Dundee Precious Metals

Cartier Resources Inc. (″Cartier″ or the ″Company″) (TSXV: ECR; FSE: 6CA) is pleased to announce the results of the Updated Mineral Resource Estimate (“MRE”) on its 100% owned flagship Cadillac Project, located in Val-d’Or (Abitibi, Quebec). The updated estimates include approximately 110,000 metres of drilling completed by Cartier from 2016 to 2024 as well as 420,000 metres drilling completed by previous mining companies. The MRE was independently prepared by PLR Resources Inc. and Evomine, specialists in mineral resource estimates and project evaluations, in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) and is dated December 17, 2025.

Strategic & Investment Significance Highlights of the Updated Mineral Resource Estimate

• Growing gold resource: Compared to the 2023 Preliminary Economic Assessment (″PEA″), total gold resources now contains 9,953,000 tonnes at a grade of 2.40g/t Au for 767,800 ounces Measured & Indicated (“M&I”) (a 7% increase) and 35,185,000 tonnes at a grade of 2.14g/t Au for 2,416,900 ounces Inferred (a 48% increase), following the first-ever consolidation (2022) of all gold sectors across the entire Cadillac project.
• Increasing confidence & de-risking: M&I resources represent 25% of total resources, including 5,988,000 tonnes at a grade of 2.61g/t Au for 502,600 ounces Measured, strengthening the project’s development profile.
• Flexible development pathways: 12% of total gold resources are pit-constrained, offering near-term optionality with 3,500,000 tonnes at a grade of 1.84g/t Au for 207,800 ounces M&I and 4,740,000 tonnes at a grade of 1.13g/t Au for 172,600 ounces Inferred.
• Large underground resource & existing infrastructure advantages: Over 88% of total gold resources are underground-constrained with 6,450,000 tonnes at a grade of 2.70g/t Au for 559,900 ounces M&I and 30,450,000 tonnes at a grade of 2.29g/t Au for 2,244,200 ounces Inferred. This large resource is supported by valuable historical infrastructure including a 920 m shaft, 500 m ramp and 7 km of drifts, these could significantly reduce future capital requirements and allow management to adapt development strategies.
• Camp-scale upside potential: Gold sectors extend over 9 km along the Cadillac and Héva Fault Zones, covering 66% of a 15 km highly prospective gold corridor, leaving 6 km of strike with strong upside potential to be fully explored for resource expansion.
• High-quality core sector: The Main Sector (Chimo, East Chimo and West Nordeau deposits) hosts 87% of total resources within a 3 km mineralized trend and remains open at depth and along strike, providing strong leverage to further drilling success.
• Significant exploration target: A conceptual exploration target of 8 to 12 Mt of mineralization grading between 2.2 to 2.8 g/t Au, representing 600,000 to 1,100,000 ounces of gold, highlights the project’s potential to materially grow beyond the current resource base.

“The updated gold resource, incorporating both pit-constrained and underground scenarios, represents a new achievement and positions Cartier with a high degree of development flexibility at the Cadillac Project. This optionality enhances the project’s strategic value and will be further assessed through an updated PEA. Cadillac stands out as one of the few large-scale Quebec gold projects still delivering rapid resource growth, situated in a top-tier, pro-mining jurisdiction with established infrastructure and workforce. We look forward to advancing key value-creation milestones in 2026.” – Philippe Cloutier, President and CEO of Cartier.

“Since acquiring the project in 2016 and consolidating the east–west extensions in 2022, the Cartier team has systematically de-risked and enhanced the asset’s gold potential through consistent exploration success and a robust, standardized geological model. The ongoing 100,000-m drilling program is designed to test the property at a mining camp scale, support continued resource growth, and deliver meaningful exploration and blue-sky upside, positioning the project for further value-accretive discoveries.” – Ronan Deroff, Vice President Exploration of Cartier.

Upcoming Milestones

100,000 m drilling program (Q3 2025 to Q2 2027)

The ambitious 600-hole drilling program will both expand known gold zones (0 to 300 m deep) and test new shallow surface high-potential targets. The Company has implemented VRIFY’s AI-Assisted Mineral Discovery Platform (DORA) to guide exploration priorities and optimize drill targeting across the land package. The objective is to unlock the camp-scale, high-grade gold potential along the 15 km Cadillac and Héva Fault Zones.

Environmental baseline studies & economic evaluation of Chimo mine tailings (Q3 2025 to Q3 2026)

The studies will provide a comprehensive understanding of the current environmental conditions and implement operations that minimize environmental impact while optimizing the economic potential of the project. These studies will be supplemented by an initial assessment of the past-producing Chimo mine tailings to determine whether a quantity of gold can be extracted economically.

Metallurgical sampling and testwork program (Q4 2025 to Q1 2026)

The comprehensive program will characterize the mineralized material, gold recovery potential and validate optimal grind size defining the most efficient and cost-effective flowsheet. The data generated will directly support optimized project development and have the potential to significantly reduce both capital and operating costs, while also improving revenue generation and reducing the environmental footprint.

Preliminary economic assessment (2026)

Internal engineering studies have been initiated to validate a multitude of development scenarios that consider the updated MRE and current market environment. Following the selection of the most optimal scenario, a PEA will be completed which will also build upon the results of the metallurgical testwork program and the environmental baseline studies to unveil the updated development strategy and vision of the project.

Table 1: Results of the Updated Mineral Resource Estimate

1. The independent qualified persons for the MRE, as defined by National Instrument (“NI”) 43-101 guidelines, is Pierre Luc Richard, P.Geo., of PLR Resources Inc., with contributions from Stephen Coates, P.Eng., of Evomine Consulting for cut-off grade estimation and open pit and underground stope optimization solids.
2. These Mineral Resources are not mineral reserves as they have no demonstrated economic viability. No economic evaluation of these Mineral Resource has been produced. The quantity and grade of reported Inferred Resources in this MRE are uncertain in nature and there has been insufficient drilling to define these Inferred Resources as Indicated. However, it is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated category with continued drilling.
3. The Qualified Persons are not aware of any known environmental, permitting, legal, title-related, taxation, socio-political, marketing or other relevant issues that could materially affect the Mineral Resource Estimate.
4. Calculations used metric units (metres, tonnes). Metal contents in the above table are presented in gram per tonne and troy ounces. Metric tonnages and ounces were rounded, and any discrepancies in total amounts are due to rounding errors.
5. CIM definitions and guidelines for Mineral Resource Estimates have been followed.

Table 2: Sensitivity analysis with different gold price assumptions

Figure 1: Plan View of Gold Resources by Gold Sectors

Figure 2: Long Section of Gold Resources by Category

Figure 3: Significant Gold Resource Growth

Table 3: General stope parameters used of the Mineral Resource Estimate

Table 4: General pit parameters used of the Mineral Resource Estimate

Notes Accompanying the Mineral Resource Estimate

• Resources are presented as undiluted and in situ for the open-pit scenario within 5m x 5m x 5m blocks and include internal dilution for the underground scenario and are considered to have reasonable prospects for economic extraction. The constraining pit shell was developed using overall pit slopes of 50 degrees. The pit optimization to develop the mineral resource-constraining pit shells was done using the pseudoflow algorithm in Deswik software. The stope optimization to develop the underground mineral resource was done using Deswik.SO software.
• The MRE wireframe was prepared using Leapfrog Edge v.2025.1.1 and is based on 4,477 drill holes, totalling 535,360 meters drilled and 167,978 assays. The cut-off date for the drill hole database was February 17, 2025.
• Composites of 1.0 metre were created inside the mineralization domains. High-grade capping was done on the composited assay data. Based on individual statistical study for each zone, composites were capped between 5.0 g/t Au and 110.0 g/t Au for the high-grade zones, and between 1.0 g/t Au and 5.0 g/t Au for the low-grade zones.
• Pit constrained Mineral Resources for the base case are reported at a cut-off grade of 0.30 g/t Au; DSO-constrained Mineral Resources for the base case are reported at a cut-off grade of 1.00 g/t Au and include internal dilution (must-take). The cut-off grades will be re-evaluated in light of future prevailing market conditions and costs.
• Specific gravity values were estimated using data available in the drill hole database. Density values between 2.80 and 2.88 were applied to the model for hard rock and 2.00 for overburden.
• Grade model resource estimation was calculated from drill hole data using an Ordinary Kriging interpolation method in a sub-blocked model using blocks measuring 5 m x 5 m x 5 m in size and sub-blocks down to 0.625m x 0.625m x 0.625m. Ordinary kriging (OK), inverse square distance (ID2), Nearest neighbour (NN) interpolation methods were tested, resulting in no material difference in the Mineral Resource Estimates.
• The Measured, Indicated and Inferred Mineral Resource categories are constrained to areas where drill spacing is less than 12.5m, 25m and 100 metres respectively and show reasonable geological and grade continuity. An additional requirement for the Measured category is the close proximity of underground infrastructure. Cookie cutters were used to define categories based on the above parameters. Based on historical mining and geological knowledge of the deposit, drill spacing was increased up to 140m in the shoot direction to define inferred resources for some zones.

Conceptual Exploration Target

A significant Exploration Target was identified during the preparation of the MRE. This conceptual Exploration Target is integrated into the model used for the MRE, with the aim of facilitating future targeting and drill hole planning.

Highlights of the Exploration Target

• Estimated total of 8 to 12 million tonnes of mineralization grading between 2.2 to 2.8 g/t Au, representing 600,000 to 1,100,000 million ounces of gold.

Disclosure warnings in respect to an exploration target review

• An exploration target is not a National Instrument 43-101 compliant resource or reserve.
• The Exploration Target is confirmed only as a target for further exploration.
• Potential quantity and grades are conceptual in nature only.
• There has not been sufficient drilling to define any mineral resource on this Exploration Target; drilling intercepts crosscut the Exploration Target but drill spacing is too scarce to classify these blocks as Inferred Mineral Resources.
• There is no certainty that further drilling will result in the target being delineated as a mineral resource.
• The assessment of the target for further exploration was completed by PLR Resources, a consultant independent of the company. The estimation of the potential quantity and grade of the exploration target was based on the same drill hole database used for the Mineral Resource Estimate. With the available drilling information, PLR developed conceptual mineralized zones. Core samples were composited, and the composited gold assays were capped (similarly to the Mineral Resource Estimate). The gold values were interpolated into a three-dimensional block model using Ordinary Kriging. To estimate a tonnage, PLR used the same specific gravity values used for the Mineral Resource Estimate.
• Underground DSO stopes were run to constrain the Exploration Target.

Qualified Person

The scientific and technical content of this press release has been prepared, reviewed and approved by Mr. Ronan Déroff, P.Geo., M.Sc., Vice President Exploration, who is a ″Qualified Person″ as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects (″NI 43-101″).

The independent qualified persons for the MRE, as defined by National Instrument 43-101 guidelines (″NI 43-101″), is Pierre-Luc Richard, P.Geo., of PLR Resources Inc., with contributions from Stephen Coates, P.Eng., of Evomine Consulting for cut-off grade estimation and open pit and underground stope optimization solids.

About Cadillac Project

The Cadillac Project, covering 14,000 hectares along a 15-kilometre stretch of the Cadillac Fault, is one of the largest consolidated land packages in the Val-d’Or mining camp. Cartier’s flagship asset integrates the historic Chimo Mine and East Cadillac projects, creating a dominant position in a world class gold mining district. With excellent road access, year-round infrastructure and nearby milling capacity, the project is ideally positioned for rapid advancement and value creation.

