HIGHLIGHTS

• The estimated range of potential mineralization for the Exploration Target is (also see Table 1):

·         10.4 – 11.9 million tonnes grading from 8.9 g/t gold equivalent (“AuEq”) to 12.1 g/t AuEq for:

3.0 Moz AuEq to 4.6 Moz AuEq

The potential quantity and grade of the Exploration Target is conceptual in nature and therefore is an approximation. There has been insufficient exploration to estimate a Mineral Resource and it is uncertain if further exploration will result in the estimation of a Mineral Resource. The Exploration Target has been completed in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) and the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves, 2012 Edition (“JORC”).

* (AuEq = Au (g/t) + 2.39 x Sb (%)) Differences may occur in totals due to rounding.

Michael Hudson, President & CEO states: "We’ve grown this Exploration Target from three prospects to five, from 1,020 metres of strike to over 1,500 metres and we are nowhere near done.

"The target captures less than 15% of the 11 km mineralized corridor. Extensions at depth remain open below every prospect. Christina was added for the first time to the Exploration Target calculation. Golden Dyke and Apollo East have added significantly.

"Nine rigs are turning on site with two more testing regional targets up to 8 km away. We have 35 km of core in the shed, being logged and awaiting results, and expect to complete another 135 km of drilling through to Q1 2027. Every hole we drill either extends what we know or opens something new.

"The path forward is clear. The geology keeps delivering. Our job is to keep drilling."

Exploration Target

The updated Exploration Target contains 3.0 to 4.6 Moz AuEq at grades of 8.9 to 12.1 g/t AuEq across 10.4 to 11.9 million tonnes, representing the Christina, Golden Dyke, Rising Sun, Apollo and Apollo East prospects along 1,500 m of strike. The Exploration Target is based on 125 vein set shapes constrained to diamond drilling data (Figure 1 and 2).

The updated Exploration Target ranges are listed in Table 1.

The potential quantity and grade of the Exploration Target is conceptual in nature and therefore is an approximation. There has been insufficient exploration to estimate a Mineral Resource and it is uncertain if further exploration will result in the estimation of a Mineral Resource. The Exploration Target has been completed in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) and the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves, 2012 Edition (“JORC”).

Basis for the Exploration Target

The Exploration Target is based on geological interpretation and projection of mineralization intersected in diamond drilling. The target area encompasses five prospects along the main structure at Sunday Creek: Christina, Golden Dyke, Rising Sun, Apollo, and Apollo East. The tonnage and grade ranges reflect the geological uncertainty inherent in early-stage exploration and are based on:

• Interpreted geometry of the host structures from drilling
• Observed widths and extents of mineralized zones
• Variation in gold and antimony values from drill intersections

The Exploration Target is constrained to five areas along the strike of the dyke breccia host: Christina (over 330 m strike), Golden Dyke (over 400 m strike), Rising Sun (over 410 m strike), Apollo (over 220 m strike), and Apollo East (over 140 m strike) for a total of 1,500 m of strike. A total of 125 mineralized vein set shapes were created for the Exploration Target (Fig 1 and 2).

Areas Not Included in Exploration Target

The Exploration Target covers the core 1.5 km main drill area down to varying depths. This area remains open to the immediate west and east. Drilled areas not yet included in the Exploration Target due to insufficient drill density include extensions at depth below current drilling, and regional prospects along the 11 km mineralized trend (Figure 3).

Drill intersections outside the current Exploration Target boundary (Figure 2) demonstrate potential for expansion with further drilling:

• Christina: SDDSC150 – 0.7 m @ 137.7 g/t AuEq (137.7 g/t Au) from 591.3 m
• Golden Dyke: SDDSC203 – 1.6 m @ 59.8 g/t AuEq (55.3 g/t Au, 1.9% Sb) from 313.8 m
• Rising Sun: SDDSC061 – 6.1 m @ 19.0 g/t AuEq (19.0 g/t Au) from 689.0 m
• Rising Sun: SDDSC107 – 9.1 m @ 40.5 g/t AuEq (39.1 g/t Au, 0.6% Sb) from 566.9 m
• Apollo: SDDSC145 – 4.8 m @ 23.7 g/t AuEq (14.7 g/t Au, 3.8% Sb) from 887.2 m
• Apollo East: SDDSC202 – 0.1 m @ 502.3 g/t AuEq (493.0 g/t Au, 3.9% Sb) from 778.1 m
• Apollo East: SDDSC214W1 – 0.5 m @ 251.4 g/t AuEq (232.0 g/t Au, 8.1% Sb) from 605.2 m

These results occur along strike and at depth from the current Exploration Target and are not included due to insufficient drill density to constrain vein geometry.

Additional Information

Cultural Heritage Clearances

Heritage walkovers required to gain access to the Exploration Target area have been completed in conjunction with the Taungurung Land and Waters Council who represent the Native Title holders the Taungurung People. A Cultural Heritage Management Plan (CHMP) over the larger project remains in progress.

Approvals

The majority of the Exploration Target is contained within a small crown land allotment. SXGC owns 1,392 hectares of freehold land that encloses the crown land.  Approvals required for exploration drilling to test the Exploration Target have all been obtained for both the crown land and the freehold land. The Company is also fully permitted under an existing work plan to construct a 1.2 km exploration decline that remains under construction.

Exploration Licences

The Exploration Target is located within granted Retention Licence RL6040 and surrounded by granted EL6163. No further Exploration Licences are required to be granted to test the Exploration Target.

Exploration Program

Expansion and resource definition drilling are continuing at the project with nine diamond rigs operating to extend the mineralization drill-out within the Exploration Target and to test whether sufficient geological and grade continuity exists to support a Mineral Resource Estimate and a further two rigs focused on regional exploration targets. A total of 130.6 km of drilling has been reported from Sunday Creek, with 35 km of drilling remaining in the core shed and assay lab to be reported.  In addition, a further 135 km is expected to be completed from today to the end of calendar Q1 2027.

Metallurgical test work

Stage 2 metallurgical test work reported in August 2025 (144 samples) demonstrated successful selective flotation processing that produces a high-grade, low-arsenic antimony-gold concentrate from the upper antimony-rich zones of the deposit, alongside excellent recovery of native gold. Overall gold recovery of 92.3% to 95.6% across three product streams:

1. Gravity gold concentrate (3 – 51.4% recovered gold).
2. Antimony-gold concentrate (8 – 36.5% recovered gold): Antimony grades 48.2 – 53.1%, gold grades up to 93.2 g/t and arsenic grades 0.1% to 0.2% (well below the 0.6% threshold). Antimony recovery 83.2% to 92.7%.
3. Sulphide concentrate (5 – 18.0% recovered gold)

Geological Modelling

SRK Consulting (Australasia) Pty Ltd ("SRK") has continued to be engaged for ongoing geological modelling assistance consistent with the requirements of National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101") and the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves, 2012 Edition ("JORC"). Subject to achieving sufficient drill density and establishing geological and grade continuity, this work may support consideration of a future Mineral Resource Estimate.

