Group Eleven Resources Corp. (TSXV: ZNG,OTC:GRLVF) (OTCQB: GRLVF) (FSE: 3GE) (‘Group Eleven’ or the ‘Company’) is pleased to announce the latest two step-out drill holes from its Ballywire discovery (‘Ballywire’) at the 100%-owned PG West Project (‘PG West’), Republic of Ireland.

Highlights:

• 25-3552-47 (approx. 100m step-out SSE of 25-3552-40, initial test of the Deeper Cu-Ag target; announced 22-Sep-25) intersected four zones of mineralization, including:
  • New Mineralized Zone (South) – Waulsortian Hosted (starting from 313.1m downhole)
  • 20.3m of 2.6% Zn+Pb (1.5% Zn and 1.1% Pb), 6 g/t Ag, including
  • 7.3m of 5.2% Zn+Pb (2.5% Zn and 2.7% Pb), 10 g/t Ag, including
  • 3.8m of 7.3% Zn+Pb (3.7% Zn and 3.6% Pb), 14 g/t Ag, including
  • 1.9m of 10.7% Zn+Pb (5.7% Zn and 5.0% Pb), 19 g/t Ag
  • New Mineralized Zone (South) – Base of Waulsortian (starting from 355.9m downhole)
  • 2.6m of 2.7% Zn+Pb (0.1% Zn and 2.5% Pb) and 19 g/t Ag, including
  • 0.8m of 6.7% Zn+Pb (0.3% Zn and 6.5% Pb) and 37 g/t Ag
  • Deeper Cu-Ag Zone (starting from 490.7m downhole)
  • 11.3m of 0.26% Cu and 8 g/t Ag, including
  • 4.7m of 0.46% Cu and 14 g/t Ag, including
  • 1.8m of 0.83% Cu and 24 g/t Ag
  • Deeper Cu-Ag Zone (starting from 616.6m downhole)
  • 9.4m of 0.25% Cu and 7 g/t Ag, including
  • 3.7m of 0.32% Cu and 8 g/t Ag, including
  • 0.8m of 0.62% Cu and 16 g/t Ag

‘Today’s results represent a positive surprise given we were not expecting robust Zn-Pb-Ag mineralization south of the main discovery trend at this particular location,’ stated Bart Jaworski, CEO. ‘In addition to successfully extending significant Deeper Cu-Ag mineralization down dip by over 200m from previous drilling, today’s hole intersected strong Zn-Pb-Ag mineralization in a new part of the discovery. Long theorized, new zones of mineralization parallel to the main discovery trend at Ballywire were evidenced this September by hole 25-3552-44 which discovered a new Cu-Ag bearing feeder structure to the north of the main discovery. Today’s results show a similar situation, but to the south, enhancing the potential for at least two additional mineralized zones. If borne out, this greatly expands Ballywire’s tonnage potential.’

‘Driven by new zones of mineralization, growing momentum at our Deeper Cu-Ag zone and the fact that the majority of our 6km long prospective trend is yet to be drilled, Ballywire’s exploration upside continues to ramp up. With a robust treasury and our most ambitious drilling campaign to date – four rigs turning in Ireland – we are poised to continue unlocking Ballywire’s full potential over the coming months.’

Exhibit 1. Cross-Section Showing 25-3552-47 Testing Deeper Cu-Ag Zone at Ballywire.

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Note: True thickness of the mineralized intervals in hole 25-3552-47 as a percentage of the down-hole interval, is estimated to be approx. 90-100% for Waulsortian-hosted zones, and 60-80% for sub-Waulsortian zones.

Exhibit 2. Plan Map of Main Ballywire Discovery Corridor, Showing New Holes 25-3552-45 and -47.

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Note: ‘New Min’zd Zone (S)’ means New Mineralized Zone (South); ‘Potential Zone (N)’ means Potential Mineralized Zone (North).

Exhibit 3. Cross-Section of 25-3552-45 (and Previously Reported Holes -35 and -39).

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Note: True thickness of the mineralized intervals in hole 25-3552-45 as a percentage of the down-hole interval, is estimated to be approx. 80-100%.

Ballywire Drill Update

The Ballywire prospect at the Company’s 100%-owned PG West Project in Republic of Ireland, represents the most significant mineral discovery in Ireland in over a decade. First announced in Sept-2022, the discovery has 64 holes drilled and reported by Group Eleven to date, including the most recent two holes (25-3552-45 and -47) reported today (see Exhibits 1 to 6).

Assays from today’s drill holes are summarized above and below (and in Exhibits 4 and 5). Mineralization consists predominantly of sphalerite, galena and pyrite, with the Cu-Ag bearing zones also containing chalcopyrite and suspected tennantite-tetrahedrite.

