Mr. Mathieu Stephens reports

NEOTERREX ENTERS INTO LOI WITH FURY GOLD TO EARN UP TO 100% OF THE COPPER-GOLD-SILVER-TUNGSTEN RESERVOIR PROJECT

Neoterrex Minerals Inc. entered into a letter of intent and term sheet with Fury Gold Mines Ltd. on Aug. 18, 2026, pursuant to which the parties intend to negotiate and execute a definitive option agreement that would grant Neoterrex the option to acquire up to a 100-per-cent interest in Fury's Reservoir copper-gold-silver-tungsten project.

The 116-mineral-claim Reservoir project, covering approximately 6,090 hectares, is located in the Eeyou Istchee (James Bay) region of Quebec, Canada, approximately 390 kilometres north-northeast of Matagami and close to major hydroelectric infrastructure and associated access roads. The Reservoir project lies within the Eastmain greenstone belt and hosts a broad polymetallic mineralized system containing copper, gold, silver and tungsten.

Exploration at the Reservoir project dates to the late 1960s, when gold and copper were first discovered in the area. Subsequent work, including 7,500 metres of drilling during the 1980s and 1990s, led to several discoveries described further below.

In 2013, a further 1,365 metres of drilling turned up several notable gold-copper intersections and broad anomalous gold-copper envelopes, highlighting the scale of the mineralized system. No work is recorded thereafter. Select occurrences include the following.

C52 zone

A large copper-gold-mineralized horizon traced by drilling for approximately 1.6 kilometres along strike and up to 150 metres in width, hosted mainly within mafic volcanic rocks. Historical drilling returned broad mineralized intervals and higher-grade zones, including eight metres at 1.12 grams per tonne gold and 0.93 per cent copper, with three m at 2.90 g/t Au and 2.16 per cent Cu. Historical reports also indicate a broad presence of tungsten in the mineralized system, with assay result reaching 0.1 per cent W. The most recent historical report indicates that the C52 zone remains open both at depth and along strike.

Mitlin zone

A copper-gold-silver occurrence with a surface channel sampling returned up to one m at 13.17 g/t Au, 8.15 per cent Cu and 45.9 g/t Ag. A 300-to-400-metre-long copper soil anomaly with associated anomalous gold suggests potential for the mineralized horizon to extend beyond the known showing.

QET zone

Located south of the C52 horizon, the QET occurrence hosts copper-gold mineralization within two distinct units: a quartz-eye crystal tuff and a quartz-clast chloritic conglomerate.

Trenching returned 8.8 m at 0.32 g/t Au and 0.21 per cent Cu and 7.0 m at 0.69 g/t Au and 0.32 per cent Cu. Historical work indicates the QET units have not been fully defined along strike or at depth, leaving additional exploration potential.

Bear Island

A felsic-dominated volcanic sequence containing anomalous copper and zinc, with interbedded cherty oxide-facies iron formation and characteristics interpreted historically as potentially polymetallic massive sulphide related. Historical drilling returned broad anomalous intervals, including 20 m averaging 753 parts per million Zn with one m at 0.79 per cent Zn, as well as copper-anomalous zones up to 48 m thick. The zone remains underexplored, and the historical report recommended deeper drilling along strike and downdip to test for larger, potentially higher-grade sulphide lenses.

Cyr zone

A high-grade copper-gold-silver occurrence located west of the Bear Island horizon and hosted within the broader polymetallic mineralized system. Historical channel sampling returned 3.0 m at 2.77 per cent Cu, 0.98 g/t Au and 32.5 g/t Ag. The mineralized lens also shows molybdenum enrichment, suggesting a more complex polymetallic signature and additional exploration potential.

Barrage occurrence

The Barrage occurrence is a sulphidic tuff horizon containing pyrite, chalcopyrite, pyrrhotite and magnetite, with reportedly visible gold. Best assays in drilling returned 13.05 g/t Au, 13.4 g/t Ag and 1.94 per cent Cu over 0.74 m, within a zone containing 5.35 g/t Au over 1.9 metres.

Terms of the option

The transaction provides Neoterrex with the opportunity to acquire 100 per cent of the Reservoir project through staged exploration expenditures and cash payments. Table 1 below provides details for the proposed terms.

Upon Neoterrex earning a 100-per-cent interest, Fury will retain a 2-per-cent net smelter return royalty, of which Neoterrex will have the right to purchase one-half, representing a 1-per-cent NSR royalty, for $1-million at any time until commercial mine production.

Neoterrex will act as operator throughout the earn-in period and thereafter for so long as it maintains a majority interest.

The non-binding LOI and term sheet contemplate completion of due diligence and the negotiation and execution of a definitive option agreement incorporating the terms of the proposed transaction. The acquisition of any interest in the Reservoir project remains subject to, among other things, satisfactory due diligence, negotiation and execution of a definitive option agreement, and acceptance of the TSX Venture Exchange, if required. Certain provisions of the LOI, including those relating to the negotiation of a definitive option agreement, expenses, exclusivity, due diligence and confidentiality, are binding. No finders' fees are payable in connection with the agreement.

Qualified person and disclosure

The technical and scientific information contained in this news release has been reviewed and approved by Mathieu Stephens, PGeo, president and chief executive officer of Neoterrex Minerals, a qualified person as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects.

The historical exploration information disclosed above is sourced from historical assessment and exploration reports for the Reservoir project, more specifically reports GM55724 (Brown, 1997) and GM68252 (Frappier-Rivard, 2013). The information is historical in nature. The company's qualified person has not independently verified the historical information, including the underlying sampling and analytical data, and the company is not treating the historical information as verified. The company nevertheless considers the historical information relevant as an indication of the exploration potential of the Reservoir project, but additional work will be required to verify the historical data. Reported drilling widths are drill-core lengths and reported trench and channel widths are the length of the cut sample(s) at surface. Unless otherwise stated, true widths are not known.

About Neoterrex Minerals Inc.

Neoterrex Minerals is a Canadian exploration company focused on advancing critical mineral and precious metal projects in Quebec. The company is actively exploring its portfolio of tungsten, copper, gold and rare earth element projects with the objective of creating shareholder value through discovery and development.

We seek Safe Harbor.