About Sunday Creek

The Sunday Creek epizonal-style gold project (Figure 4) is located 60 km north of Melbourne within 16,900 hectares (“Ha”) of granted exploration tenements. SXGC is also the freehold landholder of 1,392 Ha that forms the key portion in and around the main drilled area at the Sunday Creek Project. 

Gold and antimony form in a relay of vein sets that cut across a steeply dipping zone of intensely altered rocks (the “host”). These vein sets are like a “Golden Ladder” structure where the main host extends between the side rails deep into the earth, with multiple cross-cutting vein sets that host the gold forming the rungs.  At Apollo, Golden Dyke and Rising Sun these individual ‘rungs’ have been defined over 600 m depth extent from surface to over 1,200 m below surface, are 2.5 m to 3.5 m wide (median widths) (and up to 10 m), and 20 m to 100 m in strike.

Cumulatively, 273 drill holes for 130,610.13 m have been reported from Sunday Creek since late 2020. This amount includes five holes for 929 m that have been drilled for geotechnical purposes and 22 holes for 2,972.92 m that were abandoned due to deviation or hole conditions. Fourteen drill holes for 2,382.74 m have been reported regionally outside of the main Sunday Creek drill area with seventeen (17) additional regional holes currently being processed. A total of 64 historic drill holes for 5,599 m were completed from the late 1960s to 2008. The project now contains a total of ninety-three (93) composite intersections exceeding 100 g/t Au and seventy-nine (79) composite intersections between 50 g/t and 100 g/t Au, and one hundred and ten (110) composite intersections exceeding 10% Sb by applying a 1 m (down hole length) @ 5 g/t AuEq lower cut.

Southern Cross Gold’s systematic drill program is strategically targeting these significant vein formations, which are currently drill defined over 1,550 m strike of the host dyke/sediment (“rails of the ladder”) from Christina to Apollo prospects, of which approximately 650 m has been more intensively drill tested (Golden Dyke to Apollo). At least 125 ‘rungs’ have been defined to date, defined by high-grade intercepts (20 g/t Au to >7,330 g/t Au) along with lower grade edges. Ongoing step-out drilling is aiming to uncover the potential extent of this mineralized system (Figure 2).

Geologically, the project is located within the Melbourne Structural Zone in the Lachlan Fold Belt. The regional host to the Sunday Creek mineralization is an interbedded turbidite sequence of siltstones and minor sandstones metamorphosed to sub-greenschist facies and folded into a set of open north-west trending folds.

Further Information

Further discussion and analysis of the Sunday Creek project is available through the interactive Vrify 3D animations, presentations and videos all available on the SXGC website.  These data, along with an interview on these results with President & CEO/Managing Director Michael Hudson can be viewed at www.southerncrossgold.com.

No upper gold grade cut is applied in the averaging and intervals are reported as drill thickness. However, during future Mineral Resource studies, the requirement for assay top cutting will be assessed. The Company notes that due to rounding of assay results to one decimal place, minor variations in calculated composite grades may occur.

Figures 1 to 4 show project location, plan and longitudinal views of the Exploration Target reported here. The true thickness of the mineralized intervals is reported individually as estimated true widths (“ETW”) where known; otherwise, they are interpreted to be approximately 40% to 90% of the sampled thickness for other reported holes. Lower grades were cut at 1.0 g/t AuEq lower cutoff over a maximum width of 2 m with higher grades cut at 5.0 g/t AuEq lower cutoff over a maximum of 1 m width.

Critical Metal Epizonal Gold-Antimony Deposits

Sunday Creek (Figure 4) is an epizonal gold-antimony deposit formed in the late Devonian (like Fosterville, Costerfield and Redcastle), 60 million years later than mesozonal gold systems formed in Victoria (for example Ballarat and Bendigo). Epizonal deposits are a form of orogenic gold deposit classified according to their depth of formation: epizonal (<6 km), mesozonal (6 km to 12 km) and hypozonal (>12 km). 

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

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

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

Southern Cross Gold Consolidated Ltd. (TSX: SXGC, ASX: SX2, OTCQX: SXGCF) is advancing the Sunday Creek Gold-Antimony Project, located 60 km north of Melbourne. Sunday Creek is a gold and antimony drill discovery, with high-grade drill results including 93 composite intersections exceeding 100 g/t Au from 136.2 km of drilling (including historic drilling). The mineralization follows a "Golden Ladder" structure over 11 km of interpreted strike length, with structures drill tested from surface to 1,200 m depth.

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

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

With a strong cash position, 1,392 Ha of strategic freehold land ownership, and a large 200 km drill program planned through Q1 2027, SXGC is well-positioned to advance this gold-antimony discovery, delivering milestone by milestone.

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

For further information, please contact:

Mariana Bermudez – Corporate Secretary
mb@southerncrossgold.com or +1 604 685 9316   

Executive Office
1305 – 1090 West Georgia Street Vancouver, BC, V6E 3V7, Canada
Nicholas Mead – Corporate Development
info@southerncrossgold.com.au or +61 415 153 122  

Justin Mouchacca, Assistant Company Secretary,
jm@southerncrossgold.com.au or +61 3 8630 3321

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

NI 43-101 Technical Background and Qualified Person

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

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

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

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

𝐴𝑢𝐸𝑞 = 𝐴𝑢 (𝑔/𝑡) + 2.39 × 𝑆𝑏 (%)

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

JORC Competent Person Statement

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

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

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

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

Forward-Looking Statement

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

The world’s above-ground gold reserves are growing, albeit at a moderate pace. Over the past 113 years, the average annual growth rate has been only 1.5 percent. The total amount of gold ever mined amounts to approximately 219,900 metric tons. This quantity is equivalent to a cube with an edge length of 22 meters. In addition, there is gold in the ground that has been proven to exist – approximately 4.2 billion ounces in resources and 1.7 billion ounces in reserves, according to estimates.

New deposits are being discovered with decreasing frequency. Mining this precious metal is becoming more expensive. Gold cannot truly be destroyed; it can be recycled and reused. Today, the ore contains less gold than it used to, so more rock must be processed, more remote regions must be developed, or mining must take place at greater depths. Environmental and occupational safety regulations have become stricter. All of this drives up the cost of extraction. This, combined with its scarcity, its ability to retain value over time, and high demand, is what makes it so attractive.

