Mr. Doug Fulcher reports

CENTENARIO GOLD REPORTS COPPER OXIDE INTERCEPTS AND EXTENDS VERTICAL MINERALIZATION BELOW JIBOSA & TUEDA ZONE ON THE LOS REYES COPPER-GOLD SKARN PROJECT IN CHIHUAHUA STATE, MEXICO

Centenario Gold Corp. has provided an update on the initial drill program on the company's Los Reyes project in Chihuahua, Mexico. To date, there have been five holes completed for a total of 1,140 metres with a total of 344 core samples taken. All samples are being sent to ALS Labs in Chihuahua, Mexico.

Location and access

The Los Reyes project is located approximately 170 kilometres south of Chihuahua, along Highway 49, a main artery connecting the city of Chihuahua to the major cities of Torreon and Monterrey farther south. The project's El Rey mineral claim, where most of the old mine workings are located, sits just off Highway 49, approximately 14 km south of the mid-size town of Jimenez, and can be easily accessed by driving up a secondary dirt road for a few kilometres. The project has power and rail nearby and the landowner, a local rancher, supports the exploration work.

Geology

Los Reyes is a highly prospective copper-molybdenum-gold skarn system, possibly a carbonate-replacement deposit (CRD), that lies along the eastern contact between a granodiorite intrusive (about 1.5 by two km) and Lower Cretaceous limestones and shales. The deposit sits in a regional northwest-trending mineralized belt that hosts important old mines such as Santa Eulalia, Naica, La Ojuela and San Martin. Although Penoles, a major Mexican mining company, holds the rest of the intrusive contact, the Los Reyes concession is the only part with significant historical workings.

Centenario Gold exploration program highlights

Surface mapping and sampling in May, 2026, confirmed copper-molybdenum-zinc mineralization at the Tueda and Jibosa zones.

Underground mapping and sampling in July, 2026, confirmed the lateral and vertical extensions of Cu-Mo-Zn mineralization below the Tueda and Jibosa zones (see news release dated July 13, 2026).

Current core logging notes:

• RYS26-01 hit copper oxides about 75 m below surface, skarn and hornfels between 125 and 175 m.
• RYS26-02 hit copper oxides about 75 m below Jibosa.
• RYS26-03 intersected more than 120 m of pyrite-dominant sulphides with chalcopyrite, plus quartz-pyrite-molybdenite veinlets in hornfels.
• RYS26-04 hit an iron-magnetite skarn (171 to 187 m).
• RYS26-05 is testing a northeast-trending extension of the Tueda zone.

Drill hole RYS26-01

Hole RYS26-01 was drilled in the middle between the Jibosa and Tueda shaft zones. The drill hole location was designed to evaluate the mineralization intrusive-sediment contact zone at 120 metres depth and also to test a deeper, very strong geophysical IP (induced polarization) anomaly (greater than 25 milliseconds) that IMMSA obtained from its geophysical work completed in the late 1950s.

At about 105 metres of depth, the drill got stuck in the clay-rich granodiorite-sediment contact zone, so drilling was put on hold. The problem was resolved and drilling of RYS26-01 resumed and was completed at a depth of 304 metres on Nov. 10, 2026.

The zone of contact in hole RYS26-01 was intersected between at 78.5 m. The rocks at the contact gradually change from granodiorite to diorite dike, to skarn and finally to dolomitic limestones. The granodiorite and diorite dike rock contains quartz-pyrite veinlets, with abundant sericite. The skarn portion of the intersection, between 98.5 m and 103.7 m, contains strongly oxidized quartz-calcite veinlets, with the sporadic copper oxides.

Drill hole RYS26-02

Examples of different alteration styles observed in RYS26-02: marble, limestone and hornfels

Hole RYS26-02 was drilled just below the Jibosa shaft zone. The hole reached the granodiorite-limestone contact zone at 75 m, testing the continuity of the copper-oxide mineralization at the Jibosa zone. One of the best intervals was encountered between 95.7 m and 104.2 m in strongly copper-oxidized zones with abundant hematite, breccia textures with quartz veinlets. Another quartz-oxide zone was intersected between 109.40 m and 111.0 m. At depth, a sequence of hornfels was intersected containing sporadic quartz veinlets, pyrite and traces of chalcopyrite and molybdenite.

Drill hole RYS26-03

Drill hole RYS26-03 tested the extension of the old mine workings below the Tueda zone to the North. About 100 m down, the hole started to enter the contact zone, which contained more sulphides, mainly pyrite, than Jibosa to the south. Zones of breccia textures were intersected at intervals 123.0 to 126.0 m and 129.30 to 143.0 m, showing evidence of copper minerals. At depth, between 228.0 and 239.2 m, the hole intersected a zone intercalated hornfels and skarn with pyrite veinlets containing traces of chalcopyrite and molybdenite.

Drill hole RYS26-03 intersected granodiorite, including intervals of very fine-grained intrusive material. Alteration is characterized by varying degrees of strong potassic alteration. Particularly noteworthy are the sulphide and breccia intervals between 129.3 m and 144.4 m, between 151.5 m and 163.7 m, between 168.2 m and 176.7 m, and between 185.1 m and 204.7 m; these intervals contain abundant pyrite with trace chalcopyrite. Another mineralized interval occurs from 168 m to 204 m, while quartz-pyrite-molybdenite veinlets were observed within hornfels between 229 m and 239 m.

Drill hole RYS26-04

Hole RYS26-04 tested the lateral continuity of mineralization 170 metres south of the Jibosa zone. The granodiorite-dolomitic limestones contact zone was prominent between 171.0 m and 190.6 m, where a pyrite-magnetite skarn with traces of chalcopyrite was intersected at deeper depths the rock alteration changes to chlorite-sericite dominant with fluorite veinlets.

Drill hole RYS26-05

Drill hole RYS26-05 is located 200 m north of the Tueda zone. As expected, the hole intersected the contact zone at shallow depths, between 47.0 m and 61.0 m. Core logging on this hole is still continuing.

Conclusion

No assays have been received at this time and will be released once received. A total of 344 samples have been taken from holes 1 to 5 and have been shipped to ALS Labs in Chihuahua, Mexico. The drilling so far points to a large intrusion-related copper-molybdenum system, with skarn mineralization along the contact. Grade and economic potential will not be known until the drilling assays come back.

Qualified person

Derrick Strickland is an independent qualified person as defined by National Instrument 43-101 and has reviewed and approved the technical disclosure contained in this release. The mineralization on adjacent projects may not be indicative of the mineralization on the Los Reyes project.

Reader caution: The qualified person has not verified the information on the adjacent properties or mineralization found on adjacent and/or geologically similar properties, which is not necessarily indicative of mineralization found on the property.

About Centenario Gold Corp.

Centenario Gold is a mineral exploration company incorporated in British Columbia and headquartered in Vancouver, Canada. The company is focused on the acquisition, exploration and development of high-potential mineral projects in the Americas, with a primary emphasis on gold, copper and silver.

The company is committed to responsible exploration and development, working closely with local communities and stakeholders. Centenario's management team brings extensive experience in mineral exploration, project development and capital markets.

Centenario Gold is listed on the Canadian Securities Exchange and continues to evaluate new opportunities to expand its portfolio in both Mexico and Canada and deliver value to shareholders.

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