In addition to results from 25-3552-47, described above, hole 25-3552-45 intersected two zones of significant mineralization along a fault structure (see Exhibits 3 and 5). Strong exploration upside remains further to the NNW and SSE along this section.

Exhibit 4. Summary of Assays from 25-3552-47 at Ballywire

Note: True thickness of the mineralized intervals in hole 25-3552-47 as a percentage of the down-hole interval, is estimated to be approx. 90-100% for Waulsortian-hosted zones, and 60-80% for sub-Waulsortian zones; ‘-‘ means less than 0.01% (<100 ppm).

Exhibit 5. Summary of Assays from 25-3552-45 at Ballywire

Note: True thickness of the mineralized intervals in hole 25-3552-45 as a percentage of the down-hole interval, is estimated to be approx. 80-100%.

Drilling at Ballywire continues with three rigs. Currently, thirteen (13) new holes are completed or near completed (and in the process of being logged, sampled and assayed). These are shown in Exhibit 2, including: (i) four holes collared approx. 200m E of G11-3552-08; (ii) two holes testing approx. 780m SE of G11-3552-08; (iii) six holes drilled along a drill fence hosting G11-468-01; and (iv) one hole testing approx. 80m SW of G11-3552-12. Note, one additional rig is active at the Company’s Stonepark Project.

Exhibit 6. Regional Gravity Map Showing 6km Long Prospective Trend at Ballywire.

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Note: Of the four gravity-high anomalies above, only the ‘C’ anomaly has been systematically drilled to date.

Exhibit 7. Regional Map of Ballywire Discovery and Surrounding Prospects.

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Notes to Exhibit 7: (a) Pallas Green MRE is owned by Glencore (see Glencore’s Resources and Reserves Report dated December 31, 2024); (b) Stonepark MRE: see the ‘NI 43-101 Independent Report on the Zinc-Lead Exploration Project at Stonepark, County Limerick, Ireland’, by Gordon, Kelly and van Lente, with an effective date of April 26, 2018, as found on SEDAR+; and (c) the historic estimate at Denison was reported by Westland Exploration Limited in ‘Report on Prospecting Licence 464’ by Dermot Hughes dated May, 1988; the historic estimate at Gortdrum was reported in ‘The Geology and Genesis of the Gortdrum Cu-Ag-Hg Orebody’ by G.M. Steed dated 1986; and the historic estimate at Tullacondra was first reported by Munster Base Metals Ltd in ‘Report on Mallow Property’ by David Wilbur, dated December 1973; and later summarized in ‘Cu-Ag Mineralization at Tullacondra, Mallow, Co. Cork’ by Wilbur and Carter in 1986; the above three historic estimates have not been verified as current mineral resources; none of the key assumptions, parameters and methods used to prepare the historic estimates were reported and no resource categories were used; significant data compilation, re-drilling and data verification may be required by a Qualified Person before the historic estimates can be verified and upgraded to be compliant with current NI 43-101 standards; a Qualified Person has not done sufficient work to classify them as a current mineral resource and the Company is not treating the historic estimates as current mineral resources. ‘Rathdowney Trend’ is the south-westerly projection of the Rathdowney Trend, hosting the historic Lisheen and Galmoy mines.

Qualified Person

Technical information in this news release has been approved by Professor Garth Earls, Eur Geol, P.Geo, FSEG, geological consultant at IGS (International Geoscience Services) Limited, and independent ‘Qualified Person’ as defined under Canadian National Instrument 43-101.

Sampling and Analytical Procedures

All core drilled at Ballywire is NQ (47.6mm) and is cut using a rock saw. Sample intervals vary between 0.22m to 1.19m with an average (over 211 samples) of 0.90m. The half-core samples are bagged, labelled and sealed at Group Eleven’s core store facility in Limerick, Ireland. Selected sample bags are examined by the Qualified Person. Transport is via an accredited courier service and/or by Group Eleven staff to ALS Laboratories in Loughrea Co. Galway, Ireland. Sample preparation at the ALS facility comprises fine crushing 70% < 2mm, riffle splitter, pulverise up to 250g 85% < 75um. Analytical procedures are 34 element four acid ICP-AES (codes ME-ICP61 and ME-OG62). Other than paying for a professional analytical service, Group Eleven has no relationship with ALS.

Quality Assurance/Quality Control (QA/QC) Information

Group Eleven inserts certified reference materials (‘CRMs’ or ‘Standards’) as well as blank material, to its sample stream as part of its industry-standard QA/QC programme. The QC results have been reviewed by the Qualified Person, who is satisfied that all the results are within acceptable parameters. The Qualified Person has validated the sampling and chain of custody protocols used by Group Eleven.

