Mr. Michael Henrichsen reports

GOLD X2 PROVIDES AN UPDATE TO THE ENVIRONMENTAL BASELINE STUDIES AT THE MOSS GOLD PROJECT AND ISSUES EQUITY GRANT

Gold X2 Mining Inc. has provided a significant update to the environmental baseline work which began in 2021 at the Moss gold project in Northwestern Ontario, Canada. The assessment has grown in scope through 2025 keeping pace with the company's development plans. The key strategy employed by Gold X2 and led by CSL Environmental & Geotechnical Ltd. (CSL) focuses on derisking the project from an environmental permitting perspective, while simultaneously expanding the various components of the program to ensure all permitting milestones are achieved.

Key accomplishments have included advancing long-term water quantity and quality studies and expanding the overall environmental baseline with the addition of several studies required for the project's review by the Canadian Federal Impact Assessment Agency, including:

Stage 2 archaeological assessment: Stage 2 archaeological study was performed during the 2025 field season. To date nothing of archaeological significance has been discovered. Gold X2 and the archaeological team are proposing to continue this work in 2026 to incorporate information shared by Indigenous communities.

Waste geochemical assessment: In 2025, a sampling program was initiated to characterize waste rock material and assess the metal leaching and acid rock drainage risk. Geochemical analysis is continuing and will continue into 2026, covering both waste rock and tailings material. Results to date suggest most of the waste material is non-acid generating with insignificant metal leaching.

Enhanced fisheries assessment: In 2025, aquatic field programs were conducted to characterize baseline conditions in lakes and streams potentially influenced by the proposed mine, as well as nearby upstream systems that may serve as future reference sites. Building on this progress, further fisheries assessment work will resume in the spring of 2026 with enhanced studies focusing on suitable habitat lakes.

Advanced hydrogeological field assessment: In 2025, two key hydrogeological milestones were achieved: The completion of a deep bedrock packer hole assessment and the installation of a baseline monitoring well network. The 2026 field and technical programs planned are designed with derisking and characterization in mind and have been developed at an EA level.

Geophysical assessment: In 2025, the company conducted a seismic survey to map the overburden and develop a bedrock surface model in conjunction with existing drill hole data. Additional seismic work is planned for the tailings management facility area to inform hydrogeology, geotechnical and mining studies.

Advanced hydrological assessment: In 2025, the hydrological study expanded, adding 15 additional hydrometric stations for a total of 25 data points covering the entire project area. In 2026, work will include detailed modelling to assess inundation and stream augmentation studies, and the development of a baseline hydrological report.

Geospatial data acquisition: During the fall of 2025, Gold X2 commissioned an aerial lidar (light detection and ranging) survey covering over 80 square kilometres, providing the team with an ortho-imagery file and details elevation data with 40 points per square metre. This information will be used to calibrate both hydrological and bedrock models through the course of 2026. It will also facilitate detailed engineering studies in 2027 to 2028.

Enhanced terrestrial biological assessment: Terrestrial assessment work has been continuing since 2021, focusing on species at risk (SAR) and other biological components. Studies conducted between 2022 to 2025 include ecosystem mapping, wetland evaluation, wildlife, bird, mammal, reptile and amphibian assessments. To date, Gold X2 has not been informed of any significant SAR unique to the project area. This work will continue in 2026, culminating in a final baseline terrestrial biology report.

Looking ahead to 2026, the company will focus on completing the above continuing studies while initiating additional studies in parallel, including:

Air assessment: Ambient air quality monitoring of contaminants expected to be emitted from the proposed project is to be conducted in 2026

Noise assessment: The environmental noise and vibration assessment and acoustic assessment report work will commence in 2025, with a 2026 study consisting of a three-phase approach: assessing baseline conditions, reviewing proposed facility operations, and evaluating predicted site-wide noise and vibration impacts from equipment, haulage and truck routes.

Socioeconomic evaluation: The project team will assess the socioeconomic setting, examining cultural, social and economic environments, and, in 2026, will work with indigenous communities to develop strategies that enable their meaningful contribution and self-determination in the project's impact assessment.

Mine closure planning: Planning will begin with developing conceptual site closure options for discussion with local and indigenous communities, aiming to develop a preferred mine closure plan.

