Torsdag 19 Februari | 02:08:53 Europe / Stockholm
2026-02-19 00:00:00

VANCOUVER, BC, Feb. 18, 2026 /CNW/ - Lundin Gold Inc. (TSX: LUG) (Nasdaq Stockholm: LUG) (OTCQX: LUGDF) ("Lundin Gold" or the "Company") is pleased to announce additional strong results from its ongoing conversion and near mine exploration drilling programs at the Fruta del Norte ("FDN") gold mine in southeast Ecuador.  Following the declaration of inaugural Mineral Reserves at Fruta del Norte South ("FDNS"), continued drilling has further confirmed and expanded high grade mineralization within the deposit.  At FDN East, where the Company recently announced its inaugural Mineral Resource, ongoing drilling has identified new high grade mineralized veins that extend the known footprint from 500 to 650 metres and highlight meaningful untapped potential.

Highlights

  • FDNS Conversion Drilling: Drill results confirm gold mineralization with several outstanding intercepts and delineate wide, high grade zones within the mineral envelope supporting further Mineral Reserve expansion potential at FDNS.
  • FDNS Exploration Drilling: Drilling returned exceptional results outside the Mineral Resource envelope, discovering additional mineralized veins for further investigation in the southern sector and along the northern extension of the deposit, highlighting the growth potential of this mineral system.
  • FDN East: Newly discovered mineralized veins extend the known footprint by approximately 150 metres beyond the inaugural Mineral Resource, validating the Company's geological interpretation of a much broader mineralized trend potentially extending under cover toward the Sandia porphyry.

Jamie Beck, President and CEO, commented, "These results continue to demonstrate the strength and scale of the Fruta del Norte epithermal gold mineral system.  Conversion drilling at FDNS is delivering wide, high grade intervals that strongly support future Mineral Reserve growth, while ongoing exploration drilling has discovered new veins that potentially extend the deposit to the north and south beyond the currently defined limits.  At FDN East, results support our interpretation of a potential broader mineralized trend that may extend up to a kilometre toward the Sandia porphyry.  Collectively, these results highlight the exceptional growth pipeline at Fruta del Norte."

FDNS Conversion Program Drilling Highlights (not true widths):

  • Drill hole FDN-C25-323 intersected 92.37 grams per tonne ("g/t") of gold ("Au") over 4.55m from 75.85m, including:
  • 1,010 g/t Au over 0.40m
  • Drill hole FDN-C25-365 intersected 41.23 g/t Au over 8.40m from 12.05m, including:
  • 131.86 g/t Au over 2.35m
  • Drill hole FDN-C25-364 intersected 30.82 g/t Au over 8.30m from 35.60m, including:
  • 67.53 g/t Au over 3.45m
  • Drill hole FDN-C25-359 intersected 98.06 g/t Au over 5.80m from 28.45m, including:
  • 405.08 g/t Au over 1.20m

FDNS Exploration Program Drilling Highlights (not true widths):

  • Drill hole UGE-S-25-384 intersected 91.32 g/t Au over 20.65m from 91.75m, including:
    • 405.57 g/t Au over 2.80m
  • Drill hole UGE-S-25-395 intersected 18.44 g/t Au over 3.40m from 226.20m, including:
    • 59.0 g/t Au over 1.0m

FDN East Exploration Program Drilling Highlights (not true widths):

  • Drill hole UGE-E-25-401 intersected 12.75 g/t Au over 7.45m from 479.50m including:
  • 47.67 g/t Au over 1.80m (Far eastern FDN East extension)
  • Drill hole UGE-E-25-361 intersected 42.41 g/t Au over 2.10m from 137.40m, including:
  • 220.00 g/t Au over 0.40m

DRILLING PROGRAMS

Lundin Gold's near-mine exploration strategy is focused on extending mine life by discovering and delineating new mineralized zones close to FDN's operations.  These efforts have contributed to significant Mineral Reserve additions since the start of commercial production.

In 2025, the Company completed over 121,519 metres of drilling across 383 holes.  In 2026, the program is planned to expand to at least 133,000 metres, with 17 rigs now active across conversion and near-mine exploration programs, the largest drilling campaign ever on the FDN land package.

FDNS

In 2025, conversion drilling successfully advanced in the central portion of the deposit, where the Company recently declared an inaugural Mineral Reserve of 0.54 million ounces ("Moz") (2.50 million tonnes ("Mt") at 6.66 g/t Au) approximately 18 months after its discovery.  Further information, including the 2025 Mineral Reserve and Mineral Resource statement, is available in the Company's news release dated February 17, 2026.

Conversion drilling in 2026 aims to continue to convert Inferred Resources to the Indicated category and support further Reserve additions.  Several results to date have confirmed mineralization in distinct areas, including wide high grade zones in holes FDN-C25-365 (41.23 g/t Au over 8.40m) and FDN-C25-364 (30.82 g/t Au over 8.30m), within the central portion of FDNS.

