Dr. Elena Clarici reports

ELECTRUM DISCOVERY CORP. CONTINUES TO STRENGTHEN ITS GEOLOGICAL TEAM AND PROVIDES AN EXPLORATION UPDATE AT NOVO TLAMINO

Thomas Sant, highly experienced exploration geologist, has joined Electrum Discovery Corp.'s technical team. The company has also provided an update and further plans for exploration activities at its Novo Tlamino project in the Republic of Serbia.

Novo Tlamino covers 522 square kilometres in the Paleogene-Miocene magmatic portion of the Western Tethyan belt in southern Serbia and includes the wholly owned Barje gold deposit with an inferred mineral resource of 670,000 ounces gold equivalent and the Liska, Karamanica and Jube Jube exploration targets.

Highlights:

• Mr. Sant, experienced exploration geologist, joins Electrum team and is appointed as qualified person;
• Addison Mining Services Ltd. appointed to provide Barje preliminary economic assessment update;
• Dr. Paul Pearson, multiaward-winning structural geologist, commenced a structural review of Barje-Liska area;
• Fathom Geophysics LLC engaged to perform its porphyry footprint modelling method across the Novo Tlamino project;
• Karamanica reconnaissance work -- initial fieldwork started to evaluate geological potential.

Mr. Sant has a successful record of managing a variety of exploration projects in southern Europe and his expertise will ensure Electrum is successful in delivering value from its continuing exploration efforts. Mr. Sant will also act as qualified person.

Dr. Elena Clarici, chief executive officer and president of Electrum, commented: "We are delighted to welcome Tom to our team. His extensive experience in southern Europe and the Western Tethyan belt further enhances our geological expertise as we continue to build a team capable of expanding our existing resource base and delivering new discoveries."

Mr. Sant brings 30 years of mineral exploration experience to the Electrum team gained in previous international roles with Rio Tinto, Ivanhoe Mines, Nautilus Minerals and Eldorado Gold. Mr. Sant managed the previous resource drilling at the Barje deposit and has recently managed exploration and safety for a major JV (joint venture) partnership in the region. Mr. Sant holds a BSc in applied geology from the University of Leicester and is a fellow of the Geological Society of London, a United Kingdom chartered geologist, a licensed European geologist and a fellow of the SEG (Society of Exploration Geophysicists).

Barje preliminary economic assessment update

Results of the previous preliminary economic assessment (PEA) for the Tlamino project were announced by the company in January, 2021. The study used a gold price of $1,500 (U.S.) per ounce and a silver price of $16.50 (U.S.) per ounce. Highlights of the PEA include:

• Simple open-pit mining methods and the production of a flotation concentrate through conventional processing techniques giving a pretax NPV (net present value) at a discount rate of 8 per cent of $101-million (U.S.) with an IRR (internal rate of return) of 49 per cent and an operating margin of 61 per cent;
• An upfront capital cost of $74-million (U.S.) (inclusive of a 15-per-cent contingency margin and further study and engineering costs) with payback achieved in two years;
• Life-of-mine C1 cash costs of $464 (U.S.) per ounce gold and life-of-mine all-in sustaining costs (AISC) of $522 (U.S.) per ounce gold.

The company has engaged Addison Mining Services to update the previous PEA study and mineral resource estimate (MRE) for the Novo Tlamino project based on a reassessment of the modifying factors, including commodity prices, operating costs and capital costs, and exchange rates since the original PEA was undertaken. The existing mineral resource block model will be re-reported and the project's discounted cash flow will be remodelled.

The updated PEA and MRE are expected to be finalized in January, 2025.

Established in 2014, Addison Mining Services is a geological and mining consultancy providing services to the global minerals industry from its headquarters in London, United Kingdom.

Barje-Liska structural and targeting review

Electrum has engaged Dr. Pearson of Newmine Exploration & Targeting to perform a structural review of the Barje-Liska area. The objective of this study is to better define structural controls at Barje and subsequently identify potential resource expansion targets to the current resource area.