About Cartier Resources Inc.

Cartier Resources Inc., founded in 2006 and headquartered in Val-d’Or (Quebec) is a gold exploration company focused on building shareholder value through discovery and development in one of Canada’s most prolific mining camps. The Company combines strong technical expertise, a track record of successful exploration, and a fully funded program to advance its flagship Cadillac Project. Cartier’s strategy is clear: unlock the full potential of one of the largest undeveloped gold landholdings in Quebec.

Cautionary Statement Regarding Mineral Resources

The mineral resources disclosed in this press release conform to NI 43-101 standards and guidelines and were prepared by independent qualified persons. The above-mentioned mineral resources are not mineral reserves as they do not have demonstrated economic viability. The quantity and grade of the reported Inferred Mineral Resources are conceptual in nature and are estimated based on limited geological evidence and sampling. Geological evidence is sufficient to imply but not verify geological grade and/or quality of continuity. An Inferred Mineral Resource has a lower level of confidence relative to a Measured or Indicated Mineral Resource and constitutes an insufficient level of confidence to allow conversion to a Mineral Reserve. It is reasonably expected, but not guaranteed, that the majority of Inferred Mineral Resources could be upgraded to Measured or Indicated Mineral Resources with additional drilling. The National Instrument 43-101 Technical Report, including the mineral resources contained in this news release, will be delivered and filed on SEDAR within 45 days of the date of this news release.

For further information, contact:
Philippe Cloutier, P. Geo.
President and CEO
Telephone: 819-856-0512
philippe.cloutier@ressourcescartier.com
www.ressourcescartier.com

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.

Millennial Potash Corp. (TSXV: MLP) (OTCQB: MLPNF) (FSE: X0D) (“MLP”, “Millennial” or the “Company”) announce that the Quaternary Group Ltd. (the “Acquiror”) and the Company as required by National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issues and is issued in connection with the acquisition below of ownership of securities of the Company by The Quaternary Group Ltd. (the “Acquiror”).

The Acquiror has acquired an additional 2,843,600 shares since its last early warning report was filed.

Prior to the purchase of the additional shares, the Acquiror owned 26,092,056 common shares and 9,311,829 share purchase warrants, representing approximately 24.64% of the outstanding Shares on a non-diluted basis and 30.73% on a fully-diluted basis.

The Acquiror now holds a total of 28,935,656 common shares and 9,311,829 share purchase warrants representing approximately 26.27% of the outstanding common shares on a non-diluted basis and 32.02% of the outstanding common shares on a fully-diluted basis.

The Shares and Warrants are held by the Acquiror for investment purposes. The Acquiror currently has no plans or intentions that relate to or would result in any of the items listed in items 5(a) to 5(k) of the Early Warning Report. However, depending on market conditions, general economic and industry conditions, trading prices of the Company’s securities, the Company’s business, financial condition and prospects and/or other relevant factors, the Acquiror may develop such plans or intentions in the future and, at such time, may from time to time acquire additional securities, dispose of some or all of the existing or additional securities or may continue to hold the Shares or other securities of the Company.

A copy of the Early Warning Report to be filed by the Acquiror in connection with the acquisition above will be available on SEDAR+ under the Company’s profile on www.sedarplus.ca.

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

MILLENNIAL POTASH CORP.

“Farhad Abasov”
Chair of the Board of Directors

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

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

Source: Millennial Potash Corp.

Millennial Potash Corp. (TSXV: MLP) (OTCQB: MLPNF) (FSE: X0D) (“MLP”, “Millennial” or the “Company”) is pleased to announce that it has initiated its Environmental & Social Impact Assessment at its Banio Potash Project in Gabon. The Company has engaged a consortium led by Artelia, Société par Actions Simplifée (“Artelia”) and including Biotope Afrique Centrale and Insuco Gabon to complete the ESIA. The group has extensive experience with large scale projects globally and throughout Africa including mining projects and the ESIA will be compliant with IFC performance Standards.

Farhad Abasov, Millennial’s Chair, commented “We are very pleased to have initiated our ESIA study as we progress with our potash development project in Gabon. We look forward to working with the Artelia group and completing a comprehensive ESIA for the project. The initiation of the ESIA marks another step in the development of the Banio Potash Project after the very successful Stage 2 drill program that resulted in a significant increase of our Measured, Indicated and Inferred resource. The ESIA will be incorporated into our mining license application which we expect to pursue in 2026. We are also planning to initiate a definitive feasibility study in coming weeks. The company is fully funded to carry out these programs. The US DFC funding will also be applied to cover our feasibility study costs.”

The comprehensive ESIA for the project will commence shortly with physical environment baseline studies including hydrology, hydrogeology, water quality, soils and air quality followed by bio-diversity baseline studies which will include an extensive coverage of flora and fauna in the region. Baseline studies for the social component of the study will include a review of the socio-economic conditions in the project area and will expand on the stakeholder engagement work that has been initiated by the Company. The final ESIA will outline any mitigation measures for the project and will include comprehensive environmental and social management plans. The ESIA is expected to be completed in 2026 and will be presented to the government of Gabon as part of the Company’s application for a mining license.

The Company is granting a total of 980,000 incentive stock options exercisable for a period of five (5) years at an exercise price of $3.22 per share.

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

MILLENNIAL POTASH CORP.

“Farhad Abasov”
Chair of the Board of Directors

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

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

Eloro Resources Ltd. (TSX: ELO; OTCQX: ELRRF; FSE: P2QM) (“Eloro”, or the “Company”) is pleased to announce assay results from the last two (2) drillholes (DSB-90 and DSB-93) of the second phase definition diamond drilling program at the Company’s Iska Iska Project, Potosi Department, Southern Bolivia. These two holes were in the predominant Tin Domain and the predominant Silver-Polymetallic Domain, respectively, in the potential Santa Barbara starter pit area. These results further expand the higher-grade footprint of both metal domains (see Figure 1). The current phase of the definition drilling phase has now concluded with a total of 8,286.40m of diamond drilling in sixteen (16) holes completed.

Figure 1 shows the location of the reported drill holes, Table 1 lists significant assay results, and Table 2 lists drill hole coordinates. Table 3 provides an overall summary of the main intervals reported in the second phase definition diamond drilling program.

Tom Larsen, Eloro’s CEO, commented: “The second phase definition drilling program not only intersected the longest and highest-grade silver, tin and zinc intervals at the Santa Barbara zone to date, but also, all sixteen holes in the program, comprising 12 step-out and 4 infill holes, intercepted significant silver-tin-polymetallic mineralization in areas previously considered as waste in the initial Mineral Resource Estimate (“MRE”) due to lack of drilling information. The latest drilling demonstrates that there is a much larger endowment of higher-grade silver-tin-polymetallic both laterally and at depth, which will likely upgrade and expand the MRE for the planned PEA.” Mr. Larsen continued: “With the overall results obtained so far, Iska Iska continues to confirm its future participation as a premier silver-tin-polymetallic resource supporting the global shift toward the world´s critical minerals supply chain.”

Dr. Osvaldo Arce, P.Geo., Eloro’s Executive Vice President Operations, Latin America, added: “The results obtained in drill holes DSB-90 and DSB-93 confirm the presence of a higher-grade silver-tin-polymetallic mineralization, distributed laterally and vertically, in a major porphyry-epithermal system extending beyond the existing limit of the potential starter pit. These results confirm the system’s extension nature and highlight the long-lived and multi-phase deformation and hydrothermal activity at the Santa Barbara deposit.”

Definition Drill Program, Santa Barbara Potential Starter Pit Area

Drillholes DSB-90 and DSB-93 were drilled in the central predominant tin domain and in the predominant silver-polymetallic domain, respectively (Figure 1).

DSB-90, an infill hole collared 100m east of discovery hole DSB-72 intersected the following tin and silver intervals:

• 24.00m grading 0.57% Sn beginning at 91.00m
• 16.50m grading 0.36% Sn beginning at 134.50m
• 6.00m grading 0.11% Sn beginning at 199.00m
• 13.50m grading 106.32g/t Ag and 0.16% Sn beginning at 256.00m, including:
  • 7.50m grading 186.50g/t Ag and 0.14% Sn beginning at 256.00m.

Further downhole, DSB-90 intersected the following intervals:

• 3.00m grading 0.14% Sn beginning at 289.00m
• 22.50m grading 0.20% Sn beginning at 311.50m including
  • 10.50m grading 0.29% Sn beginning at 311.50m
• 19.50m grading 0.16% Sn beginning at 338.50m
• 13.50m grading 0.24% Sn beginning at 380.50m
• 51.00m grading 0.24% Sn beginning at 400.00m
• 9.00m grading 0.16% Sn beginning at 464.50m
• 6.00m grading 31.85 g/t Ag beginning at 499.00m

DSB-93, an infill hole drilled 107m southwest of discovery hole DSB-61, intersected the following silver, gold, copper, lead and zinc intervals:

• 7.50m grading 1.43% Cu beginning at 34.20m
• 7.50m grading 1.25% Zn beginning at 49.20m
• 6.00m grading 0.54% Pb and 3.09% Zn beginning 86.70m
• 3.00m grading 1.68% Zn beginning at 101.70m
• 180.00m grading 164.74g/t Ag, 0.74% Pb, 0.72% Zn and 0.16% Sn beginning at 112.20m including:
  • 72.00 metres grading 295.00g/t Ag and 0.44% Pb beginning at 131.70m

Further downhole, DSB-93 intersected:

• 28.50m grading 0.84g/t Au, 253.63g/t Ag, 1.10% Pb and 0.57% Sn beginning at 223.20m
• 33.00m grading 0.18% Sn beginning at 374.70m
• 8.80m grading 1.45% Zn beginning at 416.70m

Figure 1: Location Map of Definition Diamond Drill Holes, Santa Barbara zone, Iska Iska. The yellow circles highlight the location of holes DSB-90 and DSB-93 referred to in this release.

Table 1: Definition Diamond Drill Results as of December 04, 2025, Santa Barbara, Iska, Iska.

Note: True width is approximately 80% of core length. Silver equivalent (Ag eq) grades are calculated using 3-year average metal prices of Ag = US$24.14/oz, Zn = US$1.36/lb, Pb = 0.98/lb, and Sn = US$13.74/lb, and preliminary metallurgical recoveries of Ag = 88%, Zn = 87%, Pb = 80% and Sn = 50%. In selecting intervals, a cutoff grade of 30 g Ag eq/t has been used. Lower grade material may be included in intersections where geological continuity is warranted.

*Interval also assayed 1.43% Cu. ** Interval also assayed 0.84 g/t Au

Table 2: Summary of Diamond Drill Hole Coordinates for Drill Holes Completed at Iska Iska as reported in this Press Release

Table 3: Main Intervals in the Second Phase Definition Diamond Drilling

Qualified Person (“QP”)

Dr. Osvaldo Arce, P.Geo. Executive Vice President, Latin America for Eloro and General Manager of Eloro’s Bolivian subsidiary, Minera Tupiza S.R.L, and a Qualified Person (“QP”) as defined by National Instrument (“NI”) 43-101 has reviewed and approved the technical content of this news release. Dr. Arce who has more than 35 years of mineral exploration and extensive mining expertise across several countries in North and South America manages the overall technical program and supervises all field work conducted at Iska Iska.

