Dr. Elena Clarici reports

ELECTRUM DISCOVERY CORP. ANNOUNCES SIGNIFICANT EXTENSIONS OF COPPER-GOLD ANOMALY AT TIMOK EAST

Electrum Discovery Corp. has made significant extensions of a previously outlined copper-gold soil anomaly at Timok East, named Bambino and located five kilometres east of Zijin Mining's world-class Bor copper-gold mining complex in the Western Tethyan belt in the Republic of Serbia.

Large-scale copper deposits, especially with a gold credit, have come into focus as the prices of both copper (essential for electrification) and gold have increased recently. Large-scale deposits are increasingly more difficult to find and districts with large mines are typically the best area to look for them.

In the recent times, the Timok region in Serbia has seen and continues to see significant new exploration, discoveries and investment. Zijin Mining of China bought control of the historic Bor mining complex as well as most recently discovered Cukari Peki copper-gold deposit, where it has successfully initiated production. Dundee Precious Metals continues to advance its Coka Rakita project, located on the edge and to the west of the traditional exploration district. Electrum holds a large land position just to the east of the traditional exploration area (the so-called Timok magmatic complex (TMC)) in the same district.

Highlights:

• The copper-gold Bambino anomaly has been extended to 1.8 kilometres in length from 550 metres in initial sampling and remains open to the north and south.
• A separate parallel adjacent gold anomaly has been defined over a one-kilometre strike length.

Initial results from Bambino released on May 8, 2024, defined a substantial copper-gold anomaly in soils, with copper levels ranging from 500 parts per million to 8,238 parts per million and rock-chip samples returning grades of 2.85 per cent and 0.32 per cent copper. The Bambino anomaly is situated within Lower Paleozoic age schists and marbles and a potential intrusive rock characterized by stockwork-style veining in outcrops. Recent assays confirm high continuity of copper grades within the anomaly; this continues to exhibit outward zoning from a central core.

Furthermore, new results identify two distinct parallel trends of gold anomalies: the eastern trend extends over a 600-metre strike, correlating with the highest-grade copper anomalism, while the western anomaly extends over a one-kilometre strike with less correlation with copper anomalism, potentially sourced for an overprinting structurally controlled style of gold mineralization.

Dr. Elena Clarici, chief executive officer of Electrum Discovery, stated: "The extension of copper-gold anomaly over 1.8 kilometres adds significant scale to the Bambino target. The recent exploration success of Dundee Precious Metals at Coka Rakita on the western boundary of the Timok magmatic complex highlights the potential for discoveries in the underexplored boundary areas of the traditional Timok district."

Electrum is currently engaged in detailed geological interpretation of the Bambino anomaly to better understand potential deposit types and controls on mineralization.

Please note that Electrum's results are preliminary in nature and considered too speculative geologically to have economic considerations applied to them. The vicinity of the historic and known mineral resources does not indicate or provide certainty that Electrum will be able to define similar or any mineral resources at Timok East.

Sample collection, quality assurance/quality control, preparation and analysis

Soil samples reported in this news release were collected from the B horizon from a depth of between 15 centimetres and 40 centimetres. Each sample location was recorded using a Garmin hand-held GPS (Global Positioning System) with a nominal accuracy of three metres, and the location was then photographed with the labelled sample. Soil samples were dried and pulverized in their entirety, with 85 per cent passing 75 microns. Samples were then analyzed using a combination of four-acid digest with an AAS finish for copper and 50-gram fire assay with an AAS finish for gold analysis (one part per billion to 2,000 parts per billion). Samples were submitted in batches of 45, made up of 40 samples, two CRMs (certified reference materials), two blanks and one duplicate. QA/QC samples performed well, with all batches passing company criteria. Samples were prepared and analyzed at SGS Serbia and SGS Bulgaria.

About Electrum Discovery Corp.

Electrum Discovery is an emerging, Canadian-based mineral exploration and development company focused on copper and gold on the prolific Western Tethyan belt with activities in the Republic of Serbia. The company is currently pursuing two projects: the Timok East copper-gold project adjacent to the world-class Bor mining complex and the New Tlamino gold project, located in southern Serbia.

Electrum's management team is focused on maximizing shareholder value through the acquisition and advancement of a large portfolio of copper-gold assets while fostering sustainability, governance and knowledge transfer in the region.

Qualified person

The scientific and technical contents of this news release have been reviewed and approved by Dr. Chris Wilson, BSc (honours), PhD, FAusIMM (CP), FSEG, FGS. Dr. Wilson is a qualified person as defined by National Instrument 43-101. Dr Wilson is a consultant to the company.

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