About Group Eleven Resources

Group Eleven Resources Corp. (TSXV: ZNG,OTC:GRLVF) (OTCQB: GRLVF) (FSE: 3GE) is drilling the most significant mineral discovery in the Republic of Ireland in over a decade. The Company announced the Ballywire discovery in September 2022, demonstrating high grades of zinc, lead, silver, copper, germanium and locally, antimony. Key intercepts to date include:

• 10.8m of 10.0% Zn+Pb and 109 g/t Ag (G11-468-03)
• 10.1m of 8.6% Zn+Pb and 46 g/t Ag (G11-468-06)
• 10.5m of 14.7% Zn+Pb, 399 g/t Ag and 0.31% Cu (G11-468-12)
• 11.2m of 8.9% Zn+Pb and 83 g/t Ag (G11-3552-03)
• 29.6m of 10.6% Zn+Pb, 78 g/t Ag and 0.15% Cu (G11-3552-12) and
• 11.8m of 11.6% Zn+Pb, 48 g/t Ag (G11-3552-18)
• 15.6m of 11.6% Zn+Pb, 122 g/t Ag and 0.19% Cu (G11-3552-27)
• 12.0m of 1.4% Zn+Pb, 560 g/t Ag, 2.30% Cu and 0.17% Sb (25-3552-31), including
• 6.4m of 2.1% Zn+Pb, 838 g/t Ag, 3.72% Cu and 0.27% Sb (25-3552-31)
• 39.7m of 9.5% Zn+Pb, 131 g/t Ag and 0.27% Cu (25-3552-35)
• 25.6m of 9.2% Zn+Pb, 28 g/t Ag (25-3552-39)

Ballywire is located 20km from Company’s 77.64%-owned Stonepark zinc-lead deposit¹, which itself is located adjacent to Glencore’s Pallas Green zinc-lead deposit². The Company’s two largest shareholders are Michael Gentile (14.1% interest) and Glencore Canada Corp. (13.9%). Additional information about the Company is available at www.groupelevenresources.com.

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

Cautionary Note Regarding Forward-Looking Information

Technical and scientific information disclosed from neighbouring properties does not necessarily apply to the current project or property being disclosed. This press release contains forward-looking statements within the meaning of applicable securities legislation. Such statements include, without limitation, statements regarding the future results of operations, performance and achievements of the Company, including the timing, content, cost and results of proposed work programs, the discovery and delineation of mineral deposits/resources/ reserves and geological interpretations. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate and similar expressions, or are those, which, by their nature, refer to future events. The Company cautions investors that any forward-looking statements by the Company are not guarantees of future results or performance, and that actual results may differ materially from those in forward looking statements as a result of various factors, including, but not limited to, variations in the nature, quality and quantity of any mineral deposits that may be located. All of the Company’s public disclosure filings may be accessed via www.sedarplus.ca and readers are urged to review these materials, including the technical reports filed with respect to the Company’s mineral properties.

¹ Stonepark MRE is 5.1 million tonnes of 11.3% Zn+Pb (8.7% Zn and 2.6% Pb), Inferred (Apr-17-2018).
² Pallas Green MRE is 45.4 million tonnes of 8.4% Zn+Pb (7.2% Zn + 1.2% Pb), Inferred (Glencore, Dec-31-2024).

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The Eastern Expansion Drill Program Identified Several Mineralized Northwest Structures Hosting Shallow Mineralization Encountered Within a 1.2 Kilometre Trend

EASTERN EXPANSION PROGRAM HIGHLIGHTS:

• At least three mineralized northwest oriented structures have been identified within the 1.2 kilometre eastern expansion trend running parallel to the Pittsburg-Monarch fault that suggest a series of footwall fault splays as opposed to a singular east-west structure;
• TXC25-173 cut 0.92 metres of 2,122.7 grams per tonne (g/t) silver equivalent (AgEq) (1,162 g/t silver (Ag) & 8.79 g/t gold (Au)) from 220.9 metres, and a separate zone of 1.04 metres grading 534.8 g/t AgEq (189.8 g/t Ag & 3.16 g/t Au) from 215.5 metres;
• TXC25-178 drilled 6.4 metres of 296.6 g/t AgEq (135.7 g/t Ag & 1.47 g/t Au), including 0.46 metres of 3,853 g/t AgEq (1,771 g/t Ag & 19.06 g/t Au) from 183.8 metres in a north-south oriented structure within the M&I Conversion Area at DPB South; and

Blackrock Silver Corp. (TSXV: BRC,OTC:BKRRF) (OTCQX: BKRRF) (FSE: AHZ0) (‘Blackrock’ or the ‘Company’) announces the final results from its fully-funded eastern expansion drill program (the ‘Eastern Expansion Program’ or the ‘Program’) at its 100% owned Tonopah West project located in Nye and Esmeralda Counties, Nevada, United States (‘Tonopah West’).

