Hydrogen technology still faces a number of challenges but is currently in a growth phase. Long-distance drivers and commercial vehicles, in particular, are ideally suited for this technology. Hydrogen cars have a long range, refuel in just a few minutes, and require raw materials other than the lithium needed in lithium-ion batteries. Hydrogen technology primarily requires platinum as a catalyst in fuel cells.

As the World Platinum Investment Council (WPIC) explains, the platinum market deficit will exceed one million ounces in 2025. This means the platinum market recorded its largest deficit in 2025 since records began in 2013. Platinum demand for investment rose by 65 percent year-over-year, and platinum jewelry saw a nine percent increase. A platinum market deficit is also forecast for 2026. The WPIC expects a deficit of 240,000 ounces of platinum. This would mark the fourth consecutive year with a deficit. Meanwhile, mine supply is expected to remain stable.

The platinum market is affected by geopolitical risks, potential supply disruptions, rising industrial demand for electrolyzers, and declining production rates in South Africa. Africa accounts for about 70 percent of global primary platinum production. However, investment there has plummeted over the past 20 years, and according to the WPIC, above-ground stocks will be significantly depleted between 2023 and 2025. Today, companies like Sibanye-Stillwater are ensuring a supply of platinum.

Sibanye-Stillwater – https://www.commodity-tv.com/ondemand/companies/profil/sibanye-stillwater-ltd/ – is one of the major producers of gold and platinum group metals and operates on five continents. Its projects are located in the U.S. and South Africa. Battery metals such as nickel, chromium, copper, and cobalt, as well as recycling, are also part of the business. South African gold operations have naturally become more profitable due to high gold prices in 2025.

Current company information and press releases from Sibanye-Stillwater (- https://www.resource-capital.ch/en/companies/sibanye-stillwater-ltd/ -).

You can also find further information in our new Precious Metals Report at the following link: https://www.resource-capital.ch/en/reports/view/precious-metals-report-2025-04/  and also at the following link: https://www.resource-capital.ch/en/reports/view/battery-metals-report-2025-04/  

Sources: Sibanye-Stillwater,

https://motor24.net/de/2026/03/25/die-zukunft-der-h2-autos-warum-wasserstofftechnologie-2026-die-elektromobilitat-erganzt-und-verandert/;
https://dutchbullion.de/platin-marktdefizit-2026-analyse/;
https://www.resource-capital.ch/en/reports/view/precious-metals-report-2025-04/ https://www.resource-capital.ch/en/reports/view/battery-metals-report-2025-04/
https://platinuminvestment.com/files/473349/WPIC_Platinum_Quarterly_Q4_2025.pdf

In accordance with Section 85 of the German Securities Trading Act (WpHG) in conjunction with Article 20 of Regulation (EU) 2016/958 (MAR), we hereby disclose that authors/employees/affiliated companies of SRC swiss resource capital AG may hold positions (long/short) in issuers discussed. Remuneration/relationship: IR contracts/advertorial: Own positions (author): none; SRC net position: less than 0.5%; issuer’s stake in SRC ≥ 5%: no. Update policy: no obligation to update. No guarantee for the translation into German. Only the English version of this news release is authoritative.

Disclaimer: The information provided does not constitute any form of recommendation or advice. We expressly draw attention to the risks involved in securities trading. No liability can be accepted for any damage arising from the use of this blog. We would like to point out that shares and, in particular, warrant investments are generally associated with risk. The total loss of the capital invested cannot be ruled out. All information and sources are carefully researched. However, no guarantee is given for the accuracy of all content. Despite the utmost care, I expressly reserve the right to errors, particularly with regard to figures and prices. The information contained herein comes from sources that are considered reliable, but does not claim to be accurate or complete. Due to court rulings, the content of linked external sites is also our responsibility (e.g., Hamburg Regional Court, in its ruling of May 12, 1998 – 312 O 85/98), as long as we do not expressly distance ourselves from them. Despite careful content control, I assume no liability for the content of linked external sites. The respective operators are solely responsible for their content. The disclaimer of SRC swiss resource capital AG, which is available at https://www.resource-capital.ch/de/disclaimer-agb/, applies additionally.

Advertisement/Advertising – This article is distributed on behalf of GoGold Resources Inc. and Amex Exploration Inc., with whom SRC swiss resource capital AG maintains paid IR advisory agreements. Publisher: SRC swiss resource capital AG · Author: Ingrid Heinritzi · First published: 29/04/2026, 5:20 p.m.

There is consensus that demand for silver, which has been in deficit for years, will rise. About 70 percent of silver mining does not come from primary silver mines but is a byproduct. Most of the silver comes from copper, lead, zinc, and gold ores. This naturally affects the price of the precious metal. If, for example, the price of copper was to fall, a reduction in copper production would be possible. Then less silver would also be produced, regardless of the current silver price.

Mining requires certain raw materials. Sulfur is necessary for copper mining, as it is the basis for sulfuric acid and thus leaching processes. And about 50 percent of sulfur comes through the Strait of Hormuz. Supply chain concerns are currently mounting. If, as announced, China also stops exporting sulfur, then an important commodity will be missing, as China’s sulfuric acid production accounts for about 40 percent of total global production.

This could ultimately lead to a further reduction in silver production if, as expected, copper mining suffers from a sulfuric acid shortage, which would likely result in higher silver prices.

The situation is different for gold mining. Here, just under 11 percent is extracted as a byproduct of mining other raw materials. Only about 8 percent of the gold mined worldwide is used for industrial purposes. As is well known, more than half of silver goes into industrial processing. In gold mining, silver is one of the most common byproducts, similar to copper. In any case, gold and silver have increasingly come into the spotlight of private and institutional investors due to price developments in recent months.

Amex Exploration – https://www.commodity-tv.com/ondemand/companies/profil/amex-exploration-inc/ – is one of the notable young gold companies. The focus is on profitable gold projects in mining-friendly Quebec. The Perron gold project of Amex Exploration, in particular, hosts large and high-grade gold deposits. It is 100 percent owned by the company and stands out with excellent infrastructure and a positive feasibility study.

GoGold Resources – https://www.commodity-tv.com/ondemand/companies/profil/gogold-resources-inc/ – produces gold and silver in Mexico. In the second quarter ending March 31, 2026, the company produced over 230,000 ounces of silver, approximately 2,500 ounces of gold, as well as 84 metric tons of copper and 93 metric tons of zinc, amounting to nearly 400,000 ounces of silver equivalent. The Parral Tailings Project is located in the state of Chihuahua. The company expects construction to begin soon on the advanced Los Ricos underground mining project.

For further information, please refer to our new Precious Metals Report at the following link: https://www.resource-capital.ch/en/reports/view/precious-metals-report-2025-04/

Sources: Amex Exploration, GoGold Resources,

https://priceonn.com/nachrichten/hormus-strasse-blockade-bedroht-bergbau-friedlands-dustere;

https://www.deutsche-rohstoffagentur.de/DERA/SharedDocs/Downloads/CdM/DERA%202024_cdm_10_Gold.pdf?__blob=publicationFile&v=2;

https://www.goldankauf123.de/blog/welche-metallen-werden-beim-goldabbau-als-nebenprodukte-gefunden/;

https://www.resource-capital.ch/en/reports/view/precious-metals-report-2025-04/

In accordance with Section 85 of the German Securities Trading Act (WpHG) in conjunction with Article 20 of Regulation (EU) 2016/958 (MAR), we hereby disclose that authors/employees/affiliated companies of SRC swiss resource capital AG may hold positions (long/short) in issuers discussed. Remuneration/relationship: IR contracts/advertorial: Own positions (author): none; SRC net position: less than 0.5%; issuer’s stake in SRC ≥ 5%: no. Update policy: no obligation to update. No guarantee for the translation into German. Only the English version of this news release is authoritative.

Disclaimer: The information provided does not constitute any form of recommendation or advice. We expressly draw attention to the risks involved in securities trading. No liability can be accepted for any damage arising from the use of this blog. We would like to point out that shares and, in particular, warrant investments are generally associated with risk. The total loss of the capital invested cannot be ruled out. All information and sources are carefully researched. However, no guarantee is given for the accuracy of all content. Despite the utmost care, I expressly reserve the right to errors, particularly with regard to figures and prices. The information contained herein comes from sources that are considered reliable, but does not claim to be accurate or complete. Due to court rulings, the content of linked external sites is also our responsibility (e.g., Hamburg Regional Court, in its ruling of May 12, 1998 – 312 O 85/98), as long as we do not expressly distance ourselves from them. Despite careful content control, I assume no liability for the content of linked external sites. The respective operators are solely responsible for their content. The disclaimer of SRC swiss resource capital AG, which is available at https://www.resource-capital.ch/de/disclaimer-agb/, applies additionally.

