Mr. Ian Klassen reports

GMV MINERALS ANNOUNCES DRILLING UPDATE

Drilling is proceeding well: GMV Minerals Inc. is now drilling its 10th diamond drill hole on its wholly owned Mexican Hat deposit in Cochise county, Arizona, totalling 1,996 metres to date. These have been completed over 430 metres of strike length.

As anticipated, all holes drilled to date have intersected mineralization. A total of 20 to 25 drill holes are currently planned (up to 4,925 metres) with some drill hole additions or reductions possible as determined during the program. Recoveries have been very good. Assays will be reported as they are received, verified and approved for release by the qualified person.

A total of 599 samples (from the first five holes) have been submitted for analysis to SGS USA Inc. in Tempe, Ariz., an independent qualified laboratory. Samples are submitted in batches of greater than 100 samples (plus or minus) as logging is completed with results being returned from the lab as they come available. All samples are tested for gold by fire assay with automatic overlimits applied to samples exceeding 10 grams per tonne gold. Additional testing for selected samples to confirm geochemical trends is determined by the logging crew together with selected SGS analyses. Certified blanks and standards with field duplicates are submitted at predetermined intervals, and thesem together with laboratory blanks, standards and duplicate analyses are examined to confirm quality assurance/quality control.

This drilling will test approximately 90 per cent of the mineralization, providing confirmation of grade distribution, allowing for the inferred mineral resource to be confirmed and potentially be upgraded, and collect geotechnical information to assist in modelling of the open pit.

2025 PEA (preliminary economic assessment highlights

The company filed the PEA (as defined below) on Sept. 8, 2025, which included that following highlights:

• The base case generates a pretax internal rate of return (IRR) of 66.1 per cent (after tax: 50.2 per cent) and a pretax net present value (NPV) at a 5-per-cent discount rate of $390.2-million (U.S.) (after tax: $268.3-million (U.S.)) with a 1.53-year payback (after tax: 1.82 years) of invested capital using a gold price of $2,500 (U.S.) per ounce;
• Based on price sensitivity analysis at approximately the current price of $4,000 (U.S.) per ounce of gold, the project returns a pretax IRR of 134.2 per cent (after tax: 104.2 per cent) and a pretax NPV at a 5-per-cent discount rate of $1,055-million (U.S.) (after tax: $744.4-million (U.S.));
• Base-case mine life of 10 years with total production of 597,841 ounces, averaging approximately 60,000 ounces per year;
• Crushed mineralized material will be conveyor stacked at a rate of approximately 10,000 tonnes per day on a conventional heap-leach pad;
• Capex (capital expenditure): $89,997,000 (U.S.) (including $15.4-million (U.S.) contingency);
• Low LOM (life-of-mine) strip ratio of 2.05;
• Engineering design analysis indicates the potential to increase pit size and contained ounces with increased gold prices.

Technical report and qualified persons

The technical report, entitled "Updated Preliminary Economic Assessment, Mexican Hat Project," with an effective date of Aug. 8, 2025, was prepared by the following qualified persons (as defined under National Instrument 43-101), all of whom are independent of the company:

• Brian Olson, qualified person, Samuel Engineering Inc. (metallurgical test work and recovery, process plant, and process operating costs);
• Steven Pozder, PE, Samuel Engineering (project economics and infrastructure);
• Dr. Dave Webb, PhD, PEng, PGeo, DRW Geological Consultants Ltd. (mineral resource estimate, mineral reserve estimate, property description and location, accessibility, climate, local resource, infrastructure and physiography, history, geological setting and mineralization, deposit types, exploration, drilling, sample preparation, analysis and security, and data verification);
• Thomas L. Dyer, PE, Respec (mine design, production schedule, and capital and operating costs);
• Francisco J. Barrios, PE, BBA Consultants International LP (pad design and loading);
• Dawn Garcia, CPG, PG, Stantec Consulting Services Inc. (environmental).

Technical information and cautionary note regarding inferred mineral resources

The mine plan evaluated in the PEA is preliminary in nature and includes inferred mineral resources, as defined by NI 43-101 that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be converted to mineral reserves. Mineral resources that are not mineral reserves do not have demonstrated economic viability. Additional drilling and technical studies will need to be completed in order to fully assess its viability. There is no certainty that a production decision will be made to develop the Mexican Hat project or that the economic results described in the PEA will be realized. Mine design and mining schedules, metallurgical flow sheets, and process plant designs will require additional detailed work and economic analysis and internal studies to ensure satisfactory operational conditions and decisions regarding future targeted production. Key assumptions, qualifications and estimates to the results of the PEA are contained in the PEA.

About GMV Minerals Inc.

GMV Minerals is a publicly traded exploration company focused on developing precious metal assets in Arizona. GMV, through its 100-per-cent-owned subsidiary, has a 100-per-cent interest in a mining property lease commonly referred to as the Mexican Hat property, located in Cochise county, Arizona, United States. The project was initially explored by Placer Dome (USA) in the late 1980s to the early 1990s. GMV is focused on developing the asset and realizing the full mineral potential of the property through near-term gold production. The company's NI 43-101 resource estimate (inferred) is 36,733,000 tonnes grading 0.58 gram per tonne gold at a 0.2-gram-per-tonne cut-off, containing 688,000 ounces of gold, with an effective date of Aug. 8, 2025.

Dr. D.R. Webb, PhD, PGeo, PEng, is the qualified person for this release within the meaning of NI 43-101. He has reviewed the technical content of this release and has approved its content.

We seek Safe Harbor.