Mr. Glenn Mullan reports

CLEGHORN ANNOUNCES REDUCTION IN STOCK OPTIONS GRANTED TO ADELAIDE CAPITAL MARKETS INC.

Further to the news release of Oct. 10, 2025, and to comply with the policies of the TSX Venture Exchange, the number of incentive stock options granted to Adelaide Capital Markets Inc. under Cleghorn Minerals Ltd.'s stock option incentive plan has been reduced from 100,000 to 64,800 stock options exercisable at five cents until Oct. 10, 2030, in accordance with the terms and conditions set forth in the stock option agreement to be entered into between the company and the consultant.