Eloro utilized both ALS and AHK for drill core analyses, both of whom are major international accredited laboratories. Drill samples sent to ALS were prepared in both ALS Bolivia Ltda’s preparation facility in Oruro, Bolivia and the preparation facility operated by AHK in Tupiza with pulps sent to the main ALS Global laboratory in Lima for analysis. Drill core samples sent to AHK Laboratories are also prepared by AHK in Tupiza with pulps sent to the AHK laboratory in Lima, Peru.

Silver (Ag), zinc (Zn) and lead (Pb) are analyzed by Inductively Coupled Plasma Atomic Emission Spectroscopy (ICP-AES) using a four-acid digestion; Sn is analyzed by X-Ray Fluorescence (XRF) and Au is analyzed by fire assay on 50g pulps with an Atomic Absorption Spectroscopy (AAS) finish. AAS measures absorbed light to quantify elements, while ICP, such as ICP-OES or ICP-MS, measure emitted light or ions to determine elements. XRF uses fluorescent X-rays to excite atoms and to emit X-rays that reveal the presence and concentration of tin. Sample size in ICP typically ranges from 100 mg (0.1 g) to 1 g, for AAS, is usually less than 100 mg (0.1 g) and for XRF is ideally below 75 µm.

Check samples between ALS and AHK are regularly done as a QA/QC check. AHK is following the same analytical protocols used as with ALS and with the same QA/QC protocols except for Sn for which a sodium peroxide fusion is used at AHK following by ICP. Check comparisons of Sn results from ALS and ALS indicate no statistically significant difference between results using the two different analytical techniques.

Eloro employs an industry standard QA/QC program with standards, blanks and duplicates inserted into each batch of samples analyzed at both laboratories with selected check samples sent to a separate accredited laboratory. Check results are regularly monitored.

About Iska Iska

The Iska Iska silver-tin polymetallic project is a road accessible, royalty-free property, wholly controlled by the Title Holder, Empresa Minera Villegas S.R.L. and is located 48 km north of Tupiza city, in the Sud Chichas Province of the Department of Potosi in southern Bolivia. Eloro has an option to earn a 100% interest in Iska Iska.

Iska Iska is a major silver-tin polymetallic porphyry-epithermal complex associated with a Miocene collapsed/resurgent caldera, emplaced on Ordovician age rocks with major breccia pipes, dacitic domes and hydrothermal breccias. The caldera is 1.6km by 1.8km in dimension with a vertical extent of at least 1km. Mineralization age is similar to Cerro Rico de Potosí and other major deposits such as San Vicente, Chorolque, Tasna and Tatasi, all located along the same overall geological trend.

Eloro began underground diamond drilling from the Huayra Kasa underground workings at Iska Iska on September 13, 2020. On January 26, 2021, Eloro announced significant results from the first drilling at the Santa Barbara Breccia Pipe (SBBP) including the discovery hole DHK-15 which returned 29.53g Ag/t, 0.078g Au/t, 1.45%Zn, 0.59%Pb, 0.080%Cu and 0.056%Sn over 257.5m, from surface. Subsequent drilling has confirmed the presence of significant values of Ag-Sn polymetallic mineralization in the SBBP and the adjacent Central Breccia Pipe (CBP). A substantive mineralized envelope which is open along strike and down-dip extends around both major breccia pipes. Continuous channel sampling along the walls of the Santa Barbara Adit located to the east of SBBP returned average grades of 164.96 g Ag/t, 0.46%Sn, 3.46% Pb and 0.14% Cu over 166m including 446 g Ag/t, 9.03% Pb and 1.16% Sn over 56.19m. The west end of the adit intersects the end of the SBBP.

Since the initial discovery hole Eloro has released a number of significant drill results in the SBBP and the surrounding mineralized envelope which, along with geophysical data, has defined an extensive target zone. On October 17, 2023, Eloro filed the NI 43-101 Technical Report outlining the initial inferred MRE for Iska Iska, prepared by independent consultants Micon International Limited. The MRE was reported in two domains, the Polymetallic (Ag-Zn-Pb) Domain which is primarily in the east and south of the Santa Barbara deposit and the Tin (Sn-Ag-Pb) Domain which is primarily in the west and north.

The Polymetallic Domain is estimated to contain 560Mt of inferred mineral resources at 13.8 g Ag/t, 0.73% Zn & 0.28% Pb at an NSR cutoff of US$9.20 for potential open pit and an NSR cutoff of US$34.40 for potential underground. The majority of the mineral resource is contained in the constraining pit which has a stripping ratio of 1:1. The Polymetallic Domain contains a higher-grade inferred mineral resource at a NSR cutoff of $US25/t of 132 million tonnes at 1.11% Zn, 0.50% Pb and 24.3 g Ag/t which has a net NSR value of US$34.40/t which is 3.75 the estimated operating cost of US$9.20/t. The Tin Domain which is adjacent to the Polymetallic Domain and does not overlap, is estimated to contain an inferred mineral resource of 110Mt at 0.12% Sn, 14.2 g Ag/t and 0.14% Pb but is very under drilled.

Metallurgical tests reported on January 23, 2024 from a 6.3 tonne PQ drill core bulk sample representative of the higher grade Polymetallic (Ag-Zn-Pb) Domain returned a significantly higher average silver value of 91 g Ag/t compared to the weighted average grade of the original twinned holes at 31 g Ag/t strongly suggesting that the average silver grade is likely significantly underreported in the original twinned holes due to the much smaller sample size.

The Company reported on July 30, 2024, that updated modelling of the potential starter pit area at Santa Barbara zone highlights the importance of completing additional drilling to better define the grade and extent of the mineral resource in this area. Areas with higher-grade resource typically have much better drilling density but holes outside the core potential pit area are too widely spaced to give an accurate estimate of grade.

On September 4, 2024, the Company announced the restart of definition drilling in the potential starter pit area at Santa Barbara. It was highly focused on infill and step-out drill program in order to better define the full vertical and lateral extent of high-grade Sn and Ag mineralization, expanding higher-grade Sn mineralization to the west and the silver to the central and west parts. Also, to fill-in gaps that were formerly categorized as low-grade or internal waste in the mineral resource model and to drill in a closer-spacing 50m x 50m grid. Previous drilling has shown that areas with high-grade mineralization typically have much better drilling density, whereas holes outside the core area are too widely spaced to give an accurate grade estimate. This increased drilling density is particularly important for defining the extent of the high-grade Ag-bearing and Sn-bearing structures, and for categorizing the mineral resources from inferred to indicated, which have a major influence on overall grade and resources that will contribute to the PEA.

Since September 4, 2024 the Company has completed 27 drill holes totalling 14,085.80 metres of definition drilling in 2 distinct phases of diamond drilling in the potential starter pit area of the Santa Barbara Zone. This drilling has continued to intersect strong, broad zones and high-grade mineralization with good continuity in both the predominant Sn-Ag domain to the west (15 drill holes) and in the predominant Ag-Zn-Polymetallic domain to the east (12 drill holes). Both zones remain open along and across strike as well as downdip.

The intercepts of 151.47 g Ag/t over 135m found in hole DSB-75; 66.90g Ag/t over 289.13m in hole DSB-68; 126.10g Ag/t over 122.03m, 127.49g Ag/t over 41.25m and 49.71g Ag/t over 142.50m found in hole DSB-69; and 45.71g Ag/t over 81.00m and 30.08g Ag/t over 255.75m found in hole DSB-70 confirm the presence of continued silver pockets grading over 50 g Ag/t. Moreover, tin enriched pockets such as 1.39% Sn over 33m, 0.74% Sn over 87m found in hole DSB-72 and 0.55% Sn over 49.5m, 0.34% Sn over 91.5m, 0.31% Sn over 103.5m in hole DSB-74 demonstrate the existence of consistent high grade tin pockets at the Santa Barbara zone. And finally, the presence of intercepts such as 1.41% Zn over 151.50m in hole DSB-91, 1.77% Zn over 238.50m and 1.72% Zn over 456m found in hole DSB-88 reveal continuous Zn (and Pb) ore shoots in the property. These results have further expanded, at least 200m laterally, the higher-grade tin and silver and polymetallic (Ag-Sn-Zn-Pb) mineralization and the footprint of this large multi-phase hydrothermal system at Iska Iska.

About Eloro Resources Ltd.

Eloro is an exploration and mine development company with a portfolio of precious and base-metal properties in Bolivia, Peru and Quebec. Eloro has an option to acquire a 100% interest in the highly prospective Iska Iska Property, which can be classified as a polymetallic epithermal-porphyry complex, a significant mineral deposit type in the Potosi Department, in southern Bolivia. A NI 43-101 Technical Report on Iska Iska, which was completed by Micon International Limited, is available on Eloro’s website and under its filings on SEDAR+. Iska Iska is a road-accessible, royalty-free property. Eloro also owns an 82% interest in the La Victoria Gold/Silver Project, located in the North-Central Mineral Belt of Peru some 50 km south of the Lagunas Norte Gold Mine and the La Arena Gold Mine.

For further information please contact either Thomas G. Larsen, Chairman and CEO or Jorge Estepa, Vice-President at (416) 868-9168.

Information in this news release may contain forward-looking information. Statements containing forward-looking information express, as at the date of this news release, the Company’s plans, estimates, forecasts, projections, expectations, or beliefs as to future events or results and are believed to be reasonable based on information currently available to the Company. There can be no assurance that forward-looking statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. Readers should not place undue reliance on forward-looking information.

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

Cartier Resources Inc. (″ Cartier ″ or the ″ Company ″) (TSXV: ECR; FSE: 6CA) is pleased to announce the fifth batch of results from the fully funded 100,000-m drilling program (2 drill rigs), for the Contact Sector and more precisely, the North Contact Zone (″ NCZ ″), on its 100%-owned Cadillac Project, located in Val-d’Or (Abitibi, Quebec). The NCZ consists of three parallel high-grade gold zones: NCZ1, NCZ2 and NCZ3, spaced approximately 50 m apart.

Strategic Highlights from Contact Sector

Drill Hole Results of NCZ (Figures 1 & 2)

• CA25-551 intersected 16.2 g/t Au over 3.5 m included in 5.9 g/t Au over 11.0 m (NCZ3).
• CA25-546 graded 57.8 g/t Au over 0.5 m included in 16.1 g/t Au over 2.0 m (NCZ3).
• CA25-544 intersected 1.0 g/t Au over 16.0 m (NCZ3).
• CA25-546 graded 29.7 g/t Au over 0.7 m (NCZ1).
• CA25-551 reported 11.6 g/t Au over 1.0 m (NCZ2).

Significance for Investors

• Recent drilling results continue to clearly demonstrate the presence of a shallow and extensive mineralized system (400 m in strike length by 300 m in depth), hosting multiple stacked high-grade gold zones with significant grades, widths and continuity.
• The newly identified Héva Fault Zone confirms the gold system remains robust and open in all directions, suggesting significant expansion potential.
• The combination of exposed bedrock, minimal overburden (5 m) and proximity to year-round road access (250 m) positions NCZ as a highly strategic asset for potential shallow operation scenarios.

