Mr. Estanislao Auriemma reports

FREDONIA PROVIDES EL DORADO MONSERRAT PROJECT AND CORPORATE UPDATE

Fredonia Mining Inc. has provided an update on the continued advancement of its flagship El Dorado Monserrat (EDM) project in Santa Cruz province, Argentina, where multiple technical and corporate initiatives are progressing in parallel as the company advances the project toward its next stage of evaluation.

Over recent months, the company has continued to execute several complementary technical and corporate initiatives designed to support the evaluation and advancement of EDM. These initiatives include the continuing preliminary economic assessment (PEA), the current diamond drilling campaign, which has now completed approximately 3,500 metres, geological modelling and resource refinement, and the strengthening of the company's technical capabilities through the appointment of internationally experienced mining executive Gustavo (Gus) Gomes as strategic adviser. Together, these initiatives continue to strengthen the company's understanding of the project and support informed technical and development decisions.

In addition, the company recently expanded the EDM project through two strategic land acquisitions, increasing the project's footprint to approximately 33,500 hectares and extending the company's district-scale land position toward the Cerro Vanguardia mining district. While these newly acquired lands are not expected to impact the current PEA or continuing drilling program, they significantly strengthen the company's strategic land position surrounding EDM and provide additional long-term exploration and development opportunities across the broader district. The company has initiated a systematic geological review of these properties with the objective of prioritizing future exploration targets and integrating the most prospective areas into the company's longer-term exploration strategy, including the potential to expand exploration activities beyond the current 10,000-metre drilling program.

"Our team remains focused on the disciplined execution of a series of complementary technical and corporate initiatives designed to systematically advance EDM while creating long-term value for our shareholders," stated Estanislao Auriemma, chief executive officer of Fredonia. "The appointment of Gus reflects the continued evolution of EDM and our commitment to building the technical capabilities required for the project's next stage of evaluation," added Mr. Auriemma. "As EDM continues to advance, we believe it is important to complement our exploration expertise with leadership that has successfully evaluated, developed, constructed and operated world-class mining projects. Gus brings a unique combination of geological, operational and executive experience, and his perspective will provide valuable guidance as we continue evaluating the project's long-term development opportunities."

Mr. Gomes is a geologist and senior mining executive with more than 40 years of international mining experience spanning exploration, project evaluation, mine development, construction, operations, mergers and acquisitions, and corporate leadership.

Throughout his career, Mr. Gomes has held senior executive positions with several of the world's leading mining companies, including Rio Tinto, BHP, Vale, ArcelorMittal and MMG. His experience includes serving as chief executive officer of Las Bambas in Peru during the construction and commissioning of one of the world's largest copper operations, chief executive officer of Ambatovy in Madagascar, chief operating officer (mining) for ArcelorMittal, and director of operations within Vale's global mining business.

Mr. Gomes has led large-scale mining businesses across multiple commodities and jurisdictions, with extensive experience in project evaluation, feasibility studies, mine development, construction, operations, technical services, project optimization and integrated mine-to-port operations. His background spans gold, copper, nickel, cobalt, zinc, iron ore and coal, providing broad experience across the full mining project life cycle.

Mr. Gomes holds an MBA from the Massachusetts Institute of Technology (MIT) Sloan Fellows Program and a BSc in geology from the University of Rio de Janeiro and has completed the International Directors Programme at INSEAD. He has worked and lived in more than 12 countries, bringing extensive international experience across Latin America, North America, Africa, Australia and Asia.

As strategic adviser, Mr. Gomes will work closely with the company's management and technical team, providing strategic guidance as EDM advances through continuing technical studies, project optimization initiatives and the evaluation of future development pathways.

The company's recent strategic land acquisitions have expanded the EDM project to approximately 33,500 hectares, strengthening Fredonia's district-scale land position and providing a broader platform for long-term exploration across the surrounding mineralized corridor.

PEA progress

The PEA continues to advance on track for completion by the end of August, 2026, under the direction of independent engineering and technical consultants. The study represents the first integrated evaluation of potential development scenarios for EDM and is expected to provide an important technical framework for future engineering and development studies.

The PEA is evaluating a range of mining, processing and project development alternatives with the objective of identifying practical pathways to advance the project while supporting future optimization opportunities.

In parallel with the PEA, the company continues to refine its geological interpretation, resource model and supporting technical data sets as additional drilling information becomes available. Management believes these parallel workstreams will further strengthen the technical foundation supporting future engineering studies and long-term project development.

Fredonia's flagship El Dorado Monserrat project currently hosts a measured and indicated mineral resource of approximately 2.25 million gold equivalent ounces, as defined in the company's National Instrument 43-101 technical report (see Table 1 below). The company is advancing its preliminary economic assessment in parallel with a continuing 10,000-metre drilling program focused on expanding the existing mineral resource while increasing geological confidence through targeted infill drilling. Together with the recently completed consolidation of the broader EDM district, these initiatives are designed to strengthen the project's technical foundation, support the continuing PEA, and position the company for continued long-term resource growth and future development.

Drilling update and incoming assay results

The company's continuing drilling program continues to advance across priority target areas within the broader EDM district. To date, approximately 3,500 metres of diamond drilling have been completed as part of the company's current 10,000-metre exploration and infill drilling program.

The company has begun receiving assay results from the current drilling campaign, including results from infill drilling designed to increase geological confidence, refine the resource model, and support the continuing preliminary economic assessment and future technical studies.

While assay results have started to be received, a substantial portion of the submitted samples remains in the laboratory process. As additional results continue to be received, validated and interpreted, the company intends to provide shareholders with a comprehensive update once a sufficiently representative portion of the current drilling campaign has been completed.

Management believes the current drilling program will provide important geological information to further refine the company's understanding of the mineralized system while supporting continuing engineering, resource modelling and future development studies at EDM.

Geological interpretation

As EDM continues to advance, the company remains focused on the continued refinement of its geological interpretation through the integration of historical drilling, current exploration results, structural analysis and three-dimensional geological modelling.

This work builds upon an extensive historical drilling database and supports the continuous refinement of the company's geological and resource models. Together, these activities provide the technical foundation for the preliminary economic assessment, continuing engineering studies and future project evaluation.

Looking ahead

Over the coming months, the company expects to continue advancing several initiatives that collectively support the continuing evaluation and advancement of EDM.

These include:

• Additional assay results from the continuing drilling campaign;
• Completion of the PEA;
• Continued refinement of the geological and three-dimensional resource models as additional drilling information is incorporated;
• Continuing engineering and technical studies supporting future project evaluation;
• Systematic evaluation of the recently acquired land package to prioritize future district-scale exploration opportunities.

Management believes these parallel initiatives continue to strengthen the technical foundation of EDM and looks forward to providing shareholders with further updates as these initiatives continue to progress.

About Fredonia Mining Inc.

Fredonia holds gold and silver licence areas totalling approximately 64,000 hectares in the prolific Deseado massif geological region in the province of Santa Cruz, Argentina, including its flagship advanced EDM project (approximately 33,500 hectares), located close to AngloGold Ashanti's approximately 200,000-ounce-per-year gold-silver Cerro Vanguardia mine; the El Aguila project (approximately 9,100 hectares); and the Hornia project (approximately 21,500 hectares).

Qualified person

The scientific and technical information contained in this news release has been reviewed and approved by Mario Alfaro Cortes, a qualified person as defined by NI 43-101. Mr. Cortes is independent of the company.

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