21:37:52 EDT Fri 08 May 2026
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Vault Strategic Mining Corp
Symbol KNOX
Shares Issued 12,135,909
Close 2026-05-08 C$ 0.71
Market Cap C$ 8,616,495
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Vault Strategic to acquire Mirage-Mariposa, North

2026-05-08 20:07 ET - News Release

Mr. Quinn Field-Dyte reports

VAULT ANNOUNCES ACQUISITION OF U.S. HISTORICAL MIRAGE-MARIPOSA TUNGSTEN MINE WITHIN THE GRAY EAGLE PROJECT

Vault Strategic Mining Corp. has entered into a definitive mineral property purchase agreement with two arm's-length vendors to acquire a 100-per-cent interest in the historical Mirage-Mariposa tungsten mine included within the Gray Eagle project located in the Bishop mining district, Inyo county, California, together with the North tungsten project in Nunavik, Quebec.

Quinn Field-Dyte, chief executive officer of Vault Strategic, stated: "We are excited to add the historical Mirage-Mariposa tungsten mine, included within the Gray Eagle project, to our U.S. historical mine portfolio, particularly given its combination of tungsten and precious metals in a historically identified skarn environment. With multiple mineralized zones and no modern drilling, we see a clear opportunity to apply modern exploration techniques to confirm, better define and potentially expand the system. The company looks forward to engaging with potential exploration crews to get exploration under way at Mirage-Mariposa."

Historical Mirage-Mariposa tungsten mine within the Gray Eagle project

The project comprises 33 contiguous unpatented lode claims totalling approximately 681.8 acres, located approximately 10 kilometres east of Bishop, Calif., within the White Mountains. The project hosts multiple mineralized prospects developed along a granite-limestone contact, a geological environment associated with both tungsten skarn mineralization and hydrothermal precious metal vein systems.

Historical overview of the Mirage-Mariposa mine

The Mirage-Mariposa mine is recorded in the U.S. Geological Survey's mineral resource data system as a past-producing tungsten and silver site in Inyo county, California. The record identifies tungsten as the primary commodity and silver as a Tertiary commodity. The site is also listed under alternative or previous names including the Golden Mirage and Mariposa claims, the Wooley mine, the Black Canyon RARE II area, and Golden Mirage mine.

According to the USGS MRDS record, the deposit is associated with replacement-style and disseminated mineralization, with contact metasomatic processes noted as the primary mode of origin. The record describes the primary mineralization control as a contact zone, with intense wallrock alteration and carbonate-silicate alteration. Reported minerals and materials include scheelite, garnet, epidote, quartz and argentite.

The USGS record describes the Mirage-Mariposa as having historical resources of approximately 21,000 indicated tons and 34,400 inferred tons, with an average grade of 0.15 per cent tungsten trioxide. The record also describes historical underground and surface-related workings, including a shaft in the glory hole reported to be 17 feet deep, a 40-foot-wide glory hole, and approximately 70 feet between the west end of the underground workings at the shaft and the headwall.

The historical resource discussion divided the mineralized area into blocks. Block 1 was reported to contain approximately 5,300 tons of indicated subeconomic resources. By extending the strike length 37 feet to the southeast, an additional 15,800 tons of indicated subeconomic resources were calculated as block 2. Two inferred blocks were also calculated: the first comprising approximately 11,500 tons by extending block 1 37 feet below the shaft, and the second comprising approximately 22,600 tons by extending block 2 an additional 53 feet along strike.

The USGS MRDS record references several historical publications, including California State Mining Bureau reporting from 1894, U.S. Geological Survey professional paper 110 from 1918, Knopf's 1912 USGS bulletin 540, Bateman's 1956 report on the economic geology of the Bishop tungsten district and a 1983 U.S. Bureau of Mines mineral investigation of the Black Canyon RARE II area.

Historical information and exploration context

The mineral properties comprising the company's portfolio have been the subject of extensive historical exploration, development work, and, in several cases, past commercial production or advanced-stage evaluations with the intent to commence mining. The historical exploration results, sampling, drilling, resource estimates and other technical information referenced herein were completed prior to the adoption of National Instrument 43-101 (Standards of Disclosure for Mineral Projects) and do not comply with current NI 43-101 requirements. As a result, such historical information and any historical resource estimates should not be relied upon as current mineral resources or reserves.

The company has been provided with a compilation of historical data, including non-National Instrument 43-101-compliant resource estimates and sampling results. While this historical information is non-compliant, it is considered highly relevant for exploration targeting, geological interpretation, and the design of modern exploration and evaluation programs.

Management believes that the existence of extensive historical work, past production and prior feasibility-level evaluations creates a compelling foundation for modern exploration, particularly when reassessed using contemporary geological models, exploration technologies, metallurgical processes and prevailing commodity prices. However, readers are cautioned that historical results, resources or economic conclusions cannot be verified or confirmed at this time.

To define current mineral resources, assess metallurgy and evaluate economic viability, the company will be required to complete confirmation drilling, modern metallurgical studies, updated technical evaluations, and National Instrument 43-101-compliant mineral resource estimates and feasibility or economic studies. There is no assurance that historical results will be confirmed or that any project will advance to economic viability.

Transaction terms

Pursuant to the agreement, Vault may acquire a 100-per-cent interest in the project consisting of 33 lode mining claims from two arm's-length vendors for total consideration of $380,000 (U.S.) in staged cash payments and the grant of a 2.0-per-cent net smelter return royalty in favour of the vendors.

The consideration is structured as follows.

Payment milestone    Cash payment
                           (U.S.$)

Upon execution            $10,000   
60 days                   $25,000   
Six months                $85,000   
12 months                 $85,000   
18 months                 $85,000   
24 months                 $85,000   
Total                    $380,000  

About Vault Strategic Mining Corp.

Vault Strategic is a North American resource company focused on the acquisition and advancement of strategic and critical mineral projects located in top-tier mining jurisdictions. The company emphasizes historical and underexplored assets with potential for value creation through modern exploration and disciplined development.

Vault Strategic trades on the TSX Venture Exchange (KNOX), OTC Markets (KNXFF) and the Frankfurt Stock Exchange (M85).

Data verification

Historical information referenced in this release has been reviewed against available reports; however, such data cannot be independently verified to current NI 43-101 standards and quality control procedures, and are therefore considered supportive for exploration guidance only. The company cautions that past results or production from properties in proximity to the company may not necessarily be indicative of mineralization on the company's properties.

Qualified person

William Feyerabend, CPG, an independent consulting geologist and a qualified person as defined under National Instrument 43-101, has reviewed and approved the disclosure in this news release for consistency with NI 43-101 reporting requirements.

We seek Safe Harbor.

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