(via TheNewswire)

Toronto, Ontario – TheNewswire – June 1, 2026 – Loyalist Exploration Limited (CSE:PNGC) (“ Loyalist ” or the “ Company ”) is pleased to announce the re-appointment of David Drinkwater as Chairman of the Board of Directors of the Company. The Company has also filed is 2026 first quarter financial statements and management’s discussion and analysis on SEDAR and on its website.

About David Drinkwater

David Drinkwater’s background includes working in various senior executive roles in different Canadian businesses, several board positions of public companies and as a partner in a leading law firm.

In April 2009, David Drinkwater became the Executive Chairman of Rothschild Canada, part of the Rothschild Global Financial Advisory practice.  He was a member of the North American Senior leadership team and played a lead role in domestic and international transactions across a wide range of industries advising corporations and their boards.  

David Drinkwater became the Chief Legal Officer of Nortel in December 2005 and was a member of the Nortel Senior Leadership Team reporting to the CEO until March 2009.  From May to November 2007, he served as Acting Chief Financial Officer of Nortel. Further, he led and co-ordinated Nortel’s global government relations activities.

In April 2003, Drinkwater assumed the position of Chief Financial Officer at Ontario Power Generation (OPG) and was responsible for directing treasury operations and finance programs including corporate financial reporting, pension investment oversight, audit, and taxation.  He was also responsible for various other corporate and operational areas including business and corporate development, information technology and the CIO office, the supply chain and real estate activities and the legal function.  He was a member of the Executive Committee and chaired each of the Operations Committee, the Pension Committee and the Risk Oversight Committee.  

Prior to joining OPG, Drinkwater was Special Advisor to the Chairman and Chief Executive Officer of Bell Canada, where his responsibilities included strategic planning and corporate development.  From 1996 to 1998, he served in the position of Group Vice-President, Law and General Counsel for Bell Canada.

Prior to joining Bell Canada, he held various senior positions with the law firm of Osler, Hoskin & Harcourt in Toronto and London, England.  These positions included Head of the Corporate Department and the Securities Practice Group and Managing Partner of its international affiliate, Osler Renault.  During his time in London, he was actively involved in the UK privatization program and worked on various privatizations within the telecom, energy and power sectors as well as various international M&A transactions.

Board Positions and Related Experience

• David served as Chair of Loyalist from June 2019 to December 2023.  

• He previously served as Chair of the board and member of the audit committee of TransAlta Renewables Inc.  

• He has been involved in various shareholder activism matters.  During part of its restructuring, he served on the Board of Directors of Hollinger Inc.  He was appointed by an activist shareholder and was a member of the Audit Committee and served as a Chair of the Litigation Committee.  

• Drinkwater served on a three-person special Litigation Committee relating to disputes arising from a restructuring of the business of Cinar Corporation.  

Education

Drinkwater attended the Richard Ivey School of Business at the University of Western Ontario where he obtained an Honours Bachelor of Business Degree.  He holds a Bachelor of Law Degree from Dalhousie University in Halifax, Nova Scotia and a Masters of Law Degree from the London School of Economics at the University of London in London, England.

Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) have reviewed or accept responsibility for the adequacy or accuracy of this release.

About Loyalist Exploration Limited

Loyalist Exploration Limited is a mineral exploration company concentrating on acquiring, exploring, and developing quality mineral properties in Canada. The Company is currently focused on its “Buy Timmins” strategy, with the recent acquisitions of the Tully gold property, the Loveland nickel/copper/gold property, the Gold Rush gold/silver property, and the DeSantis gold property, all located in the Timmins, Ontario mining district.

For further information please visit the Company’s website at www.loyalistexploration.com or contact:

Loyalist Exploration Limited

Errol Farr, President and CEO

Email: efarr@loyalistexploration.com

Tel: 647-296-1270

This news release includes certain “forward-looking statements” which are not comprised of historical facts. Forward-looking statements include estimates and statements that describe the Company’s future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as “believes”, “anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “will”, or “plan”. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, the Company provides no assurance that actual results will meet management’s expectations. Risks, uncertainties, and other factors involved with forward-looking information could cause actual events, results, performance, prospects, and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, the Company’s objectives, goals or future plans, statements, exploration results, potential mineralization, the estimation of mineral resources, exploration and mine development plans, timing of the commencement of operations and estimates of market conditions. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, failure to identify mineral resources, failure to convert estimated mineral resources to reserves, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, inability to fulfill the duty to accommodate First Nations and other indigenous peoples, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, capital and operating costs varying significantly from estimates and the other risks involved in the mineral exploration and development industry, capital market conditions, restriction on labour and international travel and supply chains, and those risks set out in the Company’s public documents filed on SEDAR+. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.

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