The Eastern Expansion Program was a follow up to the Company’s successful Scout drilling program completed at Tonopah West in February 2025 (see March 31, 2025 news) which shows additional upside for the shallow southern portion of the Denver-Paymaster and Bermuda-Merten vein groups (‘DPB South‘) resource area (the ‘M&I Conversion Area‘) to expand the resource area 1,200 metres in an easterly direction (the ‘Eastern Expansion Zone‘).

The Company commenced the Eastern Expansion Program in July 2025 within the Eastern Expansion Zone, utilizing reverse circulation (RC) drilling with RC pre-collars to establish initial holes, which were then deepened using diamond core drilling (core tails) for more detailed geological analysis. The Program drilled a total of 6,798 metres (22,896 feet) in twenty-four drillholes, however, only 22 drillholes were completed, as two pre-collar holes were not usable for core tails. Of the 22 completed drillholes, three were core holes completed from surface.

Andrew Pollard, Blackrock’s President and CEO, stated, ‘Whereas we set out to target a single east-west mineralized structure, drilling from our Eastern Expansion Program has defined at least three distinct, parallel mineralized zones oriented northwest. These structures appear to be splays off the Pittsburgh-Monarch fault system. Each of these zones has intersected shallow, high-grade, and thick mineralization, indicating significant potential for further expansion in the area. Additionally, drilling in the M&I Conversion Area at DPB South has successfully connected previously isolated intercepts, confirming the presence of north-south trending structures and suggesting additional tonnage potential. Work on our upcoming mineral resource estimate and preliminary economic assessment is now underway and on track for a targeted completion date in February 2026. These will incorporate data from both our Northwest and Eastern Expansion drill programs.’

Table 1 summarizes the final results of the Eastern Expansion Program using a cut-off grade of 150 g/t AgEq.

Table 1: Eastern Expansion Drill Program Significant Results Using a 150 g/t AgEq Cut-off Grade

The Eastern Expansion Program encountered at least three northwest oriented structures which appear to be mineralized and offset the southern caldera margin to the northeast. The structures are parallel to the Pittsburg-Monarch fault and suggest a series of footwall fault splays associated with the main Pittsburg-Monarch fault. Figure 1 below shows the approximate location and orientation of the northwest fault system.

Drilling to date shows shallow, high-grade, and thick zones of mineralization in each of these structures and suggest increased expansion potential along this northwest structural corridor. Historically, the Pittsburg-Monarch fault was considered an ore control within the district with the thickest historically mined veins at Victor and Ohio abutting the main fault. The Company’s drilling in the Eastern Expansion Zone has returned thick vein intervals of gold and silver along the parallel structures confirming the importance of the Pittsburg-Monarch and its footwall fault splays.

Two drillholes, TXC25-171 and TXC25-178, were drilled in the M&I Conversion Area. These drillholes were directed to the west to understand several north-south structures encountered in the previous drilling. The Program was successful in capturing high-grade drill intervals from the north-south structures and shows there are multiple mineralized structures with similar orientation in the area.

Figure 1: Leapfrog model showing northwest oriented structures in the Eastern Expansion area

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Although below the cut-off grade of 150 g/t AgEq, drillholes TXC25-167, -168, -175, -176, -177 and TXC25-179 were mineralized with silver equivalent values ranging between 31 and 133 g/t AgEq. Table 2 shows the range of gold and silver values encountered along the northwest oriented structures.

Table 2: Mineralized Drillholes from the Eastern Expansion program that are below the 150 g/t AgEq cut-off

Figure 2: Drillhole location map for the Eastern Expansion drillholes reported in this news release

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Below are all the drillhole intervals above the 150 g/t AgEq cut off from the program showing the upside potential of the Eastern Expansion Zone.

Table 3: Eastern Expansion Program Significant Results Using a 150 g/t AgEq Cut-off Grade (TXC25-156 to TXC25-166 released on October 27, 2025)

Figure 3: Tonopah West expansion potential

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Figure 4: Tonopah West Drillhole Location Coordinates (based on GPS readings in the field, Datum UTM, NAD 1927, Zone 11)

Quality Assurance/ Quality Control

All sampling is conducted under the supervision of the Company’s project geologists, and a strict chain of custody from the project to the sample preparation facility is implemented and monitored. The RC samples are hauled from the project site to a secure and fenced facility in Tonopah, Nevada, where they are loaded on to American Assay Laboratory’s (AAL) flat-bed truck and delivered to AAL’s facility in Sparks, Nevada. A sample submittal sheet is delivered to AAL personnel who organize and process the sample intervals pursuant to the Company’s instructions.

