Mr. Estanislao Auriemma reports

FREDONIA ANNOUNCES C$10 MILLION BOUGHT DEAL PRIVATE PLACEMENT

Fredonia Mining Inc. has entered into an agreement with ATB Cormark Capital Markets to act as lead underwriter and sole bookrunner, on behalf of itself and a syndicate of underwriters, in connection with a bought deal private placement for aggregate gross proceeds of approximately $10-million.

The offering will consist of the issuance and sale of 15,384,700 common shares of the company at a price of 65 cents per common share.

The company has granted the underwriters an option, exercisable in whole or in part, at any time prior to the closing date (as defined below), to increase the size of the offering to raise additional gross proceeds of up to $1,500,005.

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 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 underwriters will also be entitled to offer the common shares 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 (OSC Rule 72-503); 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 common shares 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 will not be subject to a hold period in Canada.

There is an 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 at SEDAR+ and the company's website. Prospective investors of common shares issued under the listed issuer financing exemption should read this offering document before making an investment decision.

The offering is expected to close on or about Sept. 23, 2026, or on such other date as may be agreed to by the company and the lead underwriter, subject to compliance with applicable securities laws. Notwithstanding the foregoing, the closing of any common shares 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 underwriting 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 64,000 hectares in the prolific Deseado massif geological region in the province of Santa Cruz, Argentina, including its flagship advanced EDM project (approximately 33,500 hectares) located close to AngloGold Ashanti's Cerro Vanguardia gold-silver mine (which produced approximately 180,000 ounces of gold during the 12 months ended June 30, 2026), the El Aguila project (approximately 9,100 ha) and the Hornia project (approximately 21,500 ha).

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