Vancouver, British Columbia--(Newsfile Corp. - November 9, 2026) - Walhalla Gold Corp. (CSE: WAU) (OTCQB: WAUXF) ("Walhalla Gold" or the "Company") is pleased to announce the completion of a comprehensive geological data review and consolidation program1 undertaken by RSC, the Company's independent geological consultant, at its approximately 1,230 km² Walhalla Gold Project in Victoria, Australia. The work has established an integrated district-scale geological framework, supporting the identification and prioritization of exploration opportunities across gold, antimony and copper-nickel-PGE mineralization.
The Company's district-scale targeting assessment is now substantially complete, incorporating approximately 500 GB of historical exploration digital data and identifying geological similarities with several of Victoria's significant Late Devonian gold-antimony systems, including cross-cutting structures through dykes, as at the Southern Cross Gold Sunday Creek Project; fold hinge offsets and carbonaceous shales, as at the Agnico Eagle Fosterville operation; and massive stibnite veins in plunging sediments, as at the Alkane Resources Costerfield operation (refer Figure 1). These findings, together with recent field validation of priority exploration areas, are informing the next phase of systematic exploration, with field activities planned to commence later this month.
Steve Jukes, Chief Executive Officer and Director, commented: "We believe the Walhalla-Woods Point district represents a compelling exploration opportunity, with significant historical gold production and geological characteristics comparable to some of Victoria's most notable gold-antimony systems. By integrating decades of exploration data, our deeply capable technical team has established a much clearer understanding of the district's potential beyond the historic workings.
"Importantly, we are also making encouraging progress on the regulatory front. Our positive engagement with Resources Victoria has provided greater clarity on our approvals pathway, allowing us to advance program planning alongside our technical work. Together, we now have the technical basis and regulatory pathway to pursue multiple discovery opportunities across our extensive land position, with a disciplined approach to targeting and capital allocation as we prepare for field activities, including drilling, in the coming months, subject to the necessary approvals."
Figure 1: Walhalla Gold Project location relative to other Victorian mines and major discoveries
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Highlights
RSC Scope Complete: Approximately 500 GB of historical exploration digital data has been reviewed, validated and consolidated into a unified GIS and Leapfrog 3D workspace, providing the technical foundation for district-wide targeting.
Late Devonian Gold-Antimony Analogues: Data analysis has identified strong geological similarities between the Walhalla-Woods Point district and Victoria's Late Devonian gold-antimony systems, including Sunday Creek, Fosterville and Costerfield, supporting a district-scale exploration approach (see cautionary statement below).
District-Scale Targeting Substantially Complete: Historical and modern datasets have been integrated across the land position, with targets across gold, antimony and copper-nickel-PGE ranked through a consistent multi-criteria assessment so that capital follows the strength of the technical evidence. This moves the Company from data consolidation to defined field priorities.
Targets Validated on the Ground: Steve Jukes (CEO), Lisa Gibbons (Director) and Owen Greenberger (VP Exploration) undertook site visits to validate high-priority targets, informing ranking and program design.
Regulatory Progress Supports Exploration Readiness: Walhalla has completed a positive pre-lodgement meeting with Resources Victoria regarding its proposed exploration programs, providing greater clarity on the regulatory pathway. Only two of the planned field programs require formal Work Plan approval, and those submissions have been finalized. Additional low-impact exploration programs have been designed around existing access tracks and drill pad locations, subject to applicable regulatory requirements. This parallel approach supports the Company's progression toward field exploration and future drilling.
District Discovery Strategy to be Finalized: With these priority activities substantially complete, the District Discovery Strategy will now be finalized and, subject to Board endorsement, its key elements communicated to the market in the coming months.
Field Activities: Field activities are planned to commence later this month, with drilling to commence pending applicable approvals and work sequencing.
Key Geological Observations
The technical assessment has identified geological similarities between the Walhalla-Woods Point district and Victoria's significant gold-antimony systems, including Sunday Creek, an emerging high-grade gold-antimony discovery, and Fosterville, one of Australia's notable high-grade gold mines with a cumulative production of approximately 5 Moz to 30 September 2026 (Figure 1). These comparisons highlight geological characteristics relevant to Walhalla's district-scale exploration strategy.
Historic Walhalla-Woods Point gold mineralization was emplaced during the late stages of the Tabberabberan Orogeny leading to significant gold deposition around 380-370 Ma, a period of mineralizing event known to be rich in Gold and Antimony.
Some of the district's highest-yielding historic deposits are hosted in or adjacent to the Woods Point Dyke Swarm. There, high-grade gold occurs in repeated vein sets and quartz breccias that crosscut dykes, an architecture comparable to the vein sets defined at Sunday Creek. At Cohen's Reef, a single plunging shoot was mined to approximately 1,120m depth, where wide (+10m) disseminated sulphides were noted and a high-grade laminated reef forming a strong shoot geometry was exploited, similar to Fosterville.