Sierra Madre Gold and Silver Ltd. (TSXV: SM) (OTCQX: SMDRF) ("Sierra Madre" or the "Company" – https://www.commodity-tv.com/ondemand/companies/profil/sierra-madre-gold-silver/) is pleased to announce its audited consolidated financial results for the year ended December 31, 2025 including results for the fourth quarter. Unless otherwise noted, all amounts are expressed in U.S. dollars.

Alex Langer, Chief Executive Officer, commented, “As we report our full year results, 2025 marked a transformational year for the Company with the restart of La Guitarra at the start of 2025. On the mine operations front, we saw consecutive improvements in head grades through each quarter of 2025, as well as sequential increases in quarterly net revenues, for a total of US$24.96 million recorded for the year and US$2.57 million in income before income taxes. We also delivered on growth strategies, with the ongoing ramp up of two higher-grade centres – Coloso and Nazareno – as well as the start of a two-phase La Guitarra plant expansion that could more than double capacity by Q3, 2027. I would like to thank our team for delivering an exceptional first full year of operations at La Guitarra for Sierra Madre.”

Mr. Langer continued, “Heading into 2026, we see several growth milestones on the horizon. The acquisition of the Del Toro mine is expected to close in May, and we are looking forward to replicating the successful restart of La Guitarra at a second site. We are also excited to see the start-up of Phase 1 of the La Guitarra plant expansion – expected to increase throughputs by +50% from current levels and positively impact costs from economies of scale. Prolonged power outages were caused by an extended rainy season in 2025, and we anticipate seeing fewer interruptions in 2026 with the installation of multiple backup diesel generators across our operations; which are currently underway. Exploration in the East District of La Guitarra – the first modern campaign – is expected to kick off in H2 2026 with over 30,000 metres of drilling planned. We look forward to delivering strong news flow over the rest of 2026.”

Full Year 2025 Highlights

• Revenues: Gross silver revenues for 2025 totalled $68 million ($39.37 per ounce) and gross gold revenues totalled $13.77 million ($3,407 per ounce). Revenues for the year ended December 31, 2024 reflect a six-month Test Program period, during which silver revenues totalled approximately $3.28 million ($30.37 per ounce) and gold revenues totalled approximately $3.73 million ($2,594 per ounce). Provisional and final settlements of the concentrate shipments generated an additional $2.22 million in revenues for 2025.
• Sales: During 2025, the Company sold 271,204 ounces of silver (“Ag”) and 4,041 ounces of gold (“Au”) or 628,196 silver equivalent (“AgEq”) ounces, based on the ratio of Au and Ag prices realized for each shipment in the year.
• Cash Costs: For 2025, cash costs were $90 per AgEq ounce sold as compared to $22.97 per AgEq ounce sold in 2024 when the mine was in the testing phase.
• Net Income: Net income was $13 million or $0.05 per share for 2025, as compared to a loss of $4.08 million or ($0.03) per share in 2024. Included in net income for 2025 is a $6.1 million income tax recovery.
• Cash from Operations: The Company generated $4.09 million of cash from operating activities in 2025, as compared to a use of cash of $3.65 million in 2024.
• Cost Drivers: Cash costs for 2025 increased compared to 2024 due to the impact of the strengthening of the Mexican peso versus the US dollar on our MXN denominated mining costs, an extended holiday season with minimal operations in the last two weeks of December, the impacts of the rainy season in Mexico, and the accompanying power outages, on our production volumes and the ramp up of operations at Coloso and Nazareno.
• Adjusted EBITDA increased to $6.03 million for 2025, as compared to a loss of $1.99 million for 2024.
• Cash and cash equivalents and short-term investments at December 31, 2025 totalled $17.3
• Del Toro Acquisition and Financing: In December 2025, the Company announced its intention to acquire the Del Toro silver mine from First Majestic Silver Corp. (“First Majestic”)and complete a concurrent financing, which subsequently closed in escrow for gross proceeds of CAD$57.5 million – see the Company’s December 17, 2025 press release for details of the acquisition and financing; and January 14, 2026 and January 30, 2026 press releases for details of the financing closing.
• La Guitarra Expansion: As announced on September 8, 2025, the Company has initiated a plan to expand production capacity at Guitarra in a two-phase program, with the first phase anticipated for completion by the end of Q2 2026, with the aim to increase name plate capacity from 500 tonnes per day (“tpd”) to a range of 750 tpd – 800 tpd and the second phase anticipated for completion by Q3 2027, with the aim of increasing the capacity to a range of 1,200 tpd – 1,500 tpd at La Guitarra.
• Exploration: On October 23, 2025, the Company announced the start of a $3.5 million exploration program at the East District of the Guitarra mine complex. Upon completion, 30,000 metre drill program would then be undertaken to further assess the targets´ economic potential, expected to start in H2 2026.
• Closed C$19.5M Private Placement: In July 2025, the Company closed a C$19.5 million brokered private placement. The key participants in the financing were Franklin Templeton, Eric Sprott and Commodity Capital, with strong participation by the management of the Company.
• First Majestic Loan Payment: On February 5, 2026, the Company made a principal payment of $5 million on the $5 million senior secured project financing loan with First Majestic. Please see the Company’s March 24, 2026 press release for details.
• Sierra Madre Named as a 2026 Top 50 Company by the TSX Venture Exchange: As announced on February 18, 2026, Sierra Madre was named a 2026 TSX Venture Top 50 Company, recognized for its 264% share price appreciation and 342% market cap growth in 2025.

Q4 2025 Highlights

• Net revenues for Q4 2025 increased by 5% to $8.32 million as compared to $5.92 million in Q3 2025, $5.76 million in Q2 2025, and $4.96 million in Q1 2025.
• Sales: During Q4 2025, the Company sold 63,043 ounces Ag and 963 ounces of Au or 135,958 AgEq ounces, based on the ratio of Au and Ag prices realized for each shipment in the period.
• Cost of sales was $4.58 million for Q4 2025 or $33.70 per AgEq ounce sold as compared to $3.82 million for Q3 2025, or $24.85 per AgEq ounce sold, $4.07 million for Q2 2025, or $23.45 per AgEq ounce sold, and $3.60 million for Q1 2025, or $84 per AgEq ounce sold.
• Gross Profit was $3.72 million for Q4 2025, as compared to $2.10 million for Q3 2025, $1.69 million for Q2 2025 and $1.36 million for Q1 2025.

Q4 2025 Operational Details and Expansion Progress

• Mine Operations: Milled 40,869 tonnes of material, with silver recoveries averaging 89% and gold recoveries averaging 71.53%. In Q3 2025, the Company milled 38,433 tonnes of material, with silver recoveries averaging 76.96% and gold recoveries averaging 75.55%.
• Production: Produced 68,296 ounces of silver and 1,050 ounces of gold (vs. production of 67,785 ounces of silver and 967 ounces of gold in Q3 2025).
• Development: 20 metres of development completed in Q4 2025, compared to 653.0 metres in Q3 2025.
• Coloso Mining: At the end of Q1 2025, Sierra Madre made the decision to re-start production at the Coloso underground mine. The estimated resource grades at Coloso are significantly higher in both silver and gold compared to the Guitarra mine veins[1].
• Since initiating production, the Company has expanded to six active stopes across two veins, with accelerated dewatering of lower mine levels expected to unlock additional resource blocks in H2 2026. Production from resource blocks below the existing workings is expected to come online next year.
• Nazareno Mining: Development work at Nazareno is well underway.  Two Ramps have been started off the main 180 level haulage way, one to connect with the upper 150 level workings and one down to develop the lower blocks of mineralization and connect with the 200 level workings. Two stopes have been developed in the 180 level.  The mineralized structure averages more than 4.5 meters in width hence both stopes have been developed for long hole mining. Blast hole drilling is now complete with full production beginning in May.  
• In January 2026, the Company began the installation of an underground electrical substation and other mine services necessary for the use of a jumbo drill in Nazareno – the jumbo has since replaced jack leg drills. The transition to a jumbo drill has accelerated ramp construction and production sill development. Full production from long-hole stopes at the 180 level is expected to begin in late April.
• Expansion Progress: In Q4 2025 and into 2026, work continued on the two-phase expansion of the La Guitarra plant. For Phase 1, a used 3-ft crusher was purchased, refurbished, and came online in April 2026. This addition, together with modifications to the primary crusher, are expected to allow the circuit to meet the 750 tpd – 800 tpd Phase 1 objective.
• For Phase 1, a used 11 ft × 12.5 ft ball mill (600 tpd –700 tpd capacity) was purchased in December 2025 and refurbishment is close to completion. Installation is planned for May 2026, pending geotechnical test results, and would bring total milling capacity to ~1,200 tpd. A fourth ball mill is also planned for redundancy and for Phase 2 expansion
• Construction of a thickener tank, with an 800 tpd capacity, was started in January 2026 with completion expected in June 2026. Thickened tailings (60%+ solids) will be pumped into underground stopes, preserving capacity in the current tailings facility until Phase 2 is complete. A high-capacity piston pump will be needed for stopes more than 30–40 meters above the San Raphael level.
• An additional seven underground and surface haul trucks are being purchased in 2026 to support the expansion.