Next Steps

• Upcoming exploration drilling is planned to test several new high-priority regional targets along strike of the Contact Sector, backed by detailed structural and geological modelling and VRIFY’s artificial intelligence (AI) driven targeting, reinforcing the potential for additional gold discoveries.
• Advancing work on the new Nordeau Sector where initial mineralized showings have already been identified, but poorly tested and defined. Further drilling is expected to significantly refine the geological model and determine the gold enrichment.

” With the release of its fourth batch of results at the NCZ, we have again exceeded expectations confirming the strength and continuity of this high-grade gold system and reinforcing the strategic importance of directing exploration efforts at this sector. The Contact Sector clearly merits an expanded drilling program to obtain a more comprehensive evaluation of its gold potential. ” – Philippe Cloutier, President and CEO of Cartier.

” The newly identified Héva Fault Zone is emerging as a highly promising growth opportunity. The first drill holes more than 500 m east of NCZ have already intersected visible gold, confirming the corridor’s continuity and potential scale. Early regional drilling results are very encouraging, and with more than 5 km of untested ground still open to the east, this sector offers significant upside for additional gold discoveries. ” – Ronan Deroff, Vice President Exploration of Cartier.

Figure 1: Plan view, cross and long sections of the Contact Sector

Figure 2: Photos of the drill core from hole CA25-551

Table 1: Drill hole best assay results from Contact Sector

* Occurrences of visible gold (VG) have been noted in the drill core at various intervals. ** Based on the observed intercept angles within the drill core, true thicknesses are estimated to represent approximately 60-85% of the reported core length intervals.

Contact Sector

The Contact Sector is a highly prospective area featuring the North Contact Zone and several newly defined high-priority drill targets.

The NCZ lies along an east-west trending, strongly sheared corridor (Héva Fault Zone), situated approximately 900 m north of the Cadillac Fault Zone, and occurs at the contact between the hanging wall mafic to intermediate volcanics (basalt to andesite) of Louvicourt Group and the footwall turbiditic sedimentary rocks (wacke-mudrock) of Cadillac Group. This lithological contact is a favorable horizon for hydrothermal fluid flow, likely related to synvolcanic gold deposition.

The NCZ, defined by at least three parallel gold-rich zones, are typically and primarily associated with a fine-grained and disseminated arsenopyrite-pyrrhotite mineralization, with a pervasive biotite-chlorite-carbonate alteration, all crosscut by late-stage smoky quartz vein and veinlet stockworks containing visible gold. Locally, accessory minerals such as sphalerite, galena and tourmaline are observed.

Milestones of 2025-2027 Exploration Program

100,000 m Drilling Program (Q3 2025 to Q2 2027)

The ambitious 600-hole drilling program will both expand known gold zones and test new shallow surface high-potential targets. The objective is to unlock the camp-scale, high-grade gold potential along the 15 km Cadillac Fault Zone. It is important to note that Cartier’s recent consolidation of this large land holding offers the unique opportunity in over 90 years for unrestricted exploration.

Environmental Baseline Studies & Economic Evaluation of Chimo mine tailings (Q3 2025 to Q3 2026)

The baseline studies will be divided into two distinct parts which include 1) environmental baseline desktop study and 2) preliminary environmental geochemical characterization. The initial baseline studies will provide a comprehensive understanding of the current environmental conditions and implement operations that minimize environmental impact while optimizing the economic potential of the project. These studies will be supplemented by an initial assessment of the economic potential of the past-producing Chimo mine tailings to determine whether a quantity of gold can be extracted economically.

Metallurgical Sampling and Testwork Program (Q4 2025 to Q1 2026)

The metallurgical testwork program includes defining of expected gold recovery rates and improving historical results from the Chimo deposit, as well as establishing metallurgical recovery data for the first-time for the East Chimo and West Nordeau satellite deposits, where no previous data exists. This comprehensive program will characterize the mineralized material, gold recovery potential and validate optimal grind size defining the most efficient and cost-effective flowsheet. The data generated will directly support optimized project development and have the potential to significantly reduce both capital and operating costs, while also improving the environmental footprint.

Mineral Resource Estimate Update (Q4 2025 to Q1 2026)

The upcoming gold resource update will, for the first time, consolidate all mineralized zones across the entire project, providing a more complete picture of its growth potential. This update will integrate the current resource with over 52,000 meters of drilling completed by Cartier between 2022 and 2024, as well as all data from the historic East Cadillac property.

Table 2: Drill hole collar coordinates from Contact Sector

Table 3: Drill hole detailed assay results from Contact Sector

* Occurrences of visible gold (VG) have been noted in the drill core at various intervals. ** Based on the observed intercept angles within the drill core, true thicknesses are estimated to represent approximately 60-85% of the reported core length intervals.

Quality Assurance and Quality Control (QA/QC) Program

The drill core from the Cadillac Project is NQ-size and, upon receipt from the drill rig, is described and sampled by Cartier geologists. Core is sawn in half, with one half labelled, bagged and submitted for analysis and the other half retained and stored at Cartier’s coreshack facilities located in Val-d’Or, Quebec, for future reference and verification. As part of Quality Assurance and Quality Control (QA/QC) program, Cartier inserts blank samples and certified reference materials (standards) at regular intervals into the sample stream prior to shipment to monitor laboratory performance and analytical accuracy.

Drill core samples are sent to MSALABS’s analytical laboratory located in Val-d’Or, Quebec, for preparation and gold analysis. The entire sample is dried and crushed (70% passing a 2-millimeter sieve). The analysis for gold is performed on an approximately 500 g aliquot using Chrysos Photon Assay™ technology, which uses high-energy X-ray excitation with gamma detection to quickly and non-destructively measure gold content.

Alternatively, samples are submitted to Activation Laboratories Ltd. (“Actlabs”), located in either Val-d’Or or Ste-Germaine-Boulé, both in Quebec, for preparation and gold analysis. The entire sample is dried, crushed (90% passing a 2-millimetre sieve) and 250 g is pulverized (90% passing a 0.07-millimetre sieve). The analysis for gold is conducted using a 50 g fire assay fusion with atomic absorption spectroscopy (AAS) finish, with a detection limit up to 10,000 ppb. Samples exceeding this threshold are reanalyzed by fire assay with a gravimetric finish to determine high-grade values accurately.

Both MSALABS and Actlabs are ISO/IEC 17025 accredited for gold assays and implement industry-standard QA/QC protocols. Their internal quality control programs include the use of blanks, duplicates, and certified reference materials at set intervals, with established acceptance criteria to ensure data integrity and analytical precision.

Qualified Person

The scientific and technical content of this press release has been prepared, reviewed and approved by Mr. Ronan Déroff, P.Geo., M.Sc., Vice President Exploration, who is a ″Qualified Person″ as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects (″NI 43-101″).

About Cadillac Project

The Cadillac Project, covering 14,000 hectares along a 15-kilometre stretch of the Cadillac Fault, is one of the largest consolidated land packages in the Val-d’Or mining camp. Cartier’s flagship asset integrates the historic Chimo Mine and East Cadillac projects, creating a dominant position in a world class gold mining district. With excellent road access, year-round infrastructure and nearby milling capacity, the project is ideally positioned for rapid advancement and value creation.

Using a gold price of US$1,750/oz, a Preliminary Economic Assessment demonstrated the economic viability of a 2-km segment, compared to the 15 km that will be the subject of the 100,000 m drilling program, with an average annual gold production of 116,900 oz over a 9.7-year mine life. Indicated resources are estimated at 720,000 ounces (7.1 million tonnes at 3.1 g/t Au) and inferred resources at 1,633,000 ounces (18.5 million tonnes at 2.8 g/t Au). Please see the NI 43-101 ″Technical Report and Preliminary Economic Assessment for Chimo Mine and West Nordeau Gold Deposits, Chimo Mine and East Cadillac Properties, Quebec, Canada, Marc R. Beauvais, P.Eng., of InnovExplo Inc., Mr. Florent Baril of Bumigeme and Mr. Eric Sellars, P.Eng. of Responsible Mining Solutions″ effective May 29, 2023.

About Cartier Resources Inc.

Cartier Resources Inc., founded in 2006 and headquartered in Val-d’Or (Quebec) is a gold exploration company focused on building shareholder value through discovery and development in one of Canada’s most prolific mining camps. The Company combines strong technical expertise, a track record of successful exploration, and a fully funded program to advance its flagship Cadillac Project. Cartier’s strategy is clear: unlock the full potential of one of the largest undeveloped gold landholdings in Quebec.

For further information, contact:
Philippe Cloutier, P. Geo.
President and CEO
Telephone: 819-856-0512
philippe.cloutier@ressourcescartier.com
www.ressourcescartier.com

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.

NexGen Energy Ltd. (TSX: NXE) (NYSE: NXE) (ASX: NXG) (“NexGen” or the “Company”) is pleased to announce its highest-grade assay results to date at the Company’s 100%-owned Patterson Corridor East (“PCE“) with drill hole RK-25-256. Assays returned 5.5 meters (“m”) at 21.4% U₃O₈ between 590.0 and 595.5 m depth, including 2.5 m at 46.1% U₃O₈ and 0.5 m at 74.8% U₃O₈ (Figures 1 and 2; Table 1) as well as a separate and adjacent intercept of 1.5 m at 5.28% U₃O₈.

Significantly, this high-grade uranium intersection in RK-25-256 is 119 m down-dip of drill hole RK-25-232, and an additional 51 m down-dip of recently reported (see news release dated November 12, 2025) RK-25-254 (Figure 1 and 3). Overall, intense high-grade uranium mineralization is currently interpreted along a minimum of 215 m of dip extent from RK-25-254 to RK-24-222.

Leigh Curyer, Founder & Chief Executive Officer, commented: “RK-25-256 high-grade assay results, consisting of ultra-high grade 0.5 m 74.8% U₃O₈ takes PCE into a rare mineralized category on a world scale for uranium deposits. This type of basement-hosted mineralization is synonymous with Arrow, only 3.5 km to the west.

It is clear, the frequency of this ultra-high grade category of intercepts at Arrow and now PCE, is evidence of a very significant mineralizing event occurring at Rook I and in the surrounding region of the southwest Athabasca Basin in Saskatchewan.

NexGen, with Arrow as the inaugural deposit, is developing a uranium project portfolio which is focused on multi-generational nuclear fuel supply and providing economic, environmental, and social outcomes on a scale not previously witnessed in the industry. NexGen is a central component of delivering Canada’s and the world’s key critical mineral demand.”

Jason Craven, Vice President, Exploration, commented: “These exceptional grades significantly elevate our understanding of PCE and offer a glimpse at the growing basement-hosted uranium prospectivity in the southwest Athabasca Basin, where NexGen controls the most prospective portfolio of over 190,000 hectares across 140 km of the southwest Athabasca Basin.”

