Mr. John Gardiner reports

TARANIS INVESTIGATES METAL-BEARING GOSSANS UNDERLAIN BY GEOPHYSICAL CONDUCTORS AT NORTRAN

Taranis Resources Inc. has summarized the findings of the 2026 surface exploration program at the Nortran target, located immediately west of the Thor National Instrument 43-101 mineral resource. Nortran was the first of three areas that were examined for prospective drill targets in 2026, while the fourth target area was drilled. Taranis will discuss its findings at each target area in a series of coming news releases, alongside results and analysis of drilling at the Borr target. The four major target areas being investigated in the vicinity of Thor are Nortran, One O'Clock, Borr and Ram.

Nortran has never been examined on the ground by Taranis owing to its remote location and difficulty of access. Nortran is interpreted as the faulted-off western edge of the known Thor deposit, seemingly truncated and separated from the main Thor deposit by the mineralized Ripper fault. The prospective size of the underlying conductive target is substantial, measuring 1.6 by 1.0 kilometres, and numerous high-grade mineralized float samples have been found at Horton, a small valley immediately downhill of Nortran.

2026 Nortran exploration program

Despite no record of exploration in the area, Taranis located upward of 20 old adits and pits around iron-oxide (goethite-hematite) veins. These veins form large gossanous seeps that were sampled in 2026 for indications of precious and base metals using modern geochemical methods.

Supergene iron-oxide alteration commonly overlays hypogene precious/base metal mineralization through a multistage process of weathering, oxidation and chemical leaching. Gossans behave like a geological cap over primary deposits and are one of the most important prospecting indicators of buried sulphide deposits. As the iron-rich, acidic solution neutralizes or hits oxygen-rich surface zones, the dissolved iron precipitates out. It transforms into stable iron oxides and hydroxides -- principally goethite and limonite. This process creates a highly visible, rusty gossan (or iron cap) at the surface, such as that seen at NS-11. Therefore, the goethite veins found at the Nortran target serve as a major signpost: They are the oxidized remnants of iron sulphides, structurally overlaying and hiding the uneroded, intact hypogene precious and base metal deposit directly beneath them.

Electromagnetic surveys at Nortran

Taranis has data from three separate airborne electromagnetic surveys that have identified geophysical conductors underlying the supergene iron-oxide cap at Nortran. The first of these surveys was a Questor EM survey conducted in the early 1980s by Nortran Resources (hence the name Nortran for this area). Multiple isolated conductors were identified by this survey but were not drilled. In 2022, Expert Geophysics flew two types of electromagnetic surveys over the area, one being a magnetotelluric (MT) survey and the other being VLF (very low frequency). MT identified a 1.6-by-1.0-kilometre-size-apparent conductivity anomaly under the gossanous area. All three surveys identified a large deeply buried conductive body for which there is no explanation at surface. The relevance of these conductivity features is that they either represent hypogene mineralization (conductive sulphides) or outline carbonaceous alteration similar to that associated with the main epithermal Thor deposit. Whatever the causative source of the VLF and MT anomalies, both are important and either directly/indirectly track buried sulphide mineralization. Future drill testing of the Nortran target will experimentally verify the cause of the conductivity anomaly and has excellent potential for defining further epithermal-style mineralization to the west of the mineral resources already known and inventoried at Thor.

Geochemistry of gossans at Nortran

Gossans are primarily iron bearing, but, when they are formed over valuable mineral deposits, they can also contain trace levels of metals such as gold, silver, lead, zinc and copper. To test the possibility that the gossans at Thor originated from such a metal-rich source, Taranis designed a few geochemical sampling programs that are described briefly. Enzyme leach sampling of the gossanous material was chosen to ascertain if there were any traces of precious and base metals in the gossans themselves. The enzyme leach sampling program also included some control samples in areas of known mineralization at the main Thor deposit to assess whether the method is capable of detecting significant mineralization. Stream sediment and rock sampling was also completed.

One of the gossanous seeps located uphill from the Horton boulder field returned extremely high levels of metals, even when compared with control samples around the Thor deposit. The following table summarizes these data, showing the relative abundance of metals in the NS-11 gossan relative to the control samples from known mineralized zones of the Thor deposit.

At least one of the gossans at Nortran is extremely enriched in iron, cobalt, nickel, copper and zinc; several other metals (germanium (Ge), cadmium (Cd) and chromium (Cr)) are also elevated relative to control samples from the main Thor deposit. In addition to this, the gossan contained a substantial amount of light rare earth elements (lanthanum (La), cerium (Ce), praseodymium (Pr), neodymium (Nd), samarium (Sm), europium (Eu) and gadolinium (Gd)) -- roughly 15 to 35 times those found in the mineralized samples. Heavy rare earth elements (terbium (Tb), dysprosium (Dy), holmium (Ho), erbium (Er), thulium (Tm), ytterbium (Yb) and lutetium (Lu)) were found to occur at concentrations roughly 18 to 35 times those found in the control samples.

Conclusions

At the surface, Nortran is a supergene weathering environment that has produced numerous gossans over a 1.6-square-kilometre area. These showings are intimately related to a well-defined, underlying conductive source. There are no rocks at surface that are conductive, and at least one of the gossanous seeps (NS-11) is extremely anomalous in a suite of metals that appears to have affinities to both the nearby lamprophyre dike system and the epithermal-type mineralization at Thor. Drill testing of Nortran around the NS-11 gossan is warranted to find the source of the anomalous conductivity and metals as it is ideally suited to be the source of the high-grade boulders found in the Horton boulder field.

Quality control and laboratory methods

All samples for the Nortran surface sampling program were securely delivered to Actlabs in Kamloops, B.C. Analytical work was completed both at the Kamloops, B.C., and Ancaster, Ont., locations. Actlabs is ISO 17025 accredited. Gossans were sampled and were analyzed by enzyme leach analysis (Actlabs method ENZ-MS). Rock samples and stream sediments were analyzed using a combination of gold fire assay with mass spectrometry and INAA (instrumental neutron activation analysis) (Actlabs method FA-INAA, TD-MS and TD-ICP). Actlabs maintains a strict quality control methodology that includes internal standards and duplicate samples to ensure accuracy of results.

Qualified person

Exploration activities at Thor were overseen by John Gardiner, PGeo, who is a qualified person under the meaning of National Instrument 43-101. Mr. Gardiner is the principal of John J. Gardiner & Associates LLC which operates in British Columbia under firm permit No. 1002256. Mr. Gardiner is the president and chief executive officer of Taranis Resources and has reviewed and approved the comments contained within this news release.

Taranis currently has 105,620,693 shares issued and outstanding (114,542,746 shares on a fully diluted basis).

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