Mr. Carson Phillips reports

ELTON ANNOUNCES CLOSING OF PRIVATE PLACEMENT OF FLOW THROUGH UNITS

Elton Resources Corp., further to its press release Oct. 9, 2026, has completed its previously announced non-brokered private placement financing of 15,780,328 flow-through units of the company at a price per FT unit of 22 cents for aggregate gross proceeds of $3,471,672.16.

Each FT unit will be composed of one flow-through common share of the company that will qualify as a flow-through share within the meaning of Subsection 66(15) of the Income Tax Act (Canada) and one-half of one flow-through common share purchase warrant of the company that will qualify as a flow-through share within the meaning of Subsection 66(15) of the tax act. Each whole FT warrant shall be exercisable for a period of three years from the date of issuance thereof for one common share of the company, on a non-flow-through basis, at an exercise price of 30 cents.

The gross proceeds from the issuance of the FT shares and the FT warrants will be used to incur Canadian exploration expenses as defined in Subsection 66.1(6) of the tax act that qualify as flow-through critical mineral mining expenditures as defined in Subsection 127(9) of the tax act. The qualifying expenditures will be incurred on or before Dec. 31, 2027, and will be renounced by the company to the initial purchasers of the FT shares and the FT warrants with an effective date no later than Dec. 31, 2026, in an aggregate amount not less than the gross proceeds raised from the issue of the FT shares and the FT warrants.

It is expected that the FT units, FT shares, FT warrants and warrant shares issued pursuant to the offering will be subject to a hold period of four months and one day from the date of issuance pursuant to applicable securities laws in Canada.

The offering remains subject to the final approval of the TSX Venture Exchange.

In connection with the offering, the company paid aggregate cash finders' fees of $208,300.33 and issued an aggregate of 946,820 non-transferable finders' warrants, with each finders' warrant exercisable to acquire one common share of the company for a period of three years from the date of issuance thereof at an exercise price of 20 cents.

About Elton Resources Corp.

The company is a mining exploration company focused on the exploration and development of the Darnley Bay project in Northwest Territories, Canada.

We seek Safe Harbor.