Mr. Brandon Gaspar reports

SAN LORENZO GOLD PROVIDES DRILLING UPDATE AT CERRO BLANCO AND ADVANCES SAN JUAN EXPLORATION

San Lorenzo Gold Corp. has provided an update on continuing exploration activities at its flagship Salvadora project in Chile's Atacama region, following the recent closing of its $80-million financing on Nov. 10, 2026.

The company is advancing its diamond drilling campaign at Cerro Blanco, where two drill rigs are operating, and preparing for the next phase of exploration at San Juan. In parallel, San Lorenzo is strengthening its technical and operational capabilities and developing a comprehensive exploration strategy to systematically evaluate multiple targets across the approximately 12,000-hectare Salvadora property in support of a continuous multirig program.

Exploration highlights:

• Cerro Blanco drilling advancing: two diamond drill rigs operating, with 1,818 metres drilled as of Nov. 4, 2026, including four completed holes;
• Expanded geological coverage: drilling has progressed from an initial platform approximately 350 metres east of historical hole SAL-04-25 to a second platform approximately 250 metres farther north;
• Drilling extended beyond planned depths: three of the four completed holes exceeded their originally planned depths, including CB-04-26, which reached 513 metres compared with an initial planned depth of 350 metres;
• Initial assays pending: samples representing roughly 1,000 metres of drilling from the first three holes were delivered to the Andes Analytical Assay laboratory in Santiago on Oct. 24, with an additional batch received on Nov. 6; initial results are expected in the coming weeks;
• San Juan exploration advancing: the company has internally approved its next phase of drilling, designed to systematically evaluate a potential northwestern extension of the San Juan discovery area toward induced polarization line D11, with drilling targeted to commence in December, 2026, subject to regulatory and operational readiness.

Management commentary

Brandon Gaspar, chief executive officer of San Lorenzo Gold, commented: "With our financing complete, two rigs operating at Cerro Blanco and preparations advancing for drilling at San Juan, San Lorenzo is entering a new phase of exploration at Salvadora. Our strengthened balance sheet gives us the flexibility to scale our activities in a disciplined manner while continuing to expand our technical team and operational capabilities to support sustained drilling across multiple targets. Our objective is not simply to drill more metres, but to follow the geological evidence, systematically evaluate Salvadora's potential and allocate capital where we believe it can create the greatest long-term shareholder value."

Terence Walker, vice-president of exploration, commented: "Our initial drilling at Cerro Blanco identified thick intervals of gold mineralization that remain open in all directions. What we're doing now is stepping out to understand the system around those intervals, and the early logging is encouraging from a geological standpoint. Two hundred and fifty metres north, CB-03-26 cut a broad zone of intrusive rocks and an interval of interpreted hydrothermal breccia, features we hadn't seen this clearly at Cerro Blanco before. We're careful not to get ahead of the assays, but these are exactly the kinds of observations that help us understand where the fluids moved. We're looking forward to combining the logs with the first assay results. I'm also particularly excited about returning to San Juan, where the scale and strength of the IP anomaly northwest of our discovery holes presents a compelling target for systematic stepout drilling."

Cerro Blanco -- drilling progress and geological observations

Cerro Blanco is characterized by a lithocap with a surface footprint measuring approximately two kilometres across, representing an extensive zone of hydrothermal alteration. Previous drilling has identified substantial intervals of gold mineralization in the area, including 153.5 metres grading 1.04 grams per tonne gold in hole SAL-01-24, 85.7 metres grading 1.02 g/t gold in hole SAL-02-24 and 132.2 metres grading 1.09 g/t gold in hole SAL-04-25, with the holes located hundreds of metres apart (see company news releases dated March 3, 2025, March 17, 2025, and Jan. 26, 2026, respectively). The current drilling program aims to build on these results, systematically testing areas surrounding known mineralization, evaluating potential extensions and advancing the company's geological model to guide further exploration.

Diamond drilling commenced at Cerro Blanco in September, 2026, and a second rig began operating on Oct. 31. As of Nov. 4, the company had completed 1,818 metres of drilling, including four completed holes, and both rigs continue to advance the campaign.

Expanded drilling coverage

The first two holes of the 2026 drill program, CB-01-26 and CB-02-26, were drilled from a common platform approximately 350 metres east of historical hole SAL-04-25. The two holes were drilled in opposing directions, providing additional geological information in the area east of the historical drill hole. Drilling subsequently progressed approximately 250 metres north to a second platform, where CB-03-26 and CB-04-26 were completed. Additional drilling is under way from the northern platform and the historical SAL-04-25 platform. Together, these stepouts are extending geological coverage across a broader portion of the Cerro Blanco target area.

Preliminary geological observations at Cerro Blanco

Geological logging of the initial drill holes has identified a varied assemblage of volcanic and intrusive rocks, including andesitic flows, porphyritic andesites, intermediate to felsic volcanic rocks, and volcaniclastic units comprising ash tuffs, lapilli tuffs and volcanic breccias.

