envisaged a conventional open-pit operation and gravity/leach circuit processing 5,500 tonnes per day ("tpd") (1.9 million tonnes per annum ("Mtpa")) over a 10.6-year mine life. The PEA modelled a base case after-tax net present value at a 5% discount rate ("NPV5%") of US$532 million and an after-tax internal rate of return ("IRR") of 42.4%, utilizing a base case gold price of US$3,500 per ounce ("oz"), supported by a stable production profile averaging 51,250 oz of gold annually. 

The PEA is preliminary in nature and includes inferred mineral resources, which are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as Mineral Reserves. There is no certainty that the PEA, including the conceptual economics set out therein, will be realized.

Further information regarding the Project, including the PEA referenced in this news release, please refer to the technical report titled “NI 43-101 Technical Report and Preliminary Economic Assessment for the São Jorge Gold Project, Pará State, Brazil” with an effective date of June 9, 2026 (the "Technical Report"), which is available under the Company’s profiles on SEDAR+ at www.sedarplus.ca and EDGAR at www.sec.gov.

 Qualified Person

Imola Götz, M.Sc., P.Eng., F.E.C., Vice President, Project Development, a "qualified person" as defined in NI 43-101, has supervised the preparation of, verified and approved the scientific and technical information contained in this news release.

 About GoldMining Inc.

GoldMining Inc. is a public mineral exploration company focused on acquiring and developing gold assets in the Americas. Through its disciplined acquisition strategy, GoldMining now controls a diversified portfolio of resource-stage gold and gold-copper projects in Canada, the U.S.A., Brazil, Colombia and Peru.
 
 For additional information, please contact: 

Martin Dumont
 VP, Corporate Development & Investor Relations
 Telephone: (855) 630-1001
 Email: info@goldmining.com

In Europe

Swiss Resource Capital AG

Marc Ollinger

info@resource-capital.ch

www.resource-capital.ch

Cautionary Statement on Forward-looking Statements

Certain of the information contained in this news release constitutes "forward-looking information" and "forward-looking statements" within the meaning of applicable Canadian and U.S. securities laws ("forward-looking statements"), which involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, performance and achievements to be materially different from the results, performance or achievements expressed or implied therein. Forward-looking statements, which are all statements other than statements of historical fact, include, but are not limited to, statements regarding the scope, timing and expected outcomes of the PFS, including its anticipated completion in the first half of 2028; the timing, scope and objectives of the infill drilling program, and the objective to upgrade existing mineral resource estimates; the potential for any future development decision; the results of the PEA; the Company’s plans and expectations regarding future opportunities and proposed work and future studies at the Project; and the Company’s other plans and expectations regarding the Project. Forward-looking statements are based on the then-current expectations, beliefs, assumptions, estimates and forecasts about the business and the markets in which GoldMining operates, including assumptions that drilling and study work will proceed as planned, that contractors, equipment and personnel will be available on a timely basis, that drilling results will support the planned resource conversion, and that required permits and financing will be obtained. Investors are cautioned that all forward-looking statements involve risks and uncertainties, including: the inherent risks involved in the exploration and development of mineral properties; fluctuating metal prices; unanticipated costs, expenses and delays; risks related to government and environmental regulation, social, permitting and licensing matters; and uncertainties relating to the availability and costs of financing needed in the future. These risks, as well as others, including those set forth in GoldMining’s Annual Information Form for the year ended November 30, 2025, and other filings with Canadian securities regulators and the SEC, could cause actual results and events to vary significantly. Accordingly, readers should not place undue reliance on forward-looking statements. There can be no assurance that forward-looking statements, or the material factors or assumptions used to develop such forward-looking statements, will prove to be accurate. The Company does not undertake to update any forward-looking statements, except in accordance with applicable securities law.

Paul Weedon, Senior Vice President of Exploration, commented, “The first holes at Kabewest have returned broad mineralized intervals, including 1.9 g/t Au over an estimated true width of 64 meters from 19 meters in drill hole FBRC0008. These results provide strong support for our geological interpretation and show clear similarities to the breccia-hosted mineralization at Diamba Sud,” Mr. Weedon continued, “With approximately 70 percent of assays received, the results to date continue to build confidence in the interpreted controls on mineralization and in Bambadji’s potential to expand Diamba Sud.” Mr. Weedon concluded, “We look forward to receiving the remaining assays in the coming weeks and incorporating the complete dataset into our work toward an initial Inferred Mineral Resource estimate, planned for publication in the first quarter of 2027.”

Kabewest Drilling Highlights

FBDD0001: 1.2 g/t Au over an estimated true width of 23 meters from 75 meters

FBDD0006: 1.8 g/t Au over an estimated true width of 29.5 meters from 393 meters

FBDD0008: 3.2 g/t Au over an estimated true width of 24 meters from surface, including 
 11.3 g/t Au over an estimated true width of 1.5 meters from 8 meters and 12.2 g/t Au over an estimated true width of 0.7 meters from 30 meters

FBDD0009: 1.4 g/t Au over an estimated true width of 22 meters from 65.5 meters, and 1.3 g/t Au over an estimated true width of 23 meters from 107 meters

FBRC0003: 3.1 g/t Au over an estimated true width of 24.2 meters from 4 meters, including 
 15.1 g/t Au over an estimated true width of 0.7 meters from 25 meters

FBRC0005: 1.4 g/t Au over an estimated true width of 29.6 meters from surface

FBRC0008: 1.9 g/t Au over an estimated true width of 64 meters from 19 meters, including 
 16.3 g/t Au over an estimated true width of 1.5 meters from 24 meters

The Bambadji Project is located immediately adjacent to the Diamba Sud Gold Project. The initial Kabewest drilling program, comprising 45 reverse circulation (“RC”) and diamond drill (“DD”) holes totalling 10,524 meters, has been completed. This work forms the first phase of a broader $8 million, 51,000-meter drilling program planned across the Bambadji Project through the end of 2026. The program is focused on at least eight priority prospects (refer to Figure 1 and Fortuna news release dated August 10, 2026, “Fortuna acquires highly prospective Bambadji Project in Senegal from Barrick and IAMGOLD”).

Figure 1: Bambadji Project: Location of priority exploration prospects and proximity to the Diamba Sud Gold Project proposed plant site

Broad mineralized intervals from the initial Kabewest drilling include 1.9 g/t Au over an estimated true width of 64 meters from 19 meters in drill hole FBRC0008 (refer to Figure 2), 1.4 g/t Au over an estimated true width of 29.6 meters in drill hole FBRC0005 (refer to Figure 3) and 3.1 g/t Au over an estimated true width of 24.2 meters from 4 meters in drill hole FBRC0003 (refer to Figure 4). These results strengthen the current geological interpretation and demonstrate geological continuity with the breccia-hosted mineralization at the nearby Diamba Sud deposits. Mineralization has been intersected over more than 600 meters of strike and remains open along strike and at depth, providing clear opportunities for systematic follow-up drilling.