 Outlook

• With head grades improvements in each quarter of 2025, Sierra Madre anticipates further improved head grades of the mineralized material in the first quarter of 2026, resulting in increased production and a decrease in mining costs on a per-ounce basis.
• Improved head grades are anticipated as development work and de-watering to access the anticipated higher-grade stopes in Guitarra, Coloso, and Nazareno continue.
• With the first phase of the La Guitarra expansion expected to come on-line in late Q2 2026, Sierra Madre expects to see a meaningful reduction of unit costs from efficiencies of scale as throughputs increase from the current 500 tpd run rate to the 750 tpd – 800 tpd rate.

This news release should be read in conjunction with the Company´s consolidated annual financial statements for the year ended December 31, 2025 and associated Management Discussion and Analysis (“MD&A”), both are available on SEDAR+ (www.sedarplus.ca) and on the Company´s website (www.sierramadregoldandsilver.com).

AgEq ounces produced have been determined using a ratio of 76.89 Au:Ag for Q4 2025, 87.63 Au:Ag for Q3 2025, 97.86 Au:Ag for Q2 2025 and 83.33 Au:Ag for Q1 2025.

Ag equivalent ounces sold have been determined using the actual Ag and Au prices obtained during the year.  The determined ratio used was 88.35 Au:Ag for 2025 and 84.81 for 2024. AgEq quarterly ounces sold have been determined using the actual Ag and Au prices obtained during the quarter. The determined ratio used was 74.80 Au:Ag for Q4 2025, 88.70 Au:Ag for Q3 2025, 98.43 for Q2 2025 and 90.87 Au:Ag for Q1 2025.

The Company reports non-GAAP measures, which include Cash Cost of Production per Tonne, Cash Cost per AgEq ounce sold, All-in Sustaining Cash Cost per AgEq ounce sold and Average Realized Price per AgEq ounce sold and Adjusted EBITDA. These measures are widely used in the mining industry as a benchmark for performance, but do not have a standardized meaning and may differ from methods used by other companies with similar descriptions. See “Non-GAAP and Other Financial Measures” section of the Company’s Year End 2025 MD&A for definitions and reconciliations to GAAP measures.

Qualified Person

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

About Sierra Madre

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

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

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

Cautionary Note Regarding Production Decisions

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

Cautionary Note Regarding Forward-Looking Information

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

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

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

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

Although management of the Company has attempted identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Readers are cautioned that reliance on such information may not be appropriate for other purposes.

SOURCE: Sierra Madre Gold and Silver Ltd.

[1] A copy of the 2023 NI 43-101 report, prepared by TechSer Mining Consultants Ltd. ("TechSer") of Vancouver B.C., by David Thomas, P.Geo. and QP Geology and Cristian Garcia, P.Eng. and QP Mining, titled "La Guitarra Mineral Resource Estimate Guitarra Silver-Gold Project, Temascaltepec, Estado de México, México" with an effective date of October 24, 2023, is available on SEDAR+ and the company´s website at https://sierramadregoldandsilver.com/presentations/NI-43-101-La-Guitarra-Mineral-Resource-Estimate.pdf

The Acquisition was approved by a majority of the votes cast by disinterested shareholders present or represented by proxy at the Meeting, as required under Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions. Completion of the Acquisition remains subject to acceptance of the TSXV and the receipt of Mexican antitrust approval. The closing of the Acquisition is anticipated to occur in mid-May 2026.

All Sierra Madre shares issued to First Majestic under the Acquisition will be subject to a hold period ending on the date that is four months and one day following the date of issuance of such shares. In addition, First Majestic has agreed to further contractual resale restrictions on such shares. 

For further details regarding the Acquisition, please refer to the management information circular dated March 24, 2026 available on the Company’s website at www.sierramadregoldandsilver.com and on the Company’s profile on SEDAR+ at www.sedarplus.ca.

About Sierra Madre

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

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

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

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

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

Contact:
investor@sierramadregoldandsilver.com

In Europe

Swiss Resource Capital AG

Marc Ollinger

info@resource-capital.ch

www.resource-capital.ch

Cautionary Note Regarding Forward-Looking Information

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

This news release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. “Forward-looking information” includes, but is not limited to, statements with respect to the activities, events or developments that the Company expects or anticipates will or may occur in the future, including statements regarding the completion of the Acquisition, the receipt of TSXV acceptance and Mexican antitrust approval, the timing of closing of the Acquisition, the anticipated benefits of the Acquisition to the Company and the exploration and development of Del Toro. Generally, but not always, forward-looking information and statements can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or the negative connotation thereof or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved” or the negative connotation thereof.

Such forward-looking information and statements are based on numerous assumptions, including among others, that the Company will be able to receive all required approvals for the Acquisition, the ability of the Company to complete the Acquisition on the terms announced or at all and that the Company will have the necessary funds and resources to carry out its exploration and development plans for Del Toro. Although the assumptions made by the Company in providing forward-looking information or making forward-looking statements are considered reasonable by management at the time, there can be no assurance that such assumptions will prove to be accurate.

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 plans or expectations include risks that: the Company may be unable to complete the Acquisition on the proposed terms, or at all; the Company may not receive all necessary approvals for the Acquisition; the Company may not have the necessary funds or resources to carry out its exploration and development plans for Del Toro; and risks relating to the actual results of current exploration activities, fluctuating gold prices, possibility of equipment breakdowns and delays, exploration cost overruns, availability of capital and financing, general economic, market or business conditions, regulatory changes, timeliness of government or regulatory approvals and other risks detailed herein and from time to time in the filings made by the Company with securities regulators.

Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information or implied by forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking statements or information.

The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise except as otherwise required by applicable securities legislation.

SOURCE: Sierra Madre Gold and Silver Ltd.

All currency amounts herein are in US dollars unless otherwise indicated.

PEA Highlights¹

• Enhanced Project Value: The updated PEA incorporates current bench-marked costs and updated base case pricing of $3,500 /oz gold (Au), $4.70/lb copper (Cu) and $40/oz silver (Ag), resulting in a 265% increase in after-tax net present value at 5% discount rate ("NPV_5%") from the prior PEA disclosed by the Company for the Project.
• Strong Base Case Economics: After-tax NPV_5% of $1.0 billion and an after-tax internal rate of return ("IRR") of 32.2% and initial payback of approximately 2.7 years.
• Leverage to Spot Prices: At current spot prices (approximately, $4,775/oz Au, $5.75/lb Cu, and $77/oz Ag), the after-tax NPV_5% increases to approximately $1.8 billion with an IRR of 49.1% and initial payback of 1.9 years.
• High Capital Efficiency: Initial capital expenditures are estimated at $523 million, representing an attractive 0.5x initial capital to base case NPV_5% ratio that highlights the Project’s potential for a compelling return on investment.
• Strong Production Profile: Average annual production of 152.4 koz Au equivalent ("AuEq") over the first five years of operation, and total life of mine ("LOM") production of 1.5 Moz AuEq (comprising 1.2 Moz Au, 2.6 Moz Ag, and 195 Mlbs Cu) over an 11.2 year projected mine life.
• Resilient Cost Profile: Estimated total cash cost of $872/oz Au and All-In Sustaining Cost ("AISC") of $1,045/oz Au (calculated on a by-product basis).
• Conventional Operation: The PEA contemplates a conventional open-pit truck-and-shovel operation and a processing rate of 15,000 tonnes per day ("tpd"). A proven processing flowsheet utilizing standard froth flotation and leach circuits achieves high metallurgical recoveries of 91% Au, 80% Cu, and 64% Ag.
• Significant Portfolio Potential: On a gold equivalent basis, the estimated mineral resources contained in the La Mina PEA account for approximately 9% of the Company’s global Measured and Indicated Resources and 16% of the Inferred Resources (refer to the Company’s Annual Information Form dated February 27, 2026).

