Mr. Alistair Waddell reports

ANGLOGOLD ASHANTI DESIGNATES FOUR INFLECTION RESOURCES PROJECTS FOR PHASE II OF EXPLORATION EARN-IN AGREEMENT

AngloGold Ashanti Australia Ltd. has completed phase 1 of the exploration earn-in agreement announced on June 14, 2023, by investing $10-million (Australian) in Inflection Resources Ltd.'s portfolio of copper-gold projects in New South Wales, Australia. AngloGold Ashanti has designated a total of four copper-gold projects to proceed to phase 2 of the earn-in agreement.

Summary highlights:

• AngloGold Ashanti has completed phase 1 of the exploration earn-in agreement and has elected to designate four projects to advance to phase 2. The four designated projects are Duck Creek, Trangie, Crooked Creek and Nyngan. Duck Creek was previously announced as a phase 2 project on May 2, 2024.
• Under phase 2, AngloGold Ashanti may earn a 51-per-cent interest in each of the four designated projects by financing exploration expenditures of $7-million (Australian) on each designated project over three years.
• Under phase 3, AngloGold Ashanti may earn a 65-per-cent interest in each designated project by sole financing exploration expenditures of an additional $20-million (Australian) on each designated project over two years.
• Under phase 4, AngloGold Ashanti may earn an additional 10-per-cent interest in each designated project by:
  • Completing a prefeasibility study solely financed by AngloGold Ashanti within an additional three-year period;
  • Granting to Inflection, subject to existing underlying royalties, a 2-per-cent or 1-per-cent net smelter return (NSR) royalty.
• All other projects previously included under phase 1 of the earn-in agreement remain 100 per cent owned by Inflection, with AngloGold Ashanti relinquishing all previous rights.
• Following the completion of phase 1, AngloGold Ashanti has exercised its right to acquire a 9.9-per-cent equity position in the company. Inflection will issue 11,133,399 common shares in the capital of the company to AngloGold Ashanti at a deemed price of 80.8 cents per share.
• Phase 2 stepout drilling is now under way on the Trangie project. Drilling is following up on gold-copper mineralization announced by the company on Feb. 4, 2025

Alistair Waddell, Inflection's president and chief executive officer, states: "The completion of the phase 1 agreement with AngloGold Ashanti is a major milestone for the company. We are extremely pleased that AngloGold Ashanti has selected four projects to advance to phase 2 as this will provide the necessary capital to drill and potentially develop these projects within the northern extension of the Macquarie Arc. We also welcome AngloGold Ashanti as a new shareholder of the company and we look forward to continuing the discovery-focused partnership in New South Wales. We are particularly excited about the current drilling on the phase 2 Trangie project where the company recently reported highly encouraging drill results."

Trangie project

The Trangie project, which was the first project drilled by Inflection in 2020, exhibits a complex arcuate zone of magnetite enrichment evident in aeromagnetic data. Recent Inflection drill hole TRNDH023 drilled into an aeromagnetic high which intersected a significant zone of pyrite chalcopyrite bearing quartz veinlets and wispy magnetite veins in biotite-actinolite altered andesites and volcaniclastic sediments, typical of a calc-potassic porphyry-proximal alteration zone (Inflection news release dated Feb. 4, 2025). This hole reported assays of: 54.37 metres grading 0.37 gram per tonne Au (gold) and 0.07 per cent Cu (copper) from 194.63 m; 35.47 m grading 0.40 g/t Au and 0.06 per cent Cu from 259.53 m; and 21.45 m grading 0.22 g/t Au and 0.04 per cent Cu from 346.00 m. A follow-up ground-based gravity survey is currently under way to identify zones of low Bouguer Gravity suggestive of potential intrusions at depth. Stepout drilling from hole TRNDH023 has commenced on approximate 200 m centres from the collar location with the goal of vectoring toward the core of an intrusive-related copper-gold system.

The Trangie project also contains the Myallmundi target. The company previously completed a series of drill holes on the Myallmundi target, testing an approximate 1.5-by-2.0-kilometre zone of magnetite enrichment evident in aeromagnetic data. Drill holes (MYLDH014, MYLDH015, MYLDH016 and MYLDH017) which extend over an approximate distance of approximately 1,400 metres intersected chalcopyrite and molybdenite-bearing quartz veins that locally exhibit K-feldspar selvages and are suggestive of a porphyry-proximal environment (Inflection news release Oct. 11, 2023). Additionally, these drill holes exhibit early biotite-magnetite-epidote plus or minus K-feldspar alteration, also indicative of a porphyry-proximal environment, which has been overprinted by silica-sericite alteration.

Duck Creek project

At the Duck Creek project, several broadly spaced drill holes into a large arcuate zone of magnetite enrichment evident in the aeromagnetic data intersected a large zone (2.7 by 1.6 km) of inner propylitic alteration that returned highly anomalous arsenic values. These very broadly spaced holes indicate that an inner propylitic alteration system and zone of highly elevated arsenic is open at depth between holes DCKDH020 and DCKDH025 and will be the focus of the company going forward (Inflection news releases Oct. 3, 2024, and Feb. 4, 2025). Several of the alteration footprints reported from other world-class porphyry copper-gold deposits in the Macquarie Arc, such as Cadia and Northparkes, have similar geochemical characteristics and could potentially fit within this zone.

Crooked Creek project

The Crooked Creek project displays several conspicuous aeromagnetic highs 1.3 by 0.9 km in diameter which represent compelling drill targets. These magnetic features have never been drill tested and are being covered by the ground-based gravity survey. The plan is to drill test the targets once the analysis of this geophysical data is complete.

