Mr. Darwin Green reports

MACKAY GOLD & SILVER COMPLETES ACQUISITION OF THE HISTORIC BIG BONANZA, CONSOLIDATING THE ENTIRE LENGTH OF THE COMSTOCK LODE, NEVADA

Mackay Gold & Silver Corp. has completed the acquisition of 100 per cent of the mining properties of Consolidated Virginia Mining Company and Marshall Earth Resources Inc., privately owned companies controlled by Hugh Roy Marshall, within the Comstock district in Storey county and Lyon county, Nevada (the Big Bonanza property), as previously announced on Sept. 10, 2026. The 392-hectare property expands Mackay's total landholdings to 4,747 hectares (ha) (47.5 square kilometres (km)), which is the largest consolidated property package in Comstock district's 167-year history and unites the whole Comstock lode under single ownership for the first time.

On closing, Mackay paid $2.0-million (U.S.) in cash and issued 934,575 common shares of Mackay to the seller's designee. A further $2.3-million (U.S.) in cash is payable on the first anniversary of closing. The seller has retained a 2-per-cent net smelter return (NSR) royalty on the property, one-half of which Mackay may repurchase at any time for $2.0-million (U.S.).

"The closing of this acquisition marks the realization of our vision to consolidate the Comstock," stated Darwin Green, chief executive officer and director of Mackay. "The Big Bonanza property represents the last of the large land packages that were not already under Mackay ownership. For the first time since gold and silver were discovered here in 1859, the entire six km length of the Comstock lode is held by one company. The acquired ground covers the northern end of the lode, which was host to the historic Big Bonanza orebody, widely considered the crown jewel of the many rich bonanza orebodies mined on the Comstock lode. I would like to thank Mr. Hugh Roy Marshall for his several decades of stewardship of this ground and for his support throughout the transaction."

Terms of the completed acquisition

The acquisition was completed by the company's wholly owned U.S. subsidiary, Mackay Precious Metals Inc., a Delaware corporation, pursuant to a property purchase agreement effective as of Sept. 9, 2026, with Consolidated Virginia Mining and Marshall Earth Resources, each a Nevada corporation, and Mr. Marshall, pursuant to which the purchaser acquired all of the seller's right, title and interest in and to the property. The property consists of 39 patented mining claims and certain additional fee lands in Storey county, Nevada, 27 unpatented mining claims in Storey county, Nevada, and two unpatented mining claims in Lyon county, Nevada, totalling approximately 392 hectares, and is directly contiguous with Mackay's existing land package.

Aggregate purchase price

In consideration for the property, the purchaser has:

• Paid $2-million (U.S.) in cash to the seller on closing;
• Issued to the seller's designee 934,575 common shares of Mackay having an aggregate value of $2-million (U.S.) based on the volume-weighted average trading price for the 20 trading days immediately prior to the effective date;
• Consented to the seller's reservation of the NSR royalty described below.

A further $2.3-million (U.S.) in cash is payable to the Seller on the first anniversary of closing. The anniversary payment is secured by a deed of trust recorded against the property in Storey county and Lyon county, Nevada, to be reconveyed and terminated upon payment in full. Any portion of the anniversary payment not paid when due will bear interest at 6 per cent per annum.

NSR royalty

On closing, the seller reserved a 2.0-per-cent net smelter return royalty on the property. The NSR royalty does not apply to any portion of the property that was subject to an existing royalty as at the effective date. The purchaser may repurchase one-half of the NSR royalty, being an undivided 1.0-per-cent royalty interest, at any time for $2-million (U.S.), and holds a right of first refusal in respect of the remaining 1.0-per-cent royalty interest.

Share trading restrictions

The consideration shares are subject to a hold period expiring four months and one day following the date of issuance, in accordance with applicable Canadian securities laws. For a further period of 15 months following expiry of that hold period, the seller may not dispose of consideration shares without first delivering written notice to the purchaser, which will then have 15 business days to elect to purchase those shares, or to designate a purchaser, on terms no less favourable than those set out in the notice, and if the purchaser does not make such election the seller may dispose of the consideration shares within 30 days. The seller is also restricted from disposing of Mackay common shares through the TSX Venture Exchange or any other public trading platform in any amount exceeding 10 per cent of the average daily trading volume of the Mackay common shares on that platform over the preceding 20 trading days. The consideration shares are also restricted securities under applicable U.S. securities laws and are subject to resale restrictions thereunder.

Following the issuance of the consideration shares, Mackay has 88,702,048 common shares issued and outstanding.

Exchange approval

The transaction received the approval of the exchange, including approval of the issuance of the consideration shares. No finder's fee or commission was payable in connection with the transaction. The transaction was an arm's-length transaction and did not constitute a non-arm's-length party transaction under the policies of the exchange.

Qualified person

The scientific and technical information contained in this news release has been reviewed and approved by Darwin Green, chief executive officer and director of the company, and a qualified person under National Instrument 43-101. Mr. Green is not independent of the company. Mr. Green has not verified the historical data pertaining to the property disclosed in this news release, including the historical estimate, as such data are historical in nature and the original data are not readily available to the company. A qualified person has not done sufficient work to classify the historical estimate disclosed in this news release as a current mineral resource or mineral reserve, and the company is not treating it as a current mineral resource or mineral reserve.

About Mackay Gold & Silver Corp.

Mackay Gold is a Nevada-focused gold and silver exploration company with 100-per-cent control of a large, consolidated land package in one of America's richest, most productive and oldest mining districts. With an estimated 8.2 million ounces of historical gold production and 192 million ounces of silver produced between 1859 and 1926 from so called bonanza orebodies that averaged 35 grams per tonne (g/t) gold and 726 g/t silver, the Comstock district is recognized as one of America's highest-grade epithermal systems and an attractive setting for modern discovery. Led by an experienced team with a strong record of discovery, development and value creation, Mackay is well financed and committed to delivering shareholder value through disciplined exploration and responsible resource development.

We seek Safe Harbor.