Exploration drilling at FDNS has focused on its Northern and Southern Extensions.  The exploratory hole UGE-S-25-395 (15.32 g/t Au over 3.70m; 18.44 g/t over 3.40m; 11.08 g/t Au over 3.55m) intercepted several mineralized veins and indicated areas for further expansion to the North.  To the south, exploratory hole UGE-S25-384 (91.32 g/t Au over 20.65m) delivered a remarkable intercept, indicating the presence of additional veins that warrant follow-up drilling.  Two rigs are currently active at FDNS, and full assay results are provided in Table 1.

FDN EAST

The FDN East deposit is a buried epithermal system made up of multiple subparallel north-south-trending veins located approximately 100 metres east of FDN's existing underground infrastructure.  Drilling in 2025 outlined a 500 metre strike length and supported an initial Mineral Resource of 0.42 Moz Au (2.17 Mt at 6.01 g/t Au). For further details refer to the Company's news release dated February 17, 2026.  The deposit remains completely open.

Of note, the exploratory hole UGE-E-25-401 (12.89 g/t Au over 5.45 m and 12.75 g/t Au over 7.45 m) discovered new mineralized veins located farther east, confirming mineralization continues approximately 150 metres east of the initial Mineral Resource.  Drill hole UGE-E-25-422, which intersected typical epithermal hydrothermal alteration with brecciated quartz-chalcedony veining containing visible gold, further confirms the downdip extension of this newly identified zone (Figures 3 and 4).  Assay results for UGE-E-25-422 are still pending.

These recently completed exploration holes support the Company's geological interpretation that favourable host rocks present at FDN and FDN East continue beneath the sedimentary cover for approximately an additional one kilometre to the east.  This interpretation is reinforced by the results of the recently acquired 2D active seismic survey (Figure 4).  The potential mineralized trend identified beneath this cover remains entirely untested and represents a significant area for future discovery around FDN.  Additional step-out drill holes are currently being planned.  Two underground rigs are turning at FDN East, and a surface rig is scheduled for mobilization to the area.

Figure 1: Map showing FDN deposit and FDNS selected drilling results

Figure 2: Map showing FDN and FDNS deposit with selected FDNS conversion and exploration drilling results

Figure 3: Map showing FDN, FDNS, FDN East and the location of the newly intercepted veins with selected FDN East drilling results

Figure 4: 2D active seismic survey cross section showing FDN East deposit with selected FDN East drilling results and new drill results along the east extension

Qualified Persons and Technical Notes

The technical information contained in this News Release has been reviewed and approved by Andre Oliveira, P. Geo, Vice President, Exploration of the Company, who is a Qualified Person in accordance with the requirements of National Instrument 43-101 - Standards of Disclosure for Mineral Projects.

Samples consist of half HQ and NQ-size diamond core that are split by diamond saw on site, prepared at the ALS laboratory in Quito, and analyzed by 50g fire assay and multi-element (ICP-AES/ICP-MS) at the ALS Laboratory in Lima, Peru.  The quality assurance-quality control (QA-QC) program of Lundin Gold includes the insertion of certified standards of known gold content, blank and duplicate samples.  The remaining half core is retained for verification and reference purposes.  For further information on the assay, QA-QC, and data verification procedures, please see Lundin Gold's AIF.

Additional Information

The information in this release is subject to the disclosure requirements of Lundin Gold under the EU Market Abuse Regulation.  This information was publicly communicated on February 18, 2026 at 3:00 p.m. Pacific Time through the contact persons set out below.

Caution Regarding Forward-Looking Information and Statements

Certain of the information and statements in this press release are considered "forward-looking information" or "forward-looking statements" as those terms are defined under Canadian securities laws (collectively referred to as "forward-looking statements").  Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, identified by words or phrases such as "believes", "anticipates", "expects", "is expected", "scheduled", "estimates", "pending", "intends", "plans", "forecasts", "targets", or "hopes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "will", "should" "might", "will be taken", or "occur" and similar expressions) are not statements of historical fact and may be forward-looking statements. By their nature, forward-looking statements and information involve assumptions, inherent risks, and uncertainties, many of which are difficult to predict, and are usually beyond the control of management, that could cause actual results to be materially different from those expressed by these forward-looking statements and information.  Lundin Gold believes that the expectations reflected in this forward-looking information are reasonable, but no assurance can be given that these expectations will prove to be correct.  Forward-looking information should not be unduly relied upon.  This information speaks only as of the date of this press release, and the Company will not necessarily update this information, unless required to do so by securities laws.

This press release contains forward-looking information in a number of places, such as in statements relating to the Company's exploration plans, activities and results and its plans to update its estimates of Mineral Reserves and Resources.  There can be no assurance that such statements will prove to be accurate, as Lundin Gold's actual results and future events could differ materially from those anticipated in this forward-looking information as a result of the factors discussed in the "Risk Factors" section in Lundin Gold's Annual Information Form dated March 17, 2025.