Figure 1: Interpreted PCE long section (as of August 28, 2025 release) with notable assays collected since discovery and new results outlined in red; view is a long section that looks perpendicular to the primary mineralized plane; total mineralized footprint in orange and the high-grade subdomains in red

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1745/276408_648e12a334cb1993_002full.jpg

Figure 2: Core photo with select assays from RK-25-256, grades are shown as % U₃O₈

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1745/276408_648e12a334cb1993_003full.jpg

Figure 3: Interpreted 3D model of PCE shown looking northwest (across strike) and northeast (along strike); previously reported in August 28 release, now with RK-25-256 intersection shown as purple outline for reference

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1745/276408_648e12a334cb1993_004full.jpg

Table 1: Assays received since November 12, 2025 news release

• All depths and intervals are meters downhole, true thicknesses are yet to be determined.
• Unconformity of ‘N/A’ denotes a lack of visible contact between Athabasca sandstone and basement rock.
• Maximum internal dilution 2.0 m downhole.
• Minimum thickness of 0.5 m downhole.
• Cutoff grade 0.01% U₃O₈.
• All depths and intervals are metres downhole, true thicknesses are yet to be determined. Resource modelling in conjunction with an updated mineral resource estimate is required before true thicknesses can be determined.
• * Denotes results that correlate to high-grade levels of radioactivity (>10,000 cps)

About NexGen

NexGen Energy is a Canadian company focused on delivering clean energy fuel for the future. The Company’s flagship Rook I Project is being optimally developed into the largest low-cost producing uranium mine globally, incorporating the most elite environmental and social governance standards. The Rook I Project is supported by an N.I. 43-101 compliant Feasibility Study, which outlines the elite environmental performance and industry-leading economics. NexGen is led by a team of experienced uranium and mining industry professionals with expertise across the entire mining life cycle, including exploration, financing, project engineering and construction, operations and closure. NexGen is leveraging its proven experience to deliver a Project that leads the entire mining industry socially, technically and environmentally. The Project and prospective portfolio in northern Saskatchewan will provide generational, long-term economic, environmental, and social benefits for Saskatchewan, Canada, and the world.

NexGen is listed on the Toronto Stock Exchange, the New York Stock Exchange under the ticker symbol “NXE,” and on the Australian Securities Exchange under the ticker symbol “NXG,” providing access to global investors to participate in NexGen’s mission of solving three major global challenges in decarbonization, energy security and access to power. The Company is headquartered in Vancouver, British Columbia, with its primary operations office in Saskatoon, Saskatchewan.

Technical Disclosure*

All technical information in this news release has been reviewed and approved by Jason Craven, NexGen’s Vice President, Exploration, a qualified person under National Instrument 43-101.

Natural gamma radiation in drill core reported in this news release was measured in counts per second (cps) using a Radiation Solutions Inc. RS-125 gamma spectrometer. The reader is cautioned that total count gamma readings may not be directly or uniformly related to uranium grades of the rock sample measured; they should be used only as a preliminary indication of the presence of radioactive minerals.

A technical report in respect of the FS is filed on SEDAR (www.sedarplus.ca) and EDGAR (www.sec.gov/edgar.shtml) and is available for review on NexGen Energy’s website (www.nexgenenergy.ca).

Cautionary Note to U.S. Investors

This news release includes Mineral Reserves and Mineral Resources classification terms that comply with reporting standards in Canada and the Mineral Reserves and the Mineral Resources estimates are made in accordance with NI 43-101. NI 43-101 is a rule developed by the Canadian Securities Administrators that establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. These standards differ from the requirements of the Securities and Exchange Commission (“SEC”) set by the SEC’s rules that are applicable to domestic United States reporting companies. Consequently, Mineral Reserves and Mineral Resources information included in this news release is not comparable to similar information that would generally be disclosed by domestic U.S. reporting companies subject to the reporting and disclosure requirements of the SEC Accordingly, information concerning mineral deposits set forth herein may not be comparable with information made public by companies that report in accordance with U.S. standards.

Forward-Looking Information

The information contained herein contains “forward-looking statements” within the meaning of applicable United States securities laws and regulations and “forward-looking information” within the meaning of applicable Canadian securities legislation. “Forward-looking information” includes, but is not limited to, statements with respect to mineral reserve and mineral resource estimates, the 2021 Arrow Deposit, Rook I Project and estimates of uranium production, grade and long-term average uranium prices, anticipated effects of completed drill results on the Rook I Project, planned work programs, completion of further site investigations and engineering work to support basic engineering of the project and expected outcomes. 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. Statements relating to “mineral resources” are deemed to be forward-looking information, as they involve the implied assessment that, based on certain estimates and assumptions, the mineral resources described can be profitably produced in the future.

Forward-looking information and statements are based on the then current expectations, beliefs, assumptions, estimates and forecasts about NexGen’s business and the industry and markets in which it operates. Forward-looking information and statements are made based upon numerous assumptions, including among others, that the mineral reserve and resources estimates and the key assumptions and parameters on which such estimates are based are as set out in this news release and the technical report for the property , the results of planned exploration activities are as anticipated, the price and market supply of uranium, the cost of planned exploration activities, that financing will be available if and when needed and on reasonable terms, that third party contractors, equipment, supplies and governmental and other approvals required to conduct NexGen’s planned exploration activities will be available on reasonable terms and in a timely manner and that general business and economic conditions will not change in a material adverse manner. 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 in the future.

Forward-looking information and statements also involve known and unknown risks and uncertainties and other factors, which may cause actual results, performances and achievements of NexGen to differ materially from any projections of results, performances and achievements of NexGen expressed or implied by such forward-looking information or statements, including, among others, the existence of negative operating cash flow and dependence on third party financing, uncertainty of the availability of additional financing, the risk that pending assay results will not confirm previously announced preliminary results, conclusions of economic valuations, the risk that actual results of exploration activities will be different than anticipated, the cost of labour, equipment or materials will increase more than expected, that the future price of uranium will decline or otherwise not rise to an economic level, the appeal of alternate sources of energy to uranium-produced energy, that the Canadian dollar will strengthen against the U.S. dollar, that mineral resources and reserves are not as estimated, that actual costs or actual results of reclamation activities are greater than expected, that changes in project parameters and plans continue to be refined and may result in increased costs, of unexpected variations in mineral resources and reserves, grade or recovery rates or other risks generally associated with mining, unanticipated delays in obtaining governmental, regulatory or First Nations approvals, risks related to First Nations title and consultation, reliance upon key management and other personnel, deficiencies in the Company’s title to its properties, uninsurable risks, failure to manage conflicts of interest, failure to obtain or maintain required permits and licences, risks related to changes in laws, regulations, policy and public perception, as well as those factors or other risks as more fully described in NexGen’s Annual Information Form dated March 6, 2024 filed with the securities commissions of all of the provinces of Canada except Quebec and in NexGen’s 40-F filed with the United States Securities and Exchange Commission, which are available on SEDAR at www.sedarplus.ca and Edgar at www.sec.gov.

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 statements or implied by forward-looking information or statements, there may be other factors that cause results not to be as anticipated, estimated or intended. Readers are cautioned not to place undue reliance on forward-looking information or statements due to the inherent uncertainty thereof.

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 undertakes no obligation to update or reissue forward-looking information as a result of new information or events except as required by applicable securities laws.

It is very unusual to interview a company executive twice in a month, but Farhad Abasov’s Millennial Potash (MLP.V) has put out a revised Mineral Resource Estimate for it Banio Potash project in Gabon which has completely changed the scope of the project. Headline numbers,

“Measured + Indicated Resource is up by 275% and Inferred Resource is increased by 210% at its Flagship Banio Potash Project: Measured + Indicated Mineral Resources of 2.45 Billion Tonnes at 15.6% KCl and Inferred Mineral Resources of 3.56 Billion Tonnes at 15.6% KCl”

I reached Abasov in London, where he was at the 121 conference. He’d had 24 meetings with buy-side investors in two days.

“The MRE came out in time for us, just in time to be able to speak freely with these investors,” said Abasov. “When we got the numbers, we were surprised, shocked really. We were expecting around 3 to 3.5 billion tons; we got 6 billion tons in total Measured, Indicated and Inferred.”

At 15-16% KCl, 6 billion tons of total M+I+I works out to roughly a billion tons of contained potash. Which is a lot.

“The resource expanded based on the results from two new drill holes,” said Abasov. “Our first two holes from the 2024 drill program were constrained because about 40% of the resource drilled was under the lagoon and inaccessible. The two new holes discovered resources which are entirely on land. The other thing about the new holes is that the potash layers are 50% thicker than the layers we drilled last year.”

“The grade has been consistent, basically the same 15-16%,” said Abasov. “We are seeing grade continuity; it is the thickness which is increasing.”

The majority of the mineralization (95%) is carnallitite, which grades 15.4% KCI, the rest is higher-grade sylvinite grading 24.3% KCI. I asked Abasov how this compared with, say, Saskatchewan potash. “It’s lower grade but we have much thicker horizons,” said Abasov. “In Saskatchewan, you see 20-meter-thick horizons. At Banio, we are seeing 100 plus meter horizons. Which makes our prospective operations significantly cheaper.”

“Compared to other potash operations, we’ll have a lot less CAPEX,” said Abasov. “And our OPEX will be significantly lower because we’ll only need 10-15 caverns to hit our planned 800,000 tons per year. Our 100-meter-plus horizons mean we will have fewer, thicker, caverns than other potash mines and those caverns will be productive for ten to fifteen years.”

Perhaps as importantly, Millennial has really just begun exploring Banio. “We’ve drilled no more than 5% of the property,” said Abasov. “You can get a sense of the scale from our new presentation.”

That scale is important because, from a larger perspective, Banio is profoundly underexplored, and the extraordinary results reported in the revised MRE are based on drilling in what may not be the most prospective part of the licence. The fact is that the grades are consistent, but the horizons are wider as drilling goes further south on the property.

“We have historic data from drill holes all the way down to the border with Congo,” said Abasov. “The drilling was for oil and gas exploration back in the 1970s. They were not looking for potash, but the drill records show they found potash horizons 200 meters thick.”

We turned to next steps and I mentioned I thought I had seen that the US Government’s initial grant of 3 million dollars towards a bankable feasibility study included a right of first refusal to fully fund the CAPEX of the Banio project. But I could not find the reference.

“The initial agreement does include a right of first refusal to lead project financing for our  500 million CAPEX,” said Abasov. “There are a lot of details to be worked out and in the next few weeks we’ll be sitting down with the US Development Finance Corporation to discuss those details.”

“Compared to other potash mines, Banio has a fairly small CAPEX. With the possibility of the US Government funding part or all of the CAPEX and a low OPEX we are looking at the option of funding and building the mine ourselves,” said Abasov. “We have shareholders who don’t want to sell.”

“It is all about value maximization,” said Abasov. “If we were offered a huge premium? Well, we will obviously bring that to our shareholders to consider.”

“It’s too soon,” said Abasov. “We still need to build value in the project by derisking it further”

Abasov had 24 meetings in London with buy-side investors, funds, large operators, and they were all impressed with the revised MRE. Millennial has 17 million dollars in the bank, its warrants representing several more million, are all in the money. The company is in the middle of preparing its bankable feasibility study largely funded by what is effectively a grant of 3 million dollars from the US government. It has a drilling program planned for next year which will take the drills further to the rich layers of potash to the south of the property.

Millennial can afford to complete its programs and maximize the value of the Banio project before either exiting or funding and building the mine itself.

The market loved the new MRE. The day before the MRE press release, Millennial traded at $2.40, today it traded at $3.15, up $0.75 in three trading sessions. Volume is strong. Investors seem to be confident that, whichever direction Millennial takes, management is committed to maximizing shareholder value.