New mines require a great deal of time and capital before they become profitable. It often takes ten to 20 years from discovery to production readiness. And a gold content of 0.5 to 2 grams of gold per metric ton of rock is no longer unusual at many large open-pit mines today – and is actually considered very good for heap leaching processes. Incidentally, the price of gold was still below 500 euros per troy ounce in the early 2000s.

Fortuna Mining – https://www.commodity-tv.com/ondemand/companies/profil/fortuna-mining-inc/ – is a successful gold and silver producer with mines in West Africa and Latin America. In the second quarter, the company produced more than 72,000 ounces of gold equivalent. In the first half of the year, production totaled approximately 145,000 ounces of gold equivalent. The company is moving forward with the Diamba Sud gold project in Senegal; the environmental and social impact assessment has been approved, and the positive results of the feasibility study were recently published. At the Séguéla gold mine in Ivory Coast, capacity is being expanded to increase gold production.

Fury Gold Mines – https://www.commodity-tv.com/ondemand/companies/profil/fury-gold-mines-ltd/ -, is well-capitalized and holds a gold and mineral exploration portfolio totaling over 157,000 hectares in Québec. In addition, the company owns 11.3 million common shares of Dolly Varden Silver Corp. and a stake in Contango Silver and Gold. Encouraging drill results were reported from the Eau Claire project (for example, 10.27 grams of gold per metric ton of rock over 11 meters), which is moving toward a feasibility study.

Current company information and press releases from Fortuna Mining (- https://www.resource-capital.ch/de/unternehmen/fortuna-mining-corp/ -) and Fury Gold Mines (- https://www.resource-capital.ch/de/unternehmen/fury-gold-mines-ltd/ -).

For more information, please see our new Precious Metals Report at the following link:

https://www.resource-capital.ch/de/reports/ansicht/edelmetall-report-2026-03/.

Sources: Fortuna Mining, Fury Gold Mines,

https://www.moneygold.de/goldankauf-lexikon/goldpreis-news/goldminen-und-goldpreis-abhaengigkeiten/;

https://www.gold.de/goldfoerderung/;

https://www.resource-capital.ch/de/reports/ansicht/edelmetall-report-2026-03/.

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

Pursuant to Section 85 of the German Securities Trading Act (WpHG) in conjunction with Article 20 of the Market Abuse Regulation (MAR) (EU) 2016/958, we hereby note that authors, employees, and affiliated companies of Swiss Resource Capital AG (SRC) may hold positions (long/short) in the issuers discussed. Compensation/Relationship: IR contracts/advertorials: Author’s own positions: none; SRC net position: less than 0.5%; Issuer’s stake in SRC ≥ 5%: no. Update Policy: No obligation to update. No guarantee regarding the German translation. Only the English version of this news release is authoritative.

Disclaimer: The information provided does not constitute a recommendation or advice of any kind. Please be aware of the risks associated with securities trading. No liability can be accepted for any damages arising from the use of this blog. We would like to point out that investments in stocks, and particularly in warrants, are inherently risky. The total loss of the capital invested cannot be ruled out. All information and sources are carefully researched. However, no guarantee is given as to the accuracy of any content. Despite exercising the utmost care, I expressly reserve the right to make errors, particularly with regard to figures and prices. The information contained at is derived from sources considered reliable but in no way claims to be accurate or complete. Based on court rulings, I am jointly liable for the content of linked external sites (e.g., Hamburg Regional Court, in its ruling of May 12, 1998—312 O 85/98) unless I expressly distance myself from them. Despite careful review of the content, I assume no liability for the content of linked external sites. The respective operators are solely responsible for their content. The disclaimer of Swiss Resource Capital AG also applies and is available at: https://www.resource-capital.ch/de/disclaimer-agb/.

In the first half of 2026, total gold demand rose slightly – by two percent compared to the previous year – to 2,522 metric tons of gold. The fourth quarter of 2025 and the first quarter of 2026 were marked by strong gold purchases in the coins and bullion segments. The stable second quarter of 2026 indicates that purchasing behavior has returned to its typical level. Central banks purchased significantly more gold in the second quarter compared to the first quarter, returning to the high levels seen in recent years.

Even in the technology sector, gold consumption rose; while demand from the AI sector weakened, this was offset by demand from the consumer electronics sector. As a result, the LBMA gold price averaged $4,506.29 per troy ounce in the second quarter. This was 37 percent higher than the average price in the second quarter of 2025. What has fallen sharply, however, is demand for jewelry. Spending has risen, however, due to the higher gold price compared to the same period last year. Gold jewelry therefore remains important to consumers.

Gold ETFs experienced outflows in the second quarter of 2026. Looking ahead, the World Gold Council expects that investments in the gold market will be the primary factor supporting the price. These will be supplemented by purchases from Asia, over-the-counter (OTC) trading, and purchases by central banks. Inflation concerns and geopolitical uncertainties should also support the price of the precious metal. The sensitivity of Western gold ETFs to the U.S. dollar and to expectations regarding monetary policy is likely to persist.

Amex Gold Mining (formerly 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. Amex Exploration’s Perron gold project, in particular, hosts large, high-grade gold deposits. It is 100 percent owned by the company and stands out for its excellent infrastructure and a positive feasibility study. Ore processing is scheduled to begin in 2027. A large-scale pilot plant is currently being developed, and underground blasting is underway.

Osisko Gold Group (formerly Osisko Development) – https://www.commodity-tv.com/ondemand/companies/profil/osisko-gold-group-inc/ – owns, among other assets, the flagship Cariboo Gold project (Canada, 100 percent, fully permitted). It is located in the historic Cariboo Mining District in central British Columbia and is considered one of the best land packages in Canada. Production at Cariboo (approximately 190,000 ounces of gold per year over ten years) is scheduled to begin in 2027. A 70,000-meter drilling program is currently underway and is well-funded. The current, very positive drill results point to the presence of the anticipated resource growth. The company’s goal is to become a mid-sized gold producer.

Current company information and press releases from Amex Gold Mining (- https://www.resource-capital.ch/de/unternehmen/amex-exploration-inc/ -) and Osisko Gold Group (- https://www.resource-capital.ch/de/unternehmen/osisko-development-corp/ -).