Lundin Gold's actual results could differ materially from those anticipated.  Factors that could cause actual results to differ materially from any forward-looking statement or that could have a material impact on the Company or the trading price of its shares include: instability in Ecuador; community relations; reliability of power supply; tax changes in Ecuador; security; availability of workforce and labour relations; mining operations; waste disposal and tailings; environmental compliance; illegal mining; Mineral Reserve and Mineral Resource estimates; infrastructure; regulatory risk; government or regulatory approvals; forecasts relating to production and costs; gold price; dependence on a single mine; shortages of critical resources; climate change; exploration and development; control of Lundin Gold; dividends; information systems and cyber security; title matters and surface rights and access; health and safety; human rights; employee misconduct; measures to protect biodiversity, endangered species and critical habitats; global economic conditions; competition for new projects; key talent recruitment and retention; market price of the Company's shares; social media and reputation; insurance and uninsured risks; pandemics, epidemics or infectious disease outbreak; conflicts of interest; violation of anti-bribery and corruption laws; internal controls; claims and legal proceedings; and reclamation obligations.

APPENDIX 1

Table 1: Drillhole assay results from the drilling program at FDNS reported for thickness versus grade intervals above 8.37 (m x g/t Au >8.37).  Drill hole intercepts are reported in drill core lengths and true widths