Eloro Resources Ltd. (TSX: ELO; OTCQX: ELRRF; FSE: P2QM) (“Eloro”, or the “Company”) is pleased to announce further assay results from two (2) additional drillholes (DSB-91 and DSB-92) of the second phase definition diamond drilling program at the Company’s Iska Iska Project, Potosi Department, Southern Bolivia. Both holes are in the Silver-Zinc-Polymetallic Domain in the potential Santa Barbara starter pit area. These results further expand the footprint of this domain and indicate that the deposit continues to be open to the east (see Figure 1). The current phase of the definition drilling phase has concluded with a total of 8,286.40m of diamond drilling in sixteen (16) holes completed. A total of 7,346.90m was completed in the fourteen (14) reported holes, with assay results pending for two remaining holes totaling 939.50m in length.

Figure 1 shows the location of the reported drill holes, Table 1 lists significant assay results, and Table 2 lists drill hole coordinates.

Tom Larsen, Eloro’s CEO, commented: “We are excited to report these results with long and higher-grade intercepts on the eastern and far-eastern boundary of the Potential Starter Pit Zone and are looking forward to the additional results from the two pending holes. The polymetallic style of mineralization associated with these higher-grade results indicates a further extension of the known mineralization to the east, at least 50-100m beyond the potential starter pit shell. It will allow us to expand the infill and step-out drill program in 2026 to expand the MRE for the planned PEA.” Larsen continued: “With the overall results obtained so far, Iska Iska is well-positioned to become a premier silver-tin-polymetallic resource supporting the global shift toward the world´s critical minerals supply chain.”

Dr. Osvaldo Arce, P.Geo., Eloro’s Executive Vice President Operations, Latin America, added: “The intercepts from drill holes DSB-91 and DSB-92 are confirming the extent of the mineralization beyond the existing limit of the potential starter pit. The presence of continuous higher-grade mineralization in both the Sn-Ag domain to the west and in the Ag-Zn-Polymetallic domain to the east in the Santa Barbara zone, indicates that there is a potential for a feeder system within this part of the deposit. Metals were likely precipitated within permeable lithologies and were trapped in fractures and faults resulting in high grade concentrations.”

Dr. Arce continued: “These higher-grade mineral zones are still open in all directions and at depth; hence, further definition drilling has the potential to significantly expand the higher-grade zones in these metal domains in the Santa Barbara zone.”

Definition Drill Program, Santa Barbara Potential Starter Pit Area

Drillholes DSB-91 and DSB-92 were drilled in the eastern part of the potential starter pit area (Figure 1).

DSB-91, an infill hole collared 100.00m northwest of hole DSB-89, intersected the following silver, lead, zinc and tin intervals:

• 37.33 g/t Ag and 0.21% Pb over 64.50m beginning at 19.50m, including:
  • 26.00 g/t Ag and 0.15% Sn over 19.50m beginning at 19.50m.
• 50.00 g/t Ag and 0.17% Sn over 3.00m beginning at 100.50m
• 1.41% Zn, 13.35 g/t Ag and 0.63% Pb over 151.50m beginning at 109.50m, including:
  • 34.90 g/t Ag and 1.49% Zn over 31.50m beginning at 147.00m,
  • 2.35% Zn, 0.16% Sn, 13.14 g/t Ag and 0.74% Pb over 10.50m beginning at 180.00m,
  • 1.02% Pb, 1.48% Zn, and 0.11% Sn over 70.50m beginning at 190.50m.

• 18.64 g/t Ag and 0.21% Sn over 41.25m beginning at 279.00m, including:
  • 26.49 g/t Ag, 0.23% Sn and 1.30% Pb over 26.25m beginning at 294.00m.

• Further downhole, DSB-91 intersected 0.23% Sn, 0.92% Zn and 0.84% Pb over 136.50m beginning at 328.50m, including:
  • 1.16% Zn and 0.47% Pb over 58.50m beginning at 328.50m,
  • 23.55 g/t Ag, 3.17% Pb and 1.02% Sn over 16.50m beginning at 393.00m,
  • 0.91% Zn, 0.18% Sn and 0.62% Pb over 55.50m beginning at 409.50m.

• 0.40% Sn and 11.80 g/t Ag over 7.50m beginning at 469.50m,
• 28.00 g/t Ag, 2.81% Zn, 1.39% Pb and 0.13% Sn over 1.50m beginning at 510m.

DSB-92, a step-out hole collared 50m southeast of discovery hole DSB-88, intersected the following silver, gold, zinc, lead, and tin intervals:

• 61.05 g/t Ag and 0.20% Sn over 90.00m beginning at 492.30m, including:
  • 173.30 g/t Ag and 0.15% Sn over 15.00m beginning at 517.80m,
  • 50.14 g/t Ag and 0.26% Sn over 49.50m beginning at 532.80m.
• 1.77% Zn, 10.04 g/t Ag and 0.57% Pb over 238.50m beginning at 33.30m, including:
  • 31.70 g/t Ag over 34.50m beginning at 33.30m,
  • 2.06% Zn and 0.62% Pb over 204.00m beginning at 67.80m.
• 1.71% Zn, 18.20 g/t Ag and 1.05% Pb over 1.50m beginning at 349.80m.

Figure 1: Location Map of Definition Diamond Drill Holes, Santa Barbara zone, Iska Iska. The yellow circles highlight the location of holes DSB-91 and DSB-92 referred to in this release.

Table 1: Definition Diamond Drill Results as of November 12, 2025, Santa Barbara, Iska, Iska.

Note: True width is approximately 80% of core length. Silver equivalent (Ag eq) grades are calculated using 3-year average metal prices of Ag = US$24.14/oz, Zn = US$1.36/lb, Pb = 0.98/lb, and Sn = US$13.74/lb, and preliminary metallurgical recoveries of Ag = 88%, Zn = 87%, Pb = 80% and Sn = 50%. In selecting intervals, a cutoff grade of 30 g Ag eq/t has been used. Lower grade material may be included in intersections where geological continuity is warranted.
*Interval also assayed 1.59 g/t Au.

Table 2: Summary of Diamond Drill Hole Coordinates for Drill Holes Completed at Iska Iska as of November 12, 2025

Qualified Person (“QP”)

Dr. Osvaldo Arce, P.Geo. Executive Vice President, Latin America for Eloro and General Manager of Eloro’s Bolivian subsidiary, Minera Tupiza S.R.L, and a Qualified Person (“QP”) as defined by National Instrument (“NI”) 43-101 has reviewed and approved the technical content of this news release. Dr. Arce who has more than 35 years of mineral exploration and extensive mining expertise across several countries in North and South America manages the overall technical program and supervises all field work carried out at Iska Iska.

Eloro utilized both ALS and AHK for drill core analyses, both of whom are major international accredited laboratories. Drill samples sent to ALS were prepared in both ALS Bolivia Ltda’s preparation facility in Oruro, Bolivia and the preparation facility operated by AHK in Tupiza with pulps sent to the main ALS Global laboratory in Lima for analysis. Drill core samples sent to AHK Laboratories are also prepared by AHK in Tupiza with pulps sent to the AHK laboratory in Lima, Peru.

Silver (Ag), zinc (Zn) and lead (Pb) are analyzed by Inductively Coupled Plasma Atomic Emission Spectroscopy (ICP-AES) using a four-acid digestion; Sn is analyzed by X-Ray Fluorescence (XRF) and Au is analyzed by fire assay on 50g pulps with an Atomic Absorption Spectroscopy (AAS) finish. AAS measures absorbed light to quantify elements, while ICP, such as ICP-OES or ICP-MS, measure emitted light or ions to determine elements. XRF uses fluorescent X-rays to excite atoms and to emit X-rays that reveal the presence and concentration of tin. Sample size in ICP typically ranges from 100 mg (0.1 g) to 1 g, for AAS, is usually less than 100 mg (0.1 g) and for XRF is ideally below 75 µm.

Check samples between ALS and AHK are regularly done as a QA/QC check. AHK is following the same analytical protocols used as with ALS and with the same QA/QC protocols with the exception of Sn for which a sodium peroxide fusion is used at AHK following by ICP. Check comparisons of Sn results from ALS and ALS indicate no statistically significant difference between results using the two different analytical techniques.

Eloro employs an industry standard QA/QC program with standards, blanks and duplicates inserted into each batch of samples analyzed at both laboratories with selected check samples sent to a separate accredited laboratory. Check results are regularly monitored.

About Iska Iska

The Iska Iska silver-tin polymetallic project is a road accessible, royalty-free property, wholly controlled by the Title Holder, Empresa Minera Villegas S.R.L. and is located 48 km north of Tupiza city, in the Sud Chichas Province of the Department of Potosi in southern Bolivia. Eloro has an option to earn a 100% interest in Iska Iska.

Iska Iska is a major silver-tin polymetallic porphyry-epithermal complex associated with a Miocene possibly collapsed/resurgent caldera, emplaced on Ordovician age rocks with major breccia pipes, dacitic domes and hydrothermal breccias. The caldera is 1.6km by 1.8km in dimension with a vertical extent of at least 1km. Mineralization age is similar to Cerro Rico de Potosí and other major deposits such as San Vicente, Chorolque, Tasna and Tatasi, all located along the same overall geological trend.

Eloro began underground diamond drilling from the Huayra Kasa underground workings at Iska Iska on September 13, 2020. On January 26, 2021, Eloro announced significant results from the first drilling at the Santa Barbara Breccia Pipe (SBBP) including the discovery hole DHK-15 which returned 29.53g Ag/t, 0.078g Au/t, 1.45%Zn, 0.59%Pb, 0.080%Cu and 0.056%Sn over 257.5m, from surface. Subsequent drilling has confirmed the presence of significant values of Ag-Sn polymetallic mineralization in the SBBP and the adjacent Central Breccia Pipe (CBP). A substantive mineralized envelope which is open along strike and down-dip extends around both major breccia pipes. Continuous channel sampling along the walls of the Santa Barbara Adit located to the east of SBBP returned average grades of 164.96 g Ag/t, 0.46%Sn, 3.46% Pb and 0.14% Cu over 166m including 446 g Ag/t, 9.03% Pb and 1.16% Sn over 56.19m. The west end of the adit intersects the end of the SBBP.

Since the initial discovery hole Eloro has released a number of significant drill results in the SBBP and the surrounding mineralized envelope which, along with geophysical data, has defined an extensive target zone. On October 17, 2023, Eloro filed the NI 43-101 Technical Report outlining the initial inferred MRE for Iska Iska, prepared by independent consultants Micon International Limited. The MRE was reported in two domains, the Polymetallic (Ag-Zn-Pb) Domain which is primarily in the east and south of the Santa Barbara deposit and the Tin (Sn-Ag-Pb) Domain which is primarily in the west and north.

The Polymetallic Domain is estimated to contain 560Mt of inferred mineral resources at 13.8 g Ag/t, 0.73% Zn & 0.28% Pb at an NSR cutoff of US$9.20 for potential open pit and an NSR cutoff of US$34.40 for potential underground. The majority of the mineral resource is contained in the constraining pit which has a stripping ratio of 1:1. The Polymetallic Domain contains a higher-grade inferred mineral resource at a NSR cutoff of $US25/t of 132 million tonnes at 1.11% Zn, 0.50% Pb and 24.3 g Ag/t which has a net NSR value of US$34.40/t which is 3.75 the estimated operating cost of US$9.20/t. The Tin Domain which is adjacent to the Polymetallic Domain and does not overlap, is estimated to contain an inferred mineral resource of 110Mt at 0.12% Sn, 14.2 g Ag/t and 0.14% Pb but is very under drilled.