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

Sources: Amex Gold Mining, Osisko Gold Group,

https://www.gold.org/goldhub/research/gold-demand-trends/gold-demand-trends-q2-2026?utm_medium=email&utm_source=newsletter&utm_campaign=GOLDHUB%3A+Your+Weekly+Gold+Market+Round-up%2C+July+31%2C+2026;

https://www.resource-capital.ch/de/reports/ansicht/edelmetall-report-2026-03/.

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

Pursuant to Section 85 of the German Securities Trading Act (WpHG) in conjunction with Article 20 of the Market Abuse Regulation (MAR) (Regulation (EU) 2016/958), we hereby note that authors, employees, and affiliated companies of Swiss Resource Capital AG (SRC) may hold positions (long/short) in the issuers discussed. Compensation/Relationship: IR contracts/advertorials: Author’s own positions: none; SRC net position: less than 0.5%; Issuer’s stake in SRC ≥ 5%: no. Update Policy: No obligation to update. No guarantee regarding the German translation. Only the English version of this news release is authoritative.

Disclaimer: The information provided does not constitute a recommendation or advice of any kind. Please be aware of the risks involved in securities trading. assumes no liability for any damages arising from the use of this blog. We would like to point out that investments in stocks and, in particular, warrants are inherently risky. The total loss of the capital invested cannot be ruled out. All information and sources are carefully researched. However, no guarantee is given as to the accuracy of any content. Despite exercising the utmost care, I expressly reserve the right to make errors, particularly with regard to figures and prices. The information contained herein is derived from sources deemed reliable but does not in any way claim to be accurate or complete. Based on court rulings, I am jointly liable for the content of linked external websites (see, among others, the Hamburg Regional Court, in its ruling of May 12, 1998 – 312 O 85/98) unless I expressly distance myself from such content. Despite careful review of the content, I assume no liability for the content of linked external websites. The respective operators are solely responsible for their content. The disclaimer of Swiss Resource Capital AG also applies and is available at: https://www.resource-capital.ch/de/disclaimer-agb/.

According to the latest figures from the International Copper Study Group in its July Copper Bulletin, the preliminary global balance for refined copper for the first five months of the current year shows a surplus of 221,000 metric tons. The economic and energy crisis triggered by the U.S.-Iran war has not prevented a slight rise in the price of copper. This is because, on the one hand, demand is growing, and on the other, supply is tight. Dominic Schnider, an analyst at the major Swiss bank UBS, expects a copper market shortage of approximately 520,000 metric tons for the full year 2026.

Certain risks continue to dominate the copper market. These include the threat of U.S. tariffs and the shortage of sulfuric acid. For mining companies such as Rio Tinto, rising commodity prices – such as those for copper – led to significantly higher profits. And the tight supply is reflected in global copper mine production, which declined by 1.6 percent in the first five months of 2026. This decline is attributable to lower production at Chilean mines and reduced output in the Congo and Indonesia.

According to research by the International Copper Study Group, the data suggests that global consumption of refined copper rose by 2.2 percent in the first five months of 2026. From a global perspective, consumption excluding China rose by about one percent, while demand in China increased by an estimated three percent. Incidentally, China accounts for about 59 percent of global refined copper consumption.

Mogotes Metals – https://www.commodity-tv.com/ondemand/companies/profil/mogotes-metals-inc/ – is in the exploration and development stage and owns copper, silver, and gold projects in the promising Vicuña District in Argentina and Chile. The Filo Sur copper project (Argentina) appears particularly promising, with drilling rigs currently in operation there. Promising drill results have already been published. The most recent drill results revealed molybdenum in addition to copper, gold, and silver. The positive results were observed in the drill core at a shallow depth of 108 meters. Rio Tinto Exploration Canada has confirmed the potential of Filo Sur through a strategic investment in Mogotes Metals.

Blue Moon Metals – https://www.commodity-tv.com/ondemand/companies/profil/blue-moon-metals-inc/ – owns five polymetallic brownfield projects, including the Nussir copper-gold-silver project and the NSG copper-zinc-gold-silver project in Norway. In the U.S., the company holds the Blue Moon zinc-gold-silv er-copper project, the Springer tungsten-molybdenum project (already largely approved), and the Apex germanium-gallium-copper project. All projects are strategically located and have existing infrastructure. The investment decision to proceed with construction has been made for the Nussir project.

Current company information from Mogotes Metals (- https://www.resource-capital.ch/de/unternehmen/mogotes-metals-inc/ -) and Blue Moon Metals (- https://www.resource-capital.ch/de/unternehmen/blue-moon-metals-inc/ -).

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

Sources: Blue Moon Metals, Mogotes Metals,

https://www.handelsblatt.com/finanzen/maerkte/devisen-rohstoffe/industriemetalle-kupferpreis-stabil-trotz-irankrise-das-sind-die-gruende/100241563.html;

https://www.onvista.de/news/2026/07-29-bergbaukonzern-rio-tinto-steigert-gewinn-deutlich-kupferpreis-hilft-0-10-26537095;

https://icsg.org/download/2026-07-21-monthly-press-release/?wpdmdl=9319&refresh=6a6b13885ed1c1785402248;

https://www.resource-capital.ch/de/reports/ansicht/batteriemetall-report-2026-03/.

Pursuant to Section 85 of the German Securities Trading Act (WpHG) in conjunction with Article 20 of the Market Abuse Regulation (MAR) (EU) 2016/958, we hereby note that authors, employees, and affiliated companies of Swiss Resource Capital AG (SRC) may hold positions (long/short) in the issuers discussed. Compensation/Relationship: IR contracts/advertorials: Author’s own positions: none; SRC net position: less than 0.5%; Issuer’s stake in SRC ≥ 5%: no. Update Policy: No obligation to update. No guarantee regarding the German translation. Only the English version of this news release is authoritative.

Disclaimer: The information provided does not constitute a recommendation or advice of any kind. Please be expressly aware of the risks involved in securities trading. No liability can be accepted for damages arising from the use of this blog. We would like to point out that investments in stocks and, in particular, warrants are inherently risky. The total loss of the capital invested cannot be ruled out. All information and sources are carefully researched. However, no guarantee is given as to the accuracy of any content. Despite exercising the utmost care, I expressly reserve the right to make errors, particularly with regard to figures and prices. The information contained herein is derived from sources deemed reliable but does not in any way claim to be accurate or complete. Based on court rulings, I am jointly liable for the content of linked external websites (e.g., Hamburg Regional Court, in its ruling of May 12, 1998 – 312 O 85/98) unless I expressly distance myself from such content. Despite careful review of the content, I assume no liability for the content of linked external websites. The respective operators are solely responsible for their content. The disclaimer of Swiss Resource Capital AG also applies and is available at: https://www.resource-capital.ch/de/disclaimer-agb/.