Hole ID From (m) To (m) Interval (m) True width (m) Au (g/t) Ag (g/t) Target Zone
FDN-C25-322 26.35 27.60 1.25 0.72 17.60 16.79 FDNS Underground
Including 26.75 27.15 0.40 0.23 51.00 42.40
FDN-C25-322 78.60 79.80 1.20 0.60 12.34 12.00
Including 79.40 79.80 0.40 0.20 33.70 19.00
FDN-C25-322 112.90 118.75 5.85 2.93 11.35 16.36
Including 115.80 116.20 0.40 0.20 145.00 102.00
FDN-C25-322 145.55 147.05 1.50 0.75 6.64 7.29
FDN-C25-323 0.00 2.35 2.35 2.27 4.62 21.03 FDNS Underground
FDN-C25-323 3.80 8.25 4.45 4.30 9.17 49.41
Including 7.65 8.25 0.60 0.58 42.40 63.90
FDN-C25-323 37.95 40.55 2.60 2.56 7.23 59.09
Including 38.75 39.75 1.00 0.98 14.65 126.00
FDN-C25-323 46.30 49.50 3.20 3.15 34.66 22.26
Including 47.55 48.50 0.95 0.94 109.55 45.22
FDN-C25-323 51.85 56.70 4.85 4.78 22.37 51.72
Including 52.80 53.80 1.00 0.98 92.10 109.00
FDN-C25-323 59.65 61.80 2.15 2.12 6.73 163.91
Including 60.45 60.85 0.40 0.39 13.90 188.00
FDN-C25-323 71.55 74.00 2.45 2.41 5.28 21.22
Including 73.60 74.00 0.40 0.39 19.10 78.80
FDN-C25-323 75.85 80.40 4.55 4.48 92.37 51.98
Including 75.85 76.25 0.40 0.39 1010.00 357.00
FDN-C25-324 11.65 15.95 4.30 3.04 6.32 34.34 FDNS Underground
Including 11.65 13.55 1.90 1.34 11.87 35.87
FDN-C25-324 39.10 39.70 0.60 0.39 30.50 16.70
FDN-C25-324 43.90 44.35 0.45 0.29 46.50 36.80
FDN-C25-324 66.30 69.05 2.75 1.77 23.89 13.85
Including 67.30 68.00 0.70 0.45 73.70 30.50
FDN-C25-324 79.75 81.55 1.80 1.16 7.50 19.08
Including 80.40 80.80 0.40 0.26 29.00 49.90
FDN-C25-324 94.25 96.25 2.00 1.41 30.11 32.31
Including 94.25 94.90 0.65 0.46 86.10 21.90
FDN-C25-324 99.90 100.85 0.95 0.67 52.80 10.70
FDN-C25-324 123.65 124.05 0.40 0.26 62.20 65.30
FDN-C25-324 193.40 194.65 1.25 0.88 16.62 107.60
Including 193.40 194.00 0.60 0.42 33.20 218.00
FDN-C25-324 260.30 263.75 3.45 2.22 6.33 27.48
Including 263.35 263.75 0.40 0.26 44.80 102.00
FDN-C25-327 31.20 33.30 2.10 1.72 4.25 16.42 FDNS Underground
Including 31.60 32.05 0.45 0.37 16.70 51.90
FDN-C25-327 56.35 60.95 4.60 3.77 2.84 6.31
Including 59.45 59.85 0.40 0.33 9.23 5.30
FDN-C25-327 94.20 100.15 5.95 4.87 4.19 7.41
Including 94.20 95.10 0.90 0.74 15.40 9.10
FDN-C25-327 136.00 144.30 8.30 7.19 3.72 10.92
Including 138.70 139.15 0.45 0.39 15.90 22.80
FDN-C25-327 153.15 162.30 9.15 7.50 3.78 5.70
FDN-C25-332 0.00 4.15 4.15 4.09 6.06 9.11 FDNS Underground
Including 1.80 2.90 1.10 1.08 19.85 8.40
FDN-C25-332 75.60 76.65 1.05 1.03 14.50 30.20
FDN-C25-332 134.90 140.35 5.45 4.72 6.37 83.45
Including 135.55 137.30 1.75 1.52 16.35 225.98
FDN-C25-333 0.00 2.10 2.10 1.90 5.91 8.46 FDNS Underground
Including 0.00 0.55 0.55 0.50 19.90 10.00
FDN-C25-333 7.95 10.35 2.40 2.08 59.11 31.88
Including 7.95 8.35 0.40 0.35 328.00 112.00
FDN-C25-333 35.00 35.80 0.80 0.73 19.76 27.70
FDN-C25-333 40.80 42.70 1.90 1.72 5.74 41.81
Including 42.10 42.70 0.60 0.56 14.65 115.00
FDN-C25-333 43.50 47.65 4.15 3.90 3.74 16.56
FDN-C25-333 44.15 47.65 3.50 3.17 3.87 18.29
Including 47.10 47.65 0.55 0.50 7.83 14.00
FDN-C25-334 20.10 22.85 2.75 2.11 4.25 14.18 FDNS Underground
Including 21.05 21.55 0.50 0.38 13.60 23.40
FDN-C25-334 25.55 25.95 0.40 0.28 41.00 13.50
FDN-C25-334 44.60 49.40 4.80 3.93 14.86 64.03
Including 47.30 48.55 1.25 1.02 43.18 216.16
FDN-C25-334 51.95 52.90 0.95 0.73 11.80 201.00
FDN-C25-334 66.00 71.05 5.05 3.87 43.13 50.11
Including 66.00 68.05 2.05 1.57 103.21 111.66
FDN-C25-334 75.00 76.15 1.15 0.88 56.28 14.17
FDN-C25-335 7.20 10.00 2.80 2.14 4.33 5.53
Including 7.20 7.60 0.40 0.31 16.25 10.70
FDN-C25-335 20.40 27.30 6.90 4.44 19.91 23.88
Including 20.40 23.15 2.75 1.77 30.57 29.95
Including 26.10 27.30 1.20 0.77 37.14 35.40
FDN-C25-335 41.00 43.25 2.25 1.84 42.07 36.42
Including 42.85 43.25 0.40 0.33 151.00 72.70
FDN-C25-336 9.40 13.40 4.00 3.98 7.41 10.00 FDNS Underground
Including 9.40 10.95 1.55 1.54 15.77 16.75
FDN-C25-336 24.10 26.65 2.55 2.54 11.47 25.98
Including 24.10 25.05 0.95 0.95 18.00 28.80
