Mr. Vincent Chen reports

HALCONES PRECIOUS METALS ANNOUNCES CLOSING OF FINAL TRANCHE OF PRIVATE PLACEMENT

Halcones Precious Metals Corp. has closed the second and final tranche of its previously announced non-brokered private placement of units.

Closing of final tranche of private placement

The company has closed the second tranche of the offering, issuing nine million units of the company at a price of five cents per unit for gross proceeds of $450,000. Each unit consists of one common share of the company and one common share purchase warrant. Each warrant entitles the holder to acquire one additional share at an exercise price of five cents for a period of 24 months from the date of issuance.

Together with the first tranche of the offering, which closed on Oct. 15, 2026 (the first tranche), the company has issued an aggregate of 20 million units under the offering for aggregate gross proceeds of $1-million.

In connection with the second tranche, the company paid cash finders' fees of $6,300 and issued 126,000 non-transferable finders' warrants. Each finder warrant entitles the holder to acquire one share at an exercise price of five cents for a period of 24 months from the date of issuance. In aggregate, the company paid cash finders' fees of $39,300 and issued 786,000 finder warrants in connection with the offering.

As disclosed in the company's news release dated Oct. 8, 2026, the company plans to use the aggregate net proceeds of the offering to obtain the surface rights to the Polaris project, to continue exploration work on the Polaris project and for general corporate working capital purposes.

All securities issued in connection with the second tranche are subject to a statutory hold period of four months and one day expiring on March 4, 2027. The offering remains subject to the final approval of the TSX Venture Exchange.

Certain directors and officers of the company (the insiders) acquired an aggregate of 1.7 million units in the second tranche for gross proceeds of $85,000. The participation of the insiders constitutes a related party transaction within the meaning of 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 shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101, as neither the fair market value of the securities issued to the insiders nor the consideration paid by the insiders exceeds 25 per cent of the company's market capitalization. The company did not file a material change report more than 21 days before the closing of the second tranche, as the details of the insiders' participation were not settled until shortly before closing and the company wished to complete the offering in a timely manner.

Write-off of accrued salaries and fees

The company also announces that certain members of management, directors and consultants of the company have agreed to write off an aggregate of approximately $1,434,860 of salaries, fees and other amounts owed to them by the company. The write-off significantly reduces the company's liabilities and improves its working capital position.

About Halcones Precious Metals Corp.

Halcones Precious Metals is focused on exploring for and developing gold-silver projects in the Maricunga belt, Chile, the premier gold mining district in South America. The company has a team with a strong background of exploration success in the region.

We seek Safe Harbor.