Advertisement – This article is distributed on behalf of GoGold Resources Inc. and Banyan Gold Corp., with which SRC swiss resource capital AG has paid investor relations consulting agreements. Producer: SRC swiss resource capital AG · Author: Ingrid Heinritzi · First published: July 31, 2026, 3:10 p.m. Zurich/Berlin ·

According to technical analysts, following the major downtrend, gold needs a kind of initial spark to drive prices back up. Since the end of June, a consolidation triangle has formed around the key downside target of $3,960 per troy ounce. This triangle formation could slow the downtrend. For the gold price to rise, it would need to break above $4,094 and $4,159. For silver, technical analysts see resistance at $58.98 per troy ounce. If the silver price reaches its most recent significant high of $60.87, the odds are good for higher prices.

The fact that gold now holds the status of a global reserve currency is due in no small part to central banks. In recent years, they have purchased approximately 1,000 metric tons of gold annually. In addition, there are likely large quantities of gold that go unreported. Gold is compelling because of its history; it is durable, transportable, limited in supply, divisible, and – above all – unlike paper currencies, it retains its value.

Experts believe that the gold market is no longer as heavily influenced by interest rate decisions.  Currently, it is not only the conflict over the Strait of Hormuz but also developments in the Red Sea that are causing concern. Bond yields have also risen, and the U.S. dollar has strengthened. Despite various market fluctuations, the price of gold has shown resilience, and it remains an attractive investment.

Banyan Gold – https://www.commodity-tv.com/ondemand/companies/profil/banyan-gold-corp/ – owns the flagship AurMac project in the Yukon, among other projects; it covers 303 square kilometers, benefits from excellent infrastructure, and boasts very good drilling results. Recently, additional high-grade gold mineralization has been identified. Visible gold has even been found in a newly identified zone approximately 25 kilometers west of the AurMac area. A preliminary economic assessment is expected in the fourth quarter of 2026.

GoGold Resources – https://www.commodity-tv.com/ondemand/companies/profil/gogold-resources-inc/ -, which is debt-free, produces gold and silver in Mexico. In the third quarter, the company produced 268,673 ounces of silver, 3,036 ounces of gold, 88 metric tons of copper, and 116 metric tons of zinc, for a total of 477,464 ounces of silver equivalent. This represents a 21 percent increase over the second quarter. The Parral Tailings Project is located in the state of Chihuahua. For the advanced Los Ricos South underground mining project, all necessary permits and approvals for the construction of the underground mine have been granted. With ongoing revenue, Los Ricos North and Los Ricos South can be developed optimally.

Current company information and press releases from Banyan Gold (- https://www.resource-capital.ch/de/unternehmen/banyan-gold-corp/ -) and GoGold Resources (- https://www.resource-capital.ch/de/unternehmen/gogold-resources-inc/ -).

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

Sources: GoGold Resources, Banyan Gold,

https://derivate.bnpparibas.com/daily-edelmetall?utm_source=finanzen.net&utm_medium=content&utm_content=daily_edelmetall&utm_campaign=news-finanzen.net-Emittenten_Chartanalyse;

https://www.resource-capital.ch/de/reports/ansicht/edelmetall-report-2026-03/.

Pursuant to Section 85 of the German Securities Trading Act (WpHG) in conjunction with Article 20 of the Market Abuse Regulation (MAR) (Regulation (EU) 2016/958), we hereby note that authors, employees, and affiliated companies of Swiss Resource Capital AG (SRC) may hold positions (long/short) in the issuers discussed. Compensation/Relationship: IR contracts/advertorials: Author’s own positions: none; SRC net position: less than 0.5%; Issuer’s stake in SRC ≥ 5%: no. Update Policy: No obligation to update. No guarantee regarding the German translation. Only the English version of this news release is authoritative.

Disclaimer: The information provided does not constitute a recommendation or advice of any kind. Please be aware of the risks associated with securities trading. No liability can be accepted for any damages arising from the use of this blog. We would like to point out that investments in stocks, and particularly in warrants, are inherently risky. The total loss of the capital invested cannot be ruled out. All information and sources are carefully researched. However, no guarantee is given as to the accuracy of any content. Despite exercising the utmost care, I expressly reserve the right to make errors, particularly with regard to figures and prices. The information contained herein is derived from sources considered reliable but does not in any way claim to be accurate or complete. Based on court rulings, I am jointly liable for the content of linked external websites (e.g., Hamburg Regional Court, in its ruling of May 12, 1998 – 312 O 85/98) unless I expressly distance myself from such content. Despite careful review of the content, I assume no liability for the content of linked external websites. The respective operators are solely responsible for their content. The disclaimer of Swiss Resource Capital AG also applies, which is available at: https://www.resource-capital.ch/de/disclaimer-agb/.

• The Minister of Environment, Climate Change and Nature has issued a positive Decision Statement for the Company’s Crawford Nickel Project
• Crawford Nickel Project is the first mining project to receive a Decision Statement under Canada’s amended Impact Assessment Act, 2019
• Project estimated to contribute approximately $70 billion to Canada’s GDP and support ~185,000 person-years of employment

Canada Nickel Company Inc. ("Canada Nickel" or the "Company" – – https://www.rohstoff-tv.com/mediathek/unternehmen/profile/canada-nickel-company-inc/) (TSXV: CNC) (OTCQX: CNIKF) has received a positive Decision Statement from the Minister of Environment, Climate Change and Nature for its Crawford Nickel Project (“Crawford”), marking the first mining approval issued under Canada’s amended Impact Assessment Act since 2019, establishing a precedent for how major natural resource projects advance through Canada’s modern regulatory process.

Mark Selby, CEO of Canada Nickel said, "Today’s decision recognizes the strategic importance of responsibly developing Canada’s critical mineral resources in partnership with all levels of government and Indigenous Nations while maintaining rigorous environmental standards. I am very proud of our team, which completed this key federal permit in just four years and advanced Crawford from its fifth drill hole through feasibility study to today’s milestone in under seven years – substantially faster than typically required for large-scale projects. We thank the Minister and the federal government for their support of Crawford and appreciate the thorough work undertaken by the Impact Assessment Agency of Canada. We look forward to continuing to advance Crawford towards a construction decision in 2027."

The Crawford Nickel Project was referred to the Major Projects Office by the Government of Canada and selected as one of the first projects to advance under Ontario’s One Project, One Process framework. The decision provides a template for how nationally significant resource projects can navigate Canada’s impact assessment system and opens the door to broader development across the Timmins Nickel District.