Metallurgical tests reported on January 23, 2024 from a 6.3 tonne PQ drill core bulk sample representative of the higher grade Polymetallic (Ag-Zn-Pb) Domain returned a significantly higher average silver value of 91 g Ag/t compared to the weighted average grade of the original twinned holes at 31 g Ag/t strongly suggesting that the average silver grade is likely significantly underreported in the original twinned holes due to the much smaller sample size.

The Company reported on July 30, 2024, that updated modelling of the potential starter pit area at Santa Barbara zone highlights the importance of completing additional drilling to better define the grade and extent of the mineral resource in this area. Areas with higher-grade resource typically have much better drilling density but holes outside the core potential pit area are too widely spaced to give an accurate estimate of grade.

On September 4, 2024, the Company announced the restart of definition drilling in the potential starter pit area at Santa Barbara. It was highly focused on infill and step-out drill program in order to better define the full vertical and lateral extent of high-grade Sn and Ag mineralization, expand higher-grade Sn mineralization to the west and the silver to the central and west parts. Also, to fill-in gaps that were formerly categorized as low-grade or internal waste in the mineral resource model and to drill in a closer-spacing 50m x 50m grid. Previous drilling has shown that areas with high-grade mineralization typically have much better drilling density, whereas holes outside the core area are too widely spaced to give an accurate grade estimate. This increased drilling density is particularly important for defining the extent of the high-grade Ag-bearing and Sn-bearing structures, and for categorizing the mineral resources from inferred to indicated, which have a major influence on overall grade and resources that will contribute to the PEA.

Since September 4, 2004 the Company has completed 27 drill holes totalling 14,085.80 metres of definition drilling in 2 different phases of diamond drilling in the potential starter pit area of the Santa Barbara Zone. This drilling has continued to intersect strong, broad zones and high-grade mineralization with good continuity in both the predominant Sn-Ag domain to the west (15 drill holes) and in the predominant Ag-Zn-Polymetallic domain to the east (12 drill holes). Both zones remain open along and across strike as well as downdip.

The intercepts of 151.47 g Ag/t over 135m found in hole DSB-75; 66.90g Ag/t over 289.13m in hole DSB-68; 126.10g Ag/t over 122.03m, 127.49g Ag/t over 41.25m and 49.71g Ag/t over 142.50m found in hole DSB-69; and 45.71g Ag/t over 81.00m and 30.08g Ag/t over 255.75m found in hole DSB-70 confirm the presence of continued silver pockets grading over 50 g Ag/t. Moreover, tin enriched pockets such as 1.39% Sn over 33m, 0.74% Sn over 87m found in hole DSB-72 and 0.55% Sn over 49.5m, 0.34% Sn over 91.5m, 0.31% Sn over 103.5m in hole DSB-74 demonstrate the existence of consistent high grade tin pockets at the Santa Barbara zone. And finally, the presence of intercepts such as 1.41% Zn over 151.50m in hole DSB-91, 1.77% Zn over 238.50m and 1.72% Zn over 456m found in hole DSB-88 reveal continuous Zn (and Pb) ore shoots in the property. These results have further expanded, at least 200m laterally, the higher-grade tin and silver and polymetallic (Ag-Sn-Zn-Pb) mineralization and the footprint of this large multi-phase hydrothermal system at Iska Iska.

About Eloro Resources Ltd.

Eloro is an exploration and mine development company with a portfolio of precious and base-metal properties in Bolivia, Peru and Quebec. Eloro has an option to acquire a 100% interest in the highly prospective Iska Iska Property, which can be classified as a polymetallic epithermal-porphyry complex, a significant mineral deposit type in the Potosi Department, in southern Bolivia. A NI 43-101 Technical Report on Iska Iska, which was completed by Micon International Limited, is available on Eloro’s website and under its filings on SEDAR+. Iska Iska is a road-accessible, royalty-free property. Eloro also owns an 82% interest in the La Victoria Gold/Silver Project, located in the North-Central Mineral Belt of Peru some 50 km south of the Lagunas Norte Gold Mine and the La Arena Gold Mine.

For further information please contact either Thomas G. Larsen, Chairman and CEO or Jorge Estepa, Vice-President at (416) 868-9168.

Information in this news release may contain forward-looking information. Statements containing forward-looking information express, as at the date of this news release, the Company’s plans, estimates, forecasts, projections, expectations, or beliefs as to future events or results and are believed to be reasonable based on information currently available to the Company. There can be no assurance that forward-looking statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. Readers should not place undue reliance on forward-looking information.

Cartier Resources Inc. (″Cartier″ or the ″Company″) (TSXV: ECR; FSE: 6CA) is pleased to announce that metallurgical testwork program is underway on samples of the Main Sector from its Cadillac Project, located in Val-d’Or (Abitibi, Quebec). This work will be supervised by Soutex, a firm specializing in mineral processing and metallurgy, located in Quebec City (Quebec).

Methodology of the Metallurgical Testwork Program

A total of 388.7 kg of representative NZ-size half-drill core samples, which 92% of the samples come from holes drilled by Cartier between 2017 and 2023, has been collected from three gold deposits (Chimo, East Chimo and West Nordeau) of the Main Sector (Figure 1) and shipped to ALS Canada Ltd – Metallurgy Services in Kamloops, British Columbia; the details and process of which are provided below:

• Chimo Deposit: 126.1 kg (composites 1 & 2).
• East Chimo Deposit: 132.6 kg (composites 3 & 4).
• West Nordeau Deposit: 130.0 kg (composites 5 & 6).

Figure 1: Geographic Location of the Composites

The preparation and testing process of the composites of the three deposits will be subject to cyanidation tests at three different grind sizes. After these tests, gravimetric concentration separation followed by a cyanide destruction tests of the gravity tails will be done at the grind size showing the best results. In addition to the metallurgical program, comminution test, as well as chemical and mineralogical characterization, will also be performed to define the grindability of the mineralized material and predict his behaviour in the process (Figure 2).

Figure 2: Material Preparation and Testing Flowchart of the Composites

Key Objectives of the Program

• Defining expected gold recovery rates and improving upon historical results from the Chimo deposit.
• Establishing first-time metallurgical recovery data for the East Chimo and West Nordeau satellite deposits, where no previous data exists.
• Supporting the development of an integrated process flowsheet.
• Providing critical data for future trade-off studies to guide project development.

Results from the metallurgical testwork program are expected in Q1 2026 (Figure 3).

Figure 3: Planned Test Schedule

Milestones of 2025-2027 Exploration Program

100,000 m Drilling Program (Q3 2025 to Q2 2027)

The ambitious 600-hole drilling program will both expand known gold zones and test new shallow surface high-potential targets. The objective is to unlock the camp-scale, high-grade gold potential along the 15 km Cadillac Fault Zone. It is important to note that Cartier’s recent consolidation of this large land holding offers the unique opportunity in over 90 years for unrestricted exploration.

Environmental Baseline Studies & Economic Evaluation of Chimo mine tailings (Q3 2025 to Q3 2026)

The baseline studies will be divided into two distinct parts which include 1) environmental baseline desktop study and 2) preliminary environmental geochemical characterization. The initial baseline studies will provide a comprehensive understanding of the current environmental conditions and implement operations that minimize environmental impact while optimizing the economic potential of the project. These studies will be supplemented by an initial assessment of the economic potential of the past-producing Chimo mine tailings to determine whether a quantity of gold can be extracted economically.

Qualified Person

The scientific and technical content of this press release has been prepared, reviewed and approved by Mr. Ronan Déroff, P.Geo., M.Sc., Vice President Exploration, who is a ″Qualified Person″ as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects (″NI 43-101″).

About Soutex

Soutex is a consulting firm in mineral processing and metallurgy that offers specialized services, from the initial stages of development on paper to the daily operations of the processing plant. Their designs stem from their solid experience in providing plant operations support. This support is based on their knowledge of fundamental ore processing principles and their in-plant experience. Founded in 2000 and having offices in Canada (Quebec and Longueuil) and Germany (Munich), Soutex comprises more than 40 metallurgists, process engineers, and technicians, making it one of the largest groupings of specialists in the field in Canada. Services have been offered to clients located across Canada and abroad (West Africa, United States, Finland, New Caledonia, Suriname, and Madagascar).

About Cadillac Project

The Cadillac Project, covering 14,000 hectares along a 15-kilometre stretch of the Cadillac Fault, is one of the largest consolidated land packages in the Val-d’Or mining camp. Cartier’s flagship asset integrates the historic Chimo Mine and East Cadillac projects, creating a dominant position in a world class gold mining district. With excellent road access, year-round infrastructure and nearby milling capacity, the project is ideally positioned for rapid advancement and value creation.

Using a gold price of US$1,750/oz, a Preliminary Economic Assessment demonstrated the economic viability of a 2-km segment, compared to the 15 km that will be the subject of the 100,000 m drilling program, with an average annual gold production of 116,900 oz over a 9.7-year mine life. Indicated resources are estimated at 720,000 ounces (7.1 million tonnes at 3.1 g/t Au) and inferred resources at 1,633,000 ounces (18.5 million tonnes at 2.8 g/t Au). Please see the NI 43-101 ″Technical Report and Preliminary Economic Assessment for Chimo Mine and West Nordeau Gold Deposits, Chimo Mine and East Cadillac Properties, Quebec, Canada, Marc R. Beauvais, P.Eng., of InnovExplo Inc., Mr. Florent Baril of Bumigeme and Mr. Eric Sellars, P.Eng. of Responsible Mining Solutions″ effective May 29, 2023.

About Cartier Resources Inc.

Cartier Resources Inc., founded in 2006 and headquartered in Val-d’Or (Quebec) is a gold exploration company focused on building shareholder value through discovery and development in one of Canada’s most prolific mining camps. The Company combines strong technical expertise, a track record of successful exploration, and a fully funded program to advance its flagship Cadillac Project. Cartier’s strategy is clear: unlock the full potential of one of the largest undeveloped gold landholdings in Quebec.

For further information, contact:
Philippe Cloutier, P. Geo.
President and CEO
Telephone: 819-856-0512
philippe.cloutier@ressourcescartier.com
www.ressourcescartier.com

Millennial Potash Corp. (TSXV: MLP) (OTCQB: MLPNF) (FSE: X0D) (“MLP”, “Millennial” or the “Company”) is pleased to announce the results of an updated Mineral Resource Estimate (“MRE”) for the northern part of its Banio Potash Project in Gabon. The MRE has an Effective Date of Nov. 11, 2025 and was completed by ERCOSPLAN Ingenieurgesellschaft Geotechnik und Bergbau mbH (“ERCOSPLAN”), one of the oldest and best-known potash specialist consulting companies in the world with significant experience in the West African Potash Basin.

Table 1 Measured, Indicated and Inferred Mineral Resources, Banio Potash Project

Farhad Abasov, Millennial’s Chair, commented, “Millennial Potash is delighted to report that its updated Mineral Resource Estimates (MRE) for the northern part of its Banio Potash Project has exceeded all our expectations marking a major milestone in our development. Last year we had no Measured Resource, whereas now we have 648M tonnes of maiden Measured Resource. The total Measured and Indicated Resource increased by 275% while the Inferred Resource went up by 210%. The increase in resources since our maiden resource in 2024 has been massive with Carnallitite Measured + Indicated resources of 2.42B tonnes at 15.5-% KCl and additional Inferred Carnallitite resources of 3.6B tonnes also grading 15.4% KCl.