FDN-C25-337 0.00 5.45 5.45 5.43 20.09 14.00 FDNS Underground
Including 0.00 0.60 0.60 0.60 164.00 64.20
FDN-C25-337 22.50 24.70 2.20 2.19 6.85 33.72
Including 22.50 23.70 1.20 1.20 10.87 51.87
FDN-C25-337 44.70 47.35 2.65 2.65 11.95 38.48
Including 46.50 47.35 0.85 0.85 20.10 52.30
FDN-C25-337 49.60 52.45 2.85 2.85 6.21 19.03
FDN-C25-337 73.00 75.40 2.40 2.39 6.01 11.48
Including 73.40 74.40 1.00 1.00 12.35 10.20
FDN-C25-337 77.15 80.00 2.85 2.84 5.07 4.19
Including 77.15 77.55 0.40 0.40 24.80 12.90
FDN-C25-337 102.00 105.80 3.80 3.79 3.56 7.44
Including 102.00 103.00 1.00 1.00 8.15 7.20
FDN-C25-337 110.70 113.70 3.00 2.95 7.86 33.16
Including 111.10 112.30 1.20 1.18 15.62 14.43
FDN-C25-337 123.30 127.10 3.80 3.79 6.36 56.66
FDN-C25-342 91.60 97.35 5.75 5.40 20.23 135.34 FDNS Underground
Including 92.25 94.05 1.80 1.69 61.42 379.03
FDN-C25-343 3.40 5.40 2.00 1.99 14.92 34.81 FDNS Underground
Including 3.40 3.85 0.45 0.45 63.60 36.40
FDN-C25-343 20.00 24.60 4.60 3.98 5.91 11.83
Including 23.00 24.60 1.60 1.39 11.43 17.70
FDN-C25-343 38.60 43.25 4.65 4.03 13.94 20.40
Including 42.00 43.25 1.25 1.08 42.20 27.16
FDN-C25-343 61.20 63.30 2.10 2.09 8.74 10.29
FDN-C25-344 6.70 9.50 2.80 2.80 8.87 9.19 FDNS Underground
Including 6.70 7.10 0.40 0.40 28.90 15.10
FDN-C25-344 53.20 55.60 2.40 2.40 4.59 5.40
Including 54.75 55.60 0.85 0.85 7.74 6.30
FDN-C25-344 59.10 61.30 2.20 2.20 6.13 7.35
Including 59.10 59.50 0.40 0.40 23.70 13.80
FDN-C25-345 9.00 10.20 1.20 0.98 14.29 9.80 FDNS Underground
Including 9.00 9.80 0.80 0.66 20.70 12.50
FDN-C25-345 29.10 34.30 5.20 3.98 5.11 10.38
Including 32.90 34.30 1.40 1.07 14.03 13.77
FDN-C25-345 39.60 41.35 1.75 1.34 6.49 7.13
Including 40.95 41.35 0.40 0.31 23.20 18.50
FDN-C25-345 50.00 53.15 3.15 2.58 18.56 12.86
Including 50.80 52.15 1.35 1.11 37.73 20.01
FDN-C25-345 89.30 93.25 3.95 3.42 9.21 65.74
Including 89.30 90.45 1.15 1.00 23.63 115.40
FDN-C25-346 No Significant Results FDNS Underground
FDN-C25-347 37.55 40.90 3.35 2.57 5.95 12.50
Including 39.55 40.40 0.85 0.65 12.31 9.99
FDN-C25-348 35.10 44.80 9.70 9.70 30.99 19.72 FDNS Underground
Including 36.50 40.10 3.60 3.60 73.82 38.49
FDN-C25-349 38.10 41.90 3.80 1.90 7.72 5.67 FDNS Underground
Including 38.90 40.00 1.10 0.55 18.73 6.96
FDN-C25-349 45.35 47.80 2.45 1.23 4.85 5.12
Including 46.40 47.10 0.70 0.35 8.68 5.60
FDN-C25-349 58.65 62.60 3.95 1.98 5.46 4.96
Including 58.65 59.40 0.75 0.38 8.16 2.70
FDN-C25-350 54.75 56.90 2.15 1.86 7.54 5.42 FDNS Underground
Including 55.80 56.90 1.10 0.95 12.15 8.50
FDN-C25-350 73.80 78.10 4.30 3.72 7.32 8.33
Including 74.60 75.30 0.70 0.61 34.40 20.30
FDN-C25-351 82.40 84.60 2.20 2.17 5.75 8.21 FDNS Underground
Including 82.40 83.00 0.60 0.59 13.20 10.50
FDN-C25-351 88.60 93.05 4.45 4.38 25.45 5.99
Including 90.65 91.05 0.40 0.39 270.00 44.50
FDN-C25-351 98.05 100.25 2.20 2.19 9.11 7.32
Including 99.45 100.25 0.80 0.80 22.90 12.30
FDN-C25-351 125.20 130.50 5.30 5.28 7.50 20.92
Including 128.30 130.50 2.20 2.19 14.72 31.60
FDN-C25-352 63.40 65.55 2.15 2.14 5.79 10.30
Including 63.40 63.90 0.50 0.50 17.00 12.00
FDN-C25-353 No Significant Results FDNS Underground
FDN-C25-354 Pending Results FDNS Underground
FDN-C25-356 59.00 62.45 3.45 2.64 3.38 32.56 FDNS Underground
Including 59.00 59.40 0.40 0.31 12.25 32.00
FDN-C25-356 128.20 130.50 2.30 1.48 11.52 120.84
Including 128.20 129.25 1.05 0.67 23.66 251.64
FDN-C25-356 145.05 154.75 9.70 6.86 10.23 94.97
Including 145.05 147.60 2.55 1.80 21.19 113.13
FDN-C25-356 177.60 180.60 3.00 2.46 4.67 69.33
Including 177.60 178.90 1.30 1.06 7.16 75.35
FDN-C25-357 Pending Results FDNS Underground
FDN-C25-358 70.80 74.20 3.40 3.28 13.83 21.78 FDNS Underground
Including 72.50 73.55 1.05 1.01 42.00 48.07
FDN-C25-359 3.05 4.05 1.00 0.98 12.84 15.52 FDNS Underground
Including 3.50 4.05 0.55 0.54 21.90 14.30
FDN-C25-359 21.50 25.35 3.85 3.79 90.56 446.28
Including 23.85 25.35 1.50 1.48 229.54 1085.33
