Mr. Estanislao Auriemma reports

FREDONIA ANNOUNCES UPSIZE OF PREVIOUSLY ANNOUNCED BEST EFFORTS PRIVATE PLACEMENT TO UP TO C$6M

Fredonia Mining Inc. and Cormark Securities Inc. have agreed to increase the size of the previously announced best efforts private placement of units of the company to aggregate gross proceeds of up to approximately $6-million.

The offering will consist of the issuance and sale of 15 million units at a price of 40 cents per unit. Each unit will consist of one common share of the company and one-half of one common share purchase warrant. Each warrant shall entitle the holder thereof to purchase one common share of the company at a price of 56 cents for the period that is 36 months following the closing date (as defined below).

The company has granted the sole agent an option, exercisable in whole or in part, at any time prior to the closing date, to increase the size of the offering to raise additional gross proceeds of up to $1-million.

The company intends to use net proceeds from the offering for the exploration and advancement of the company's El Dorado Monserrat project in Santa Cruz province, Argentina, and for general corporate and working capital purposes, all as further described in the amended and restated offering document relating to the offering.

The company is conducting the offering pursuant to Section Part 5A.2 of National Instrument 45-106, Prospectus Exemptions, as amended by Coordinated Blanket Order 45-935, Exemptions from Certain Conditions of the Listed Issuer Financing Exemption, to purchasers in each of the provinces of Canada (other than the province of Quebec). The sole agent will also be entitled to offer the units for sale in the United States and other jurisdictions outside Canada pursuant to available exemptions from the registration requirements of the United States Securities Act of 1933, as amended, and in certain other jurisdictions outside of Canada and the United States pursuant to applicable regulatory requirements and in accordance with OSC Rule 72-503, Distributions Outside Canada, provided it is understood that no prospectus filing or comparable obligation, continuing reporting requirement or requisite regulatory or governmental approval arises in such other jurisdictions. The unit shares and warrants comprising the units issued pursuant to the listed issuer financing exemption to investors resident in Canada or to investors outside of Canada pursuant to OSC Rule 72-503, as well as the warrant shares issuable upon exercise of the warrants, will not be subject to a hold period in Canada.

There is an amended and restated offering document with respect to the portion of the offering being conducted pursuant to the listed issuer financing exemption that can be accessed under the company's profile on SEDAR+ and the company's website. Prospective investors of units issued under the listed issuer financing exemption should read this amended and restated offering document before making an investment decision.

The offering is expected to close on or about Feb. 4, 2026, or on such other date as may be agreed to by the company and the sole agent, subject to compliance with applicable securities laws. Notwithstanding the foregoing, the closing of any units issued pursuant to the listed issuer financing exemption must occur no later than the 45th day following the date of this news release.

The completion of the offering is subject to customary conditions, including, but not limited to, the negotiation of an agency agreement between the parties with respect to the offering and the receipt of all necessary approvals, inclusive of (if applicable) the approval of the TSX Venture Exchange.

About Fredonia Mining Inc.

Fredonia holds gold and silver licence areas totalling approximately 18,300 hectares in the prolific Deseado Massif geological region in the province of Santa Cruz, Argentina, including its flagship advanced El Dorado-Monserrat project (approximately 6,200 hectares), located close to AngloGold Ashanti's 300,000-ounce-per-year Au-Ag (gold-silver) Cerro Vanguardia mine, the El Aguila project (approximately 9,100 hectares) and the Petrificados project (approximately 3,000 hectares).

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