Mr. Michael Henrichsen reports

GOLD X2 APPOINTS CHIEF GEOLOGIST AND PROVIDES UPDATE ON 2026 TECHNICAL AND CORPORATE OBJECTIVES

Gold X2 Mining Inc. has appointed Steven Scott as chief geologist, and has provided an update on its continuing technical program and previously announced corporate initiatives as a follow-up to its July 15, 2026, press release.

Appointment of chief geologist

The company is pleased to announce the appointment of Mr. Scott as chief geologist effective immediately. Mr. Scott is a professional geologist and technical leader with more than 15 years of experience in gold exploration, geological modelling, resource growth and project evaluation across Canada, the United States and Mexico. Prior to joining Gold X2 as chief geologist, Mr. Scott held a senior technical role with Orla Mining, where he contributed to near-mine and regional exploration success leading to resource growth. Mr. Scott has broad experience in structural interpretation, target generation, drill program design, QA/QC (quality assurance/quality control), and the integration of geological, geochemical, geophysical and drilling data sets. In his role as chief geologist, he will provide technical leadership to the exploration team at Gold X2, with a focus on advancing geological models, developing and prioritizing high-quality exploration targets, and making potential new discoveries to support continued resource growth.

Corporate objectives and continuing capital markets efforts

Q2 financials reported: Gold X2 reported Q2 2026 financials on Aug. 27, 2026. The company reported a $105-million cash position and as of Sept. 15 the company is well capitalized with approximately $85-million of cash and cash equivalents.

VanEck GDXJ Index inclusion: Gold X2 announced that it has been added to the VanEck Junior Gold Miners ETF (GDXJ) pursuant to the GDXJ's semi-annual review and rebalancing announced on Sept. 11, 2026, which became effective at market close on Sept. 18, 2026.

Commencement of trading on NYSE American: The company has commenced trading on NYSE American under the symbol AUXX, following completion of its previously announced 6:1 share consolidation.

Royalty spinout on track: The company continues to advance the structuring required in order to prepare the arrangement agreement related to the previously announced royalty spinout. Pursuant to the arrangement, the company intends to create, and subsequently spin out, a 1.00-per-cent net smelter royalty on any potential future mineral production at the Moss gold project (the NSR). The NSR will initially be placed in a wholly owned subsidiary (SpinCo). The intention is for the shares of SpinCo to be distributed to the shareholders of the company as of a record date on a pro rata basis. The company expects to provide a further update on the arrangement and record date in due course.

LOI with Bold Ventures: The company has entered into a binding letter of intent with Bold Ventures Inc. whereby the company would acquire certain mineral claims from Bold Ventures in exchange for $500,000 in cash, share consideration of 150,000 common shares of the company and a 2.00-per-cent NSR royalty on rare-earth elements derived from such mineral claims. The mineral claims acquisition is subject to a number of conditions precedent including execution of definitive agreements and all necessary regulatory approvals including TSX-V approvals. The parties have agreed to deal exclusively with each other in respect of the transaction until Oct. 31, 2026. The mineral claims acquisition may not be completed on that timeline, or at all. The company expects to provide a further update on the mineral claims acquisition in due course.

Conferences schedule: The company is pleased to announce that its executive team will participate in the 2026 Precious Metals Summit Beaver Creek, taking place Sept. 22 to Sept. 25, 2026, in Beaver Creek, Colo., and the National Bank Mining Conference, taking place Nov. 23 to Nov. 24, 2026, in London, U.K.

Equity research coverage: The company is pleased to announce the recent initiation of equity research coverage by three leading investment dealers: Stifel, National Bank Financial Inc. and B. Riley Securities.

Michael Henrichsen, chief executive officer and director of Gold X2, commented: "We are providing this corporate update at an important time for Canadian resource investment. The federal government's recently announced Productivity Mega Deduction, together with permanent immediate expensing, further strengthens Canada's competitiveness as a destination for major mining investment. We believe Moss is well positioned within this increasingly supportive investment environment. We continue to advance the project at pace, with our 160,000-metre drill program under way and an updated mineral resource estimate targeted for late Q1 2027, followed by beginning the next economic study which we anticipate completing toward the end of 2027.

"We have also achieved two important capital markets milestones with our NYSE American listing and inclusion in the GDXJ, materially expanding Gold X2's visibility and accessibility to U.S. and global investors.

"Finally, I am pleased to welcome Steven Scott as chief geologist. Steve's extensive experience in orogenic gold systems and resource development strengthens our technical team as we continue to expand and de-risk Moss."

Technical program updates

Exploration: Gold X2 embarked on a 160,000-metre drill program earlier this year, commencing with the three long-term-secured drill rigs and expanding to six rigs in July. The company is currently looking to add an additional three rigs when they become available from our selected contractors. This will lift our drilling rate to 20,000 to 25,000 metres per month.