The RC samples are lined out at the lab and logged into AAL’s system. The samples are dried, crushed to 85% passing 10 mesh (2mm) and a 250-gram sub-sample split is collected and pulverized to 200 mesh (74 micron) in a ring and puck pulverizer. Then the pulverized material is digested and analyzed for gold using fire assay fusion and an Induced Coupled Plasma (ICP) finish on a 30-gram assay split (FA-PB30-ICP). Silver is determined using five-acid digestion and ICP analysis (ICP-5AM48). Over limits for gold and silver are determined using a gravimetric finish (GRAVAU30 and GRAVAG30). Data verification of the assay and analytical results are completed to ensure accurate and verifiable results. Blackrock personnel insert a blind prep blank, lab blank or a certified reference material approximately every 15th to 20th sample.

Qualified Persons

Blackrock’s exploration activities at Tonopah West are conducted and supervised by Mr. William Howald, Executive Chairman of Blackrock. Mr. William Howald, AIPG Certified Professional Geologist #11041, is a Qualified Person as defined under National Instrument 43-101 – Standards of Disclosure for Mineral Projects. He has reviewed and approved the contents of this news release.

About Blackrock Silver Corp.

Backed by gold and silver ounces in the ground, Blackrock is a junior precious metal focused exploration and development company driven to add shareholder value. Anchored by a seasoned Board of Directors, the Company is focused on its 100% controlled Nevada portfolio of properties consisting of low-sulphidation, epithermal gold and silver mineralization located along the established Northern Nevada Rift in north-central Nevada and the Walker Lane trend in western Nevada.

Additional information on Blackrock Silver Corp. can be found on its website at www.blackrocksilver.com and by reviewing its profile on SEDAR at www.sedarplus.ca.

Cautionary Note Regarding Forward-Looking Statements and Information

This news release contains ‘forward-looking statements’ and ‘forward-looking information’ (collectively, ‘forward-looking statements‘) within the meaning of Canadian and United States securities legislation, including the United States Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, are forward-looking statements. Forward-looking statements in this news release relate to, among other things: the Company’s strategic plans; the anticipated objectives and results from the Company’s drill programs at Tonopah West; the timing of completion of an updated mineral resource estimate and preliminary economic assessment on Tonopah West; the Company’s de-risking initiatives at Tonopah West; estimates of mineral resource quantities and qualities; estimates of mineralization from drilling; geological information projected from sampling results; and the potential quantities and grades of the target zones.

These forward-looking statements reflect the Company’s current views with respect to future events and are necessarily based upon a number of assumptions that, while considered reasonable by the Company, are inherently subject to significant operational, business, economic and regulatory uncertainties and contingencies. These assumptions include, among other things: conditions in general economic and financial markets; accuracy of assay results; geological interpretations from drilling results, timing and amount of capital expenditures; performance of available laboratory and other related services; future operating costs; the historical basis for current estimates of potential quantities and grades of target zones; the availability of skilled labour and no labour related disruptions at any of the Company’s operations; no unplanned delays or interruptions in scheduled activities; all necessary permits, licenses and regulatory approvals for operations are received in a timely manner; the ability to secure and maintain title and ownership to properties and the surface rights necessary for operations; and the Company’s ability to comply with environmental, health and safety laws. The foregoing list of assumptions is not exhaustive.

The Company cautions the reader that forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results and developments to differ materially from those expressed or implied by such forward-looking statements contained in this news release and the Company has made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation: the timing and content of work programs; results of exploration activities and development of mineral properties; the interpretation and uncertainties of drilling results and other geological data; receipt, maintenance and security of permits and mineral property titles; environmental and other regulatory risks; project costs overruns or unanticipated costs and expenses; availability of funds; failure to delineate potential quantities and grades of the target zones based on historical data; general market and industry conditions; and those factors identified under the caption ‘Risks Factors’ in the Company’s most recent Annual Information Form.

Forward-looking statements are based on the expectations and opinions of the Company’s management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date the statements were made. The Company undertakes no obligation to update or revise any forward-looking statements included in this news release if these beliefs, estimates and opinions or other circumstances should change, except as otherwise required by applicable law.

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.