Alastair Still, CEO of GoldMining commented, “The updated Project PEA highlights the underlying quality of the La Mina porphyry gold-copper mineral system and represents just a small portion of and emphasizes the depth of the GoldMining portfolio of projects that we continue to advance. By capturing current market consensus metals pricing, the PEA conceptualizes a robust $1.0 billion base case project that is characterized with an efficient capital intensity. We’re not simply adjusting for the higher commodity prices; we have confirmed that La Mina is potentially a resilient development opportunity. With these solid base case economics, which improve substantially at spot prices, the Company is excited by the opportunity to further advance and de-risk the Project on the path towards potential future development.”

The PEA is preliminary in nature, and there is no certainty that the reported results will be realized. The PEA 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 this PEA, including the conceptual economics set out therein, will be realized.

La Mina PEA Summary

The PEA reviewed and refined mine engineering design work completed during the previous (2023) preliminary economic assessment disclosed by the Company, including updating all operating and capital cost estimates following a comprehensive review of technical inputs, and updating metal price assumptions. No other substantive changes were made during the study.

The Project, covering 3,208 hectares, is located in the Department of Antioquia, Republic of Colombia, approximately 51 km southwest of Medellin. The Mineral Resource Estimate ("MRE") for La Mina includes the La Cantera, La Garrucha, and Middle Zone porphyry deposits, which are located within 1,000 meters of each other. No additional drilling has been completed at La Mina in support of this updated PEA, therefore the current MRE with effective date December 20^th, 2022, remains current in support of the PEA.  

The PEA considers a conventional drill, blast, load, and haul open pit operation mining an average of 97,000 tpd over the 11.2 year life of mine. It contemplates that resources will be processed at a nominal rate of 15,000 tpd by conventional grinding and flotation to generate a copper concentrate, with tailings of the copper process reporting to a leach circuit to generate gold-silver doré on site. The combined LOM average metallurgical recovery of 91%, 80% and 64% are realized for gold, copper and silver, respectively.

The PEA includes on-site development including mining, haul roads, access roads, process facilities, tailings and waste storage facilities, and related ancillary facilities. Construction is anticipated to take approximately two years with an initial capital expenditure of $523.3 million with operations continuing for 11.2 years.  Sustaining capital expenditures over the LOM are expected to be approximately $166 million, consisting of a mix of mining capital equipment and staged expansion of the tailings and waste facilities. LOM operating costs are expected to average $29.50/t of material processed.

Under the PEA, highest metal production occurs in the initial five years of production averaging 152.4 koz AuEq comprising 126 koz Au, 22.4 Mlbs Cu, and 273 koz Ag annual production. Year 1 production of 176.5 koz AuEq comprises 138 koz Au, 27.0 Mlbs Cu, and 174.8 koz Ag. LOM average production is 137.0 koz AuEq, comprising 107.7 koz Au, 17.0 Mlbs Cu, and 248.6 koz Ag.

The LOM average mining rate in the PEA is 5.5 Mt resources per annum and 30.1 Mt waste, which equates to an average LOM strip ratio of 5.5:1.

Mineral Resource Estimate

The PEA is based on the Mineral Resource estimate set forth in the Company’s previous technical report titled "NI 43-101 Technical Report and Preliminary Economic Assessment For The La Mina Project, Antioquia, Republic of Colombia" dated effective July 24, 2023. There has been no material change in such Mineral Resource estimate for the Project. For the purpose of this PEA, such was reviewed by the Qualified Person under the PEA and deemed to remain valid and effective.

Notes:

1. The qualified person for the above estimate is Scott Wilson, C.P.G, SME.
2. Mineral Resources are classified as Indicated Resources and Inferred Resources and are based on the 2014 CIM Definition Standards. The estimation of Indicated Mineral Resources involves greater uncertainty as to their existence and economic feasibility than the estimation of Mineral Reserves, and therefore investors are cautioned not to assume that all or any part of Indicated Mineral Resources will ever be converted into Mineral Reserves. The estimation of Inferred Mineral Resources involves greater uncertainty as to their existence and economic viability than the estimation of other categories of Mineral Resources.
3. Numbers may not add up due to rounding.
4. Cut-Off Grade: 0.30 g/t Au.
5. The Mineral Resource Estimate was based on US$ metal prices of $3.50/lb Cu, $1,700/oz Au and $21/oz Ag.
6. Gold-equivalent grades were calculated using the following formula: AuEq = Au (g/t) + [Cu(%) x {Cu Price/Au Price} x 22.0462 x 31.1035] + [Ag (g/t) x {Ag Price/Au Price}].
7. 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 Indicated or Measured Mineral Resources.
8. There are no known environmental, permitting, legal, title, taxation, socio-economic, marketing, political or other relevant factors that may materially affect the Mineral Resource Estimate.

For a description of the data verification, assay procedures and the quality assurance program and quality control measures applied by the Company, please see the Company’s Annual Information Form for the year ended November 30, 2025, filed under the Company’s profile on SEDAR+ at www.sedarplus.ca. Further information about the PEA referenced in this news release, including information in respect of data verification, key assumptions, parameters, risks and other factors, will be contained in a technical report, which will be filed by the Company in respect of the PEA within 45 days under its profile at SEDAR+ at www.sedarplus.ca.

Opportunities

This new PEA highlights strong potential for the advancement of the Project and sets out several opportunities for future study which may further enhance project value, including:

Opportunity / Potential Benefits

Infill Drilling / Increase confidence in the geological models and controls on and interpolation of grade; may increase resource grade overall and convert mineral resources to higher categories.

Exploration Drilling / Expansion opportunities at the existing deposits to delineate additional resources.

Exploration drilling outside of the current resources / Porphyry cluster model predicts potential for new porphyry discoveries within the existing La Mina district-scale land package.

Metallurgical test work & Process design / Variability test work to optimize process flowsheet and improve gold, copper, and silver recoveries.

Geotechnical test work / Optimize pit wall slopes and potentially reduce strip ratio and to assess potential waste rock and tailings storage sites.

Infrastructure design & Scheduling / Optimize site layout, material handling and pit backfill to reduce LOM operating costs.

Environmental & Sustainability Governance (ESG) / Environmental baseline & heritage studies, and community stakeholder engagement to inform the local community about the potential mining opportunity and economic benefits.

Qualified Persons

The PEA was prepared for the Company by Scott E. Wilson, CPG, Zeke Blakeley, SME-RM, and Rick Jordan, SME-RM, each of which is independent of the Company and a Qualified Person, as such term is defined in NI 43-101. The specific sections of the technical report for which each such Qualified Person is responsible will be set out in the technical report relating to the PEA.  Each such Qualified Person has reviewed and approved the scientific and technical information regarding the PEA as disclosed in this news release.

Imola Götz, M.Sc. P.Eng., F.E.C., Vice President, Project Development of the Company and a Qualified Person, as such term is defined in NI 43-101, has supervised the preparation of this news release and has reviewed and approved the scientific and technical information contained herein.

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

Notice to Readers

Disclosure regarding the Project, including the PEA and Mineral Resource estimates included herein, has been prepared by the Company in accordance with NI 43-101. NI 43-101 is a rule developed by the Canadian Securities Administrators that establishes standards for public disclosure by issuer of scientific and technical information concerning mineral projects. NI 43-101 differs significantly from the disclosure requirements of the United States Securities and Exchange Commission ("SEC") generally applicable to U.S. companies subject to the SEC’s disclosure requirements. For example, the terms "Indicated Mineral Resource" and "Inferred Mineral Resource" are defined in NI 43-101 by reference to the guidelines set out in the CIM Definition Standards on Mineral Resources and Mineral Reserves. Accordingly, information contained herein or in the Company’s descriptions of its projects may not be comparable to similar information made public by U.S. companies reporting pursuant to SEC disclosure requirements.