Approximately 70 percent of assays have been received, with the balance expected in the coming weeks. Geological model updates are progressing and will incorporate the complete assay dataset to support preparation of an initial Inferred Mineral Resource estimate for Kabewest. Subject to completion and review of the remaining technical work, the Company expects to include the estimate in its annual Mineral Reserve and Mineral Resource update planned for publication in the first quarter of 2027.

Figure 2: Bambadji Project: Kabewest prospect, cross-section 350NE

Figure 3: Bambadji Project: Kabewest prospect, cross section 250NE

Figure 4: Bambadji Project: Kabewest prospect, cross section 50NE

As observed at Diamba Sud, mineralization at Kabewest is generally associated with hydrothermal breccia units, hematite-silica-altered limestone, and extensive pyrite development. These features reinforce the interpreted structural controls on gold-bearing fluids within the Falémé domain, which hosts both projects. The comparable geological features identified across the adjacent Diamba Sud and Bambadji Project support continued systematic exploration along the Senegal-Mali Shear Zone.

Following completion of the initial phase of Kabewest drilling, the six drill rigs have been relocated to the Wari and Latifa prospects (refer to Figure 1), where three drill rigs at each prospect are testing areas defined by historical, widely spaced reconnaissance drilling. Work is also progressing to refine targets for the 2027 field season using geochemical and geophysical data across more than 60 kilometers of strike within the Bambadji Project, where three mineralized trends have been identified. Historical drilling along these trends is generally shallow and widely spaced, leaving several multi-kilometer gaps that provide priority areas for evaluation as part of Fortuna’s 2026 and 2027 exploration programs.

Quality Assurance & Quality Control (QA - QC) 

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

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

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

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

Qualified Person 

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

 About Fortuna Mining Corp. 

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

ON BEHALF OF THE BOARD

Jorge A. Ganoza 

CEO, and Director

Fortuna Mining Corp.

Investor Relations: 

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

In Europe

Swiss Resource Capital AG

Marc Ollinger

info@resource-capital.ch

www.resource-capital.ch

Forward looking Statements

This news release contains forward-looking statements that 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 United States Private Securities Litigation Reform Act of 1995 (collectively, “Forward-looking Statements”). Forward-looking Statements in this release include, without limitation, expectations regarding the timing and receipt of outstanding assay results; completion and interpretation of geological models; preparation, timing and potential inclusion of an initial Inferred Mineral Resource estimate for Kabewest in the Company’s annual Mineral Reserve and Mineral Resource update; the scope, timing and targets of the 2026–2027 exploration program at Bambadji; statements regarding Bambadji’s potential to expand Diamba Sud; statements regarding the proposed Diamba Sud plant site;  the potential for mineralization to continue along strike or at depth. Forward-looking Statements are based on management’s current expectations and assumptions and are subject to known and unknown risks, uncertainties and other factors that may cause actual results to differ materially. Words such as “expect,” “plan,” “target,” “intend,” “estimate,” “potential,” “may,” “will,” “could,” “should” and similar expressions identify Forward-looking Statements, although not all Forward-looking Statements contain these identifying words.

Forward-looking Statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of the Company to be materially different from any results, performance or achievements expressed or implied by the Forward-looking Statements. Such uncertainties and factors include, among others, operational risks associated with mining and mineral processing; uncertainty relating to Mineral Resource and Mineral Reserve estimates; uncertainty relating to capital and operating costs, production schedules and economic returns; risks relating to the Company’s ability to replace its Mineral Reserves; risks related to the conversion of Mineral Resources to Mineral Reserves; risks associated with mineral exploration and project development; uncertainty relating to the repatriation of funds as a result of currency controls; environmental matters including obtaining or renewing environmental permits and potential liability claims; uncertainty relating to nature and climate conditions; laws and regulations regarding the protection of the environment (including greenhouse gas emission reduction and other decarbonization requirements and the uncertainty surrounding the interpretation of omnibus Bill C-59 and the related amendments to the Competition Act (Canada); risks associated with political instability and changes to the regulations governing the Company’s business operations; changes in national and local government legislation, taxation, controls, regulations and political or economic developments in countries in which the Company does or may carry on business; risks associated with war, hostilities or other conflicts, such as the Ukrainian – Russian, and Israeli – Hamas  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 Reserves

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

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

Notes:

1. EOH: End of hole

2. Depths and widths reported to nearest significant decimal place 

3. NSI: No significant intercepts

4. ETW: Estimated true width

5. RC: reverse circulation drilling | DD: diamond drilling

Drill highlights from the conversion drilling completed to date include:

• 114.07 g/t Au over 1.00 m including 227.46 g/t Au (and 17.90 g/t Ag) over 0.50 m at a vertical depth of ~187 m in hole PE-26-959 of the Denise Zone
• 29.86 g/t Au over 2.50 m including 126.24 g/t Au (and 20.80 g/t Ag) over 0.50 m at a vertical depth of ~220 m in hole PE-26-957 of the Denise Zone
• 11.42 g/t Au over 1.85 m including 23.79 g/t Au (and 5.00 g/t Ag) over 0.85 m at a vertical depth of ~471 m in hole PE-26-960 of the Champagne Zone

The initial stages of the resource conversion program have focused on the first 600 vertical metres of the Denise and Champagne Zones. Note that the vast majority of resources in the top 600 m of the Champagne Zone were already in the M&I category, so only two conversion drill holes were required, meaning that almost all conversion drilling completed to date has been focused on the Denise Zone. 

In addition to the resource-conversion drilling, exploration drilling east of the current Denise Zone has potentially expanded the mineralized footprint by approximately 320 m. Drill hole PE-26-936 returned 3.33 g/t Au over 12.70 m, including 47.73 g/t Au (and 14.50 g/t Ag) over 0.80 m at a vertical depth of ~172 m (see Figure 2). This is an encouraging exploration development, as minimal drilling has been completed in the extreme southeast corner of the Beaupré Block. As the Denise Zone expands east and the Team Zone advances to the southeast, the possibility for the two zones to meet one another becomes more realistic. Further exploration drilling in the southeast extremity of the Beaupré Block is therefore planned. 

"The resource conversion drill program is off to a strong start," said Aaron Stone, Vice President Exploration of Amex Gold Mining. "Our initial focus has been on the first 600 vertical metres of mineralization within the Champagne and Denise zones. Given that the vast majority of Champagne Zone resources within this interval were already classified as Measured and Indicated resources, only two drill holes were required there, with most of the program to date focused on the Denise. High-grade results encountered in holes such as PE-26-957 and PE-26-959 are particularly encouraging given that the targeted grade of the inferred stopes averages approximately 2.5 g/t Au. These results present an opportunity to not only upgrade these resources but also to potentially add ounces in the targeted area. These results in the conversion program are important in increasing confidence in the economics of the second phase of the operation."