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Mineralization intersected in 8 of 9 holes at Tahami South, directly adjacent to Aris Mining’s producing operations in the Segovia gold district

Quimbaya Gold Inc. (CSE: QIM,OTC:QIMGF) (OTCQB: QIMGF) (FSE: K05) (‘Quimbaya’ or the ‘Company’) is pleased to announce the discovery of two new mineralized vein systems at its 100%-owned Tahami South Project in the Segovia-Remedios gold district of Antioquia, Colombia.

The Company’s ongoing drill program at Tahami South has successfully identified vein systems that include the previously targeted Vein S and Vein V, confirming the presence of mineralization consistent with quartz vein systems mined regionally. These results confirm the continuation of the Segovia district’s geological architecture onto Quimbaya’s ground, a core thesis of the Company’s strategy.

‘This is a milestone event for Quimbaya. These first vein discoveries validate our thesis and represent a turning point as we move from land assembly into value creation through the drill bit,’ said Alexandre P. Boivin, CEO of Quimbaya Gold. ‘They are not just promising results, they are proof that we’re on to a significant mineralized system, with the grades, geometry, and geology that define Colombia’s most productive gold district.’

Discovery Highlights

• Several Veins intersected across multiple drill platforms

• Mineralization intersected in 8 out of 9 drill holes, demonstrating strong structural continuity and robust targeting accuracy in the inaugural Phase 1 program.

• Drilling remains ongoing, with over 4,000 meters completed to date; the program has been extended beyond its initial scope in response to encouraging early results.

• Two distinct vein structures system (S & V) discovered, confirming Segovia-style mineral continuity on Quimbaya’s ground.

• Mineralization comprises quartz, barite, carbonate veining with sulphide assemblage (pyrite, chalcopyrite, galena, sphalerite).

‘These intercepts confirm that we are tapping into the same geological architecture that has made the Segovia district one of the most prolific gold producers in Latin America,’ said Ricardo Sierra, B.Sc., AusIMM, VP Exploration. ‘We see clear continuity in structure, mineralogy, grade, and believe we are only beginning to uncover the full potential at Tahami South.’

While initial assay results have been received from select drill holes, the Company is continuing to await the return of a significant portion of its Phase 1 drill campaign. In the interest of providing a more complete and technically coherent picture of the emerging discovery at Tahami South, Quimbaya intends to release assay data once a critical mass of results has been compiled. This approach ensures a balanced and contextualized interpretation of both grade distribution and structural continuity, and reflects the Company’s commitment to disciplined, data-driven disclosure as the scale of the system comes into focus.

Strategic Implications: Thesis Confirmed

The discovery of vein systems that include the previously targeted Veins S and V represents the first clear technical validation of Quimbaya’s exploration thesis: that district-scale mineralized structures extend beyond known mines into underexplored ground. The Company’s focused land acquisition strategy prioritized claims with gold & silver+ at surface and proximity to producers, and now, early drilling confirms this model is working.

With over 4,000 meters already drilled, surpassing the originally planned Phase 1 total, the Company has extended its current program to follow up on promising early results and to further evaluate vein continuity at depth and along strike. The strong correlation between drill intercepts and the geological model has reinforced Quimbaya’s exploration thesis. These results not only validate the presence of a robust mineralized system but also provide clear vectors for systematic expansion drilling in 2026.

Figure 1. Plan view of Tahami South showing drill platform locations 

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Figure 2. System S

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Figure 3. System S

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Figure 4. System V

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Figure 5. System V and S

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Capital Strengthened Through Warrant Exercises; Equity Incentives Align Leadership for 2026

Quimbaya Gold is pleased to report that during the second half of 2025, a total of 2,169,164 common shares were issued through the exercise of stock options and warrants, resulting in gross proceeds of C$874,665. This influx of non-dilutive capital reinforces the Company’s treasury ahead of a fully funded 2026 drill campaign.

In parallel, the Company granted an aggregate of 614,034 Restricted Share Units (RSUs) to members of its senior management and board of directors under its equity incentive plan. These RSUs, which will vest in accordance with the plan and CSE policies, reflect Quimbaya’s continued focus on retaining top-tier leadership and aligning long-term performance with shareholder value.

Qualified Person

Ricardo Sierra, AusIMM, is a non-independent Officer ‘VP Exploration’ and the Qualified Person for this news release. Mr. Sierra has sufficient experience with South American exploration projects relevant to the style of mineralization and type of deposit under consideration. He consents to the inclusion of the Exploration Results in the form and context in which they appear.

About Quimbaya

Quimbaya aims to discover gold resources through exploration and acquisition of mining properties in the prolific gold mining districts of Colombia. Managed by an experienced team in the mining sector, Quimbaya is focused on three projects in the regions of Segovia (Tahami Project), Puerto Berrio (Berrio Project), and Abejorral (Maitamac Project), all located in Antioquia Province, Colombia.