Michael Henrichsen, chief executive officer of Gold X2, commented: "Our baseline studies are crucial in informing our decision-making and enabling us to minimize environmental impacts throughout the project's life cycle. We're on track to complete these studies by the end of 2026, which will position Gold X2 to enter the formal permitting process alongside a feasibility study in 2027. This work is foundational to our project's success, and we're committed to conducting it thoroughly and responsibly. By engaging with indigenous communities and incorporating their insights, we're building a project that not only meets regulatory requirements but also aligns with the needs and values of the communities we're working with. We're excited to take the next steps in advancing our project and look forward to continued collaboration with all stakeholders involved."

Chris Perusse, president of CSL, had the following statement: "The efforts to date are a strong indicator of project value and commitment to ensuring a full understanding of the environmental baseline setting. Gold X2 demonstrates that cultural values and historical land use are an important value set and continue to keep indigenous communities informed throughout the process. The approach employed by CSL, supported by Gold X2, has been designed and implemented such that indigenous communities engagement helps drive baseline data acquisition and inform key decision makers.

"Over all, the project is progressing toward submission of both provincial and federal environmental assessment during Q3 2027. This will begin the process with various government agencies leading to project approval."

Equity grant to management, directors and consultants

The company further announces that the board of directors of the company has approved the grant of 11.77 million incentive stock options and 3.87 million restricted share units pursuant to the company's omnibus incentive plan, to officers, directors and consultants of the company. The options are exercisable at 51 cents per share for a period of five years and vest as follows: one-third on May 6, 2026, one-third on May 6, 2027, and one-third on May 6, 2028. The RSUs vest 12 months from the date of grant on Nov. 6, 2026.

Qualified person

Chris Perusse, PGeo, president/senior geoscientist of CSL, and a qualified person under National Instrument 43-101 -- Standards of Disclosure for Mineral Projects, has approved the scientific and technical information contained in this news release.

Mr. Perusse has verified the data disclosed. To verify the information related to the various environmental baseline programs at the Moss gold project, Mr. Perusse has visited the property several times; discussed and reviewed results and strategy with responsible project team members; discussed and reviewed analytical results and QA/QC (quality assurance/quality control) results with responsible personnel; and reviewed supporting documentation.

Peter Flindell, PGeo, MAusIMM, MAIG, vice-president, exploration, of the company, and a qualified person under National Instrument 43-101 -- Standards of Disclosure for Mineral Projects, has approved the scientific and technical information contained in this news release.

Mr. Flindell has verified the data disclosed. To verify the information related to the winter drill program at the Moss gold project, Mr. Flindell has visited the property several times; discussed and reviewed logging, sampling, bulk density, core cutting and sample shipping processes with responsible site staff; discussed and reviewed assay and QA/QC results with responsible personnel; and reviewed supporting documentation, including drill hole location and orientation, and significant assay interval calculations. He has also overseen the company's health and safety policies in the field to ensure full compliance, and consulted with the project's host indigenous communities on the planning and implementation of the drill program, particularly with respect to its impact on the environment and the company's remediation protocols.

About Gold X2 Mining Inc.

Gold X2 is a growth-oriented gold company focused on delivering long-term shareholder and stakeholder value through the acquisition and advancement of primary gold assets in Tier 1 jurisdictions. It is led by the ex-global head of structural geology for the world's largest gold company and backed by one of Canada's pre-eminent private equity firms. The company's current focus is the advanced stage 100-per-cent-owned Moss gold project which is positioned in Ontario, Canada, with direct access from the Trans-Canada Highway, hydroelectric power near site, supportive local communities and skilled work force. The company has invested over $75-million of new capital and completed approximately 100,000 metres of drilling on the Moss gold project, which, in aggregate, has had over 255,000 metres of drilling. The 2024 updated National Instrument 43-101 mineral resource estimate (MRE) has expanded to 1.54 million ounces of indicated gold resources at 1.23 grams per tonne Au, contained within 38.96 million tonnes and 5.20 million ounces of inferred gold resources at 1.11 g/t Au, contained within 146.24 million tonnes. The MRE only encompasses 3.6 kilometres of the 35-plus-kilometre mineralized trend, remains open at depth and along strike and is one of the few remaining major Canadian gold deposits positioned for development in this cycle. Please see National Instrument 43-101 technical report titled: "Technical Report and Updated Mineral Resource Estimate for the Moss Gold Project, Ontario, Canada," dated March 20, 2024, with an effective date of Jan. 31, 2024, available under the company's SEDAR+ profile.

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