Figure 1: Geological map of the Perron Project

Figure 2: Geological map displaying the location of today’s released drill holes with grades of assay results as well as the possible extension of the Denise Zone to the east.

*Readers are cautioned that the 320 m eastward expansion of the Denise Zone will require further drilling to confirm continuity of mineralization. 

Figure 3: Photos displaying visible gold (VG) mineralization from drill holes PE-26-957 and PE-26-959 presented today. Gold mineralization is present in quartz-carbonate-sulphide veins hosted within the rhyolite of Beaupré Block.

Table 1: Assay results from today’s released holes on the Perron Property.

*Intervals are expressed in core length and not true thickness. True thicknesses are approximated at 50-80 % of core intervals. 

Table 2: Drill hole coordinates for today's results on the Perron Property.

About Amex

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

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

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

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

Qualified Persons and QA/QC

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

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

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

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

For further information please contact:

Victor Cantore

President and Chief Executive Officer

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

In Europe

Swiss Resource Capital AG

Marc Ollinger

info@resource-capital.ch

www.resource-capital.ch

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

Forward-looking statements

This News Release contains forward-looking statements. All statements, other than statements of historical fact, contained in this News Release including, but not limited to those describing the impact of the foregoing on the Perron Gold Project economics, results of the feasibility study for the Phase 1 development of the Perron Gold Project announced by Amex Gold Mining Inc. 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 favourable 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.

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

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

About Sibanye-Stillwater 

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

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

Investor relations contact:

Email: ir@sibanyestillwater.com

In Europe

Swiss Resource Capital AG

Marc Ollinger

info@resource-capital.ch

www.resource-capital.ch

Website: www.sibanyestillwater.com

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

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

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

X: https://twitter.com/SIBSTILL  

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

DISCLAIMER FORWARD LOOKING STATEMENTS

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

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

Websites

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

Highlights from Airstrip:

AX-26-904 – 0.79 g/t Au over 14.1 m, including 25.70 g/t Au over 0.3 m

AX-26-908 – 7.11 g/t Au over 1.3 m within 0.62 g/t Au over 18.5 m

                         AND 2.97 g/t Au over 3.7 m

AX-26-909 – 0.69 g/t Au over 23.3 m

AX-26-913 – 0.82 g/t Au over 7.3 m 

AX-26-915 – 0.96 g/t Au over 39.6 m

AX-26-921 – 0.85 g/t Au over 28.9 m, including 12.44 g/t Au over 1.2 m; 

AND 1.34 g/t Au over 20.2 m; including 15.40 g/t Au over 0.6 m;

AND 1.89 g/t Au over 10.1 m, including 12.10 g/t Au over 0.8 m;

AND 1.18 g/t Au over 27.5 m, including 16.50 g/t Au over 1.4 m

Note: All highlighted intervals are downhole lengths; approximate calculated true widths are expressed as percentages of downhole interval lengths (see Table 2).

“This year's program aims to pinpoint areas with high-grade mineralization, particularly where the current resource model shows unmineralized regions. Drillhole AX-26-921 produced significant high-grade intersections that suggest potential for expansion and improved grades between the Airstrip and Powerline Deposits,” stated Tara Christie, President and CEO. “Specifically, AX-26-921 returned several mineralized intervals, including 1.34 g/t Au over 20.2 m and 1.18 g/t Au over 27.5 m, indicating continuity of the higher-grade zones at depth in the Airstrip deposit below the gap. These results reinforce that expansion opportunities remain at AurMac, alongside the early discoveries at Nitra. Banyan’s next exploration phase will focus on identifying the prime areas within AurMac that will contribute to our initial 10-year grade and production profile, leading to further studies beyond our Preliminary Economic Assessment.” 

Figure 1: Plan map of AurMac, Yukon, Canada. Results for drillholes AX-26-904, -908, -909, -913, -915 and -921 are reported in Table 1. A plan map of Airstrip (Figure 2) and cross-sections (Figures 3 and 4) show the detailed distribution of drillholes in Airstrip and the geometry of high-grade mineralization.

Figure 2: Plan map of Airstrip. Cross-sections are denoted by blue lines.  Drillhole AX-26-921 in cross-section 466900mE (Figure 3) highlights the expansion potential for high-grade domains in the gap between the Airstrip and Powerline Deposits near the southern extent of the conceptual Mineral Resource Estimate (“MRE”) pit. Drillholes AX-26-904, -908, -909, and -915 in cross-section 467300mE (Figure 4) highlight the expansion potential for high-grade domains to the east in Airstrip. 

Mineralization at Airstrip is predominantly hosted in calcareous metasedimentary rocks that readily undergo calc-silicate alteration and sulphide replacement mineralization (Figure 5). Calcareous metasedimentary rocks overlie quartzites. Domains Cal_1 and Cal_2 (calcareous metasedimentary rocks) are the primary host for gold mineralization at Airstrip, with extensional quartz veins hosted in the quartzite (“QTZT”). A notable zone of mineralization has been intersected in the footwall of Airstrip, with high-grade mineralization and visible gold (Figure 6) identified in extensional quartz veins hosted in quartzite stratigraphically below the main Airstrip deposit (Figure 3). Potential for footwall domains in the Airstrip area has been identified in previous drilling and is being tested this drill season.

Figure 3: Cross-section 466900mE through Airstrip. Drillhole AX-26-921 highlights potential expansion of high-grade domains in the gap zone between Airstrip and Powerline. Additional down-dip drilling is planned to further test the extent of high-grade mineralization at depth within and just south of the conceptual pit boundary. The MRE block model is constrained by mineralized and lithological domains. Mineral Resource blocks are 10 m x 10 m x 5 m. Only blocks above the 0.30 g/t Au cut-off and within the US$3,500/oz Au conceptual pit shell are included in the MRE. 

Figure 4: Cross-section 467300mE through the eastern end of Airstrip at AurMac. Drillholes in this release demonstrate potential for improvement in grade in mineralized domains in the eastern end of Airstrip. The MRE block model is constrained by mineralized and lithological domains. Mineral Resource blocks are 10 m x 10 m x 5 m. Only blocks above the 0.30 g/t Au cut-off and within the US$3,500/oz Au conceptual pit shell are included in the MRE. 

Figure 5: Intersections from drillhole AX-26-921 depicting sulphide replacement in high-grade intersections down-dip of main Airstrip zone (see cross-section in Figure 3).

Figure 6: Visible gold in extensional quartz veins from: Left - hole AX-26-921, from 265.1 m – gold associated with bismuth sulphosalts and arsenopyrite in an extensional quartz vein. Right – hole AX-26-913, from 176.3 m – gold associated with arsenopyrite in an extensional quartz vein.

