Mr. Hendrik van Alphen reports

GELUM CLOSES NON-BROKERED PRIVATE PLACEMENT AND RETAINS GEOPHYSICS CONSULTANT FOR PROPERTY-WIDE SURVEY

Pursuant to Gelum Resources Ltd.'s news release dated May 19, 2026, the non-brokered private placement has closed. On June 22, 2026, the company issued 11,602,961 units for gross proceeds of $4,293,095.57.

Each unit was issued at 37 cents per unit, and consists of one common share of the company and one-half of one common share purchase warrant, with each warrant entitling the holder thereof to purchase one additional common share of the company at a price of 52 cents per share for a period of 24 months from the closing of the private placement.

Insider participation included Chad Williams, a director of the company, for 500,000 units, which constituted a related party transaction under Multilateral Instrument 61-101, Protection of Minority Security Holders in Special Transactions. The company is relying on the exemptions from the formal valuation and minority approval requirements under MI 61-101, pursuant to sections 5.5(a) and 5.7(1)(a) of MI 61-101, as the fair market value of the transaction, insofar as it involves interested parties, is not more than the 25 per cent of the company's market capitalization.

Finders' fees were paid to Canaccord Genuity Corp. ($34,848.45 cash and 94,185 finder's warrants) and Haywood Securities Inc. ($7,122.50 cash and 19,250 finder's warrants). Finders' warrants are non-transferable; otherwise they have the same terms as the warrants.

All securities issued in connection with the offering have a four-month-and-one-day hold period in Canada from closing.

Gross proceeds of the offering will be used for working capital and exploration work at the Las Tinajas project, Chile.

Gelum retains Southern Rock Geophysics for property-wide survey

The company further reports that it has retained Southern Rock Geophysics, of Santiago, Chile, to complete a magnetotellurics (MT) and vector induced polarization (VIP) surveying at Las Tinajas starting in mid-July. The accepted work proposal includes data acquisition, processing, modelling and final reporting. The primary objective of the survey is to characterize the distribution of resistivity across the entire the project area, from near-surface levels down to depths of nominally 3,000 metres or greater for the MT survey, and to approximately 800 metres for the VIP survey chargeability and resistivity parameters.

The initial phase of MT-VIP data acquisition will cover the full survey area on a grid of 500-metre-spaced sites with the primary target being porphyry copper-gold mineralization, a primary target in the region.

A second phase of detailed follow-up proposed for a tentative 10-line-kilometre pole-dipole IP/resistivity (PDIP) with EMAP configuration MT surveying, using either a 100-metre or 200-metre dipole length, to target extensions to the known gold-mineralized diatreme breccia that has been the main target of historical drilling.

Southern Rock was chosen for its proven experience, with over 30 years of geophysical operations, with more than 200 completed VIP and MT surveys, and its extensive local knowledge of the logistical, technical, regulatory and cultural aspects involved in this type of survey in Chile. It uses state-of-the-art technology, consisting of a high-resolution, 32-bit gDAS32 acquisition system for robust high-quality data acquisition.

Qualified person

John Drobe, PGeo, a qualified person as defined by National Instrument 43-101, has reviewed the scientific and technical information that forms the basis of this news release, and has approved the technical disclosure herein. Mr. Drobe is not independent of the company as he is a consultant for the company.

About Gelum Resources Ltd.

Gelum Resources is a company led by experienced management and advisors in the mining and financial sectors.

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