Investors are cautioned not to assume that all or any part of "Measured" or "Indicated" Mineral Resource will ever be converted into "reserves". Investors should also understand that "Inferred Mineral Resources" have a great amount of uncertainty as to their existence and great uncertainty as to their economic and legal feasibility. Under Canadian rules, estimated "Inferred Mineral Resources" may not form the basis of feasibility or pre-feasibility studies except in rare cases. 

For further information regarding the Company’s projects and the resource estimates disclosed herein, please refer to the Company’s most recent Annual Information Form and the technical reports filed under the Company’s profile at www.sedarplus.ca and www.sec.gov.

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 the results of the PEA, the Company’s plans and expectations regarding future opportunities and proposed work 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. 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 and expenses, 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 GoldMiningꞌs 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.

¹ The gold equivalent equations are: AuEq(oz) = Au (g/t) + [Cu(%) x {Cu Price/Au Price} x 22.0462 x 31.1035] + [Ag (g/t) x {Ag Price/Au Price}]. AISC includes mining costs, processing costs, royalties, G&A costs, transportation costs, sustaining capital and closure costs less by-product credits.

“The progress achieved in the first quarter reflects the disciplined, methodical approach we are taking as we advance and derisk the Fenn-Gib Gold project through the permitting process toward development. Each workstream is moving forward with clarity and purpose, and as the team grows, we continue to deliver the technical foundations required for a successful build,” said Nick Campbell, President and CEO. “We look forward to maintaining this momentum as we enter the next phase of engineering, environmental assessment, and regulatory and stakeholder engagement.”

Drew Anwyll, P.Eng., Chief Operating Officer, added: “We entered 2026 with a clear execution plan, and the progress achieved this quarter reflects both the strength of that approach and the quality and commitment of the team advancing the work. Multiple critical‑path activities are progressing in parallel, supported by a highly capable group focused on disciplined delivery. This work will allow us to maintain schedule confidence as we move toward detailed engineering later this year, and progress permitting and regulatory approvals. Our objective remains clear: to advance the Project efficiently targeting a construction decision in 2028, positioning us well ahead of our peers.”

The aspects of the work advance in Q1 2026 include the following:

Compilation of Environmental Baseline Study work

Throughout Q1 2026, the Company advanced the integration and interpretation of the multi‑year environmental baseline studies initiated in 2023. Work this quarter focused on advancing and consolidating studies concerning fish and fish habitat, hydrology, hydrogeology, geochemistry, wildlife, and vegetation into technical packages to support the upcoming application into Ontario’s One Project, One Process (“1P1P”) framework and advancement of the Environmental Assessment (“EA”) processes with the Province of Ontario.

Notification of Project Status

The Company submitted the Notification of Project Status (“NPS”) during the first quarter signalling the intent to advance the project into production and is now awaiting formal guidance and next‑step requirements from the Ministry of Energy and Mines (“MEM”). Following the receipt of MEM’s review of the NPS, their feedback will be integrated into the Company’s permitting strategy to help align upcoming technical, environmental, and indigenous engagement workstreams with the identified communities.

Environmental Assessment

In the first quarter, the Company awarded the EA and permitting mandate to Egis Canada Ltd. (“Egis”), previously operating as Ecometrix Incorporated, for the Project. Building on the consolidated baseline interpretations completed to date, Egis will lead the preparation of the Ontario provincial EA as the Company initiates formal environmental approval activities later in 2026. This work will include the development of regulatory submissions, continued engagement with Indigenous communities and stakeholders, and the preparation of discipline‑specific technical reports.

Highway 101 Realignment

Work commenced in late Q1 on the environmental assessment process for the proposed Highway 101 realignment. TBT Engineering has initiated early coordination with the Ministry of Transportation of Ontario (“MTO”) to confirm process requirements and advance initial scoping. Upcoming work will include route evaluation, environmental and geotechnical field studies, and continued collaboration with MTO to progress the preferred alignment. 

Advancement of Site Investigations and Site Drilling

During the quarter, the Company advanced expanded site investigation programs. Geotechnical fieldwork resumed in early 2026, advancing work initiated in 2025, for the proposed tailings storage facility (“TSF”), site infrastructure areas, and the process plant. In parallel, condemnation drilling commenced across priority infrastructure zones to confirm the absence of mineralization and delineate the final site layout. 

The Company also advanced pump testing activities to strengthen the understanding of groundwater conditions across the project area. These tests provide information on sub-surface water characteristics, hydraulic conductivity, and groundwater flow responses under sustained pumping that is vital to ongoing site engineering. The results will be incorporated into updated hydrogeological models to refine predictions of pit dewatering requirements, assess potential interactions with nearby water bodies, and support EA and permitting submissions.

Front-End Engineering and Design (“FEED”) Initiated with Ausenco

In the first quarter, the Company commenced Front-End Engineering and Design (FEED) with Ausenco Engineering for the planned 4,800 tpd processing facility. This phase of work includes completing applicable financial trade‑off studies, advancing Process Design Criteria (PDC) and Piping and Instrumentation Diagrams (P&ID) to formalize Project design and will support advancing into detailed engineering in the second half of 2026. Q1 FEED activities focused on refining the comminution circuit and flotation layouts, integrating outcomes from third‑party reviews, and establishing the engineering basis to support continued advancement of the plant design.

Next Steps

The first quarter of 2026 also allowed the Team to advance the planning and coordination of the following work:

Metallurgical Testing

To support comminution circuit design and establish additional data for rock competency characterization, large‑diameter diamond drill core will be collected to generate expanded A×b rock hardness data.  These results will refine parameters and inform equipment sizing and energy requirements for the operating plant.  In parallel, follow‑on work from the tailings settlement testing program completed in Q1 will be undertaken to better define the settled density of tailings material within the TSF.

Advancing the Mineral Resource Estimate drilling program

In the first quarter, all remaining assays from the 2025 Mineral Resource Estimate (MRE) confirmation drilling program were received. With the full 2025 MRE confirmation dataset now complete, the geology team, together with the Mineral Resource Qualified Person, are advancing the development of an updated localized model and evaluation of preliminary ore block designs within the area drilled. Upon completion, the updated local model will be compared against the MRE used in the Pre‑Feasibility Study (PFS) to assess changes in grade distribution, geological continuity, and provide insight into any variability on future mine planning and operational predictability.

Ongoing Site Investigations and Geotechnical Programs

Site investigation activities will continue through the second quarter, including additional geotechnical drilling, test pitting, and material characterization across the TSF, plant site, and infrastructure locations. These programs will further refine foundation design parameters and support the advancement into the detailed engineering phase.

Power Supply to Site

The Company along with TWD Engineering are advancing work to define the preferred power‑to‑site solution, including evaluation of transmission routing and supply voltage, interconnection requirements, and technical specifications. Engagement with the relevant utilities and regulatory bodies including Hydro One Network (“HONI”) and the Independent Electricity System Operator (“IESO”) will continue as the Company progresses toward a finalized power supply strategy to support the Project.

Open Pit Geotechnical Drilling

Additional open pit geotechnical drilling is to commence in the third quarter. Initial geotechnical work completed in 2023 supported the open pit designs developed for the PFS. Building upon this foundation, the program will gather supplementary structural, geomechanical, and hydrogeological data to enhance the accuracy of open pit slope designs and facilitate pit optimization and operational stability evaluations.

Mayfair is growing the core team to advance Fenn-Gib and support the ongoing initiatives to derisk the Project, support the Provincial permitting process and make preparations in advance of the start of construction.

Advertising Service Agreement

The Company also announces it has entered into a service agreement with Native Ads Inc. ("Native Ads") in connection with a digital advertising campaign. Native Ads will provide the Company with services which include sponsored articles, media buying, content distribution services and ad campaign analytics. Pursuant to the agreement, the company has agreed to pay US$172,000 to facilitate the program. The digital advertising campaign is planned for the 12-month term of the agreement, or until budget exhaustion. The majority of the campaign budget will be disbursed by Native Ads to satisfy its obligations under the agreement. Native Ads is led by Jon Malach and is an arms-length Delaware Corp. with a registered office located in New York. Native Ads has no present interest, directly or indirectly, in the securities of the Company.

About Mayfair Gold

Mayfair Gold is a Canadian gold development stage company focused on advancing the 100% controlled Fenn-Gib Project in the Timmins region of Northern Ontario. The PFS outlines the potential to develop Fenn-Gib into a new Canadian gold producer for initial development capital of C$450 million, with a base case payback period of 2.7 years and cumulative free cash flow of $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 content of this news release has been reviewed on behalf of the Company and approved by Drew Anwyll, P.Eng., Chief Operating Officer of Mayfair, a QP as defined in NI 43-101.