The review will include drill core review and field outcrop studies. The data gathered will form an updated 3-D geological model, incorporating new structural interpretations and highlighting potential resource expansion targets. The updated model and accompanying report and recommendations are expected to be finalized in January, 2025.

Dr. Paul Pearson, PhD, FAusIMM, is a specialist structural and economic geologist with 40 years of diverse exploration experience throughout Australasia, Latin America, Europe and North Africa. In addition to his vast field experience, Dr. Pearson has enjoyed considerable success in international mineral targeting competitions, most recently, in 2024 as a key member of the digital discovery team that took first place in the Future Explorers International Challenge organized by Dundee Precious Metals, compiling and interpretating a detailed targeting study over the Chelopech mine in Bulgaria.

Porphyry footprint modelling at Novo Tlamino

As a part of Electrum's continuing conceptual geological modelling and target visualization, the company has engaged Fathom Geophysics to perform its 3-D porphyry footprint modelling technique over the Barje-Liska, Karamanica and Jube-Jube targets.

Fathom's porphyry footprint modelling method works by taking known models of well-understood porphyry copper systems in 3-D space and comparing these spatially with data collected from a target area. Fathom Geophysics has been provided with historical data sets comprising soil and rock-chip geochemistry as well as historic drill hole information where available. Although novel in its approach and still speculative, Electrum believes that, when considered in conjunction with all other work, Fathom's porphyry footprint modelling may provide further geological insights and add to the overall exploration targeting in the Novo Tlamino district.

Fathom Geophysics provides geophysical and geoscience data processing and targeting services to the minerals and petroleum exploration industries -- from the regional scale through to the near-mine deposit scale. Fathom's algorithms, automated data processing and automated exploration targeting are augmented by expert geoscience knowledge drawn from in-house staff and from details relayed by the project client.

Karamanica reconnaissance work

Electrum's geologists continue reconnaissance mapping campaign at the Karamanica target. This work focuses on understanding mineralization styles and alteration assemblages associated with specific surface geochemical anomalies generated from previous soil and rock samples. Limited new rock-chip sampling and petrology studies are being undertaken to support this campaign.

• Rock-chip sampling: Six samples were collected across prospective geological contacts and outcrops; four samples returned assays of between 0.29 gram per tonne and 2.57 grams per tonne gold from brecciated and gossanous rocks along contacts between limestone and graphitic schist units in the centre and northeast of the concession.
• Petrology sampling: Five additional samples were collected for petrological studies to characterize the mineralogy and style of mineralization in vuggy silica material observed in historic mine dumps in the southwest target area.

Additional activities at the Karamanica target include:

• A more detailed mapping and rock-chip sampling campaign is planned to further define prospective target areas;
• Remote-sensing-based alteration mapping is planned to validate and refine historical field-based alteration interpretations that may be associated with gold mineralization.

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

Recent rock samples were collected by the company with locations recorded using a Garmin hand-held GPS (Global Positioning System) with a nominal accuracy of three metres. Samples were described and photographed in the field. Samples remained in the company's custody until handover to the sample preparation facility.

Samples were be prepared by SGS at facilities in Serbia using SGS method PRP89 (weigh, dry, crush to less than two millimetres and pulverize to 75 microns). Samples remained in the custody of SGS and were analyzed at SGS facilities in Bulgaria using methods of FAA505 (50-gram fire assay with AAS finish) for gold, IMS40B (ICP-MS after a four-acid digest) for a 49-element analysis suite and overgrade analysis after IMS40B by AAS42S (four-acid digest and AAS finish) for selected elements of interest.

Historic rock and soil sample results shown were announced by the company in a news release of Oct. 2, 2016.

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 (PEA; Jan. 7, 2021)).

Electrum Discovery is looking to maximize the value of its mineral projects for all stakeholders, including the company's shareholders, the local community and government. The company has an open-door policy and encourages all stakeholders to contact Electrum through its website. The company 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 Thomas Sant, BSc, FGS, CGeol, EurGeol.

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