This vast increase in the resources calculated may also allow us to consider substantially expanding any planned production scale in the future. The newly calculated resources underscore the project’s immense potential, as it covers only about 5% of the entire project area. The presence of sylvinite seams constitute a higher-grade resource that adds further promise to the Project.

It is important to note that the resources cover only a fraction of the northern part of the entire Project area and based on historical drill results and seismic work we believe the Project deposit continues both to the south and to the north. With significant thicknesses of potash mineralization encountered in all drillholes to date, locally in excess of 100m, we see support for our interpretation that these potash seams have thickness, grade and continuity making them potentially highly suitable to solution mining.

Moving forward this MRE is expected to provide a solid base for a Feasibility Study (“FS”) which is being supported by the U.S. International Development Finance Corp. (“DFC”) by a non-dilutive USD $3M in funding. The FS will investigate various possible production scenarios via solution mining.”

The MRE includes Measured Carnallitite Mineral Resources of approximately 648 million tonnes grading 15.7% KCl, Indicated Carnallitite Mineral Resources of approximately 1.769 billion tonnes grading 15.4% KCl, Indicated Sylvinite Mineral Resources of 35 million tonnes grading 24.3% KCl, Inferred Carnallitite Mineral Resources of 3.463 billion tonnes grading 15.4% KCl, and Inferred Sylvinite Mineral Resources of 96.2 million tonnes grading 24.2% KCl (see Tables 1,3,4,5). The MRE includes analytical results from the 2024 MRE for holes BA-002 and BA-003, plus 2025 drilling results from the extension of BA-001 (BA-001-EXT), and new hole BA-004. (see MLP Press releases dated Sept. 16, 2025 and Oct. 14, 2025).

The 2025 MRE values equate to approximately 102 million tonnes of contained KCl in the Measured category, about 281 million tonnes of contained KCl in the Indicated category and approximately 555 million tonnes of contained KCl in the Inferred category (see Tables 3, 4 and 5) In addition, compared to 2024 MRE, MLP has added a large maiden Measured Mineral Resource of 648 million tonnes at 15.7% KCl (see MLP Press release dated Jan. 16, 2024).

The Banio Potash Project is located at the north end of the West-African Evaporite Basin. This is a well-established potash basin. The Mineral Resource Estimate for MLP’s Banio Potash Project is comprised of Measured, Indicated and Inferred resources based on the definition of potash-bearing seams or beds in numerous sedimentary evaporite cycles or stages that were identified from drill core collected from potash specific exploration drillholes. The Mineral Resources are comprised of carnallitite and sylvinite resources as detailed in Tables 3, 4 and 5.

Geological Model

The geological model of Banio Potash mineralization identifies 7 potash-bearing Evaporite Cycles (CII to CVIII) with up to 20 seams of carnallitite and 3 seams of sylvinite in individual Cycles. For the potash seams to be considered as potentially suitable for solution mining, which is deemed to be the optimal mining method to sustain a low-cost economic operation at Banio, they must meet certain thickness and grade criteria. In order to be considered as potentially mineable via solution mining the following cut-off parameters were applied to on the carnallitite and sylvinite seams:

• Carnallitite: seam thickness has to be > 2.5 m when single, and > 1.25 m when other seams are present within 5 m vertical distance, and Carnallite content > 47 % (~ 12.5% KCl).
• Sylvinite: seam thickness has to be > 2 m and the Sylvite content > 16 %. Combined Sylvite/Carnallite seams (e.g., Cycle VIII seam 4 in Ba-003, Cycle VII seam 14 in Ba-002) have been considered as separate seams.

The seams which meet these criteria are outlined in Table 2 below.

The flat-lying nature of the West African Evaporite Basin, confirmed in the project area by results from extensive seismic studies coupled with drillhole geological information, allows for extrapolation of the various cycles and seams over significant distances. The evaporite basin geology outlined in the stratigraphic columns in Figure 1 confirms continuity of potash seams over approximately 8,000m of strike length based on drill holes BA-001, BA-002, BA-003, and BA-004

Resource Estimate

In calculating the mineral resource tonnages, the following procedures were completed (Mineral Resources are given as in-situ mineralization):

• Around each drill hole, a Radius of Influence (ROI) was defined and by intersection of these ROIs, polygons around drill holes where constructed.
• Each polygon was clipped by the coast of Banio Lagoon and restricted to only onshore areas within the Mayumba Permit. The volume for each potash seam was calculated by multiplying the clipped polygon area with the thickness of the potash seam.
• The carnallitite tonnage was calculated by multiplying the volume assigned to each seam with a carnallitite tonnage factor (density). The density for each seam was determined individually from the relative abundance of the salt minerals in the carnallitite seam and varies from between 1.77 g/cm³ for high grade carnallitite and 1.80 g/cm³ for low grade carnallitite seams. For Sylvinite seams, a sylvinite tonnage factor was similarly determined. Based on Sylvite grade, density varied between 2.07 g/cm³ and 2.13 g/cm³.
• The KCl grade of each seam was calculated from a weighted average grade of drillholes sample results collected from the individual seams.

The MRE classifies the carnallitite mineralization as Measured, Indicated and Inferred Mineral Resources, and the and sylvinite mineralization as Indicated and Inferred, as defined by NI 43-101. This reflects the level of confidence in the extent and grade of both the carnallitite and sylvinite bodies.

The criteria used in the MRE to define the extension of mineralization from each drillhole for the Measured, Indicated and Inferred carnallitite resources is as follows:

• Measured Mineral Resources occur within a radius of 700m of a drill hole, as long as the seismic survey results show no significant change in thickness of the overall salt section. The ROI for Indicated Mineral Resources is not extended beyond the position of faults interpreted from the seismic survey sections.
• Indicated Mineral Resources occur within a radius of 1,400m of a drill hole, minus the Measured Resources as long as the seismic survey results show no significant change.

Table 2 Composite carnallitite and sylvinite seam data from drillholes utilized in the MRE.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4674/274691_66dc182ab4e6286e_002full.jpg

ND no data, as the cycle has not been preserved in this drill hole (BA-001 Cycle VIII) or has not been drilled Cycle II to Cycle IV in Ba-003

LT/LG thickness or grade do just not meet the criteria

X = mineralization may be present, but thickness and grade far off from meeting criteria

Sg = slightly different grouping of seams between drill holes

Blank-empty in Cycle VI and Cycle VII due to seams being either Ct or Sy in different drill holes

Fig. 1 Correlation of potash cycles displaying good continuity from BA-002, BA-003, BA-001 and BA-004 drillholes.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4674/274691_66dc182ab4e6286e_003full.jpg

• in thickness of the overall salt section. The ROI for Indicated Mineral Resources is not extended beyond the position of faults interpreted from the seismic survey sections.
• Inferred Mineral Resources occur within a radius of 2,800m of a drillhole, minus the Measured and Indicated resources within this area. Considering that for Inferred Mineral Resources the continuity of grade and thickness only have to be implied, the ROI for this category is predicted to extend into the fault bounded downthrown block that has been interpreted from the seismic sections.

Similarly, the MRE utilizes the following criteria to estimate the extension of the Indicated and Inferred sylvinite resources from a drillhole:

• Measured Mineral Resources for sylvinite have not been assigned due to the uncertainly in the extent of the sylvinite deposition as it is primarily a secondary form of mineralization and structurally controlled.
• Indicated Mineral Resources occur within a radius of 500m of a drill hole, as long as the seismic survey results show no significant change in thickness of the overall salt section.
• Inferred Mineral Resources occur within a radius of 1,000m of a drill hole, minus the Indicated resources within this area.

Since the extent of the Sylvite mineralization is secondary and mainly structurally controlled, the ROIs for the sylvinite mineralization are not extended beyond faults interpreted from the seismic survey sections.

The ROI distribution for carnallitite seams in Cycles VI to VII showing the Indicated resource ROI clipped at interpreted faults and the Inferred ROI extending beyond these same faults is shown in Figure 2.

Cycles VI and VII in BA-001 display anomalous thickness which may be a local feature related to proximity to a NE-SW trending fault and localized folding. ERCOSPLAN has interpreted the substantial thicknesses of Cycles VI and VII to be local features and in order to be conservative in the resource estimate, have calculated True Thicknesses for all the seams in these two cycles through structural analysis and comparisons to adjacent, unaffected drillhole stratigraphy. Minor uncertainty remains regarding the exact position of this fault and consequently a 200 m wide barrier with no Mineral Resources is defined along the interpreted fault. Uncertainty around additional faults interpreted from the seismic sections are accommodated by a non-resource zone 100m wide associated with each potential fault.

The resulting Measured, Indicated and Inferred mineral resources for the Banio Project are presented in Tables 3, 4 and 5. The robust carnallitite Measured Mineral Resource Estimate of 648M tonnes grading 15.7% KCl, and carnallitite Indicated Mineral Resource Estimate of 1.77 billion tonnes grading 15.4% KCl provide a solid base for continuing exploration and development at the project and for the initiation of a Feasibility Study. The FS the Company plans to complete will focus only on the North Target although significant potential for potash mineralization is interpreted from downhole geophysical studies completed in several oil and gas wells at the South Target of the permit area.

Figure 2 Measured, Indicated and Inferred ROI Polygons for Carnallitite Seams in Cycles VI to VII with interpreted faults zones

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4674/274691_66dc182ab4e6286e_004full.jpg

In addition to carnallitite resources, the sylvinite mineralization, with Indicated Mineral Resources of approximately 35.2M tonnes grading 24.3% KCl and Inferred Mineral Resources of approximately 96.2M tonnes at 24.3% KCl, represent attractive exploration targets with higher grades that may enhance the overall grade of the project.

Table 3: Measured Mineral Resources*

Table 4: Indicated Mineral Resources*

Table 5: Inferred Mineral Resources*

*Cautionary Notes:

1. MT=Million Tonnes, tonnage is for in-situ resource with no discount for recovery as mining and processing methods are to be finalized. Potash deposits have been mined by underground, open pit and solution mining methods.
2. The numbers for tonnage, average KCl per cent are rounded figures
3. Mineral resources that are not mineral reserves do not have demonstrated economic viability. The estimates of mineral resources may be materially affected by environmental, permitting, legal, title, taxation, sociopolitical, marketing, or other relevant issues.
4. The quantity and grade of reported Inferred resources in this estimation are uncertain in nature and there has been insufficient exploration to define these Inferred resources as an Indicated or Measured mineral resource and it is uncertain if further exploration will result in upgrading them to an Indicated or Measured mineral resource category.
5. Densities used in resource calculations are 2.07-2.13 g/cm3 for Sylvinite and 1.77-1.80 g/cm³ for Carnallitite

The Company is required to file an NI 43-101 compliant technical report on SEDAR within 45 days of the initial disclosure of the MRE made herein.

The information in this news release has been reviewed and approved by Sebastiaan van der Klauw, EurGeol, of ERCOSPLAN and Peter J. MacLean, Ph.D., P. Geo, Director of the Company, and both are Qualified Persons as that term is defined in National Instrument 43-101.

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

MILLENNIAL POTASH CORP.

“Farhad Abasov”
Chair of the Board of Directors

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

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