Dr. Elena Clarici reports

ELECTRUM DISCOVERY CORP. PROVIDES AN EXPLORATION AND CORPORATE UPDATE

Electrum Discovery Corp. has provided a corporate update and further plans for its exploration activities at its Timok East copper-gold project in Serbia.

Exploration at Timok East has successfully defined high-priority drill targets using a combination of surface geochemical sampling, mapping and trenching. The next phases of exploration will aim to further define and test these targets at depth using a combination of detailed geophysics and diamond drilling.

Exploration milestones at Timok East to date:

• A significant, open-ended copper anomaly defined in soils over 1.8 kilometres strike at Bambino;
• An additional one-kilometre-long gold anomaly, parallel to the copper zone was also established;
• Follow-up geological mapping and rock-chip sampling confirmed copper, gold and silver mineralization in limonite stockwork and gossan material over 1.4 kilometres over five main targets at Bambino;
• Remote sensing, followed by mapping and rock-chip sampling, identified copper-gold-silver mineralization in outcrop at the Northern anomaly, three kilometres north from Bambino Central along geological strike;
• Trench sampling at Bambino Central returned weighted average assays value of 0.43 per cent copper over 133.5 metres along strike.

To further develop the Bambino target, Electrum are planning an imminent IP survey, to be followed by a maiden 2,000-metre diamond drill program, which is scheduled to start in late December, 2024.

Regional setting

The Timok East project is located on the edge of Timok magmatic complex (TMC), a significant copper-gold district located in the Republic of Serbia. TMC has a long history of copper-gold mining, dating back to 1903, and, in recent years, has emerged as a world-class exploration district. Recent discoveries, including Cukaru Peki (2012), have underscored the area's potential for large-scale porphyry copper-gold deposits.

Notably, new deposit models in areas outside of the traditional TMC porphyry trend are proving highly prospective. Dundee Precious Metals' work on the western TMC margin has revealed high-grade gold and copper mineralization in skarn-type and sedimentary-hosted settings, breaking conventional exploration paradigms.

Electrum's Bambino anomaly lies on the eastern flank and slightly outside the traditional TMC but exhibits similar characteristics with existing known copper-gold porphyries and high-sulphidation epithermal deposits in the area as well as new deposit models exhibited on the western TMC boundary, principally:

• Copper-gold mineralization with low molybdenum;
• Overprinting gold mineralization with significant silver values;
• Extensive stockwork-style veining indicative of intense fluid interaction.

Exploration plan for Q4 2024/Q1 2025

1. High-resolution resistivity and induced polarization survey

Following the successful completion of mapping and trenching at the Bambino target, Electrum is advancing exploration efforts with a high-resolution resistivity and induced polarization (HIRIP) survey. This geophysical program aims to refine the understanding of the subsurface geology, particularly the orientation and depth of potential hypogene mineralization zones.

The HIRIP survey will be executed in two phases:

• Phase 1: Three survey lines, each 900 metres in length, will traverse the Bambino Central target.
• Phase 2: Six additional survey lines, also 900 metres each, will focus on the northern and southern Bambino extensions (Bambino 1, 2, 3 and 4), areas identified through previous mapping and surface geochemical analysis.

Together, these phases will cover approximately 1.6 kilometres of strike length, with an estimated depth penetration of 300 metres.

The IP component of the survey is designed to detect chargeability anomalies, which could indicate zones of elevated sulphide content associated with primary, potentially higher-grade sulphide stockwork mineralization. The integration of resistivity and chargeability data will provide critical insights into the depth and spatial orientation of key targets, aiding in the precise planning of drill holes for the coming maiden drill program.

The geophysical survey is expected to be completed by mid-December, 2024, with results available shortly thereafter.

2. 2,000-metre maiden drill program

Concurrently, Electrum has secured a reputable drilling contractor for a 2,000-metre maiden drill program at the Bambino Central target. Logistical preparations are under way, including the construction of drill roads and securing appropriate core-handling facilities.

Drill targets will be prioritized based on a comprehensive analysis of trench mapping and sampling, surface geochemistry (soil and rock-chip data), and the results from the HIRIP survey. This integrated approach will ensure that the initial drill holes are optimally positioned to efficiently test the Bambino Central target defined on surface.

This drill campaign marks a significant milestone for Electrum as it aims to validate the potential and advance the Timok East Project

Corporate update

Electrum Discovery is pleased to report that it continues to build its local exploration team.

Veljko Dikic has joined the company as an exploration geologist. Mr. Dikic brings significant relevant copper-gold porphyry and high-sulphidation epithermal experience within the Timok region, gained through his time working for Zijin Mining Ltd. Mr. Dikic holds a BSc (geology) and an MSc (geochemistry and petrology) from the University of Belgrade, faculty of mining and geology.

Luka Jovic has also joined the team as an exploration geologist. Mr. Jovic is proficient with all aspects of exploration geology, with a particular expertise in skarn deposits, most recently gained with Zlatna Reka Resources (Strikland Metals Ltd.). Mr. Jovic holds a BSc (geology) and MSc (geochemistry and petrology) from the University of Belgrade, faculty of mining and geology.

Milos (Vucko) Vuckovic has joined Electrum as a senior geotechnician. Mr. Vuckovic is a veteran geotechnician with 15 years of field experience, most recently with Terra Balcanica Resources Corp. In addition to being an experienced geotechnician, Mr. Vuckovic is a natural prospector and excellent logistics manager.

Furthermore, the company announces that it has granted an aggregate of 3.61 million incentive stock options to certain officers, directors and consultants of the company under its stock option plan. All options are exercisable at 13 cents per common share, are subject to vesting requirements and have an expiry date of Nov. 13, 2029. Additionally, the company has granted 300,000 deferred share units (DSUs) to directors of the company under the terms of the company's omnibus equity incentive plan.

About Electrum Discovery Corp.

Electrum Discovery is an emerging mineral exploration and development company focused on the prolific Western Tethyan belt with two main projects spanning 645 square kilometres of prospective exploration ground in the Republic of Serbia.

Timok East extends over 123 square kilometres across the Timok copper-gold region and includes the recently discovered Bambino copper-gold anomaly, located less than five kilometres from the Bor copper-gold mining complex.

Novo Tlamino, located in the southeast of the Republic of Serbia, covers 522 square kilometres and includes an inferred mineral resource estimate of 670,000 ounces gold equivalent (7.1 million tonnes at 2.9 grams per tonne gold equivalent average grade) (see preliminary economic assessment dated Jan. 7, 2021).

Electrum Discovery is looking to maximize the value of the company's mineral projects for all stakeholders, including its shareholders and the local community and government. Electrum has an open-door policy and encourages all stakeholders to contact the company through its website. Electrum has a strong environmental and ethics policy to complete all its work in line with regulations in an open and transparent process. The company's projects are at an early stage, and Electrum plans to continue its consultation with all stakeholders in a climate of mutual respect 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 R. Michael Jones, PEng. Mr. Jones is a non-independent qualified person as defined by National Instrument 43-101 and a director of the company. He has visited the property several times and verified the data gathered by technically competent experienced staff by reviewing the assay certificates, the quality assurance/quality control procedures and reports of company and lab samples, and the geological data and interpretation; and reviewing the qualifications of the persons completing and compiling the fieldwork.

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