"The Crawford Nickel Project is an example of Canada’s global critical minerals leadership, and today’s approval is a testament to our government’s commitment to getting projects approved and streamlining our permitting processes in a way that maintains rigorous environmental standards and respect for the rights of Indigenous Peoples. This is how we create investment certainty for Canadian mining here in Ontario and across the country, so we can be a critical minerals superpower and create economic growth and opportunity and enhance supply chain sovereignty for all Canadians." – The Honourable Tim Hodgson, Minister of Energy and Natural Resources.

Crawford is expected to become the Western World’s largest nickel sulphide operation,[1] and North America’s only primary source of chromium.[2]  Together, these two metals supply critical supply chains in defence, aerospace, stainless steel, electric vehicle batteries, and advanced manufacturing. The Crawford Nickel Project also underpins Canada Nickel’s broader vision for the potential to establish a zero carbon industrial cluster in Northeastern Ontario leveraging the Company’s innovative carbon mineralization technologies and downstream processing opportunities.

The Company has established significant Indigenous partnerships, including a $20 million equity investment by Taykwa Tagamou Nation – the largest known First Nation investment in a critical minerals project in Canada (see news release dated December 16, 2024)  – as well as a major infrastructure contracting agreement with Wabun Tribal Council member First Nations to support long-term economic participation.

An independent economic analysis, prepared by Mansfield Consulting, estimates the Crawford Nickel Project will contribute approximately $70 billion to Canada’s GDP over the life of he mine, support approximately 185,000 person-years of employment, and generate significant long-term economic activity across Northern Ontario and Canada. The Economic Impact Study was based on information from the Company’s feasibility study published in November 2023.

With the federal Decision Statement now complete, Canada Nickel will continue advancing detailed engineering, project financing, and the remaining provincial and federal permits required ahead of planned construction.

About Canada Nickel

Canada Nickel Company is advancing the Crawford Nickel Project, located in the Timmins Nickel District in northeastern Ontario. Crawford is expected to be one of the world’s largest nickel sulphide projects and is designed to produce low-carbon nickel while incorporating proprietary carbon mineralization technologies capable of permanently storing carbon dioxide. The Company is also advancing the broader Timmins Nickel District as a secure, long-term source of critical minerals for Canada and its allies. For more information, please visit www.canadanickel.com.

For further information, please contact:

Mark Selby CEO
Canada Nickel Company
Phone: 647-256-1954
Email: info@canadanickel.com

Media, please contact:
Melanie Paradis President
Texture Communications
Email: melanie@yourtexture.com

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

In Europe

Swiss Resource Capital AG

Marc Ollinger

info@resource-capital.ch

www.resource-capital.ch

Cautionary Statement Concerning Forward-Looking Statements

This press release contains certain information that may constitute "forward-looking information" under applicable Canadian securities legislation. Forward looking information includes the ability of the Company to finance and construct the Crawford Nickel Project, including advancing detailed engineering, project financing, and obtaining the remaining provincial and federal permits required ahead of planned construction; the anticipated timing of a construction decision in 2027; the ability of the Company to deliver nickel required to feed the high growth electric vehicle and stainless steel markets; the development of processes to allow the production of net zero carbon nickel, cobalt, and iron products; the potential to establish a zero carbon industrial cluster in Northeastern Ontario; and the estimated $70 billion contribution to Canada’s GDP and approximately 185,000 person-years of employment referenced in the third party Economic Impact Study. Readers should not place undue reliance on forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Canada Nickel to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. There are no assurances that Crawford will be placed into production. Factors that could affect the outcome include, among others:  the Company’s ability to obtain and maintain all necessary governmental and regulatory approvals and permits; the continued support of governments and Indigenous communities for the Crawford Nickel Project; the actual results of development activities; project delays; inability to raise the funds necessary to complete development; general business, economic, competitive, political and social uncertainties; future prices of metals or project costs could differ substantially and make any commercialization uneconomic; availability of alternative nickel sources or substitutes; actual nickel recovery; conclusions of economic evaluations; changes in applicable laws; changes in project parameters as plans continue to be refined; accidents, labour disputes, the availability and productivity of skilled labour and other risks of the mining industry; political instability, terrorism, insurrection or war; delays in obtaining governmental approvals, necessary permitting or in the completion of development or construction activities; mineral resource estimates relating to Crawford could prove to be inaccurate for any reason whatsoever; additional but currently unforeseen work may be required to advance to the feasibility stage; and even if Crawford goes into production, there is no assurance that operations will be profitable. Although Canada Nickel has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Forward-looking statements contained herein are made as of the date of this news release and Canada Nickel disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by applicable securities laws. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

[1] Source: Wood Mackenzie

[2] USGS Chromium 2026

Economic Impact Study prepared by Mansfield Consulting – see news release dated October 15, 2025

The project includes an expansion of the Séguéla processing facility, upgrades to supporting infrastructure, and development of the Sunbird underground mine. Together, these investments are expected to increase throughput, improve gold recoveries, accelerate production from Séguéla’s growing resource base, and reinforce the mine’s position as a cornerstone asset in Fortuna’s portfolio.

Expansion Highlights

• 30% increase in processing capacity, from 1.75 Mtpa to 2.3 Mtpa, with average gold recovery expected to reach 94.5%
• Expected to support average annual gold production at Séguéla of more than 200,000 ounces over the next decade
• Higher recoveries and accelerated gold production are expected to enhance cash flow generation and deliver attractive project returns, with a projected payback period of approximately 2.5 years
• Estimated construction capital of $109 million, to be funded from operating cash flow and supported by the Company’s strong liquidity of approximately $800 million as of the end of
  Q1 2026

Jorge A. Ganoza, President and CEO, commented, “Séguéla has consistently exceeded expectations since entering production in mid-2023 and continues to demonstrate strong growth potential. This expansion represents the logical next step in unlocking additional value from the asset by increasing processing capacity, integrating underground production, and enhancing operating flexibility. The project supports our strategy of disciplined reinvestment in high-quality assets and, along with the feasibility stage Diamba Sud project in Senegal, advances Fortuna’s objective of increasing consolidated annual gold rate of production toward 500,000 ounces by 2028.”

Project Overview

The Séguéla expansion is designed to increase processing capacity, improve gold recoveries, and support a higher long-term production profile by integrating the Sunbird underground mine with targeted upgrades to the processing plant and supporting infrastructure, including expanded camp facilities and enhancements to the power and water supply systems. Together, these investments are expected to enhance operational flexibility, strengthen cash flow generation, and provide a scalable platform for future growth at Séguéla.