Quimbaya Gold Inc.
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Cautionary Statements

Certain statements contained in this press release constitute ‘forward-looking information’ as that term is defined in applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward-looking information. Generally, but not always, forward-looking statements and information can be identified by the use of forward-looking terminology such as ‘intends’, ‘expects’ or ‘anticipates’, or variations of such words and phrases or statements that certain actions, events or results ‘may’, ‘could’, ‘should’, ‘would’ or ‘occur’. Forward-looking statements herein include statements and information regarding the Offering’s intended use of proceeds, any exercise of Warrants, the future plans for the Company, including any expectations of growth or market momentum, future expectations for the gold sector generally, the Colombian gold sector more particularly, or how global or local market trends may affect the Company, intended exploration on any of the Company’s properties and any results thereof, the strength of the Company’s mineral property portfolio, the potential discovery and potential size of the discovery of minerals on any property of the Company’s, including Tahami South, the aims and goals of the Company, and other forward-looking information. Forward-looking information by its nature is based on assumptions and involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Quimbaya to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. These assumptions include, but are not limited to, that the Company’s exploration and other activities will proceed as expected. The future outcomes that relate to forward-looking statements may be influenced by many factors, including but not limited to: future planned development and other activities on the Company’s mineral properties; an inability to finance the Company; obtaining required permitting on the Company’s mineral properties in a timely manner; any adverse changes to the planned operations of the Company’s mineral properties; failure by the Company for any reason to undertake expected exploration programs; achieving and maintaining favourable relationships with local communities; mineral exploration results that are poorer or better than expected; prices for gold remaining as expected; currency exchange rates remaining as expected; availability of funds for the Company’s projects; prices for energy inputs, labour, materials, supplies and services (including transportation); no labour-related disruptions; no unplanned delays or interruptions in scheduled construction and production; all necessary permits, licenses and regulatory approvals are received in a timely manner; the Offering proceeds being received as anticipated; all requisite regulatory and stock exchange approvals for the Offering are obtained in a timely fashion; investor participation in the Offering; and the Company’s ability to comply with environmental, health and safety laws. Although Quimbaya’s management believes that the assumptions made and the expectations represented by such information are reasonable, there can be no assurance that the forward-looking information will prove to be accurate. Furthermore, should one or more of the risks, uncertainties or other factors materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements or information. Readers are cautioned not to place undue reliance on forward-looking information as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Forward-looking information contained in this news release is expressly qualified by this cautionary statement. The forward-looking information contained in this news release represents the expectations of Quimbaya as of the date of this news release and, accordingly, is subject to change after such date. Except as required by law, Quimbaya does not expect to update forward-looking statements and information continually as conditions change.

NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/276292

Heliostar Metals Ltd. (TSXV: HSTR,OTC:HSTXF) (OTCQX: HSTXF) (FSE: RGG1) (‘Heliostar’ or the ‘Company’) is pleased to announce that Mr James Perry has succeeded the retiring Mr. Jacques Vaillancourt as Chairman at the Company’s Annual General & Special Meeting (‘AGM’) held on November 26th, 2025.

Heliostar’s new Chairman Mr. James Perry commented, ‘I am excited to join Heliostar at this important inflection point. The Company has built a strong foundation through disciplined operations and strategic acquisitions, and I look forward to working closely with the experienced Board and management team as we advance the next phase of growth. Heliostar has the ingredients to become a leading gold producer in the Americas. I will draw on my experience to help steer the Company’s disciplined growth, reinforce strong governance practices, and create lasting value for our shareholders and host communities.’

Charles Funk, President and & CEO, stated – ‘I once again thank our retiring chair for his long service to Heliostar. I strongly welcome James as our new Chairman at a time of considerable growth. Having worked with James previously at Newcrest Mining, I know his ambition for our Company, his growth mindset and the high regard in which he is held across the industry. We are delighted to attract someone of his caliber as we continue advancing toward our goal of becoming a 500,000 ounce per year producer by the end of this decade.’

Mr. Perry is currently President of Sweetwater Royalties, one of the largest landowners in the United States, majority-owned by Orion Resource Partners following its acquisition of Sweetwater’s extensive land and mineral portfolio from Occidental Petroleum in 2020 for approximately US$1.3 billion. Sweetwater’s vast mineral position extends across more than 4.5 million mineral acres in Wyoming, Utah, Colorado, and Michigan, providing an expansive royalty platform spanning industrial minerals, base metals, and renewable-energy opportunities.

