Mr. Jack Stoch reports

GLOBEX EXPANDS GEM HILLS PROJECT; SYNCHROTRON ANALYSIS REVEALS A POTENTIALLY NEW, HIGH-GRADE, HYDROTHERMAL ION-ABSORPTION REE DEPOSIT CLASS

Globex Mining Enterprises Inc. has informed shareholders that it has increased the size of its contiguous Gem Hills claim block to 20 unpatented lode claims by staking in October, 2026.

The project was initially acquired in October, 2025, through the staking of eight unpatented lode claims. It is situated on the eastern flank of the Clover Mountains in Lincoln county, southeastern Nevada, approximately 170 kilometres linearly northeast of Las Vegas.

Each claim covers an area of 8.36 hectares, totalling a surface area of 167.22 hectares. All claims are located on Bureau of Land Management public land and sit outside of any designated conservation areas.

Mountain Pass accounted for approximately 12 per cent to 14 per cent of the world's rare earth mined output (mainly light rare earth elements). The U.S. government, primarily through the Department of Defence, provides significant support to MP Materials' Mountain Pass rare earth mine, all aimed at securing a domestic supply chain for defence and high-technology industries, reducing REE reliance on China, and boosting U.S. industrial independence.

Mining history, geology and sampling had been already described in Globex's previous press release dated Feb. 11, 2026. In the following is only a short summary.

The Gem Hills project covers rare earth element mineralization discovered during a 2024 regional prospecting campaign. The property is located outside of any known mining district at the southeastern margin of the Caliente caldera complex of Tertiary age. Exploration in 2024 and 2025 including surface rock sampling, hand trenching and dump sampling from the 1930s era historic workings confirmed an initial mineralized footprint extending along a 90-metre strike length that remains open to the north and south.

The REE mineralization developed directly at the brecciated/faulted contact to Devonian limestone/dolomite, extending farther away as a mixed clayey breccia zone of carbonate rock and volcanic rock with lower grades, locally extending also into argillic-phyllic altered volcanic rocks. Apparently, especially the carbonate fragments had been replaced by an REE-rich mineral association and mostly, but not always, also by more or less abundant black manganese oxide minerals.

Mineralization profile and historical sampling highlights

The Gem Hills project stands out for its high total rare earth oxide grades, significant heavy rare earth element enrichment and an environmentally favourable, near-zero radiation profile.

Mineralization is characterized by a high-value suite of both light rare earth elements specifically praseodymium and neodymium and critical HREE, including gadolinium, terbium, dysprosium, holmium and erbium. Notable yttrium enrichment is also present, with assays reaching up to 0.435 per cent Y2O3.

Core sampling results

Historical sampling from the fall 2025 program (and one foundational 2024 sample) highlighted the following resource potential from 34 property-wide rock samples:

• TREO grades: Eighteen samples returned significant values ranging from 0.28 per cent to 5.26 per cent TREO, yielding a strong average of approximately 1.7 per cent TREO.
• HREO distribution: Heavy rare earth oxides account for an average of 8 per cent of the TREO (ranging up to 19 per cent), with the highest heavy fractions concentrated in mine dump samples.
• High-value REO share: High-value critical oxides (comprising premium HREO and LREO) average roughly 17 per cent of the total mix, spanning from 1.5 per cent up to 39.7 per cent.
• Magnet feedstocks (Nd plus Pr): Combined neodymium and praseodymium (Nd2O3 plus Pr2O3) average 13.7 per cent of the TREO, hitting a peak combined grade of 1.14 per cent (equivalent to 11.4 kilograms per tonne).
• Targeted HREE enrichment: Premium elements like dysprosium and terbium show intense, localized enrichment, peaking at 0.09 per cent Dy2O3 (0.9 kg/t) and 0.016 per cent Tb2O3 (0.16 kg/t), respectively.

A rare, low-radioactivity advantage

Crucially, the Gem Hills mineralization features an absence of dangerous uranium and thorium anomalies, matching normal background radiation levels. While low-radioactivity REE deposits (such as carbonatites) typically lack the heavy rare earth elements required by modern technology, Gem Hills combines an environmentally clean, low-radiation profile with a relatively high HREE share. This offers a unique, lower-cost and safer pathway for critical metal recovery without the regulatory and environmental liabilities of high-radioactivity ores.

Ore mineralogy and XRD analysis

To determine the REE-rich ore mineralogy, three powdered samples were submitted to the momentum transfer laboratory for high-resolution synchrotron X-ray diffraction (XRD) measurements. These analyses were performed at beamline ID31 at the European synchrotron radiation facility, and the final report was received on Oct. 19, 2026.

The submitted channel samples represented varying grades and widths across three trenches:

• Sample H-07: 1.889 per cent TREO (0.60-metre channel sample from Trench E);
• Sample H-25: 2.281 per cent TREO (0.95-metre channel sample from Trench C);
• Sample H-29: 2.642 per cent TREO (1.75-metre channel sample from Trench B).