The processing plant expansion will increase throughput from 1.75 Mtpa to approximately 2.3 Mtpa by leveraging existing infrastructure while adding capacity in key areas of the plant. This design is expected to optimize capital efficiency, reduce execution complexity, minimize disruption to ongoing operations during construction and tie-ins, and maintain operational flexibility while supporting future production growth.

Key elements of the processing plant expansion include:

• Comminution upgrades: Retention of the existing crushing circuit and conversion of the milling circuit from a single-stage SAG configuration to a SAG and ball mill circuit, increasing throughput while maintaining the target grind size.
• Gravity and leaching enhancements: Installation of a new gravity circuit, intensive leach reactor, pre-leach thickener, and second carbon-in-leach train to increase leaching capacity and support average gold recoveries of approximately 94.5%.
• Supporting infrastructure upgrades: Enhancements to reagent handling and storage, oxygen supply, process water, plant air, and tailings pumping systems to support the expanded processing rate.

Execution Timeline

Fortuna plans to advance the Séguéla expansion through a phased execution plan designed to minimize disruption to ongoing operations.

Key milestones include:

• H2 2026: Expected commencement of construction activities, including site preparation, camp expansion, procurement of long-lead items, and advancement of EPCM activities.
• Q2 2027: Expected commencement of underground mining at the Sunbird deposit.
• H2 2028: Targeted ramp-up to the expanded processing plant throughput of approximately 2.3 Mtpa.

Qualified Person

Raul Espinoza, Director of Technical Services for Fortuna Mining Corp., is a Fellow and Chartered Professional of the Australasian Institute of Mining and Metallurgy (FAusIMM CP) and a Qualified Person as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects.
Mr. Espinoza has reviewed and approved the scientific and technical information contained in this news release and has verified the underlying data.

About Fortuna Mining Corp.

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

ON BEHALF OF THE BOARD

Jorge A. Ganoza
President, CEO, and Director
Fortuna Mining Corp.

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

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

Forward-looking Statements

This news release contains forward-looking statements which constitute “forward-looking information” within the meaning of applicable Canadian securities legislation and “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 (collectively, “Forward-looking Statements”). All statements included herein, other than statements of historical fact, are Forward-looking Statements and are subject to a variety of known and unknown risks and uncertainties which could cause actual events or results to differ materially from those reflected in the Forward-looking Statements. The Forward-looking Statements in this news release may include, without limitation,  the Company’s expectations regarding the expansion of the Séguéla processing plant capacity, including improving gold recoveries, projected payback period, average annual gold production, and estimated construction capital; statements regarding key milestones of the Séguéla expansion, including expected commencement of underground mining at the Sunbird deposit; the Company’s objective of increasing consolidated annual gold rate production toward 500,000 ounces by 2028; the Company’s proposed exploration plans and objectives; statements about the Company’s business strategies, plans and outlook; the Company’s plans for its mines and mineral properties; changes in general economic conditions and financial markets; the impact of inflationary pressures on the Company’s business and operations; the future results of exploration activities;  the merit of the Company’s mines and mineral properties; and the future financial or operating performance of the Company. Often, but not always, these Forward-looking Statements can be identified by the use of words such as “estimated”, “potential”, “open”, “future”, “assumed”, “projected”, “proposed”, “used”, “detailed”, “has been”, “gain”, “planned”, “reflecting”, “will”, “anticipated”, “estimated” “containing”, “remaining”, “to be”, or statements that events, “could” or “should” occur or be achieved and similar expressions, including negative variations.

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

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

Highlights from Diamond Drilling at the Nyam Gold Deposit at Enchi

• Drilling intersected high-grade gold mineralization above the mineral reserve grade and below the limits of the pits that constrain the Mineral Reserves.
o Diamond drill hole NBDD088 intersected 3.67 g/t Au over 25.3 m from 307.7 m.
o This intercept is the highest grade-thickness zone encountered to date at Nyam.
• Diamond drilling tested the down dip and lateral extensions to high-grade gold mineralization previously identified at Nyam.
o Hole NBDD091 intersected 1.26 g/t Au over 18.0 m from 300.0 m, including 2.31 g/t Au over 9.0 m from 300.0 m.
o Hole NBDD087 intersected 1.18 g/t Au over 14.0 m from 186.0 m.
• Drill results not included in Mineral Resource Estimate and Pre-Feasibility Study, with drilling continuing to highlight Enchi’s longer-term prospectivity.
o Drilling reported in this news release targeted mineralization to depth and reached a maximum vertical depth of 275 metres. The average vertical depth of all holes drilled to date at Nyam is only down to 100 metres.
o All deposits at Enchi remain open for expansion along strike and to depth.

Luke Alexander, President and CEO of Newcore stated, "We are excited by the continued strong results achieved from drilling underway at Enchi, with this set of results including the best intercept encountered to date at Nyam on a gram by metre basis. Importantly, drilling is encountering wide zones of mineralization well above the currently defined resource grade, continuing to support the opportunity to prove out higher-grade gold in future economic studies. These holes also successfully intersected gold mineralization below the reserve pits, highlighting the opportunity for resource conversion and the potential for future mineral reserve growth. With an 80,000 metre drill program underway at Enchi, and four drill rigs active, we look forward to continuing to create value through the drill bit, with this drill program an important step in continuing to prove out the potential of our Enchi Gold Project in Ghana."

This release reports results for 5 DD holes totalling 1,489 m (NBDD087 to NBDD091) targeting the Nyam Gold Deposit, with all holes intersecting gold mineralization. A total of 46,140 m in 288 holes has been reported to date as part of the ongoing drill program at Enchi, with 99% of holes intersecting gold mineralization. 

A plan map showing the drill hole locations can be viewed at:
https://newcoregold.com/…

A cross section showing drill results and highlights for hole NBDD087 and NBDD088 can be viewed at: https://newcoregold.com/…

A complete list of the drill results in this release, including hole details, can be viewed at:
https://newcoregold.com/…

Diamond Drilling at the Nyam Gold Deposit

NBDD087 to NBDD091 (5 DD holes totalling 1,489 m) were completed at Nyam, targeting high-grade mineralization within the fresh mineral horizon. The goal of this drilling was to continue to expand high-grade mineralization to depth and convert high-grade portions of the existing Inferred Mineral Resource to the Indicated category. The 5 holes focused on testing previously identified high-grade shoots at Nyam to depth. This drilling included some of the deepest holes completed to date at Nyam, reaching a maximum vertical depth of 275 metres. The holes reported in this news release were distributed across 4 separate sections spread along a 410 metre strike length.