The volcanic succession is locally associated with intrusive lithologies, including diorite porphyry, diorite and monzodiorite, together with intervals of alteration and brecciation.

At the initial eastern drilling locations, logging of CB-01-26 and CB-02-26 documented variations in volcanic lithology, alteration and oxidation characteristics, providing additional geological information for comparison with historical drilling.

Approximately 250 metres farther north, logging of CB-03-26 identified volcanic and intrusive lithologies, together with intervals of volcanic and interpreted hydrothermal brecciation. Geological observations from CB-04-26 are being incorporated into the company's continuing interpretation.

Together, these observations are adding to the company's understanding of the distribution and relationships of volcanic, intrusive and altered rock units across Cerro Blanco. Detailed geological correlation between drill holes is continuing, including the evaluation of lithological contacts, breccia characteristics, alteration and structural features.

Sampling and assays

Core logging, sampling and laboratory submissions are continuoing. Samples representing approximately 1,000 metres of drilling from the first three holes were delivered to the laboratory on Oct. 24, 2026, with an additional shipment received by the laboratory on Nov. 6. Assay results from the current drilling remain pending. The company expects to receive initial results in the coming weeks and will report them once they have been compiled, reviewed and interpreted in the context of the geological logging.

San Juan -- advancing the next phase of exploration

In parallel with continuing drilling at Cerro Blanco, San Lorenzo is advancing preparations for the next phase of exploration at San Juan, where previous drilling identified significant gold mineralization associated with the D8 induced polarization anomaly. The company has internally approved a follow-up drilling program designed to systematically evaluate the potential northwest extension of the San Juan mineralized system, progressing from the existing discovery area near IP line D8 toward line D11.

The planned drilling will target a geophysical trend extending approximately 1.5 kilometres northwest of the discovery holes SAL-10-25 (102.3 metres grading 1.33 g/t gold and 52.6 metres grading 1.67 g/t gold) and SAL-09-25 (58.5 metres grading 1.07 g/t gold and 60.3 metres grading 1.01 g/t gold) (see company news releases dated March 2, 2026, May 8, 2026, and June 4, 2026), allowing the company to evaluate the geological characteristics and potential continuity of the system over a substantially larger area.

Drilling will advance through systematic stepouts, with hole depths and subsequent drill locations refined based on geological observations and results as exploration progresses.

The company is preparing the required exploration drilling notification for submission to Chile's National Geology and Mining Service (Sernageomin) and advancing operational preparations for the program. San Lorenzo is targeting commencement of drilling in December, 2026, subject to completion of the applicable regulatory process, drill pad construction and operational readiness.

Expanding exploration capacity and longer-term planning

With its financing complete, San Lorenzo is refining a comprehensive exploration strategy for the next 18 to 24 months, encompassing continuing drilling at Cerro Blanco, planned follow-up exploration at San Juan and the systematic evaluation of additional targets across Salvadora. The addition of a second diamond drill rig at Cerro Blanco represents an initial step in expanding the company's drill capacity.

Alongside drilling, San Lorenzo is strengthening its technical and operational capabilities, including geological personnel, core logging and processing capacity, sampling infrastructure, and supporting field operations, to support sustained exploration across multiple targets and the addition of further drill rigs.

Beyond Cerro Blanco and San Juan, the property hosts several additional exploration targets, including Caballo Muerto, Arco de Oro epithermal vein trend, Tres Amigos, 24K, Caballo Muerto South, Quebrada Salada and Rubi Lithocap prospective areas identified through geological mapping, surface sampling, geophysical surveys and limited reconnaissance drilling.

San Lorenzo is refining exploration priorities, drilling schedules, infrastructure requirements and associated budgets across these targets, and intends to provide further guidance on its exploration plans as this work progresses.

Qualified person

The scientific and technical information contained in this news release has been reviewed and approved by Eric L. Hanson, PGeo, senior geologist at the company's Salvadora project and a registered member of the Association of Professional Engineers and Geoscientists of the Province of Manitoba. Mr. Hanson is a qualified person as defined under National Instrument 43-101 and is not independent of the company.

Historical qualified person disclosure

The company has determined that Terence Walker, vice-president of exploration, who was identified as the qualified person in certain historical news releases issued since Oct. 1, 2022, did not maintain the professional registration required to qualify as a qualified person under National Instrument 43-101 during the relevant period.

The company has appointed Mr. Hanson, PGeo, as its qualified person for scientific and technical disclosure. Mr. Hanson has reviewed and approved the scientific and technical information contained in the company's historical disclosure during the relevant period and confirmed that no material corrections to that information are required.

About San Lorenzo Gold Corp.

San Lorenzo is a Canadian mineral exploration company advancing its 100-per-cent-owned Salvadora project in Chile's Atacama region, approximately 15 kilometres from Codelco's El Salvador copper-gold mine. The company is conducting a systematic exploration program across the Salvadora property, including drilling, geophysics and surface exploration, and is testing a pipeline of exploration targets.

We seek Safe Harbor.