The relative abundance of the major, minor and trace mineral phases calculated from the powdered samples revealed the following mineralogical profile:

• Major mineral phases: Calcite, aragonite, dolomite, nacrite (26 per cent to 46 per cent), gibbsite (0.25 per cent to 10 per cent) and nordstrandite (0 per cent to 17 per cent). Nacrite (Al2Si2O5(OH)4) is the highest temperature polytype of the kaolin group, exclusively requiring hydrothermal or pneumatolytic processes to precipitate. Gibbsite and nordstrandite are polymorph minerals sharing the same chemical formula Al(OH)3.
• Minor mineral phases: quartz and fluorite. Notably, fluorite is relatively abundant, reaching up to 9.6 per cent. Because it is invisible to the naked eye or a hand lens, it is interpreted to be finely dispersed as microscopic grains within the ore matrix.
• Trace and additional phases: Manganese oxides (lithiophorite and cryptomelane), iron oxides (hematite and goethite), sphalerite (0.5 per cent to 2.4 per cent), alunite (0 per cent to 0.8 per cent), Na-mica (likely illite), smectite (montmorillonite) and traces of all three TiO2 polymorphs (anatase, rutile and brookite).

REE hosting mechanism

Bastnesite was the only discrete REE mineral phase detected, occurring in trace amounts up to 0.18 per cent. Consequently, the bulk of the REE mineralization (greater than 90 per cent) is adsorbed to the clay minerals nacrite, gibbsite and nordstrandite, with a minor fraction potentially hosted within fluorite.

Macroscopically, abundant clay like minerals (up to 50 per cent) characterize the project's signature black and white mottled breccia ore. The XRD results confirm that the white patches consist of nacrite, gibbsite and nordstrandite while the surrounding black matrix is a mixture of manganese oxides and carbonate minerals.

Genetic model for Gem Hills

Based on the local geological setting and mineral assemblages, a comprehensive genetic model has been established.

The Gem Hills rare earth element mineral occurrence represents a highly localized, multistage magmatic-hydrothermal system telescoped by late-stage regional fluids and overprinted by a district-scale caldera-wide alteration system. The deposit is structurally localized along a near-vertical northwestern-southeastern fault zone near to a Tertiary caldera rim, acting as a focused chemical trap at the contact between reactive Paleozoic carbonate rocks to the west and calc-alkaline rhyolite and latite to the east.

The formation of the Gem Hills REE mineralization occurred across three overlapping (telescoped) hydrothermal stages:

• Stage 1: deep alkaline magmatic-hydrothermal input -- initial injection of magmatic fluids derived from alkaline monzonite-syenite intrusion exsolving highly incompatible fluids rich in F, CO2, LREE and HREE;
• Stage 2: waning advanced argillic overprint and REE adsorption trap -- acidic, cooler hydrothermal fluids created the relatively high-temperature nacrite and aluminum hydroxides, establishing the perfect clay-adsorption environment to trap the migrating rare earth elements;
• Stage 3: district-scale caldera vapour phase and regional oxidized fluid event -- late-stage overprinting by regional oxidized fluids introducing the abundant manganese and iron oxides that form the breccia's dark matrix.

Classification and deposit type

The Gem Hills REE mineralization stands alone and may represent an entirely new class of hydrothermal-metasomatic REE ion-adsorption clay deposits. While typical ion-adsorption deposits are regolith hosted, relying on slow, surface weathering processes that yield low grades, Gem Hills stands out by delivering exceptionally high REE grades generated through a robust, multistage hydrothermal system. This distinctive genetic origin positions Gem Hills as a highly unique target with potentially disruptive economics for the critical mineral sector.

A highly derisked strategic opportunity

If an economic orebody is outlined, combining Nevada's Tier 1 mining jurisdiction with a high-grade, potentially easily processable and relatively clean orebody, the Gem Hills project represents a highly derisked opportunity for potential direct federal funding, forward-purchasing agreements and strategic DoD price floor guarantees. Management believes these attributes significantly elevate the project's valuation and attractiveness to potential option partners seeking to secure long-term domestic supply.

The Gem Hills project combines an exceptional heavy rare earth element enrichment profile with highly favourable preliminary mineralogical and environmental indicators. X-ray diffraction analysis has confirmed that the REE mineralization is hosted within a hydrothermal-metasomatic, ion-adsorption style setting associated with nacrite, gibbsite and nordstrandite. Unlike refractory hardrock deposits (such as bastnasite or monazite) that require energy intensive, highly complex chemical cracking, the Gem Hills REE are bound through a unique hydrothermal-metasomatic mechanism to nacrite, gibbsite and nordstrandite. This mineralogical architecture, subject to additional detailed metallurgical testwork and positive results, could be expected to allow for significantly milder, lower-cost leaching processes with a reduction in both capital expenditures and operating expenditures for processing infrastructure.

Furthermore, initial geochemical sampling indicates an exceptionally clean environmental profile, with baseline thorium levels remaining below 20 parts per million alongside very low uranium values. Management believes these combined technical attributes substantially derisk early-stage exploration variables, positioning Gem Hills as a premier candidate for systematic advancement.

As a project generator, Globex options projects to qualified strategic partners equipped to finance and execute the next phases of exploration, including systematic drilling and formal metallurgical bench testing. While early indicators align closely with the criteria prioritized by U.S. federal funding mechanisms such as the Defense Production Act Title III and Department of Energy critical mineral grants, the primary near-term focus will be either the execution of a definitive option agreement to advance the project's technical and economic baseline frameworks or work programs financed by Globex.

This press release was prepared by Matthias Jurgeit, Eurogeologist under the supervision of Jack Stoch, PGeo, chief executive officer and executive chairman of Globex in his capacity as a qualified person under National Instrument 43-101.

We seek Safe Harbor.