FDN-C25-359 28.45 34.25 5.80 5.71 98.06 192.08
Including 32.10 33.30 1.20 1.18 405.08 364.83
FDN-C25-359 83.25 85.20 1.95 1.92 4.95 68.54
FDN-C25-360 34.25 39.35 5.10 4.18 7.63 83.49 FDNS Underground
Including 35.75 37.35 1.60 1.31 14.33 145.64
FDN-C25-361 No Significant Results FDNS Underground
FDN-C25-362 26.30 27.75 1.45 1.40 10.47 41.24 FDNS Underground
FDN-C25-362 38.15 39.70 1.55 1.50 5.73 51.80
FDN-C25-362 44.70 46.10 1.40 1.35 8.45 68.57
FDN-C25-363 35.30 36.85 1.55 1.53 17.21 17.20 FDNS Underground
Including 35.30 35.75 0.45 0.44 57.10 31.70
FDN-C25-363 64.00 66.40 2.40 2.39 25.90 12.84
Including 64.95 65.35 0.40 0.40 151.50 50.00
FDN-C25-364 35.60 43.90 8.30 6.36 30.82 41.36 FDNS Underground
Including 39.45 42.90 3.45 2.64 67.53 81.57
FDN-C25-364 53.85 58.90 5.05 4.14 3.60 9.51
Including 57.50 58.90 1.40 1.15 7.39 7.64
FDN-C25-365 5.30 5.75 0.45 0.45 28.10 42.10 FDNS Underground
FDN-C25-365 7.45 10.00 2.55 2.54 5.09 16.29
FDN-C25-365 12.05 20.45 8.40 8.37 41.23 42.05
Including 18.10 20.45 2.35 2.34 131.86 81.08
FDN-C25-365 25.70 32.85 7.15 7.12 11.21 45.11
Including 30.80 32.85 2.05 2.04 16.21 48.87
FDN-C25-365 38.50 44.50 6.00 5.91 12.21 45.91
Including 43.25 44.50 1.25 1.23 22.16 83.66
FDN-C25-365 55.70 60.80 5.10 4.42 9.95 8.11
Including 58.75 60.80 2.05 1.78 21.57 8.38
FDN-C25-366 Pending Results FDNS Underground
FDN-C25-367 44.00 45.70 1.70 0.98 4.93 8.36 FDNS Underground
Including 44.00 44.40 0.40 0.23 12.80 9.30
FDN-C25-367 48.95 51.15 2.20 1.26 8.89 48.40
FDN-C25-367 50.45 70.10 3.40 1.95 7.59 4.18
Including 50.45 51.15 0.70 0.40 13.95 84.30
FDN-C25-367 90.60 98.65 8.05 4.03 5.07 6.58
FDN-C25-367 114.20 118.80 4.60 4.17 12.53 7.96
Including 115.30 117.25 1.95 1.77 18.74 8.85
FDN-C25-368 97.35 106.70 9.35 8.79 9.24 9.86 FDNS Underground
Including 103.50 106.70 3.20 3.01 17.29 11.12
FDN-C25-369 19.00 21.60 2.60 2.36 7.41 5.68 FDNS Underground
Including 20.00 20.50 0.50 0.45 13.35 9.90
FDN-C25-370 19.30 23.85 4.55 2.28 54.73 48.83 FDNS Underground
Including 23.00 23.85 0.85 0.43 91.66 50.81
FDN-C25-370 69.60 75.20 5.60 3.60 8.33 4.33
Including 69.60 70.15 0.55 0.35 47.80 8.40
FDN-C25-370 84.60 87.40 2.80 1.98 4.42 3.19
Including 85.00 85.85 0.85 0.65 8.49 5.74
FDN-C25-370 97.25 102.75 5.50 4.21 6.29 3.11
FDN-C25-371 14.60 17.00 2.40 2.32 4.51 13.24 FDNS Underground
Including 16.55 17.00 0.45 0.43 14.65 25.60
FDN-C25-372 57.10 60.00 2.90 2.86 21.97 11.50 FDNS Underground
Including 58.90 60.00 1.10 1.08 52.00 18.00
FDN-C25-373 24.15 24.95 0.80 0.69 11.53 30.05 FDNS Underground
Including 24.55 24.95 0.40 0.35 21.10 33.90
FDN-C25-374 Pending Results FDNS Underground
FDN-C25-375 Pending Results FDNS Underground
FDN-C25-376 Pending Results FDNS Underground
FDN-C25-377 Pending Results FDNS Underground
UGE-S-25-384 40.65 43.50 2.85 2.81 3.50 3.91 FDNS Underground
UGE-S-25-384 83.30 85.80 2.50 2.46 20.95 10.63
Including 83.30 84.30 1.00 0.98 47.18 20.83
UGE-S-25-384 91.75 112.40 20.65 20.34 91.32 31.33
Including 109.10 111.90 2.80 2.76 405.57 80.82
UGE-S-25-384 117.80 122.30 4.50 4.48 21.52 10.46
Including 121.90 122.30 0.40 0.40 204.00 52.20
UGE-S-25-393 No Significant Results FDNS Underground
UGE-S-25-394 247.10 248.75 1.65 1.26 6.20 18.45 FDNS Underground
Including 247.60 248.05 0.45 0.34 19.15 55.50
UGE-S-25-394 254.05 258.05 4.00 3.06 10.17 6.57
Including 256.70 258.05 1.35 1.03 28.44 10.54
UGE-S-25-395 158.80 160.20 1.40 0.99 26.25 18.24 FDNS Underground
Including 158.80 159.20 0.40 0.28 89.80 40.60
UGE-S-25-395 181.15 184.85 3.70 3.69 15.32 10.87
Including 181.15 182.40 1.25 1.25 43.70 18.02
UGE-S-25-395 217.45 220.20 2.75 2.75 6.37 24.96
Including 217.45 218.25 0.80 0.80 16.05 38.80
UGE-S-25-395 226.20 229.60 3.40 3.40 18.44 21.85
Including 226.20 227.20 1.00 1.00 59.00 54.60
UGE-S-25-395 257.65 261.20 3.55 3.50 11.08 23.79
Including 260.70 261.20 0.50 0.49 41.30 24.20
UGE-S-25-395 277.05 279.05 2.00 1.97 6.44 6.08
Including 278.65 279.05 0.40 0.39 13.60 15.80

