Mr. Harold Forzley reports

BATHURST METALS CORP. AMENDS TERMS OF OPTION TO ACQUIRE THE GLADSTONE GOLD AND NORTHERN GOLD PROPERTIES ADJACENT TO THE TURNER LAKE/TED GOLD PROJECT, NUNAVUT

Bathurst Metals Corp. reported on Jan. 22, 2026, that it had entered into an option agreement to acquire a 100-per-cent interest in two mineral claims located north of the company's 100-per-cent-owned Turner Lake/TED gold project in the Bathurst Inlet area of Nunavut, Canada. The claims are known as the Gladstone gold and Northern gold properties.

The company announces an amendment to the terms of the mineral option agreement. Under the amended terms, the company will purchase the claims outright for consideration of $8,000 cash and the issuance to the vendors an aggregate of four million common shares and four million transferable share purchase warrants. Each share purchase warrant will entitle the holder to acquire an additional common share of the company for eight cents for a period of three years from the date of TSX Venture Exchange acceptance of the transaction. The transaction is at arm's length to the company and no finders' fees are payable.

The vendors will retain a 2.0-per-cent net smelter return royalty in respect of any minerals from the properties.

Gladstone gold property

The Gladstone gold property covers 1,197.371 hectares and hosts three known gold showings, with reported gold values ranging from 2.12 to 143.76 grams per tonne (g/t) gold (Au). Associated geochemical values include arsenic ranging from 0.64 per cent to 2.2 per cent, lead up to 1.04 per cent and zinc up to 0.31 per cent.

Bathurst has also recently staked the West gold claim, located immediately west of the Gladstone gold property. West hosts two known gold showings with values of up to 5.0 g/t Au, along with arsenic values up to 2.68 per cent and zinc up to 0.31 per cent.

Northern gold property

The Northern gold property covers 1,386.079 hectares and is located immediately south of the Gladstone gold property. The property hosts a known gold showing with reported values of up to 6.58 g/t Au, accompanied by arsenic values up to 0.62 per cent and lead values up to 1.0 per cent.

Qualified person

The scientific and technical information contained in this news release has been reviewed and approved by Lorne Warner, PGeo, president and director of Bathurst Metals, who is a qualified person as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects.

The historical assay results referenced herein are derived from prior work completed by previous operators. The company has not independently verified these historical results and they should not be relied upon unless and until verified by Bathurst Metals through future exploration programs.

About Bathurst Metals Corp.

Bathurst Metals is an exploration-stage company engaged in the acquisition, exploration and development of mineral properties in Nunavut and British Columbia, Canada. The company holds a 100-per-cent interest in the Turner Lake, TED, McGregor Lake, Speers Lake, Gela Lake and McAvoy Lake projects in Nunavut, and the Peerless property, a gold/silver prospect in the historic Bralorne camp in British Columbia.