Mr. Nicolae Suciu reports

INITIAL CLOSING OF US$3.4 MILLION PRIVATE PLACEMENT

Gabriel Resources Ltd. has completed an initial closing of its previously announced non-brokered private placement of up to 58,471,757 units at 8.25 Canadian cents per unit, for aggregate subscriptions of up to $3.4-million (U.S.) (approximately $4.82-million (Canadian)). For more information on the offering, please see the company's news release dated Oct. 2, 2026, which is available under the company's SEDAR+ profile.

Pursuant to the initial closing, the company has issued 39,909,296 units to Electrum Global Holdings LP and Paulson & Co. Inc. for aggregate subscriptions of approximately $2.32-million (U.S.) (approximately $3.29-million (Canadian)). These comprise $745,634 (U.S.) in cash subscriptions, before transaction expenses, and $1,575,000 (U.S.), satisfied by setting off outstanding bridge loan principal and accrued interest against the subscribers' respective subscription obligations. Of the units issued, 27,086,182 are attributable to the debt settlement, comprising 13,543,091 units for each lender. As a result of the debt settlement, the bridge loans advanced by Electrum and Paulson on April 28, 2026, have been repaid and discharged in full.

Each unit consists of one common share in the capital of the company and one common share purchase warrant. Each warrant entitles the holder to purchase one common share at an exercise price of 11 cents for a period of five years following the issuance of the units.

The net cash proceeds from the initial closing will be used to finance working capital and sustain essential operations, including the continued pursuit of the company's application to annul the ICSID arbitration award rendered on March 8, 2024.

Electrum's and Paulson's participation in the offering, including the debt settlement, constitutes a related party transaction under Multilateral Instrument 61-101, Protection of Minority Security Holders in Special Transactions. The company relied on the financial difficulty exemptions from the formal valuation and minority approval requirements under sections 5.5(g) and 5.7(1)(e), respectively, as described in its Oct. 2, 2026, news release.

The securities issued in connection with the initial closing are subject to a statutory Canadian hold period of four months and one day, expiring on Feb. 17, 2027. The company has received conditional acceptance of the TSX Venture Exchange for the offering. Completion of the offering remains subject to receipt of the final acceptance of the TSX Venture Exchange.

The company expects to complete subsequent closings during October, 2026, for Swiss Capital S.A.'s subscription and those of other eligible investors, representing the remaining 18,562,461 units and aggregate subscriptions of approximately $1.08-million (U.S.), subject to receipt of signed subscription agreements where outstanding, receipt of subscription funds and satisfaction of any remaining closing conditions.

About Gabriel Resources Ltd.

Gabriel Resources is a Canadian resource company listed on the TSX Venture Exchange under the symbol GBU. The company's current focus is pursuing the annulment application and preserving its assets and interests in Romania.

Gabriel holds an 80.69-pepr-cent interest in Rosia Montana Gold Corp. S.A. (RMGC), with the remaining 19.31 per cent held by Minvest Rosia Montana S.A., a Romanian state-owned company. RMGC holds the company's interests in the Rosia Montana gold and silver project. In June, 2024, the competent Romanian authority rejected RMGC's application to extend the project's exploitation licence. RMGC is challenging that refusal before the Romanian courts.

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