Mr. Estanislao Auriemma reports

FREDONIA MINING INC. PROVIDES CORPORATE UPDATE FOR ITS EL DORADO MONSERRAT PROJECT

Fredonia Mining Inc. has continued technical advancement at its flagship El Dorado-Monserrat (EDM) gold project in the Deseado massif in Santa Cruz province, Argentina, including progress toward its maiden preliminary economic assessment (PEA).

The company has formally initiated work on a PEA for the EDM project, marking a key milestone in its transition from exploration toward development-stage evaluation.

The PEA will assess the potential economic viability of a conceptual open-pit gold mining operation and will include analysis of mining methods, processing routes, infrastructure requirements, capital and operating costs, and project economics.

The study will be based on the company's current mineral resource estimate, which outlines a large-scale gold-silver system within the Deseado massif, including:

• 81.3 million tonnes of measured and indicated mineral resources;
• 0.86-gram-per-tonne gold equivalent grade;
• Containing approximately 2.25 million ounces of gold equivalent, including:
  • 1.59 million ounces of gold;
  • 49.1 million ounces of silver.

Importantly, the current mineral resource captures only a portion of the broader mineralized system, which remains open in multiple directions and continues to offer potential for further resource growth through additional drilling.

Fredonia has engaged GeoInvestment SpA, a Chile-based mining consulting firm, to lead the PEA. GeoInvestment brings extensive experience in geology, geotechnics and mining engineering across Latin America, supporting projects from early-stage development through to feasibility studies and capital markets disclosure.

With a strong balance sheet, the company believes it is well positioned to complete the PEA and execute its current planned phase of exploration and development programs.

The company believes the PEA will provide the first integrated technical and economic framework for EDM and will be a key step in defining project scale, production potential and development strategy.

In parallel, the company is preparing to commence its next phase of drilling, designed to support future resource conversion and test opportunities for expansion of the mineralized system.

Fredonia expects to report the results of the PEA during calendar Q3 2026.

Dr. Mario Alfaro Cortes, PGeo, is a qualified person as defined by National Instrument 43-101. Dr. Alfaro visited the property and has read and approved the technical contents of this release.

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 200,000-ounce-per-year 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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