Antimony is also associated with gold at several prospects, including Big River, where historic samples assayed up to 53% Sb2, where massive stibnite veins appear comparable in style to the quartz-stibnite lodes at Costerfield. Royal Standard and Toombon historic reports indicate Antimony was a secondary commodity and often observed in close proximity to high grade gold zones.
Mineralization also appears in zones exhibiting a strong structural control, with hinge offsets and saddle reefs with spur veins often referenced in historic reporting. The eastern margin lies along a major fault zone that recent seismic interpretation places on the Melbourne-Tabberabbera Zone boundary. The boundary of the Melbourne zone is comparable to the zone-boundary position of Fosterville and Costerfield, which occur along the boundary of the Bendigo-Melbourne zone and remains highly prospective for antimony mineralization as highlighted by the Geological Survey of Victoria.
These geological relationships provide a strong technical basis for evaluating potential repetitions and extensions of mineralized structures beyond historically mined areas. Planned work includes testing for repeated vein sets along and below the historic dyke-hosted workings, testing key structural zones and hinge offsets as well as multi-element assaying of all drill core to define the extent of antimony mineralization.
At Coopers Creek, in the southern part of the land position (Figure 1), historic copper mining dating from the 1860s highlights copper-nickel-PGE potential that will be evaluated alongside the district's gold-antimony targets.
Target Prioritization
The targeting assessment has produced a single, controlled target register. Every target, regardless of commodity or how it was generated, is ranked against the same criteria: strength of historical evidence, geological confidence, potential scale, land access and approvals complexity, cost and time to test, and risk-adjusted value. Final ranking will incorporate observations from recent site visits, supporting the progressive allocation of exploration capital toward opportunities with the strongest technical merit.
Owen Greenberger, Vice-President of Exploration, added: "Having the full historical dataset consolidated in 3D and a discovery focus beyond the local mining footprint around the A1 and Morning Star mines is a step change for this district. It allows us to leverage our fast-forming geological understanding across the whole land position rather than one prospect at a time. The site visits confirmed favourable access to the targets the assessment has generated, and we are now focused on translating that work into approved, well-designed field programs."
Next Steps
Walhalla is advancing preparations for field activities planned to commence in November 2026. The Company has commenced planning and readiness activities in preparation for field-based activities such as engagement with the supply chain including drilling contractors and an assessment identifying key accommodation, drill core storage and field activity operating base locations.
In parallel, the Company is finalizing its District Discovery Strategy for consideration and endorsement by the Board of Directors. Following approval, Walhalla intends to communicate the strategy's key elements and exploration priorities to the market.
About the Walhalla Gold Project
The Company owns the Walhalla Gold Project, located in the state of Victoria, which is a district-scale project consisting of 1,230 km² of concessions. Cohen's Reef is one of the largest and most productive gold-bearing quartz reefs ever discovered in Victoria and the Company's early exploration will target the identification of potential repeat structures nearby old developments. In addition to multiple areas with past historic production such as Cohen's Reef, the Walhalla Gold Project contains high-priority greenfield targets.
On behalf of the Company
Steve Jukes, Chief Executive Officer & Director
Notes:
1. Refer to the 18th September 2026 release at this location: https://www.newsfilecorp.com/release/314956
2. Refer Geological Survey of Victoria reference G1659
Forward-Looking Statements: Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management's current estimates, beliefs, intentions, and expectations. They are not guarantees of future performance. The Company cautions that all forward-looking statements are inherently uncertain, and that actual performance may be affected by a number of material factors, many of which are beyond the Company's control. Such factors include, among other things: risks and uncertainties relating to the Company's limited operating history and the need to comply with environmental and governmental regulation. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions, and expectations expressed or implied in the forward-looking information. Except as required under applicable securities legislation, the Company undertakes no obligation to publicly update or revise forward-looking statements.
Neither the CSE nor its Market Regulator (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
Cautionary statement: References to Sunday Creek, Fosterville and Costerfield are for geological comparison only and do not imply that the Walhalla-Woods Point project will contain mineralization of similar size, grade or economic potential. No Mineral Resource has been estimated for the project, and historic production figures and historical sampling results have not been verified by a Qualified Person.
QP Statement: The scientific and technical information contained in this news release has been reviewed and approved by Michael Moore, P.Geo., Director of Walhalla Gold Corp., a Qualified Person ("QP") as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects. Mr. Moore is not independent of the Company within the meaning of NI 43-101. The QP has not verified the historical production figures or historical sampling results referenced in this release, which are derived from historical records and Geological Survey of Victoria reports; they are provided for context only.
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