Table 2: Drillhole assay results from FDN East drilling program reported for thickness versus grade intervals above 8.37 (m x g/t Au >8.37).  Drill hole intercepts are reported in drill core lengths and true widths

Hole ID From (m) To (m) Interval (m) True width (m) Au (g/t) Ag (g/t) Target Zone
UGE-E-25-361 137.40 139.50 2.10 2.03 42.41 14.09 FDN-East Underground
Including 138.10 138.50 0.40 0.39 220.00 66.50
UGE-E-25-361 190.00 196.70 6.70 6.55 5.01 5.82
Including 191.65 192.20 0.55 0.54 15.30 8.20
Including 196.30 196.70 0.40 0.39 17.85 7.70
UGE-E-25-379 172.00 172.40 0.40 0.39 15.55 6.60 FDN-East Underground
UGE-E-25-379 219.30 222.40 3.10 3.05 4.71 4.57
UGE-E-25-386 No Significant Results FDN-East Underground
UGE-E-25-389 210.40 211.90 1.50 1.36 11.40 4.13 FDN-East Underground
Including 211.50 211.90 0.40 0.36 42.10 14.40
UGE-E-25-390 221.10 223.90 2.80 2.77 6.01 154.87 FDN-East Underground
UGE-E-25-390 277.00 285.15 8.15 8.12 5.95 16.67
Including 277.00 277.40 0.40 0.40 101.50 47.90
UGE-E-25-392 No Significant Results FDN-East Underground
UGE-E-25-401 466.80 472.25 5.45 - 12.89 17.47 FDN-East Exploration Underground
Including 466.80 468.25 1.45 - 44.91 54.23
UGE-E-25-401 479.50 486.95 7.45 - 12.75 185.77
Including 485.15 486.95 1.80 - 47.67 608.67
UGE-E-25-401 512.00 513.00 1.00 - 9.45 7.70
UGE-E-25-402 157.50 158.30 0.80 0.77 101.71 42.20 FDN-East Underground
UGE-E-25-405 128.55 130.90 2.35 - 5.68 2.80 FDN-East Exploration Underground
Including 130.15 130.90 0.75 - 17.35 5.80
UGE-E-25-405 346.00 347.00 1.00 0.98 13.25 7.10 FDN-East
UGE-E-25-410 No Significant Results FDN-East Underground
UGE-E-25-419 138.65 139.90 1.25 0.98 9.68 6.84 FDN-East Underground
Including 138.65 139.05 0.40 0.98 29.20 16.90
UGE-E-25-422 Pending Results FDN-East Underground
UGE-E-25-424 No Significant Results FDN-East Underground
UGE-E-25-425 Pending Results FDN-East Underground
UGE-E-25-427 Pending Results FDN-East Underground