Table 1: Intervals from Airstrip   

Note: Calculated true widths are approximate and vary by drillhole; see Table 2

Table 2: Collars for diamond drillholes in this release

Analytical Method and Quality Assurance/Quality Control Measures

The reported work was completed using industry standard procedures and a quality assurance/quality control (“QA/QC”) program consisting of the insertion of certified reference materials, field duplicates and coarse blanks into the sample stream and utilizing certified independent analytical laboratories for all assays. 

The Qualified Person reviewed the available QA/QC data and identified no material issues.

Standards, core duplicates and coarse blanks represented approximately 10% of samples submitted during the 2026 drilling program. Results were monitored as analytical data became available and were within the accuracy and precision thresholds established for the program.

Banyan personnel systematically logged and photographed all diamond drill core. HTW- and NTW-diameter core was split at Banyan’s core-processing facilities. One half was returned to the core box and the other was sealed in a poly bag with one part of a three-part sample tag. Banyan personnel or a dedicated expediter delivered samples to the Bureau Veritas (“BV”) preparation laboratory in Whitehorse or to AGAT Laboratories’ Geochemical Mining Division in Calgary (“AGAT”). Samples prepared by BV were shipped to its analytical laboratory in Vancouver, British Columbia. AGAT samples were prepared, pulverized and analyzed in Calgary, Alberta, or Thunder Bay, Ontario.

BV analyzed samples using four-acid digestion and either its MA-200 ICP-ES 45-element package or MA-250 ICP-ES/MS 59-element package, together with FA-450 50 g fire assay with an AAS finish for gold. Samples returning more than 10 g/t Au were reanalyzed by FA-550 fire assay with a gravimetric finish. High-grade samples containing documented visible gold were also analyzed by FS-652 metallic-screen fire assay. Silver overlimits were analyzed using MA-370, FA-550 or FA-501, as applicable. Bureau Veritas is accredited to ISO/IEC 17025:2017 under SCC File No. 15895.

AGAT analyzed samples using four-acid digestion and its 201-071 ICP-OES/ICP-MS 48-element package, together with 201-551 50 g fire assay with an AAS finish for gold. Samples returning more than 10 g/t Au were reanalyzed by 202-551 fire assay with a gravimetric finish. High-grade samples containing documented visible gold were also analyzed by 202-131 metallic-screen fire assay. Samples returning more than 100 g/t Ag were analyzed using 201-470. AGAT is accredited to ISO/IEC 17025:2017 under SCC File Nos. 151266 and 151083.

Eagle Mine Update

On October 22, 2026, PricewaterhouseCoopers Inc., in its capacity as Court-appointed receiver of Victoria Gold Corp. (the "Receiver"), announced that it had entered into a definitive subscription agreement with Gatsuurt Mining Inc. and Boroo Pte. Ltd. (together, "Boroo") in respect of the Eagle Gold Mine, located approximately 40 kilometres from Banyan's AurMac Project. The Receiver, the Government of Yukon, the First Nation of Na-Cho Nyäk Dun ("FNNND") and Boroo have each provided updates on the proposed transaction. Boroo has indicated that it plans to invest over C$1.5 billion in environmental remediation, mine restart and future operations at the Eagle Gold Mine. Please refer to their respective websites for detailed information, including the Receiver's sale process page at https://www.pwc.com/ca/en/services/insolvency-assignments/victoriagold/sale-process.html.

The proposed transaction remains subject to Court approval, which the Receiver intends to seek in early December 2026, and the satisfaction of certain closing conditions, including key agreements with the Government of Yukon and FNNND. Closing is targeted for on or about December 31, 2026.

Banyan recognizes the potential for a responsible restart to support Yukon's economy, employment and mining sector, while emphasizing that environmental stewardship, accountability and meaningful engagement with First Nations and local communities must remain priorities. As Banyan advances AurMac, it remains committed to responsible development and building strong relationships to support sustainable benefits for Yukoners.

2026 Drilling Update

Drilling at AurMac is ongoing with 198 drillholes completed for more than 56,000 metres, with six drills turning. Assay results for 47 holes drilled in 2026 have been reported to date. 

Qualified Person

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

Upcoming Events

• New Orleans Investment Conference, October 28 – 31, 2026
• Takestock Calgary Investment Conference, November 4, 2026
• Munich Mining Conference, November 6–7, 2026, Germany
• Precious Metals Zurich, November 9–11, 2026, Switzerland
• Deutsche Goldmesse, November 13–14, 2026, Frankfurt, Germany
• Yukon Geoscience Forum, November 16–19, 2026, Whitehorse, Yukon

About Banyan 

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

MRE Table 3: Pit-constrained Indicated and Inferred Mineral Resources – AurMac Project

Notes to MRE Table:

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

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

Banyan also holds the Nitra Gold Project and Seattle-Goodman Creek Project which are grassroots exploration projects located in the Mayo Mining district, adjacent to the AurMac Gold Project. These properties lie in the northern part of the Selwyn Basin and are underlain by metaclastic rocks of the Late Proterozoic Yusezyu Formation of the Hyland Group, similar to lithologies hosting portions of the AurMac Project. Middle Cretaceous Tombstone Plutonic suite intrusions occur along the properties including the Morrison Creek and Minto Creek stocks. The properties are 100% owned by Banyan and cover over 530 sq km. The properties are accessible by road along the Silver Trail Highway, South McQuesten Road and a network of other smaller roads across the properties.

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

ON BEHALF OF BANYAN GOLD CORP.

(signed) "Tara Christie" 

Tara Christie

President & CEO

For more information, please contact:

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

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

In Europe

Swiss Resource Capital AG

Marc Ollinger

info@resource-capital.ch

www.resource-capital.ch

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

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

FORWARD-LOOKING INFORMATION: This release contains forward-looking information, which does not consist of historical facts and is based upon the Company’s current internal expectations, estimates, projections, assumptions and beliefs. Such information can generally be identified by the use of forward-looking wording such as “may”, “will”, “expect”, “estimate”, “anticipate”, “intend(s)”, “believe”, “potential” and “continue” or the negative thereof or similar variations. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward-looking information in this news release includes, but is not limited to, the potential for resource expansion and increased grades; mineral recoveries and anticipated mining costs; future exploration plans; the timing and completion of the Preliminary Economic Assessment; and the timing and completion of the proposed acquisition of the Eagle Gold Mine. Factors that could cause actual results to differ materially from such forward-looking information include uncertainties inherent in resource estimates, continuity and extent of mineralization, capital and operating costs varying significantly from estimates, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, and the other risks involved in the mineral exploration and development industry, enhanced risks inherent to conducting business in any jurisdiction, and those risks set out in Banyan’s public documents filed on SEDAR+. Although Banyan believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Banyan disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.

