Mr. Peter Schloo reports

HERITAGE MINING ANNOUNCES CLOSING OF OVERSUBSCRIBED NON-BROKERED FLOW-THROUGH PRIVATE PLACEMENT

Heritage Mining Ltd., further to its news release dated Oct. 16, 2026, has closed its previously announced non-brokered private placement of flow-through (FT) shares on Oct. 23, 2026. Due to strong market demand, the company increased the size of the offering from the originally announced 19.75 million FT shares for gross proceeds of up to $790,000 to accommodate additional investor interest. Pursuant to the closing of the offering, the company issued 23,125,000 FT shares at a price of four cents per FT share for aggregate gross proceeds of $925,000.

Each FT share qualifies as a flow-through share as defined in Subsection 66(15) of the Income Tax Act (Canada). The gross proceeds from the FT shares will be used to incur eligible Canadian exploration expenses that qualify as flow-through critical mineral mining expenditures, as both terms are defined in the act, related to the company's projects in Ontario, Canada, including follow-on exploration work at the company's portfolio of mineral properties, in particular Melba, based on recent exploration successes. che Company also intends that the qualifying expenditures will be eligible for the critical mineral exploration tax credit. The company plans to incur the qualifying expenditures on or before Dec. 31, 2027 (or such other period as may be permissible under applicable tax legislation), and to renounce all the qualifying expenditures in favour of the subscribers of the FT shares effective Dec. 31, 2026.

In connection with the closing of the offering, the company paid finders' fees to eligible finders consisting of $61,250 in cash and 1,531,250 compensation unit warrants, representing 7 per cent in cash and 7 per cent in compensation unit warrants on certain orders in accordance with CSE rules. Each compensation unit warrant entitles the holder to acquire one unit of the company at an exercise price of four cents per unit for a period of 60 months following the closing date. Each unit consists of one common share of the company and one common share purchase warrant, with each warrant entitling the holder to acquire one common share at an exercise price of five cents per common share for a period of 60 months following the closing date.

All securities issued pursuant to the offering are subject to a statutory hold period of four months and one day from the date of issuance, expiring on Feb. 24, 2027, in accordance with applicable Canadian securities legislation. The company will file all requisite postclosing notices with the Canadian Securities Exchange.

About Heritage Mining Ltd.

The company is a Canadian mineral exploration company advancing its Ontario project portfolio in Northwestern and Northeastern Ontario. The Drayton-Black Lake, Contact Bay and Scattergood projects are located near Sioux-Lookout in the underexplored Eagle-Wabigoon-Manitou greenstone belt. The Melba property is located near Ramore, Ont. All projects benefit from a wealth of historical data, excellent site access and logistical support from the local community.

We seek Safe Harbor.