Four diamond drill holes totalling 1,147 m (NBDD087 to NBDD090) targeted extensions to a southern high-grade shoot identified at Nyam. Hole NBDD088 intersected 3.67 g/t Au over 25.3 m from 307.7 m, the highest grade-thickness intercept drilled to date at Nyam. This hole was drilled just below the pit that constrains the current Mineral Resource Estimate, highlighting the potential to convert Inferred material to Indicated, as well as continue to extend the higher-grade mineralization at Nyam to depth. Hole NBDD087, drilled on the same section as NBDD088, also intersected above resource-grade mineralization with 1.18 g/t Au over 14.0 m from 186.0 m. Hole NBDD090, collared 210 metres north of NBDD088 on the northern edge of the southern high-grade shoot, intersected 0.72 g/t Au over 22.4 m from 166.0 m, including a higher-grade interval of 1.21 g/t Au over 10.4 m from 178.0 m.

One diamond drill hole totalling 342.5 m (NBDD091) targeted a central high-grade shoot identified at Nyam, with drilling intersecting mineralization above the current resource grade. Hole NBDD091, drilled 410 metres north of NBDD088, intersected 1.26 g/t Au over 18.0 m from 300.0 m, including a higher-grade interval of 2.31 g/t Au over 9.0 m from 300.0 m.

Diamond drilling completed at Nyam continues to intersect mineralization above the resource grade and continues to confirm continuity along strike and down dip, extending the principal structures which comprise the Nyam Gold Deposit.

Enchi Work Program

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

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

Nyam Gold Deposit

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

Enchi Gold Project Mineral Reserve and Resource Estimates

The Enchi Gold Project hosts a Probable Mineral Reserve of 51.3 million tonnes grading 0.64 g/t Au containing 1,055,000 ounces gold; an Indicated Mineral Resource of 83.6 million tonnes grading 0.56 g/t Au containing 1,502,000 ounces gold; and an Inferred Mineral Resource of 40.1 million tonnes grading 0.49 g/t Au containing 626,000 ounces. The Indicated Mineral Resources are inclusive of the Mineral Reserves. Mineral resource and mineral reserve estimation practices are in accordance with CIM Estimation of Mineral Resource and Mineral Reserve Best Practice Guidelines (November 29, 2019) and follow CIM Definition Standards for Mineral Resources and Mineral Reserves (May 10, 2014), that are incorporated by reference into National Instrument 43-101 ("NI 43-101"). The Mineral Resource Estimate is from the technical report titled "Technical Report Mineral Resource Estimate Update, Enchi Gold Project, Ghana" dated May 1, 2026, with an effective date of March 18, 2026, prepared for Newcore by Ryan Wilson, P. Geo, Matthew Halliday, P. Geo, Schadrac Ibrango, P. Geo of DRA Americas Inc. in accordance with NI 43-101, and is available under the Company’s profile on SEDAR+ at www.sedarplus.ca. These individuals are independent qualified persons ("QP") within the meaning of NI 43-101. The Mineral Reserve Estimate was announced on June 24, 2026, with a technical report to be filed on Newcore’s SEDAR+ profile within 45 days of that news release.

Newcore Gold Best Practice

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

Qualified Person

Mr. Gregory Smith, P. Geo, Vice President of Exploration at Newcore, is a Qualified Person within the meaning of NI 43-101. Mr. Smith has reviewed and approved the scientific and technical information contained in this news release and has conducted appropriate verification on the underlying data including confirmation of the drillhole data files against the original drillhole logs and assay certificates.

About Newcore Gold Ltd.

Newcore Gold is advancing its Enchi Gold Project located in Ghana, Africa’s largest gold producer (1). Newcore Gold offers investors a unique combination of top-tier leadership, who are aligned with shareholders through their 12% equity ownership, and prime district scale exploration opportunities. Enchi’s 248 km2 land package covers 40 kilometres of Ghana’s prolific Bibiani Shear Zone, a gold belt which hosts several multi-million-ounce gold deposits, including the Chirano mine 50 kilometres to the north. Newcore’s vision is to build a responsive, creative and powerful gold enterprise that maximizes returns for shareholders.
(1) Source: Production volumes for 2025 as sourced from the World Gold Council.

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

Cautionary Note Regarding Forward-Looking Statements

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

These forward-looking statements are based on assumptions management believes to be reasonable at the time such statements are made, including, without limitation, assumptions regarding: the accuracy of the underlying technical and economic assumptions; commodity prices; exchange rates; availability of financing; permitting and development timelines; the ability of ongoing and future exploration programs to further define, expand or upgrade mineralization; the potential for additional mineralization identified through drilling to be incorporated into future mineral resource and mineral reserve estimates or mine plans; the ability of ongoing and future exploration programs to further define, expand or upgrade mineralization; the potential for additional mineralization identified through drilling to be incorporated into future mineral resource and mineral reserve estimates or mine plans; and the Company’s ability to execute its plans as currently contemplated. Although the Company believes these assumptions to be reasonable based on information currently available, they may prove to be incorrect.

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

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

Mark Selby, CEO and Director of Canada Nickel Company said “I am pleased with this continued support from Auramet extending the facility in-line with our current expectations on completion of various financing initiatives.  We are now in the final stage of the federal permitting process and look forward to the delivery of the Minister’s Decision Statement shortly as we continue to advance towards a construction decision in 2027.”

Loan Extension

In connection with the extension of the repayment date of the Loan, the Company will pay an extension fee of US$856,288 and will grant 5,500,000 common share purchase warrants (the "Extension Warrants") to Auramet, each exercisable for a one-year period to acquire one common share of the Company ("Common Shares") at an exercise price equal to $1.52, a 5% premium to the 5 day VWAP ending on July 27 2026. The Loan Extension and Extension Warrants are subject to the approval of the TSX Venture Exchange. 

In connection with the extension of the repayment date of the Loan, the 3,500,000 common share purchase warrants with an exercise price of $1.81 per share that were previously issued by the Company to Auramet in May 2026 in connection with the first extension of initial Loan advance will be cancelled and rendered ineffective pursuant to the requirements of the TSX Venture Exchange. 

About Auramet

Auramet is a private company established in 2004 by seasoned professionals who have assembled a global team of industry specialists with over 400 years combined industry experience. It is one of the largest physical precious metals merchants in the world and has provided over $1.5 billion in term financing facilities to date. Auramet offers a full range of services including physical metals trading, metals merchant banking (including direct lending), and project finance advisory services to all participants in the precious metals supply chain.

About Canada Nickel

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

For further information, please contact:

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

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

Cautionary Statement Concerning Forward-Looking Statements

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