Highlights from Diamond Drilling at the Nyam Gold Deposit at Enchi

• Drilling intersected high-grade gold mineralization above the mineral reserve grade and below the limits of the pits that constrain the Mineral Reserves.
  1. Diamond drill hole NBDD093 intersected 2.16 g/t Au over 37.0 m from 205 m, including 5.10 g/t Au over 9.0 m from 233 m.
  2. Drilling highlights the potential for resource conversion and future reserve growth.
• Diamond drilling tested the down dip and lateral extensions to high-grade gold mineralization previously identified at Nyam.
  1. Hole NBDD094 intersected 1.51 g/t Au over 21.0 m from 221 m, including 5.37 g/t Au over 5.0 m from 231 m.
  2. Hole NBDD095A intersected 0.82 g/t Au over 40.0 m from 296 m, including 2.12 g/t Au over 9.0 m from 296 m.
• Drill results not included in Mineral Resource Estimate and Pre-Feasibility Study, with drilling continuing to highlight Enchi’s longer-term prospectivity.
  1. Drilling reported in this news release targeted mineralization to depth and reached a maximum vertical depth of 275 metres. The average vertical depth of all holes drilled to date at Nyam is only down to 100 metres.
  2. All deposits at Enchi remain open for expansion along strike and to depth.

Greg Smith, VP Exploration of Newcore stated, "We continue to encounter high-grade gold mineralization at the Nyam Gold Deposit at our Enchi Gold Project in Ghana. Drilling targeted extensions to a southern high-grade shoot identified at Nyam, with strong results supporting the thesis that Enchi has the potential to grow in size and scale as we continue to define the high-grade potential at depth. This drilling intersected gold mineralization below the reserve pits, highlighting the opportunity for resource conversion and the potential for future mineral reserve growth to support future economic studies. We look forward to continuing to prove out Enchi’s value through the drill bit, with the on-going 80,000 metre drill program an important step in defining the Project’s longer-term potential."

This release reports results for 4 DD holes totalling 1,192 m (NBDD092 to NBDD095A) targeting the Nyam Gold Deposit, with all holes intersecting gold mineralization. A total of 51,661 m in 323 holes has been reported to date as part of the ongoing drill program at Enchi, with 98% of holes intersecting gold mineralization.

Select assay results from the 4 holes of the drill program reported in this release are below:

Table 1 - Enchi Gold Project Drill Highlights

Notes: 

1. See detailed table for complete results;
2. Intervals reported are hole lengths with true width estimated to be 75 - 85%; and
3. Length-weighted averages from uncut assays. 

A plan map showing the drill hole locations can be viewed at:

https://newcoregold.com/site/assets/files/6020/2026_10_28-ncau-nr-enchi-plan-map-nyam.pdf 

Cross sections showing drill results and highlights for hole NBDD093 and NBDD095A can be viewed at:

https://newcoregold.com/site/assets/files/6020/2026_10-ncau-crosssections-nyam.pdf 

A complete list of the drill results in this release, including hole details, can be viewed at:

https://newcoregold.com/site/assets/files/6020/2026_10_28-ncau-enchi-2024-2026-drill-results.pdf 

Diamond Drilling at the Nyam Gold Deposit

NBDD092 to NBDD095A (4 DD holes totalling 1,192 m) were completed at Nyam, targeting high-grade mineralization within the fresh mineral horizon. The goal of this drilling was to continue to expand high-grade mineralization to depth and convert high-grade portions of the existing Inferred Mineral Resource to the Indicated category. The 4 holes focused on testing previously identified high-grade shoots at Nyam to depth. This drilling included some of the deepest holes completed to date at Nyam, reaching a maximum vertical depth of 275 metres. The holes reported in this news release were distributed across 4 separate sections spread along a 410 metre strike length.

Three diamond drill holes totalling 1,018 m (NBDD093 to NBDD095A) targeted extensions to a southern high-grade shoot identified at Nyam. Hole NBDD093 intersected 2.16 g/t Au over 37.0 m from 205 m, including 5.10 g/t Au over 9.0 m from 233 m. This hole filled a gap within prior drilling, targeting conversion of resources from Inferred to Indicated below the current reserve pit. Hole NBDD095A, drilled 60 metres north of NBDD093, also intersected above-reserve grade mineralization with 0.82 g/t Au over 40.0 m from 296 m, including 2.12 g/t Au over 9.0 m from 296 m. Hole NBDD094, collared 40 metres south of NBDD093, intersected 1.51 g/t Au over 21.0 m from 221 m, including 5.37 g/t Au over 5.0 m from 231 m. 

One diamond drill hole totalling 174 m (NBDD092) targeted an apparent gap between two defined high-grade shoots at Nyam. The hole intersected multiple gold mineralized structures including 0.54 g/t Au over 1.8 m from 20.8 m, 0.32 g/t Au over 13.0 m from 94.0 m, and 
 0.52 g/t Au over 6.6 m from 144.4 m. 

These holes were drilled in an area of known mineralization with a goal of continuing to define and grow the future reserve potential at Enchi, including a focus on higher-grade targets. Drilling continues to highlight the potential for future mine plan optimization. Diamond drilling completed at Nyam continues to intersect mineralization above the resource grade and continues to confirm continuity along strike and down dip, extending the principal structures which comprise the Nyam Gold Deposit.

Enchi Work Program

An 80,000 metre drill program is underway at Enchi. The drill program is focused on resource conversion, resource growth and discovery. RC drilling is targeting near-surface mineralization (oxide, transition, and shallow fresh mineralization) focused on resource conversion and continuing to define the potential for reserve and resource growth along strike at existing deposits. Diamond drilling is targeting the high-grade potential at depth. The completed first phase of the drill program was infill drilling for resource conversion, with only the first 28,000 metres of the drill program incorporated into an updated Mineral Resource Estimate announced on March 18, 2026 that formed the basis for a Pre-Feasibility Study ("PFS"). All deposit areas and pre-resource targets at Enchi remain open along strike and at depth, providing for future resource growth across the district-scale property.

Development work continues at Enchi, in support of project advancement, including metallurgical testwork, hydrogeological testing, geotechnical work, and environmental work. A Pre-Feasibility Study was completed in June 2026 (see news release dated June 24, 2026), outlining a base case assessment of developing an open pit, standard milling and carbon-in-leach operation using contract mining and processing 5.5 Mtpa. Recent drilling completed at Enchi has highlighted potential for resource growth, with high-grade encountered at depth and mineralization delineated below the pits that constrain the current Mineral Reserve and Mineral Resource Estimates. Drill results reported in 2026 have not been included in the Mineral Resource Estimate and PFS.

