Mr. Jack Stoch reports

IRONWOOD DRILLING UPGRADES GOLD RESOURCE TO INDICATED FROM INFERRED

Globex Mining Enterprises Inc. is providing an update with regard to the completion of the National Instrument 43-101 technical report on Globex's 100-per-cent-owned Ironwood gold deposit received on May 30. The report, titled "NI 43-101 Technical Report, Ironwood Gold Deposit, Cadillac, Quebec, Canada," by SLR Consulting (Canada) Ltd., effective April 15, 2025, was written by qualified person Reno Pressacco, MSc (A), PGeo, FGC, and will be filed on SEDAR+ within 45 days.

Jack Stoch, president, chief executive officer and director of Globex, commented: "We are pleased to have a better understanding of the high-grade Ironwood gold deposit and with the improved confidence in the deposit seen with the majority of the ounces now classified as an indicated resource. We are studying the economics of various methods of extraction in order to decide the best way for Globex to create value for shareholders from this deposit. As well, we are looking at the historical Wood and Cadillac gold mines, located on the same property, in order to identify and detail potential areas where additional drilling may extend the potential of these historical gold deposits. We are eager to see the results of the 3-D modelling, which is currently in progress."

Highlights from the Ironwood gold deposit resource report:

• Nineteen new holes in 2024 increased the total drilled on Ironwood to 105 drill holes and 31,360 metres.
• The 2024 drill program suggests that the Ironwood deposit may be open to depth.
• Drilling near surface showed the mineralization extends vertically to suboutcrop but the upper plus or minus 60 metres from surface grades plus or minus three grams per tonne (g/t) to five g/t gold, somewhat lower grade than the deeper mineralization.
• The new resource has 86 per cent of the tonnes upgraded to indicated resource from inferred due to a much higher confidence level.
• The 2024 drilling was successful in reaching the Globex goals of largely delineating the shape and boundaries of and improving confidence in, the mineral grade and tonnage.

The new NI 43-101 resource outlined an indicated resource of 234,800 tonnes (t) at an average grade of 14.38 g/t gold (Au) for 108,528 ounces within an approximate drill hole spacing of up to 25 metres (m) inside the mineralized domains, and a 37,100 t inferred resource at an average grade of 7.22 g/t Au for 8,614 ounces within the mineralized domains and with a drill spacing greater than 25 m. Five mineralized domains have been intersected in the drilling and are included in the resource calculation. In February, 2008, a resource on the Ironwood deposit, also prepared by Mr. Pressacco, estimated an inferred resource of 243,200 tonnes grading 17.3 g/t gold for 136,000 ounces. The biggest impact on the new resource came from a drop in the cut-off grade to 1.5 g/t versus 3.0 g/t in 2008, which reduced the overall grade of the deposit, increased the total tonnes and marginally reduced the total contained ounces.

The mineralized resource was defined using a cut-off grade of 1.5 g/t Au, generated by assuming metallurgical recovery of 90 per cent, standard treatment and refining charges, mining costs of $140 (Canadian) per t for underground mining, processing costs of $15 (Canadian) per t and administrative costs of $5 (Canadian) per t, and a minimum mining width of two metres. A price of $2,500 (U.S.) per ounce Au and a U.S.-dollar/Canadian-dollar exchange rate of $1 (U.S.) to $1.43 (Canadian) were used.

In the report access to the deposit was proposed to be made using a ramp. The Ironwood deposit is a sulphidized oxide iron formation consisting primarily of replacement of the host oxide iron minerals by an assemblage of pyrite, pyrrhotite and arsenopyrite. White quartz veining is observed but the gold mineralization seems to correlate well with the pyrite content.

Globex is pleased with the results outlined in the NI 43-101 report. The overall grade is lower by approximately three g/t, due to a lower cut-off grade and higher gold prices, and in part due to extending the deposit upward closer to surface and thereby incorporating the lower grades of the shallower portion of the deposit while adding greater tonnage.

The number of gold ounces in the Ironwood gold deposit has stayed relatively the same despite the upgraded classification from inferred to indicated resource, which is a major step forward in increasing confidence as regard the economic potential of this gold deposit. Globex will now study the best way forward to create value from this compact high-grade gold deposit for Globex shareholders. The possibilities include mining it ourselves utilizing one of a number of possible mining methods, entering a joint venture with a more senior company who may have a processing facility nearby, or selling the deposit or entering an option agreement. Currently, the company is reviewing and updating the Cadillac gold mine and Wood gold mine data, both historical gold mines that are located within one kilometre of each other on the Wood/Cadillac property. The company's initial review to date suggests that the Wood/Cadillac gold mines have a number of priority drill targets worth testing in order to extend the historical orebodies, as well as untested areas of prospective geology.

We seek Safe Harbor.