Mr. Mark Lynch-Staunton reports

BENZ ANNOUNCES TRANSFORMATIONAL A$75M BOUGHT DEAL

Benz Mining Corp. has received firm commitments for a placement of 32,327,587 new fully paid CHESS depositary interests (CDIs) in the company through a bought deal at an issue price of $2.32 (Australian) per CDI to raise $75-million (Australian) (before costs).

Highlights:

• Firm commitments received to raise $75-million (Australian) through bought deal;
• Placement driven by demand from leading, high-quality offshore institutional investors;
• The placement will enable Benz to significantly increase activities at the Glenburgh and Mount Egerton gold projects, including resource growth, infill drilling and extension of known mineralization at the Icon, Tuxedo and broader Glenburgh system;
• Benz is well financed with a pro forma cash position of approximately $94-million (Australian) following completion of the placement.

The placement was driven by strong demand from two leading, high-quality offshore institutional investors, including a leading global fund manager that cornerstoned the placement, and was also supported by its existing substantial institutional shareholders. Benz's share register remains well positioned with a broad range of long-only institutional shareholders that have demonstrated their support for the company's strategy of aggressive exploration.

Benz chair Evan Cranston commented: "This bought capital raising is a transformational step for Benz, positioning the company to significantly increase activities at the Glenburgh project, following recent drilling success.

"The strong cornerstone support from global institutional funds, together with our existing large institutional shareholders, is a strong endorsement of our recent discoveries and the exploration potential that remains within our belt-scale tenure. Glenburgh is rapidly shaping up as one of the most compelling emerging gold stories on the ASX [Australian Securities Exchange].

"With a strengthened pro forma balance sheet of [approximately] $94-million (Australian) in cash, Benz is well funded to drive a step change in the rate of exploration activities at Glenburgh. As we move into the next exciting chapter for the company, I'd like to take this opportunity to thank our existing shareholders and welcome our new shareholders to the register."

Use of funds

Proceeds from the placement will enable Benz to significantly increase activities across its gold portfolio, with a focus on its 100-per-cent-owned Glenburgh gold project in Western Australia -- a new frontier gold district with multimillion-ounce potential.

Funding will be applied toward continuation of RC (reverse circulation) and diamond drilling programs targeting resource growth, infill drilling and extension of known mineralization at the Icon, Tuxedo and broader Glenburgh system as well as follow-up drilling at the Egerton project, geological and technical studies, including assay analysis, geological modelling, interpretation and targeting to support resource definition and growth, drill access preparation, heritage clearances, environmental approvals and associated field costs across the company's project portfolio and general corporate and administrative costs to support continuing operations and exploration activities.

Placement details

The issue price is identical to the five-day VWAP (volume-weighted average price) as of Wednesday, Jan. 28, 2026 (based on ASX closing price).

The company will issue 32,327,587 CDIs under its existing placement capacity under ASX Listing Rule 7.1. It is anticipated that settlement of the placement will occur on Thursday, Feb. 5, 2026, and the CDIs will be allotted and commence trading on Friday, Feb. 6, 2026. The placement CDIs will rank equally with existing CDIs from the date of issue.

SCP Resource Finance LP and Euroz Hartleys Ltd. acted as joint lead managers and joint bookrunners to the placement.

This announcement has been approved for release by the board.

About Benz Mining Corp.

Benz Mining is a pure play gold exploration company dual listed on the TSX Venture Exchange and ASX. The company owns the Eastmain gold project in Quebec and the recently acquired Glenburgh and Mount Egerton gold projects in Western Australia.

Benz's key point of difference lies in its team's deep geological expertise and the use of advanced geological techniques, particularly in high-metamorphic terrane exploration. The company aims to rapidly grow its global resource base and solidify its position as a leading gold explorer across two of the world's most prolific gold regions.

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