Cautionary Note Regarding Forward-Looking Information

This news release contains certain forward-looking information and forward-looking statements within the meaning of applicable securities legislation (collectively “forward-looking Information”). The use of the words “will” and “expected” and similar expressions are intended to identify forward-looking information. This information includes statements regarding the scope, timing and expected outcomes from future workstreams.  Although Mayfair Gold believes that the expectations reflected in such forward-looking statements and/or information are reasonable, readers are cautioned that actual results may vary from the forward-looking information. The Company has based these forward-looking statements and 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 of the Company for the year ended December 31, 2025, available at www.sedarplus.ca. Furthermore, the forward-looking statements contained in this news release are made as at the date of this news release and Mayfair does not undertake any obligation to publicly update or revise any of these forward-looking statements 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:

Nicholas Campbell
CEO

Mayfair Gold Corp.
489 McDougall St

Matheson, ON P0K 1N0 Canada
+1 (855) 350-5600
info@mayfairgold.ca

In Europe
Swiss Resource Capital AG
Marc Ollinger
info@resource-capital.ch
www.resource-capital.ch

Michael Henrichsen, CEO of Gold X2 commented: “Superion continues to deliver high-grade, near-surface results and highlights the potential to add meaningful ounces within the existing pit shell. We’re encouraged by the new high-grade style of mineralization at Superion as we work to define zones for future economic studies.” 

Highlights
• Seventeen additional holes were drilled in the Superion Zone to define additional high-grade, Superion-style shear zones within the current RPEEE open pit shell and between Superion and the QES core shear zone. Intercepts include:

o 9.0m of 5.18 g/t Au from 122.0m in MQD-26-348, including
6.0m of 7.57 g/t Au from 123.0m

o 4.0m of 7.81 g/t Au from 238.0m in MQD-26-356
o 4.15m of 8.87 g/t Au (15.5g/t Au uncut) from 68.85m in MQD-26-357
o 6.1m of 10.4 g/t Au (15.7 g/t Au uncut) from 115.9m in MQD-26-361, including
2.05m of 30.0 g/t Au (45.5 g/t Au uncut) from 117.95m

• Two holes, MQD-26-356 and MQD-26-357, were extended through the core shears of the QES Zone, as part of the ongoing infill drilling program and intersected wide zones of mineralization typical of the QES Zone including:

o 73.0m of 0.97 g/t Au from 286.0m in MQD-26-356, including
15.0m of 2.90g/t Au from 312.0m

o 102.2m of 0.75 g/t Au from 238.4m in MQD-26-357, including
7.2m of 2.64 g/t Au from 252.7m and
5.0m of 2.06 g/t Au from 289.0m

Technical Overview

The results of the holes drilled in the Superion Zone are illustrated in the following figures and tables. Figure 1 shows the location map of the drill holes reported in this release. Figure 2 provides a typical cross-section through drill hole MQD-26-357. The results are summarized in Tables 1 and 2, which include significant intercepts (Table 1) and drill hole locations (Table 2).

Gold X2 resumed drilling in the Superion Zone to explore for additional high-grade shears and QES-related marginal shears within the current RPEEE open pit shell. These additional shears are currently modelled as waste in the recent MRE and represent an opportunity to grow the Mineral Resource within the proposed open pit. Where required to upgrade Inferred blocks to Indicated, holes were extended through the core QES shears to support the ongoing infill drilling program.

All seventeen holes collared through overburden and intersected the wide, multiphase diorite body in the Superion Zone which transitions to diorite and granodiorite closer to the core of the QES Zone. The diorite is mostly undeformed with a moderate to strong epidote-chlorite alteration.  Local, 5-10m wide sericite-silica and strongly silicified shear zones, both with elevated pyrite and chalcopyrite bearing quartz and quartz-carbonate veining, intersect the diorite and host gold mineralization. Gold grades within the shear systems vary with higher grades favouring strongly silicified shear zones.  Orientation data from these shear zones indicate they are run between 0 to 30 degrees oblique to the core shears of the QES Zone. Additional drilling is required to determine the strike length of the 30-degree oriented secondary shears.

Two drill holes – MQD-26-356 and MQD-26-357 – were extended to pass through the core QES Zone, which is characterised by sheared, sericite-hematite-silica altered granodiorite that transitions into the southern dacitic volcanics, which host additional sericite-silica marginal shears. The results are as expected with the geological and resource models.

Analytical and QA/QC Procedures

All drill core is HQ diameter drill core has been visually validated in the core shack, rotated, and reconnected. Structural orientation data was captured by acoustical and optical televiewer operated by DGI Geosciences. All core has been sawed in half cut just off a geologist established cutline aligned 90° from the apex of the foliation, with the right half (looking down hole) of the core bagged and sent a third-party analytical laboratory. The left half of the core was returned to core boxes and is stored at Gold X2’s Kashabowie core yard facility.

All samples were sent to Paragon Geochemical in Timmins for sample preparation. Samples were analysed for gold via PhotonAssay (“PA-AU02”) by Paragon’s laboratory in Hamilton and then shipped to Activation Laboratories (ActLabs) Ancaster for 60 pathfinder elements via ICP-MS after four-acid digestion (“UT-6”). Paragon and ActLabs are accredited by the Standards Council of Canada (SCC) for the Accreditation of Mineral Analysis Testing Laboratories and CAN-P-4E ISO/IEC 17025.

In addition to Paragon quality assurance / quality control (“QA/QC”) protocols, Gold X2 has implemented a quality control program for all samples collected through the drilling program.  The quality control program was designed by a qualified and independent third party, with a focus on the quality of analytical results for gold. Analytical results are received, imported to our secure on-line database and evaluated to meet our established guidelines to ensure that all sample batches pass industry best practice for analytical quality control. Certified reference materials are considered acceptable if values returned are within three standard deviations of the certified value reported by the manufacture of the material. In addition to the certified reference material, certified blank material is included in the sample stream to monitor contamination during sample preparation. Blank material results are assessed based on the returned gold result being less than ten times the quoted lower detection limit of the analytical method. The results of the on-going analytical quality control program are evaluated and reported to Gold X2 by Orix Geoscience Inc.

Qualified Person

Peter Flindell, PGeo, MAusIMM, MAIG, Chief Operating Officer, of the Company, and a qualified person under National Instrument 43-101 – Standards of Disclosure for Mineral Projects, has approved the scientific and technical information contained in this news release.

Mr. Flindell has verified the data disclosed. To verify the information related to the winter drill program at the Moss Gold Project, Mr. Flindell has visited the property several times; discussed and reviewed logging, sampling, bulk density, core cutting and sample shipping processes with responsible site staff; discussed and reviewed assay and QA/QC results with responsible personnel; and reviewed supporting documentation, including drill hole location and orientation and significant assay interval calculations. He has also overseen the Company’s health and safety policies in the field to ensure full compliance, and consulted with the Project’s host indigenous communities on the planning and implementation of the drill program, particularly with respect to its impact on the environment and the Company’s remediation protocols.

About Gold X2 Mining

Gold X2 is a growth-oriented gold company focused on delivering long-term shareholder and stakeholder value through the acquisition and advancement of primary gold assets in tier-one jurisdictions. It is led by the ex-global head of structural geology for the world’s largest gold company and backed by one of Canada’s pre-eminent private equity firms. The Company’s current focus is the advanced stage 100% owned Moss Gold Project which is positioned in Ontario, Canada, with direct access from the Trans-Canada Highway, hydroelectric power near site, supportive local communities and skilled workforce. The Company has invested over $100 million of new capital and completed approximately 100,000 meters of drilling on the Moss Gold Project, which, in aggregate, has had over 300,000 meters of drilling. The 2026 updated NI 43-101 mineral resource estimate (“MRE”) for the Moss and East Coldstream Deposits has expanded to 2.458 million ounces of Indicated gold resources at 1.04 g/t Au, contained within 73.8 million tonnes and 4.209 million ounces of Inferred gold resources at 0.97 g/t Au contained within 134.7 million tonnes. The Moss Deposit also has a silver MRE of 3.160 million ounces of indicated silver resources at 1.53 g/t Ag contained within 64.3 Mt and 6.273 million ounces of inferred silver resources at 1.55 g/t Ag contained within 125.9 Mt. Results of a preliminary economic assessment (“PEA”) of the Moss Gold Project suggest the potential for the deposit to support a long-life mining operation with a strong production profile and low production costs. The MRE and PEA are supported by a NI 43-101 technical report for the Moss Gold Project available on the Company’s website and under the Company’s issuer profile on SEDAR+. For more information, please visit SEDAR+ (www.sedarplus.ca) and the Company’s website (www.goldx2.com).

