Mr. Stewart Blusson reports

ARCHON REPORTS RECEIVERSHIP OF EKATI MINE

On July 14, 2026, the Supreme Court of British Columbia granted an order appointing PricewaterhouseCoopers Inc. as receiver of the assets at Archon Minerals Ltd.'s Ekati diamond mine. The receivership order was made on the application of the government of the Northwest Territories, which had indicated that it intends to shut down operations at the mine and transition it to reclamation.

The company holds a 2.3-per-cent gross production royalty over the Buffer zone of the Ekati mine, and a joint venture interest in the Monument project. In light of the recent receivership and the general state of the diamond industry, the company will be reviewing strategic options going forward.

Masoud Saidi has resigned from Archon's board of directors, as of today's date. The board thanks Dr. Saidi for his contributions to the company and wishes him success in his future endeavours.

We seek Safe Harbor.