Table 3: FDNS and FDN East Collar Drill Holes

Hole ID Prospect Easting Northing Elevation Azimuth Dip EOH (m) Zone Year
FDN-C25-322 FDNS 778221 9582427 1088 100 -70 200.00 Underground 2025
FDN-C25-323 FDNS 778222 9582426 1088 135 -27 90.00 Underground 2025
FDN-C25-324 FDNS 778221 9582427 1088 128 -63 270.00 Underground 2025
FDN-C25-327 FDNS 778211 9582326 1185 141 35 177.90 Underground 2025
FDN-C25-332 FDNS 778199 9582348 1089 125 -28 160.00 Underground 2025
FDN-C25-333 FDNS 778199 9582348 1089 130 -44 149.90 Underground 2025
FDN-C25-334 FDNS 778199 9582348 1088 95 -57 120.00 Underground 2025
FDN-C25-335 FDNS 778199 9582348 1088 49 -59 250.00 Underground 2025
FDN-C25-336 FDNS 778199 9582348 1090 107 -5 150.00 Underground 2025
FDN-C25-337 FDNS 778199 9582348 1090 95 -14 156.20 Underground 2025
FDN-C25-342 FDNS 778205 9582143 1192 42 -37 118.10 Underground 2025
FDN-C25-343 FDNS 778207 9582428 1181 153 3 70.00 Underground 2025
FDN-C25-344 FDNS 778211 9582326 1183 161 -3 80.00 Underground 2025
FDN-C25-345 FDNS 778222 9582330 1182 72 -40 124.50 Underground 2025
FDN-C25-346 FDNS 778194 9582527 1182 360 39 73.10 Underground 2025
FDN-C25-347 FDNS 778193 9582527 1180 341 5 65.00 Underground 2025
FDN-C25-348 FDNS 778193 9582522 1180 218 22 70.00 Underground 2025
FDN-C25-349 FDNS 778210 9582331 1185 37 40 89.50 Underground 2025
FDN-C25-350 FDNS 778222 9582139 1194 89 22 165.00 Underground 2025
FDN-C25-351 FDNS 778204 9582143 1193 42 -8 145.70 Underground 2025
FDN-C25-352 FDNS 778218 9582534 1086 128 -41 170.00 Underground 2025
FDN-C25-353 FDNS 778219 9582535 1086 95 -25 130.00 Underground 2025
FDN-C25-354 FDNS 778219 9582536 1086 79 -47 90.00 Underground 2025
FDN-C25-355 FDNS 778217 9582533 1085 159 -48 140.00 Underground 2025
FDN-C25-356 FDNS 778218 9582534 1085 132 -56 190.00 Underground 2025
FDN-C25-357 FDNS 778218 9582534 1085 105 -54 166.10 Underground 2025
FDN-C25-358 FDNS 778218 9582534 1088 125 15 85.00 Underground 2025
FDN-C25-359 FDNS 778202 9582425 1080 120 -64 90.50 Underground 2025
FDN-C25-360 FDNS 778200 9582432 1087 71 -45 95.00 Underground 2025
FDN-C25-361 FDNS 778221 9582427 1090 65 25 74.00 Underground 2025
FDN-C25-362 FDNS 778221 9582428 1091 110 37 71.00 Underground 2025
FDN-C25-363 FDNS 778176 9582553 1088 328 20 130.00 Underground 2025
FDN-C25-364 FDNS 778176 9582553 1087 342 5 100.00 Underground 2025
FDN-C25-365 FDNS 778176 9582552 1088 308 35 70.00 Underground 2025
FDN-C25-366 FDNS 778211 9582662 1083 238 -32 100.00 Underground 2025
FDN-C25-367 FDNS 778211 9582662 1083 246 -22 130.00 Underground 2025
FDN-C25-368 FDNS 778212 9582662 1086 220 30 110.00 Underground 2025
FDN-C25-369 FDNS 778211 9582667 1087 308 45 60.00 Underground 2025
FDN-C25-370 FDNS 778175 9582550 1086 282 -36 110.00 Underground 2025
FDN-C25-371 FDNS 778174 9582680 1085 250 27 80.00 Underground 2025
FDN-C25-372 FDNS 778174 9582680 1083 255 -15 80.00 Underground 2025
FDN-C25-373 FDNS 778199 9582547 1085 100 -50 76.00 Underground 2025
FDN-C25-374 FDNS 778192 9582548 1085 130 -55 247.50 Underground 2025
FDN-C25-375 FDNS 778219 9582534 1087 115 -10 70.00 Underground 2025
FDN-C25-376 FDNS 778215 9582432 1088 340 -32 131.80 Underground 2025
FDN-C25-377 FDNS 778192 9582547 1085 154 -47 121.40 Underground 2025
UGE-S-25-384 FDNS 778205 9582136 1194 120 5 229.20 Underground 2025
UGE-S-25-393 FDNS 778152 9582828 1221 157 -34 210.00 Underground 2025
UGE-S-25-394 FDNS 778151 9582828 1222 170 -5 300.00 Underground 2025
UGE-S-25-395 FDNS 778151 9582828 1221 173 -55 350.00 Underground 2025
UGE-E-25-361 FDN - East 778168 9583295 1271 80 9 270.40 Underground 2025
UGE-E-25-379 FDN - East 778168 9583295 1271 60 11 265.00 Underground 2025
UGE-E-25-386 FDN - East 778168 9583296 1272 50 23 300.00 Underground 2025
UGE-E-25-389 FDN - East 778167 9583294 1271 90 26 448.80 Underground 2025
UGE-E-25-390 FDN - East 778172 9582956 1271 80 7 478.40 Underground 2025
UGE-E-25-392 FDN - East 778171 9582955 1272 115 10 508.00 Underground 2025
UGE-E-25-401 FDN - East 778154 9582829 1223 101 8 724.10 Underground 2025
UGE-E-25-402 FDN - East 778168 9583294 1271 90 15 500.30 Underground 2025
UGE-E-25-405 FDN - East 778171 9582955 1271 110 -10 457.50 Underground 2025
UGE-E-25-410 FDN - East 778168 9583294 1270 80 0 410.00 Underground 2025
UGE-E-25-419 FDN - East 778168 9583296 1271 66 10 450.00 Underground 2025
UGE-E-25-422 FDN - East 778138 9582952 1028 115 -7 775.40 Underground 2025
UGE-E-25-424 FDN - East 778168 9583295 1270 60 0 375.00 Underground 2025
UGE-E-25-425 FDN - East 778172 9582956 1271 70 -8 500.00 Underground 2025
UGE-E-25-427 FDN - East 778154 9582829 1223 110 8 647.80 Underground 2025

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