Cautionary Note Regarding Forward-Looking Statements

This news release contains statements that constitute “forward-looking statements.” Such forward looking statements involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, performance or achievements, or developments to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects,” “plans,” “anticipates,” “believes,” “intends,” “estimates,” “projects,” “potential” and similar expressions, or that events or conditions “will,” “would,” “may,” “could” or “should” occur. Forward-looking statements in this news release include, among others, statements relating to expectations regarding the exploration and development of the Moss Gold Project; the potential mineralization at the Moss Gold Project based on the winter drill program, including the potential for additional mineral resources; the enhancement of the Moss Gold Project; statements regarding the Company’s future drill plans, including the expected benefits and results thereof; that the Superion target has the potential to significantly add to the current mineral resource estimate within the top 200 meters from surface with continued drilling and to reduce the overall strip ratio of the deposit; the potential for resource growth at Moss and the fact that the results have the potential to significantly impact the economic performance of the deposit moving forward; the potential for a much larger mineralized system and that it will be pursued in the near future through additional drilling; and other statements that are not historical facts.

By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors and risks include, among others: uncertainty and variation in the estimation of mineral resources; risks related to exploration, development, and operation activities; exploration and development of the Moss Gold Project will not be undertaken as anticipated; the Company may require additional financing from time to time in order to continue its operations which may not be available when needed or on acceptable terms and conditions acceptable; the economic performance of the deposit may not be consistent with management’s expectations; the Company’s exploration work may not deliver the results expected; the fluctuating price of gold; unknown liabilities in connection with acquisitions; compliance with extensive government regulation; delays in obtaining or failure to obtain governmental permits, or non-compliance with permits; environmental and other regulatory requirements; domestic and foreign laws and regulations could adversely affect the Company’s business and results of operations; risks related to natural disasters, terrorist acts, health crises, and other disruptions and dislocations; global financial conditions; uninsured risks; climate change risks; competition from other companies and individuals; conflicts of interest; risks related to compliance with anti-corruption laws; the Company’s limited operating history; intervention by non-governmental organizations; outside contractor risks; the stock markets have experienced volatility that often has been unrelated to the performance of companies and these fluctuations may adversely affect the price of the Company’s securities, regardless of its operating performance; the Superion target may not add to the current mineral resource; and other risks associated with executing the Company’s objectives and strategies as well as those risk factors discussed in the Company’s continuous disclosure documents filed under the Company’s SEDAR+ profile at www.sedarplus.ca.

The forward-looking information in this news release is based on management’s reasonable expectations and assumptions as of the date of this news release.  Certain material assumptions regarding such forward-looking statements were made, including without limitation, assumptions regarding: the future price of gold; anticipated costs and the Company’s ability to fund its programs; the Company’s ability to carry on exploration, development and mining activities; prices for energy inputs, labour, materials, supplies and services; the timing and results of drilling programs; mineral resource estimates and the assumptions on which they are based; the discovery of mineral resources and mineral reserves on the Company’s mineral properties; the timely receipt of required approvals and permits; the costs of operating and exploration expenditures; the Company’s ability to operate in a safe, efficient, and effective manner; the Company’s ability to obtain financing as and when required and on reasonable terms; that the Company’s activities will be in accordance with the Company’s public statements and stated goals; that the Superion target will add to the current mineral resource; that the Company’s exploration work will deliver the results expected; and that there will be no material adverse change or disruptions affecting the Company or its properties.

The forward-looking information contained in this news release represents the expectations of the Company as of the date of this news release and, accordingly, is subject to change after such date. There can be no assurances that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.  Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. The Company undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.

Aurania’s President and CEO, Dr. Keith Barron commented, “After visiting the project area and personally reviewing the archived drill core, the Thor’s Valley project represents a compelling opportunity with strong exploration upside. By formalizing our collaboration with St-Georges, we are positioning ourselves to unlock the potential of an under-explored geological district. Thor’s Valley displays all the key signatures of a robust epithermal gold system, supported by a history of documented high-grade mineralization and a suite of compelling structural targets that remain largely untested by modern exploration methods. This Agreement allows Aurania to deploy its technical expertise toward a highly prospective gold project. We look forward to progressing this Project with discipline, technical rigour, and a strong commitment to unlocking its full potential.”

Comment from Thordis Bjork Sigurbjornsdottir, CEO of Iceland Resources: “This is an important partnership for Iceland Resources, and we are pleased to welcome Aurania Resources Ltd. as a partner on the Thormodsdalur project. Over the past several years, we have engaged in discussions with several groups with the objective of identifying a partner with the right technical experience and approach for this type of epithermal gold system. We believe Aurania brings that combination, supported by relevant experience in advancing high-grade epithermal discoveries. We look forward to working together to advance Thormodsdalur in a disciplined and value-focused manner.”

Summary of Terms under the Agreement

• Initial payment of US$150,000 in common shares of Aurania (the “Shares”) to be issued to St. Georges on the closing date of the Agreement at a deemed price per Share equal to the volume weighted average price of the Shares on each business day commencing on the Execution Date and ending on the last business day prior to the closing date of the Agreement.
• Aurania to incur exploration expenditures of US$5 million over four years to earn a 70% interest in the Project, such exploration expenditures to be incurred as follows:
  – At least US$500,000 prior to the first anniversary of the Execution Date;
  – At least US$1,000,000 prior to the first anniversary of the Execution Date;
  – At least US$1,500,000 prior to the first anniversary of the Execution Date;
  – At least US$2,000,000 prior to the first anniversary of the Execution Date;

• Upon completing the First Option, St-Georges will have the option to choose between maintaining a 30% interest in the Project through a joint venture or retain an up to 3% net smelter return royalty on the Project (the “Royalty”), with such Royalty to be reduced as necessary such that the aggregate royalty burden on the Project shall not exceed 3%, inclusive of any pre-existing NSR royalties; and
• If St. Georges elects to retain the Royalty, Aurania will have the right, in its sole discretion, to increase its ownership to in the Project to 100% by incurring an additional US$2,000,000 of exploration expenditures.
• A joint exploration committee will be established between Aurania and St-Georges, with Aurania being the technical operator.

The Agreement is subject to certain conditions, including the approval of the TSX Venture Exchange. The Shares will be subject to a hold period of four months and one day from the date of issuance.

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

In the 1990’s, several programmes of geochemical and petrographical studies were done, including a vertical geothermal well to a depth of 455 metres which encountered multiple mineralized quartz veins, including one at the bottom of the hole.  In 1997, a total of 1069.21metres were diamond drilled in nine holes, however, average core recovery was only 52%.  The intervals sampled graded 1.13 g/t to 46.10 g/t Au but this is not considered representative and true widths could not be calculated.

Between 2005 and 2006, the private exploration company Melmi ehf drilled 32 holes totaling 2431m, which returned results up to 415.40 g/t Au. Melmi ehf was acquired by Iceland Resources in 2020, which completed 11 additional drill holes totaling 1780m with results of up to 113 g/t Au¹.

The Thor Valley mineralization is a classic banded epithermal chalcedony-ginguro vein system with gold occurring both in free form and in association with sulphides.  There are obviously a number of different vein sets here that appear controlled by regional and local structures.

The Project consists of a National Exploration Permit covering approximately 51,300 hectares in Iceland.

Planned Work Program

Aurania anticipates completing an initial exploration program focused on targeted drilling and surface exploration designed to test deeper and along-strike continuity of the known mineralized zones, utilising both historical data and newly generated technical information. Several of the previous drill holes with poor recovery will be twinned.

The Company cautions the reader that the historical information referred to herein is based on data compiled by previous operators and publicly available sources and is being provided for reference purposes only. A qualified person retained by Aurania has not undertaken sufficient work to verify the historical data, and such information should not be relied upon. Further exploration work, including drilling and data verification, is required and may or may not result in the delineation of a mineral resource.

No current mineral resources or mineral reserves, as defined under National Instrument 43‑101 – Standards of Disclosure for Mineral Projects (“NI 43‑101”), have been established on the Project.