Nyam Gold Deposit

Nyam is one of the four deposits which comprise the Mineral Reserve Estimate and Mineral Resource Estimate at Enchi (Nyam has a Probable Mineral Reserve of 7.2 million tonnes grading 0.76 g/t Au containing 175,000 ounces; an Indicated Mineral Resource of 13.5 million tonnes grading 0.66 g/t Au containing 287,000 ounces; and an Inferred Mineral Resource of 5.5 million tonnes grading 0.68 g/t Au containing 120,000 ounces). Nyam is located 
 15 kilometres east of the town of Enchi, with nearby roads and power and further access provided by a series of drill roads. An airborne geophysical anomaly coincident with the Nyam Gold Deposit defines a complex series of linear high conductivity trends, reflective of the multiple sub-parallel gold-bearing structures. To date, approximately 30% of the gold-in-soil anomaly at Nyam is untested by drilling, with the average vertical depth of all holes drilled to date at Nyam only down to 100 metres.

Drill Hole Locations

Table 2 - Enchi Gold Project Drill Hole Location Details

Enchi Gold Project Mineral Reserve and Resource Estimates 

The Enchi Gold Project hosts a Probable Mineral Reserve of 51.3 million tonnes grading 
 0.64 g/t Au containing 1,055,000 ounces gold; an Indicated Mineral Resource of 83.6 million tonnes grading 0.56 g/t Au containing 1,502,000 ounces gold; and an Inferred Mineral Resource of 40.1 million tonnes grading 0.49 g/t Au containing 626,000 ounces. The Indicated Mineral Resources are inclusive of the Mineral Reserves. Mineral resource and mineral reserve estimation practices are in accordance with CIM Estimation of Mineral Resource and Mineral Reserve Best Practice Guidelines (November 29, 2019) and follow CIM Definition Standards for Mineral Resources and Mineral Reserves (May 10, 2014), that are incorporated by reference into National Instrument 43-101 ("NI 43-101"). The Mineral Reserve and Mineral Resource Estimate is from the technical report titled "Enchi Gold Project, Pre-Feasibility Study, NI 43-101 Technical Report" dated August 7, 2026, with an effective date of June 23, 2026, in accordance with NI 43-101, and is available under the Company’s profile on SEDAR+ at www.sedarplus.ca. The Mineral Reserve Estimate was prepared for Newcore by Grant Carlson, P. Eng. of Fuse Advisors (part of SLR); the Mineral Resource Estimate was prepared for Newcore by Ryan Wilson, P. Geo, Matthew Halliday, P. Geo, Schadrac Ibrango, P. Geo of DRA Americas Inc. These individuals are independent qualified persons ("QP") within the meaning of NI 43-101. 

Newcore Gold Best Practice 

Newcore is committed to best practice standards for all exploration, sampling and drilling activities. Drilling was completed by independent drilling firms using industry standard RC and Diamond Drill equipment. Analytical quality assurance and quality control procedures include the systematic insertion of blanks, standards and duplicates into the sample strings. Samples are placed in sealed bags and shipped directly to Intertek Labs located in Tarkwa, Ghana for 50 gram gold fire assay.

Qualified Person 

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 and has conducted appropriate verification on the underlying data including confirmation of the drillhole data files against the original drillhole logs and assay certificates.

About Newcore Gold Ltd.

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

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

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

Luke Alexander

President, CEO & Director

For further information, please contact: 

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

+1 604 484 4399

info@newcoregold.com 

www.newcoregold.com  

In Europe

Swiss Resource Capital AG

Marc Ollinger

info@resource-capital.ch

www.resource-capital.ch

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

Cautionary Note Regarding Forward-Looking Statements

This news release includes statements that contain "forward-looking information" within the meaning of the applicable Canadian securities legislation ("forward-looking statements"). All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussion with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often, but not always using phrases such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved) are not statements of historical fact and may be forward-looking statements. In this news release, forward-looking statements relate, among other things, to: statements regarding the estimation and potential realization of mineral resources and mineral reserves; proposed development plans for the Company; results of metallurgical testwork; results of the Company’s ongoing drill campaign; the magnitude or quality of mineral deposits; anticipated advancement of mineral properties or programs; future operations; the completion and timing of future development studies; 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 accuracy of the underlying technical and economic assumptions; commodity prices; exchange rates; availability of financing; permitting and development timelines; the ability of ongoing and future exploration programs to further define, expand or upgrade mineralization; the potential for additional mineralization identified through drilling to be incorporated into future mineral resource and mineral reserve estimates or mine plans; the ability of ongoing and future exploration programs to further define, expand or upgrade mineralization; the potential for additional mineralization identified through drilling to be incorporated into future mineral resource and mineral reserve estimates or mine plans; 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; fluctuations in the price of gold and other commodities; fluctuations in currency exchange rates; 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; the speculative nature of mineral exploration and development (including the risks of obtaining necessary licenses, permits and approvals from government authorities); uncertainties related to exploration results and the ability to convert mineralization into mineral resources or mineral reserves; the risk that additional mineralization identified through drilling may not be incorporated into future studies or may not have a material impact on the Project; and title to properties. 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.

Sean Roosen, Chairman and CEO, commented: "We are pleased with the progress at the Cariboo Gold Project and continue to build construction momentum following our final investment decision announced in September. By making significant investments in critical path infrastructure, detailed engineering and procurement during the pre-construction phase, we've established a solid foundation for efficient execution as construction advances."

Key Highlights

• Overall project progress has reached approximately 28%, based on cumulative costs incurred through September 30, 2026, relative to the estimated go-forward capital obligation and incurred pre-construction costs (announced on September 14, 2026).
• Approximately $355 million has been incurred to September 30, 2026, including indirects and owners' costs, of which approximately $84 million was incurred from August 1 to September 30, 2026.
• The estimated remaining cost to complete construction is approximately $907 million on an incurred basis, net of costs incurred to date, leases and estimated pre-production revenue.
• Detailed engineering is approximately 42% complete.
• Over 50% of procurement packages have been awarded, with principal long-lead items largely secured and remaining contract packages being awarded or in progress, representing approximately $360 million in commitments project-to-date.
• Safety performance remains a core pillar of project execution, with a year-to-date Total Recordable Injury Frequency Rate ("TRIFR") of 1.05 for 2026.
• On-site workforce currently exceeds 400 active personnel and continues to ramp up.
• Key recent progress includes: Valley Portal earthworks advanced to 85% complete (from 1%); Bonanza Ledge ("BL") water pipelines to 40% (from 5%); site-wide earthworks to 15% (from 5%); BL sediment control pond civil works to 100%; BL waste rock storage facility (Phase 1a) to 95% (from 40%); BL water treatment plant expansion construction to 100%, with final commissioning ongoing; and underground development to approximately 11% (from 8%). Earthworks commenced on the Mine Site Complex ("MSC") water treatment plant pad, including the support site for the process plant area.