Nyngan project

Inflection drilling into the Nyngan project intersected a discreet 1.3 by 0.6 km diameter zone of magnetite enrichment, including a hornblende bearing gabbro with interstitial chalcopyrite. This unit strongly indicates that intrusions in this project are oxidized and hydrous, typical of a fertile porphyry intrusive complex. There are several other compelling aeromagnetic anomalies in this project that require drill testing, once data from the ground-based gravity survey has been compiled and analyzed.

Further details of the of earn-in agreement

Phase 2

AngloGold Ashanti has elected to potentially earn an initial 51-per-cent interest in four designated projects individually by sole financing expenditures of $7-million (Australian) on each project within 36 months. If AngloGold Ashanti elects not to complete the phase 2 earn-in expenditure for a given designated project, Inflection will retain 100-per-cent ownership of the project with no interest earned by AngloGold Ashanti.

Phase 3

Upon completion of phase 2, AngloGold Ashanti may elect to earn an additional 14-per-cent interest in each designated project individually, for a total 65-per-cent interest, by sole financing additional expenditures of $20-million (Australian) on each designated project within 24 months. If AngloGold Ashanti initiates but does not complete phase 3, then its ownership interest in the designated project will revert to 49 per cent, which Inflection retains the right to purchase at a mutually agreed price or for fair value if a price cannot be mutually agreed within a specified period.

Phase 4

Upon completion of phase 3, AngloGold Ashanti retains an additional right to earn a further 10-per-cent interest in each designated project, bringing its potential ownership interest to 75 per cent, by completing the following:

• Delivering to Inflection a prefeasibility study in accordance with the CIM (Canadian Institute of Mining, Metallurgy and Petroleum) definition standards on mineral resources and ore reserves based on a minimum two million ounces of gold or gold-copper equivalent measured and indicated resources within 36 months after AngloGold Ashanti provides notice to move to phase 4.
• Granting to Inflection a 2-per-cent net smelter return (NSR) royalty on the applicable designated project; provided, however, that if the designated project has any existing underlying royalties, Inflection will be granted a 1-per-cent NSR. AngloGold Ashanti will have the right to buy back 0.5 per cent of any 2-per-cent NSR and 0.25 per cent of any 1-per-cent NSR in respect of all or a portion of the respective designated project for fair value at any time.

AngloGold Ashanti share issuance

Following completion of phase 1 and investment of $10-million (Australian) in the company's portfolio of copper-gold projects, AngloGold Ashanti has exercised its right to acquire a 9.9-per-cent equity position in the company through the conversion of its phase 1 exploration expenditures into 11,133,399 common shares of the company at a deemed price of 80.8 cents per share. The securities will be subject to a statutory hold period of four months and one day. Subsequent to the share issuance, the company will have 112,458,569 common shares issued and outstanding (119,283,569 common shares on a fully diluted basis).

About Inflection's NSW projects

The company is systematically exploring for large copper-gold and gold deposits in the northern interpreted extension of the Macquarie Arc, part of the Lachlan fold belt in New South Wales. The Macquarie Arc is Australia's premier porphyry copper-gold province being host to Newmont Mining's Cadia deposits, Evolution Mining's Northparkes and Cowal deposits plus numerous exploration prospects including Boda, a discovery made by Alkane Resources.

The company uses cost-effective mud-rotary drilling to cut through unmineralized postmineral sedimentary cover before transitioning to diamond core drilling once basement is reached. It is well documented that mineralized bodies elsewhere in the belt, in particular porphyry and intrusive-related systems, have large district-scale alteration and geochemical halos or footprints surrounding them.

The company typically completes a series of short diamond drill holes into bedrock rather than just one or two deep and more expensive diamond drill holes. Multiple data points gained from alteration and mineral geochemistry is then being used to vector additional deeper holes. This is a proven exploration strategy in the covered segments of the Macquarie Arc having been directly responsible for the discovery of the Northparkes and Cowal deposits.

Qualified person and sampling quality control

The scientific and technical information contained in this news release has been reviewed and approved by Carl Swensson (FAusIMM), a qualified person (QP) as defined in National Instrument 43-101 -- Standards of Disclosure for Mineral Projects.

Drilling is conducted using a truck-mounted multipurpose drill rig. Mud rotary drilling is utilized to drill through the cover sequence before transitioning to diamond drilling using NQ sized core at the unconformity. Core is logged at the company's field office, photographed and marked before being cut to the company's specified sample intervals. Half core samples are placed in bags with internationally certified blanks and standards inserted. Samples are dispatched to ALS Laboratories in Orange NSW, an accredited analytical laboratory meeting ISO/IEC 17025:2005 and ISO 9001:2015. Samples are prepared by crushing and grinding via ALS methods CRU-21 and PUL-32, respectively. The pulps are then assayed for 48 elements via ALS method ME-MS61 using a 25-gram sample after a four-acid near total digest with an ICP-MS finish. Gold is assayed by fire assay using ALS method Au-AA23 using a 30-gram sample charge and AAS finish. Laboratory standards and QA/QC (quality assurance/quality control) are monitored by the company. Coarse rejects from the sample preparation are subjected to spectral analysis.

About Inflection Resources Ltd.

Inflection is a copper-gold focused mineral exploration company listed on the Canadian Securities Exchange under the symbol AUCU, on the OTCQB under the symbol AUCUF and on the Frankfurt Stock Exchange under the symbol 5FJ, with projects in New South Wales, Australia.

We seek Safe Harbor.