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

About St-Georges Eco-Mining Corp.

St-Georges develops new technologies and holds a diversified portfolio of assets and patent-pending Intellectual Property within several highly prospective subsidiaries including: EVSX, a leading North American advanced battery processing and recycling initiative; St-Georges Metallurgy, with metallurgical R&D and related IP, including processing and recovering high grade lithium from spodumene; Iceland Resources, with high grade gold exploration projects including the flagship Thor Project; H2SX, developing technology to convert methane into solid carbon and turquoise hydrogen; and Quebec exploration projects including the Manicouagan and Julie nickel, Copper and PGE critical mineral projects on Quebec’s North Shore, and Notre-Dame niobium Project in Lac St Jean.

Information on St-Georges Eco-Mining Corp. can be found on the company’s website at www.stgeorgesecomining.com.  For all other inquiries: public@stgeorgesecomining.com.

About Iceland Resources

Iceland Resources is an Icelandic mineral exploration company focused on early-stage precious metal projects, including Thormodsdalur. The company’s exploration strategy emphasizes systematic, data-driven evaluation of prospective targets in under-explored volcanic terrains.

Information on Iceland Resources and technical reports are available at https://icelandresources.is/, as well as on Facebook at https://www.facebook.com/icelandresources, and X (formerly Twitter) at https://x.com/Iceland_Res.

About Aurania

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

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

For further information, please contact:

Carolyn Muir
VP Corporate Development & Investor Relations
Aurania Resources Ltd.
(416) 367-3200
carolyn.muir@aurania.com

In Europe
Swiss Resource Capital AG
Marc Ollinger
info@resource-capital.ch
www.resource-capital.ch

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

This news release contains forward-looking information as such term is defined in applicable securities laws, which relate to future events or future performance and reflect management’s current expectations and assumptions. The forward-looking information includes: statements regarding the terms of the Agreement, earn‑in requirements, anticipated exploration programs, timing of activities, the potential to advance the Project, Aurania’s objectives, goals or future plans, statements, exploration results, potential mineralization, the tonnage and grade of mineralization which has the potential for economic extraction and processing, the merits and effectiveness of known process and recovery methods, the corporation’s portfolio, treasury, management team and enhanced capital markets profile, the estimation of mineral resources, exploration, timing of the commencement of operations, the commencement of any drill program and estimates of market conditions. Such forward-looking statements reflect management’s current beliefs and are based on assumptions made by and information currently available to Aurania, including the assumption that there will be no material adverse change in metal prices, all necessary consents, licenses, permits and approvals will be obtained, including various local government licenses and the market. Investors are cautioned that these forward-looking statements are neither promises nor guarantees and are subject to risks and uncertainties that may cause future results to differ materially from those expected. Risk factors that could cause actual results to differ materially from the results expressed or implied by the forward-looking information include, among other things: failure to achieve the anticipated results, incorrect assumptions made in the initial evaluation of the Project, failure to identify mineral resources; failure to convert estimated mineral resources to reserves; the inability to complete a feasibility study which recommends a production decision; the preliminary nature of metallurgical test results; the inability to recover and process mineralization using known mining methods; the presence of deleterious mineralization or the inability to process mineralization in an environmentally acceptable manner; commodity prices, supply chain disruptions, restrictions on labour and workplace attendance and local and international travel; a failure to obtain or delays in obtaining the required regulatory licenses, permits, approvals and consents; an inability to access financing as needed; a general economic downturn, a volatile stock price, labour strikes, political unrest, changes in the mining regulatory regime governing Aurania; a failure to comply with environmental regulations; a weakening of market and industry reliance on precious metals and base metals; and those risks set out in the Company’s public documents filed on SEDAR+. Aurania cautions the reader that the above list of risk factors is not exhaustive. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.

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

Advertisement/Advertising – This article is distributed on behalf of OR Royalties Inc. and Gold Royalty Corp., with which SRC swiss resource capital AG maintains paid IR advisory agreements. Publisher: SRC swiss resource capital AG · Author: Ingrid Heinritzi · First published: 28/04/2026, 2:45 p.m. Zurich/Berlin

It is generally expected that both the Fed and the ECB will leave interest rates unchanged. Higher energy prices are certainly exacerbating stagflation risks, so interest rates will likely remain where they are for the time being. The same applies to the Bank of England and the Bank of Japan. Regarding market sentiment, it is evident that consumer confidence is waning and the war continues to create uncertainty. Here in Germany, the desire to spend is dwindling, and consumer sentiment is at its lowest level since February 2023.

However, the propensity to save remains high here. According to the ifo Index, sentiment in the German economy is now also at its lowest level since the pandemic. Interest rate expectations are certainly a significant factor in the development of the gold price. Should progress be made between the U.S. and Iran, this should also give the gold price another boost. Since the beginning of the year, the gold price has, after all, posted a return of eight percent so far.

Given the current environment, the World Gold Council speaks of “potential for a prolonged but healthy consolidation phase within a long-term uptrend.” The price of the precious metal has been trending sideways for days. For technical analysts, the fact that the gold price was able to overcome the hurdles at $4,381 and $4,642, and at $4,840 per troy ounce in early April, is a sign that the long-term uptrend remains intact. Gold will therefore continue to be in the spotlight for investors, as will the stocks of gold companies and royalty companies.

Gold Royalty – https://www.commodity-tv.com/ondemand/companies/profil/gold-royalty-corp/ – focuses on gold, silver, and copper, as well as gold properties in North and South America. Record revenues were achieved in the fourth quarter of 2025 and for the full year 2025. The first quarter of 2026 once again brought the company record revenues.

OR Royalties – https://www.commodity-tv.com/ondemand/companies/profil/or-royalties-inc/ – focuses on gold, silver, and copper with holdings and royalty streams in Canada, Australia, and the U.S. New royalty streams were recently added. The company pays dividends. The year 2025 saw record revenue. The first quarter of 2026 also ended with record revenue from streams and royalties. The latest deal is a precious metals stream from Canadian Copper’s projects in New Brunswick.

Current company information and press releases from OR Royalties (- https://www.resource-capital.ch/en/companies/or-royalties-inc/ -) and Gold Royalty (- https://www.resource-capital.ch/en/companies/gold-royalty-corp/ -).

You can also find further information in our new Precious Metals Report at the following link: https://www.resource-capital.ch/en/reports/view/precious-metals-report-2025-04/

Sources: OR Royalties, Gold Royalty,

https://www.tagesschau.de/wirtschaft/konjunktur/gfk-verbraucher-konsum-100.html;

https://www.tagesschau.de/wirtschaft/konjunktur/ifo-index-stimmung-wirtschaft-100.html;

https://www.gold.org/goldhub/gold-focus/2026/04/weekly-markets-monitor-fed-policy-drivers-seat;

https://www.resource-capital.ch/en/reports/view/precious-metals-report-2025-04/

In accordance with Section 85 of the German Securities Trading Act (WpHG) in conjunction with Article 20 of Regulation (EU) 2016/958 (MAR), we hereby disclose that authors/employees/affiliated companies of SRC swiss resource capital AG may hold positions (long/short) in issuers discussed. Remuneration/relationship: IR contracts/advertorial: Own positions (author): none; SRC net position: less than 0.5%; issuer’s stake in SRC ≥ 5%: no. Update policy: no obligation to update. No guarantee for the translation into German. Only the English version of this news release is authoritative.

Disclaimer: The information provided does not constitute any form of recommendation or advice. We expressly draw attention to the risks involved in securities trading. No liability can be accepted for any damage arising from the use of this blog. We would like to point out that shares and, in particular, warrant investments are generally associated with risk. The total loss of the capital invested cannot be ruled out. All information and sources are carefully researched. However, no guarantee is given for the accuracy of all content. Despite the utmost care, I expressly reserve the right to errors, particularly with regard to figures and prices. The information contained herein comes from sources that are considered reliable, but does not claim to be accurate or complete. Due to court rulings, the content of linked external sites is also our responsibility (e.g., Hamburg Regional Court, in its ruling of May 12, 1998 – 312 O 85/98), as long as we do not expressly distance ourselves from them. Despite careful content control, I assume no liability for the content of linked external sites. The respective operators are solely responsible for their content. The disclaimer of SRC swiss resource capital AG, which is available at https://www.resource-capital.ch/de/disclaimer-agb/, applies additionally.