Mr. Timothy Turner reports

BOCANA RESOURCES CORP. PROVIDES AN UPDATE ON THE PROPOSED TRANSACTION WITH LONDON GOLD LLC

Bocana Resources Corp. has provided the following update regarding the proposed London Gold LLC acquisition transaction of the company, previously announced on July 20, 2026.

Further to the company's news release dated July 20, 2026, announcing the execution of a definitive term sheet between the company and London Gold, providing for the acquisition of all of the issued and outstanding shares of the company by a newly formed entity (NewCo) controlled by London Gold that is expected to be listed on the Nasdaq Stock Market, the company advises that certain terms and conditions of the proposed transaction have changed, as described below.

As previously disclosed, the proposed transaction contemplated that NewCo would be listed on Nasdaq and that London Gold would access capital in connection with that listing. That listing has not yet been completed and, as a result, the secondary financing anticipated to be generated through that process has not yet become available. London Gold continues to pursue the listing arrangements and the related financing that would further the proposed transaction.

As a result of this delay, on Nov. 1, 2026, the parties executed an amended and restated term sheet, which supersedes the original term sheet and extends the deadline to finalize the terms of a definitive agreement for the acquisition of the company's issued and outstanding shares to Dec. 31, 2026. Under the amended term sheet, London Gold has agreed to increase the initial capital payment to be provided to the company from $1.23-million (U.S.) to $2-million (U.S.). The initial capital is intended to secure deposits for several prospective mining projects, to provide working capital to the company and to finance the due diligence review of each project that proceeds. London Gold is to provide the initial capital to the company on or before Dec. 31, 2026. The parties remain in continuing discussions regarding the proposed transaction and the projects.

The company further clarifies that no definitive agreement governing the acquisition has been finalized or executed as of this date, and there is no assurance that a transaction will be completed on the terms previously disclosed or at all. The company will provide additional updates on the proposed transaction or any developments with respect to the projects as material developments occur.

Trading in the common shares of the company remains halted and is expected to remain halted pending the execution of a definitive agreement between the parties and the subsequent regulatory review of the comprehensive news release required in respect of the proposed transaction, all in accordance with the policies of the TSX Venture Exchange, including TSX-V Policy 5.2. Reinstatement of trading remains subject to the approval of the TSX-V, and no assurance can be given as to when or whether trading in the company's securities will resume.

About Bocana Resources Corp.

Bocana is a mineral exploration company focused on acquiring, exploring and developing mineral properties in North and South America. Through its wholly owned subsidiary, Huiracocha International Service SRL, Bocana holds a 100-per-cent working interest in the mineral properties known as the Escala area concessions in the Department of Potosi, Sud Lipez province, Bolivia, as awarded by Comibol.

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