The company has completed 223 holes (99,257 metres), as of Sept. 15, 2026. The primary focus is on:

• Resource expansion (101 holes, 51,575 metres) -- targeting extensions below and adjacent the current RPEEE pit shell, with a focus at QES Deeps. Highlight:
  • 173.0 m of 0.89 gram per tonne Au from 685.0 m in MQD-26-474.
• Resource development (109 holes, 42,303 metres) -- infill drilling to upgrade inferred resource blocks to indicated plus geotechnical drilling to define pit slope parametres for open pit design work. Highlights:
  • 26.65 m of 4.22 g/t Au from 197.7 m in MMD-26-415 -- Main zone;
  • 86.0 m of 1.37 g/t Au from 314.0 m in MQD-26-366 -- QES zone;
  • A comparison between drill holes and the current MRE is showing positive reconciliation suggesting a significant addition of unmodelled, medium-grade, secondary shears.
• Exploration (13 holes, 5,379 metres) -- targeting brownfields prospects near the Moss deposit, focusing on Span. Highlight:
  • 40.4 m of 2.05 g/t Au from 343.6 m in MSD-26-404.
• Target generation -- expanding the systematic coverage of IP gradient array geophysics and bedrock chemistry to the ground acquired from Kesselrun Resources in 2025 with a view to generating scout drilling targets on the extensions of the known mineralized trends.
  • Geochemical surveys have also commenced at Star Lake;
  • All programs will be completed before winter.

Next steps: Complete the remaining 60,000 metres ahead of a Dec. 31 cut-off for resource modelling. The company intends to deliver an updated mineral resource estimate for the Moss gold project in Q1 2027, which will be followed by a mine optimization program in Q2 2027 to define the optimum pit size, mining rate, mining schedule and mill throughput. This will form the basis of a technical study, a formal project description, and pave the way toward a feasibility study and formal permitting process in Q1 2028. Drilling in 2027 will prioritize infill drilling to upgrade Inferred resource blocks to Indicated and commence scout drilling of new targets.

Project development: Gold X2 has been progressing several prefeasibility studies to support the next technical study planned for 2027. These studies include:

• Evaluating tailings disposal options, as well as potential tailings and waste management sites with SRK Consulting;
• Geotechnical drilling to define pit slope parameters for open pit design work with Knight Piesold;
• Evaluating route options for the power spur to site with Warrior Engineering and N-Sci and, importantly, submitting the application to IESO as part of an initiative to secure power from the Waasigan Line;
• Completed an evaluation of metallurgical process flow sheet options and tailoring of the prefeasibility level test program with Woods Process Services. Sampling is under way and testwork will commence in October;
• Commenced the claims to lease process with Tulloch to ensure surface and mining rights over the mine area.

Additional studies will be commissioned in 2027, including a water management and diversion options studies.

Environmental baseline: The company has been progressing its existing conditions studies (baseline), which will form the basis of future monitoring studies, over the main project area with CSL Geotechnical and Environmental and its subsidiaries. ERM Consulting was brought on board to complete a gap analysis of the existing conditions work in preparation for the impact assessment process. Gold X2 has been working to implement ERM's recommendations, some of which will continue into spring 2027, including:

• Terrestrial biology studies will be completed Q4 2026;
• Hydrogeological studies and evaluation of major lake boundaries, culminating in a numerical water model, should be completed in Q1 2027;
• Aquatic biology studies will complete Q2 2027;
• Socioeconomic baseline was completed Q3 2026. Further refinement will be required based on engagement with indigenous communities in 2027;
• Air quality monitoring stations were installed Q3 2026. Monitoring will continue into Q3 2027.

Additional existing conditions studies are being planned for the proposed power line corridor, potential sites of tailings management facility and mined rock. These programs will run throughout 2027 and into 2028. Hydrology sampling and weather monitoring, which commenced in 2021, will continue for the life of the project.

About Gold X2 Mining Inc.

Gold X2 is a growth-oriented gold company focused on delivering long-term shareholder and stakeholder value through the acquisition and advancement of primary gold assets in Tier 1 jurisdictions. The company's current focus is the advanced stage 100-per-cent-owned Moss gold project, which is positioned in Ontario, Canada, with direct access from the Trans-Canada Highway, hydroelectric power near site, supportive local communities and skilled work force. The 2026 updated National Instrument 43-101 -- Standards of Disclosure for Mineral Projects mineral resource estimate (MRE) for the Moss and East Coldstream deposits has expanded to 2,458,000 ounces of indicated gold resources at 1.04 g/t Au, contained within 73.8 million tonnes and 4,209,000 ounces of inferred gold resources at 0.97 g/t Au contained within 134.7 million tonnes. The Moss deposit also has a silver MRE of 3.160 million ounces of indicated silver resources at 1.53 g/t Ag contained within 64.3 Mt and 6,273,000 ounces of inferred silver resources at 1.55 g/t Ag contained within 125.9 Mt. Results of a preliminary economic assessment (PEA) of the Moss gold project suggest the potential for the deposit to support a long-life mining operation with a strong production profile and low production costs. The MRE and PEA are supported by a NI 43-101 technical report for the Moss gold project available on the company's website and under the company's issuer profile on SEDAR+.

Peter Flindell, PGeo, MAusIMM, MAIG, chief operating officer of the company, and a qualified person under NI 43-101, has approved the scientific and technical information contained in this news release.

We seek Safe Harbor.