Virtual Site Tour

To view a 360-degree virtual site tour showcasing construction progress at the Cariboo Gold Project as of October 2026, please visit the Company's profile on the VRIFY platform: https://vrify.com/decks/24611.

Cariboo Gold Project Update

Project Development Timeline to Commercial ProductionProject Construction Photos

FIGURE 1: Mine Site Complex processing facility site earthworks underway.

FIGURE 2: Valley portal excavation with bedrock exposed at the Mine Site Complex.

FIGURE 3: Main water treatment plant foundation works at the Mine Site Complex.

FIGURE 4: Bonanza Ledge overview.

About The Cariboo Gold Project

The Cariboo Gold Project is a permitted, 100%-owned feasibility-stage project currently under construction located in the historic Wells-Barkerville mining camp of central British Columbia, Canada. Spanning approximately 186,740 hectares, the Company's land package includes 443 mineral titles and covers an area that extends approximately 77 kilometres from northwest to southeast. In late 2024, the Project was granted the Mines Act and Environmental Management Act (British Columbia) permits, marking the successful completion of the permitting process for key approvals. On September 14, 2026, the Company announced a formal positive decision to proceed with the construction of the Project, with an expected first gold pour in Q1 2029 and commercial production in H2 2029.

Technical Reports

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

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

Qualified Persons

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

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", "scheduled", "target", "on track", variants of these words or the negative or comparable terminology, as well as terms usually used in the future and the conditional. Forward-looking statements in this news release include, but are not limited to, statements pertaining to: the expected timing of first gold pour, commercial production and key construction milestones at the Cariboo Gold Project, including underground development rates and targeted monthly advance rates, completion and collaring of the Valley portals, completion and full operation of the water treatment plants, completion of the waste rock storage facility, completion of the Willow River bridge, the arrival of transmission line long-lead packages, equipment deliveries, workforce ramp-up and operations readiness, including the expected timing of key hires; the ability to advance the Cariboo Gold Project through construction within the estimated budget, including the estimated project completion, the estimated remaining cost to complete construction, the expected leasing of equipment and estimated pre-production revenue, and the award of remaining contract packages; the expected performance of JDS under the project and construction management services agreement and the underground mine development contract; the Cariboo Gold Project's permitting status and the expected timing of receipt of the licence of occupation for the transmission line and of remaining authorizations, permit amendments and construction permits; continued engagement with First Nations and other stakeholders; the Company's planned drilling programs, including their scope, timing and the expected metres to be drilled by year-end, the timing of release of pending assay results, and the potential for resource conversion (if any); the Company's objective of becoming an intermediate gold producer; and the exploration potential and potential for future discoveries (if any) of its properties. 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: construction proceeding on the anticipated schedule and within the estimated budget; the accuracy of the estimated remaining cost to complete and its underlying assumptions, including inflation, labour costs, exchange rates, the availability of equipment leasing on anticipated terms and gold prices realized on pre-production revenue; underground development rates improving as anticipated, including following the availability of additional headings through the Valley portals; the availability of personnel, contractors, equipment, supplies and infrastructure, including the timely delivery of long-lead items and mobile equipment; JDS and other contractors performing as expected; the absence of work stoppages or suspensions at the Cariboo Gold Project; the absence of unforeseen ground conditions or other geological challenges; required permits, authorizations and amendments being obtained and maintained in a timely manner; the continued support of First Nations and other stakeholders; the availability of drill rigs and personnel, and the ability of drilling and sampling to accurately predict mineralization; the Company's continued access to capital on acceptable terms; and the absence of material adverse changes in gold prices, foreign exchange rates and general economic and market conditions. Osisko Gold 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 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: risks associated with the development and construction of the Cariboo Gold Project, including construction delays, cost overruns, inflation and supply chain disruptions; underground development rates failing to improve as anticipated; work stoppages or suspensions at the Cariboo Gold Project; unforeseen ground, geotechnical or water management conditions; delays in commissioning of infrastructure, including the water treatment plants; contractor performance, including under the project and construction management services agreement and the underground mine development contract; delays or shortages in necessary equipment, supplies and infrastructure, including long-lead items; the inability to obtain equipment leasing on acceptable terms; pre-production revenue being lower than estimated; labour shortages, difficulties in recruiting key personnel and health and safety incidents; 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; 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, including the risk that further drilling does not support resource conversion; risks relating to exploration, development and mining activities; the global economic climate; fluctuations in metal and commodity prices; fluctuations in the currency markets; environmental risks; and community, non-governmental and governmental actions, including relationships with First Nations, and the impact of stakeholder actions. Readers are urged to consult the disclosure provided under the heading "Risk Factors" in the Company's annual information form for the year ended December 31, 2025 as well as those risks and factors disclosed in the Company's most recent financial statements and management's discussion and analysis and other public filings filed under Osisko Gold's issuer profile on SEDAR+ (www.sedarplus.ca) and on the SEC's EDGAR website (www.sec.gov), for further information regarding the risks and other factors facing the Company, its business and operations.

Although the Company believes the expectations conveyed by the forward-looking statements are reasonable based on information available as of the date hereof, no assurances can be given as to future results, levels of activity and achievements. 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 lists of assumptions, risks and uncertainties are 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 Phase 2 program comprises approximately 25,000 metres (m) of diamond drilling designed to increase geological confidence within the current mineral resource estimate and support the conversion of Inferred Mineral Resources to higher-confidence resource categories. All drill holes reported in this release were completed within areas currently classified as Inferred and continue to demonstrate strong grade and geological continuity throughout the deposit.

Significant drill highlights, shown in true widths, include:

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

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

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

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

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

Table 1: Recent Drill Highlights 

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

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

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

Figure 2: Eau Claire – Section 26EC-131

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

Sampling and Assaying Disclosure

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

About Fury Gold Mines Limited

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

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

Margaux Villalpando, Investor Relations

Tel: (844) 601-0841

Email: info@furygoldmines.com

Website: www.furygoldmines.com

In Europe

Swiss Resource Capital AG

Marc Ollinger

info@resource-capital.ch

www.resource-capital.ch

Forward-Looking Statements and Additional Cautionary Language

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

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

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

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

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

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

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

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

About Swiss Steel Group

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

About Canada Nickel Company

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

For further information, please contact:

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

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

Anina Berger, Vice President Corporate and Strategic Affairs

Email: anina.berger@swisssteelgroup.com 

P: +41 41 581 41 21

Gerda Königstorfer, Senior Director Group Communications

Email: gerda.koenigstorfer@swisssteelgroup.com 

P: +41 79 682 5895

In Europe

Swiss Resource Capital AG

Marc Ollinger

info@resource-capital.ch

www.resource-capital.ch

Cautionary Statement Concerning Forward-Looking Statements

This press release contains certain information that may constitute "forward-looking information" under applicable Canadian securities legislation. Forward looking information includes the ability of the Company to finance and construct the Crawford Nickel Project, deliver nickel required to feed the high growth electric vehicle and stainless steel markets, and the development of processes to allow the production of net zero carbon nickel, cobalt, and iron products. Readers should not place undue reliance on forward looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Canada Nickel to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. There are no assurances that Crawford will be placed into production. Factors that could affect the outcome include, among others: inability to repay the loan or comply with the covenants set out in the loan agreement; the ability to obtain the approval of the TSX Venture Exchange for the matters described herein; the actual results of development activities; project delays; inability to raise the funds necessary to complete development; general business, economic, competitive, political and social uncertainties; future prices of metals or project costs could differ substantially and make any commercialization uneconomic; availability of alternative nickel sources or substitutes; actual nickel recovery; conclusions of economic evaluations; changes in applicable laws; changes in project parameters as plans continue to be refined; accidents, labour disputes, the availability and productivity of skilled labour and other risks of the mining industry; political instability, terrorism, insurrection or war; delays in obtaining governmental approvals, necessary permitting or in the completion of development or construction activities; mineral resource estimates relating to Crawford could prove to be inaccurate for any reason whatsoever; additional but currently unforeseen work may be required to advance to the feasibility stage; and even if Crawford goes into production, there is no assurance that operations will be profitable. Although Canada Nickel has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Forward-looking statements contained herein are made as of the date of this news release and Canada Nickel disclaims any obligation to update any forward looking statements, whether as a result of new information, future events or results or otherwise, except as required by applicable securities laws. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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

ON BEHALF OF THE BOARD

Jorge A. Ganoza 

CEO, and Director

Fortuna Mining Corp.

Investor Relations: 

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

In Europe

Swiss Resource Capital AG

Marc Ollinger

info@resource-capital.ch

www.resource-capital.ch

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

About Mogotes Metals Inc.

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

For further information, please contact: 

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

In Europe

Swiss Resource Capital AG

Marc Ollinger

info@resource-capital.ch

www.resource-capital.ch

Follow Us

Twitter: https://x.com/mogotesmetals 

Cautionary Note Regarding Forward-Looking Statements:

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

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

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

San Antonio Drill Results

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

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

Highlights from today’s results include:

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

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

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

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

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

Drill Plans and RC Waste Dump Drilling Program

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

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

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

La Huerta Update

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

Table 1: San Antonio Assay Results

¹LDC = Luz del Cobre

²NSV=No significant values

Table 2: San Antonio Drillhole Coordinates

About Axo Metals

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

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

Procedure, Quality Assurance / Quality Control and Data Verification  

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

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

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

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

Qualified Person

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

For inquiries, please contact:

Jonathan Egilo, President and CEO

Via email: IR@axometals.com

In Europe

Swiss Resource Capital AG

Marc Ollinger

info@resource-capital.ch

www.resource-capital.ch

Forward-Looking information:

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

In Europe

Swiss Resource Capital AG

Marc Ollinger

info@resource-capital.ch

www.resource-capital.ch

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

MILLENNIAL POTASH CORP.

“Farhad Abasov”

Chair of the Board of Directors

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

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

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

Lindero Mine Drilling highlights

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

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

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

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

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

Quality Assurance & Quality Control (QA - QC) 

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

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

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

Qualified Person 

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

 About Fortuna Mining Corp. 

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

ON BEHALF OF THE BOARD

Jorge A. Ganoza 

CEO and Director

Fortuna Mining Corp.

Investor Relations: 

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

In Europe

Swiss Resource Capital AG

Marc Ollinger

info@resource-capital.ch

www.resource-capital.ch

Forward looking Statements

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

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

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

Cautionary Note to United States Investors Concerning Mineral Resources and Reserves

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

Appendix 1: Lindero Mine drill hole details and assay results

Notes:

1. EOH: End of hole

2. Depths and widths reported to nearest significant decimal place 

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

Table 1: 2024 MRE compared to the 2026 MRE 

Highlights: 

2026 Selebi North MRE 

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

New Geological Findings and Interpretations Underway

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

Project Funding Review & Selkirk PEA 

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

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

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

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

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

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

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

Ultramafic Rocks and Potential Intrusive Keel

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

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

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

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

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

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

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

Mineral Resource Data and Quality Control

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

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

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

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

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

Mineral Resource Estimate

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

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

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

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

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

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

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

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

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

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

Qualified Persons 

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

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

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

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

Technical Report

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

Clarification Regarding Engagement Agreement

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

About NexMetals Mining Corp.

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

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

Sean Whiteford

CEO 

info@nexmetalsmining.com

1-866-794-NEXM (6396)

Follow Us 

X: https://x.com/NexMetalsCorp  

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

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

In Europe

Swiss Resource Capital AG

Marc Ollinger

info@resource-capital.ch

www.resource-capital.ch

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

Cautionary Note Regarding Forward-Looking Statements

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

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

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

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

Table 1: Annual Production Summary

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

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

Table 2: Quarterly Production Summary

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

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

About GoGold Resources

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

For further information please contact:

Steve Low, Corporate Development

GoGold Resources Inc. 

T: 416 855 0435

Email : steve@gogoldresources.com

Or visit : www.gogoldresources.com

In Europe

Swiss Resource Capital AG

Marc Ollinger

info@resource-capital.ch

www.resource-capital.ch

CAUTIONARY STATEMENT:

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

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

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

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

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

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

Bringing antimony processing onshore

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

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

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

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

About Sunday Creek 

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

Further Information 

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

Critical Metal Epizonal Gold-Antimony Deposits

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

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

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

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

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

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

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

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

- Ends -

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

For further information, please contact:

Mariana Bermudez – Corporate Secretary 

mb@southerncrossgold.com or +1 604 685 9316    

Executive Office

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

Nicholas Mead – VP Investor Relations

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

Justin Mouchacca – Assistant Company Secretary

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

Subsidiary Office  

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

In Europe

Swiss Resource Capital AG

Marc Ollinger

info@resource-capital.ch

www.resource-capital.ch

NI 43-101 and JORC Qualified/Competent Person Statement

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

Gold Equivalent Calculation

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

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

AuEq = Au (g/t) + 2.39 × Sb (%)

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

Previously Reported Information

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

Forward-Looking Statement

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

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

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

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

About Sibanye-Stillwater 

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

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

Investor relations contact:

Email: ir@sibanyestillwater.com

Website: www.sibanyestillwater.com

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

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

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

X: https://twitter.com/SIBSTILL  

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

In Europe:

Swiss Resource Capital AG

Marc Ollinger

info@resource-capital.ch

www.resource-capital.ch

DISCLAIMER FORWARD LOOKING STATEMENTS

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

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

Websites

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