Mr. Nicholas Rodway reports

HM EXPLORATION CONFIRMS SIGNIFICANT MINERALIZATION AT LEWIS PILLEY'S PROJECT; INTERSECTS 23 METRES OF 1.2% CU, 1.7% ZN, 10.7 G/T AG AND 0.25 G/T AU

HM Exploration Corp. has released assay results from the first seven of 12 drill holes from the company's phase 1 drilling program at its Lewis Pilley's project in Newfoundland, Canada.

Highlights:

• First assays confirm significant polymetallic mineralization in both the upper and lower sulphide lenses, supporting the company's geological model. Both mineralized horizons remain open along strike and downdip:
  • PI-26-007:
    • 23.0 metres of 1.21 per cent copper, 1.67 per cent zinc, 10.67 grams per tonne silver and 0.25 g/t gold (7.00 to 30.00 m):
      • Including 2.03 per cent Cu, 0.62 per cent lead, 2.36 per cent Zn, 16.35 g/t Ag and 0.38 g/t Au over 8.18 m (16.00 to 24.18 m);
    • 2.45 per cent Cu, 1.70 per cent Zn, 92.20 g/t Ag and 5.89 g/t Au over 0.66 m (155.31 to 155.97 m);
    • 0.80 per cent Cu, 0.52 per cent Zn, 3.67 g/t Ag and 0.21 g/t Au over 3.45 m (175.85 to 179.30 m);
  • PI-26-001:
    • 4.47 m of 1.49 per cent Cu, 1.04 per cent Pb, 5.05 per cent Zn, 19.54 g/t Ag and 0.28 g/t Au (12.09 to 16.56 m):
      • Including 4.58 per cent Cu, 1.60 per cent Zn, 28.10 g/t Ag and 0.56 g/t Au over 0.60 m (12.70 to 13.30 m);
    • 0.50 per cent Cu, 1.20 per cent Zn, 5.77 g/t Ag and 0.15 g/t Au over 6.45 m (50.30 to 56.75 m):
      • Including 1.38 per cent Cu, 2.38 per cent Zn, 13.90 g/t Ag and 0.35 g/t Au over 0.87 m (54.07 to 54.94 m);
  • All reported intervals represent drilled lengths. True widths of the mineralized intersections are currently unknown.
• Downhole EM (electromagnetic), ground EM, optical and acoustic televiewer surveys will be executed imminently to help systematically plan for phase 2 drilling, testing the further extensions of the mineralized system.
• Assays for holes PI-26-008 through PI-26-012 remain pending (see press releases dated June 29 and July 7, 2026, for information on what was observed in these drill holes).

"The intense mineralization we have visually observed in the first seven holes has now been confirmed by laboratory analysis, including high-grade intervals grading up to 2.45 per cent Cu, 5.89 g/t Au and 92.2 g/t Ag in the lower lens and very extensive intervals in the upper lens," said Nick Rodway, chief executive officer of HM Exploration. "These assay results confirm that the Lewis Pilley's project hosts a polymetallic VMS [volcanogenic massive sulphide] system with excellent potential for expansion. With assays pending from holes 8 to 12, we are planning our EM survey in order to systematically design our phase 2 drilling program set to commence this fall."

The 2026 phase one drilling program was focused on evaluating the continuity of the mineralized system below known surface showings and along strike of the Clifford Jones (Bull Road) zone to improve the company's understanding of the geological controls on mineralization. Assays have confirmed that the upper targeted copper-bearing debris flow contains significant mineralization over an interpreted strike length of approximately 60 metres, from a total drill-tested length of approximately 135 metres, within zones of massive to semi-massive sulphide through holes 1 and 2 as well as holes 5, 6 and 7. Assay values from hole 7 also confirm that the lower mineralized sulphide lens contains significant mineralization within predominantly massive to semi-massive and minor disseminated sulphide mineralization. The assay results validate the company's geological interpretation that multiple stacked sulphide lenses are present within the project's volcanogenic massive sulphide (VMS) system. Both the upper and lower mineralized zones are open along strike and downdip.

The mineralization from the upper zone is characterized by semi-massive to massive fragments of sulphide that have been fractured, transported and chaotically mixed with varying types of volcanic rock. The fragments range from subrounded to angular, possibly indicating multiple transport events and reworking of these fragments through moderate to distal transport from the original deposition site. The source of the material is interpreted to be very nearby and may be supported by a stockwork vein system representing the feeder zone of the mineralization.

The mineralization from the lower zone is characterized by more massive and coherent fragments of sulphide with less rounding and fracturing than observed in the upper zone. The more intact nature of these fragments provides evidence that the new lower mineralized sulphide lens may represent debris deposited closer to the original hydrothermal vent system.

Significant assay results from the first seven drill holes of the phase 1 drilling program can be found below in Table 1.

