Mr. P.J. Murphy reports

FORGE RESOURCES ADVANCES LA ESTRELLA AS COAL PRICES HOLD STRONG AND COLOMBIA'S NEW GOVERNMENT REOPENS THE RESOURCE SECTOR

Forge Resources Corp. has provided an update on two developments that strengthen the case for La Estrella project.

Benchmark coal prices remain well above long-run averages, and Colombia has a new government administration that has made resource development an explicit priority. Forge enters the final months of 2026 with all three powerful and converging catalysts aligned in its favour.

Coal market fundamentals and price environment

Coal prices are currently trading at strong levels that underpin the economics of new and developing coal assets worldwide. The Newcastle FOB thermal benchmark reached $146.60 (U.S.) per tonne on Sept. 2, 2026, a September high driven by robust global energy demand and persistent supply risks, up roughly 11 per cent over the month and approximately 35 per cent year on year. Metallurgical coal has been even stronger: The coking coal futures benchmark stood at $271.50 (U.S.) per tonne on the same date, a gain of about 28 per cent over the month and roughly 45 per cent year on year. Together, these elevated thermal and coking coal prices reflect a robust near-term market environment for producers.

Behind that pricing is a structural supply-demand imbalance with no near-term resolution in sight. Export capacity from key producing jurisdictions remains constrained while steel production across South and Southeast Asia continues to absorb metallurgical coal, such as India, where import requirements are projected to grow materially through the latter part of this decade. On the thermal side, energy security has become the governing concern for Asian power markets, and utilities have prioritized supply diversification in response to liquefied natural gas price volatility and disruption to alternative fuel sources.

This backdrop is directly relevant to Forge. The company's Colombian asset base sits close to established export infrastructure and is positioned to serve both Atlantic and Pacific basin trade flows. Where supply constraints are structural rather than cyclical, permitted early-stage assets in stable jurisdictions offer investors leveraged exposure to sustained price strength.

Colombia: a new administration and a changed policy environment

Colombia's 2026 presidential election has produced an outcome the company regards as a materially positive development for the country's mining sector. Abelardo de la Espriella won the June 21 runoff by roughly 250,000 votes over Senator Ivan Cepeda.

Mr. de la Espriella campaigned on a market-oriented platform: a hardline security agenda and renewed support for the resource industries. His government plan treats hydrocarbons and mining as strategic priorities and commits to reducing the regulatory burden that has slowed extractive projects.

In his inaugural address, Mr. de la Espriella described energy security as a matter of national sovereignty and said Colombia could not expect long-term prosperity by leaving its natural resources undeveloped, adding that an energy transition must be built from strength, not from weakness, from self-sufficiency and not from dependence. He named the rebuilding of Ecopetrol, the majority state-owned oil company, as a priority of his administration.

For the coal sector, the significance lies in the direction of travel. The previous administration declined to sign new oil, gas and coal exploration contracts as part of its energy transition agenda, and the resulting uncertainty weighed on foreign investment across Colombian mining and energy. The incoming government's stated commitment to a stable, rules-based framework that recognizes the sector's contribution to export earnings, fiscal revenue and regional employment marks a clear change in tone, and it has been received positively by investors and operators active in the country.

The company expects the permitting and operating environment for responsible, well-managed coal projects to become more predictable, reducing the regulatory uncertainty discount that has historically weighed on Colombian development-stage valuations. For operators with established permits and a demonstrated record on environmental and community standards, that is a direct improvement in the risk-adjusted attractiveness of the asset base.

Forge Resources is a permitted operator in Colombia and has conducted its activities in accordance with the highest standards of responsible resource development throughout. The company believes it is well positioned to benefit from the improved regulatory climate and looks forward to continued constructive engagement with Colombian authorities as La Estrella advances.

P.J. Murphy, chief executive officer, stated: "We are at an extraordinary confluence of factors that we have been working toward for some time. Internationally benchmarked coal prices remain at levels that validate the economics of responsible development projects, and the political outcome in Colombia has given operators like Forge Resources a much clearer runway to advance our work in a stable and supportive regulatory environment."

Equity financing with strategic buyer

The company is pleased to announce that it has entered into an engagement letter agreement with Ventum Financial Corp., pursuant to which the agent will offer, on a best effort private placement basis, up to eight million units for aggregate gross proceeds of up to $2-million, including a sole subscription from one strategic buyer.

Each unit, offered at 25 cents per unit, will be composed of one common share and one common share purchase warrant. Each unit warrant will be exercisable into one common share of the company at an exercise price of 40 cents per share for a period of 24 months from issuance. The securities offered under the listed issuer financing exemption to subscribers resident in Canada will be freely tradable and will not be subject to a hold period in accordance with applicable Canadian securities laws.

Subject to compliance with applicable regulatory requirements and in accordance with National Instrument 45-106 (Prospectus Exemptions), the units are being made available to purchasers resident in each of the provinces of Canada, except Quebec, pursuant to the listed issuer financing exemption under Part 5A of NI 45-106, as amended by Coordinated Blanket Order 45-935 (Exemptions from Certain Conditions of the Listed Issuer Financing Exemption).

The agent will also be entitled to offer the units for sale in the United States pursuant to available exemptions from the registration requirements of the U.S. Securities Act of 1933, as amended, and in those other jurisdictions outside of Canada and the United States provided it is understood that no prospectus filing or comparable obligation arises in such other jurisdiction.

The company has granted the agent an option to arrange for the sale of up to an additional 15 per cent of the units at the applicable offering price. This option may be exercised in whole or in part at any time up to 48 hours prior to the closing date, subject to the limitations prescribed by the LIFE.

Upon the closing of the offering, the company shall pay to the agent: (i) a cash commission equal to 7.0 per cent of the aggregate proceeds of the offering payable in cash (including any exercise of the agent's option); and (ii) compensation warrants of the company exercisable at any time prior to the date that is 24 months from the closing date to acquire a number of units equal to 7.0 per cent of the aggregate number of units issued pursuant to the offering, at an exercise price of 25 cents per unit. The compensation options will be issued pursuant to available exemptions under National Instrument 45-106 other than the LIFE, and, accordingly, will be subject to a hold period expiring four months and one day following the closing date of the offering.

There is an offering document related to the offering that can be accessed under the company's profile at SEDAR+ and on the company's website. Prospective investors should read the offering document before making an investment decision.

The company plans to use the proceeds from the units to further the development of its La Estrella project, and for general expenses and working capital.

The offering is expected to close on or about Sept. 15, 2026, and is subject to certain conditions, including, but not limited to, the receipt of all necessary approvals, including the approval of the Canadian Securities Exchange.

About Forge Resources Corp.

Forge Resources is a Canadian-listed junior exploration company. The company holds an 80-per-cent interest in Aion Mining Corp., a company that is developing the fully permitted La Estrella coal project in Santander, Colombia. La Estrella contains eight known seams of metallurgical and thermal coal.

The company also holds an option on the Alotta project, a prospective porphyry copper-gold-molybdenum project consisting of 230 mineral claims that cover 4,723 hectares, located 50 kilometres southeast of the Casino porphyry deposit in the unglaciated portion of the Dawson range porphyry/epithermal belt in the Yukon territory of Canada.

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