Mr. Perry has over 17 years of global mining and resources experience across Asia, Africa, and the Americas, spanning business development, corporate strategy and governance, legal and permitting, ESG, and operations. He spent a decade at Newcrest Mining – one of the world’s largest gold mining companies headquartered in Australia – serving as Business Development Manager and Corporate Counsel. Newcrest was acquired for approximately US$19 billion by Newmont Mining in 2023. Mr. Perry has extensive international experience managing large and complex transactions, including leading Newcrest’s entry into Ecuador and its investment in Lundin Gold’s world-class Fruta del Norte gold district. He possesses broad expertise in project evaluation and negotiation across diverse sectors and jurisdictions. He is a lawyer and holds an M.Sc. in History and International Relations from the London School of Economics.

Incentive plan issuance

Heliostar further announces that, pursuant to the Company’s Omnibus Equity Incentive Compensation Plan, it has granted 250,000 stock options (‘Options’) at an exercise price of $2.63 and 200,000 restricted share units (each, an ‘RSU’) to directors, officers and consultants of the Company. The Options are exercisable for a period of five years and will vest over the next three years. The RSUs will vest in three equal annual instalments commencing on the first anniversary of the grant date.

About Heliostar Metals Ltd.

Heliostar is a gold mining company with production from operating mines in Mexico. This includes the La Colorada Mine in Sonora and the San Agustin Mine in Durango. The Company also has a strong portfolio of development and exploration stage projects in Mexico and the USA. These include the Ana Paula project in Guerrero, the Cerro del Gallo project in Guanajuato, the San Antonio project in Baja Sur, all in Mexico and the Unga project in Alaska, USA.

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

Cautionary Statement Regarding Forward-Looking Information

This news release includes certain ‘Forward-Looking Statements’ within the meaning of the United States Private Securities Litigation Reform Act of 1995 and ‘forward-looking information’ under applicable Canadian securities laws. When used in this news release, the words ‘anticipate’, ‘believe’, ‘estimate’, ‘expect’, ‘target’, ‘plan’, ‘forecast’, ‘may’, ‘would’, ‘could’, ‘schedule’ and similar words or expressions, identify forward-looking statements or information. These forward-looking statements or information relate to, among other things, the Company’s annual production goals.

Forward-looking statements and forward-looking information relating to the terms and completion of the Facility, any future mineral production, liquidity, and future exploration plans are based on management’s reasonable assumptions, estimates, expectations, analyses and opinions, which are based on management’s experience and perception of trends, current conditions and expected developments, and other factors that management believes are relevant and reasonable in the circumstances, but which may prove to be incorrect. Assumptions have been made regarding, among other things, the receipt of necessary approvals, price of metals; no escalation in the severity of public health crises or ongoing military conflicts; costs of exploration and development; the estimated costs of development of exploration projects; and the Company’s ability to operate in a safe and effective manner and its ability to obtain financing on reasonable terms.

These statements reflect the Company’s respective current views with respect to future events and are necessarily based upon a number of other assumptions and estimates that, while considered reasonable by management, are inherently subject to significant business, economic, competitive, political, and social uncertainties and contingencies. Many factors, both known and unknown, could cause actual 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 or forward-looking information and the Company has made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation: precious metals price volatility; risks associated with the conduct of the Company’s mining activities in foreign jurisdictions; regulatory, consent or permitting delays; risks relating to reliance on the Company’s management team and outside contractors; risks regarding exploration and mining activities; the Company’s inability to obtain insurance to cover all risks, on a commercially reasonable basis or at all; currency fluctuations; risks regarding the failure to generate sufficient cash flow from operations; risks relating to project financing and equity issuances; risks and unknowns inherent in all mining projects, including the inaccuracy of reserves and resources, metallurgical recoveries and capital and operating costs of such projects; contests over title to properties, particularly title to undeveloped properties; laws and regulations governing the environment, health and safety; the ability of the communities in which the Company operates to manage and cope with the implications of public health crises; the economic and financial implications of public health crises, ongoing military conflicts and general economic factors to the Company; operating or technical difficulties in connection with mining or development activities; employee relations, labour unrest or unavailability; the Company’s interactions with surrounding communities; the Company’s ability to successfully integrate acquired assets; the speculative nature of exploration and development, including the risks of diminishing quantities or grades of reserves; stock market volatility; conflicts of interest among certain directors and officers; lack of liquidity for shareholders of the Company; litigation risk; and the factors identified under the caption ‘Risk Factors’ in the Company’s public disclosure documents. Readers are cautioned against attributing undue certainty to forward-looking statements or forward-looking information. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be anticipated, estimated or intended. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or forward-looking information to reflect changes in assumptions or changes in circumstances or any other events affecting such statements or information, other than as required by applicable law.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/276385