Geology and mineralization

The project is located within the Notre Dame subzone of the Dunnage tectonostratigraphic zone. Of note, most of the project is underlain by Ordovician submarine volcanic rocks of the Roberts Arm group, which is regionally identified as part of a mature arc sequence referred to as the Buchans-Roberts Arm belt, which also hosts the historic Buchans mine (after Dunning et al., 1987). Mineralization occurs as lower grade (Spencer's Dock), medium grade (Old Mines) and high grade (3B-Zone/Clifford Jones) deposits that are of both subsea-floor replacement and exhalative varieties. The deposits are often flanked by extensive chlorite, sericite, silica, potassium-feldspar and epidote alteration often observed in bimodal-felsic VMS systems. The Spencer's Dock area displays sericite/silica alteration that generally increases in intensity near mineralized zones, while the 3B-Zone/Old Mines areas display sericite/silica alteration that is abundant but less widespread and is more intense when proximal to mineralized zones (after Kerr, 1996).

VMS deposits are a globally significant source of copper, zinc, lead, silver and gold. The project's geology shares key characteristics with known VMS districts in Newfoundland, including the past-producing Buchans, Ming and Rambler mines, supporting the exploration potential of the project.

About Lewis Pilley's project

The project is road accessible and situated approximately 25 kilometres east of the town of Springdale, approximately 55 kilometres southeast of Firefly Metals' Green Bay project and approximately 150 kilometres from the Pine Cove mill and port by way of major roads.

The project has a long history of mining and exploration dating back to the late 1800s when the Pilley's Island Pyrite Company Ltd. produced approximately 450,000 tonnes of massive pyritic ore from the Pilley's Island mine/Old Mines (after Kerr, 1996).

The project hosts a cluster of VMS systems and prospects with demonstrated high-grade zinc-lead-copper-silver-plus-or-minus-gold intersections. Mineralization is typical bimodal-felsic VMS, with both massive sulphide and sulphide-clast breccias (Thurlow, 1996). The geological setting is directly analogous to the Buchans camp (Thurlow, 1996), and the presence of sulphide-clast breccias is a strong vector toward proximal massive sulphide lenses.

Most of the historic showings that fall within the extents of the project have not seen systematic exploration. Many of the historic drill holes were shallow and drilled in a vertical orientation, limiting the geological knowledge of the extents of the underlying lithology and mineralization. Work is being planned to validate historic assay results as well as collect new data from the 3B-Zone, Clifford Jones (Bull Road) extension, Bouzanne shaft, Henderson, Mansfield and Pilley's Cove showings.

Sampling, preparation and quality assurance/quality control

Drill collar locations were determined from hand-held GPS (Global Positioning System) (NAD83-Zone 21N) and the drill rig was aligned using a Reflex TN-14 Gyrocompass alignment tool. All samples are given a unique sample ID and number and shipped directly to Eastern Analytical Ltd. (403 Little Bay Rd., Springdale, Nfld.), a commercial laboratory that is ISO/IEC 17025 accredited and completely independent of the company. Analytical methods include ICP-OES (34 elements) with four-acid digestion, gold fire assay (30 grams) with AA finish, and ore-grade assay (multiacid digestion) with AA finish. The company inserts standard, blank and duplicate samples as part of its standard QA/QC procedures.

National Instrument 43-101 disclosure

Nicholas Rodway, PGeo (licence No. 46541) (permit to practise No. 1000359), is chief executive officer and director of the company and a qualified person as defined by NI 43-101, Standards of Disclosure for Mineral Projects. Mr. Rodway has supervised the preparation of and verified and approved the technical content in this news release. Verification included review of drill logs, sample tags, chain-of-custody procedures and analytical protocols. No limitations were noted during the verification process.

About HM Exploration Corp.

The company is currently advancing its Lewis Pilley's project located in Newfoundland. The project encompasses a land area of approximately 60.25 square kilometres and hosts a cluster of volcanogenic massive sulphide (VMS) systems and the historic Pilley's Island mine (approximately 450,000 tonnes of ore produced in the late 1800s). Historic drilling at the 3B-Zone showing returned significant intersections, including 16.77 m of 1.84 per cent Cu and 3.05 m of 5.03 per cent Zn with 1.02 g/t Au (Au Pell, 1989). The geological setting is directly analogous to the prolific Buchans camp, with multiple underexplored showings and strong potential for new discoveries.

In addition, the company holds 100-per-cent interest in the Devil's Den project, an exploration-stage project consisting of two contiguous mineral licences encompassing approximately 3,200 hectares located west of Port Alberni, Vancouver Island, British Columbia. Exploration work completed in 2022 established four geochemical grids to identify possible buried mineralization, uncovering multiple high-grade occurrences, including copper values up to 4.68 per cent at surface (Devil's Den, NI 43-101, November, 2022). Phase 1 exploration completed in 2025 included high-resolution UAV magnetic surveying and a lithogeochemical program, which identified new structural targets and zones of elevated copper, zinc and nickel geochemistry. The project hosts multiple historical adits with high-grade surface occurrences that remain undrilled. HM believes a lack of adequate modern exploration has left significant discovery potential.

HM Exploration is committed to applying modern exploration techniques across its projects to unlock value in historically underexplored Canadian mining districts.

We seek Safe Harbor.