Mr. John Byrne of Lions Bay reports

LIONS BAY INC. ISSUES EARLY WARNING REPORT

Lions Bay Capital Inc., on Oct. 7, 2025, acquired ownership of an additional 3,325,000 units of Fidelity Minerals Corp. at a price of 10 cents per unit for aggregate consideration of $332,500, pursuant to a non-brokered private placement. Each unit comprises one common share and one-half share purchase warrant. Each full warrant entitles the holder to acquire one additional common share at a price of 20 cents per share until Oct. 7, 2027.

Prior to the acquisition, the acquiror owned an aggregate of 10,140,162 common shares of the issuer, representing approximately 46.66 pepr cent of the issued and outstanding common shares of the issuer on an undiluted basis. As a result of the acquisition, the acquiror owns a total of 13,465,162 common shares of the issuer, representing approximately 38.22 per cent of the issued and outstanding common shares of the issuer on an undiluted basis. The acquiror also owns warrants exercisable to acquire up to 1,662,500 common shares of the issuer. If the acquiror was to exercise all of its warrants, it would then own 15,127,662 common shares of the issuer, representing approximately 41.00 per cent of the issued and outstanding shares of the issuer on a partially diluted basis, assuming that no further common shares of the issuer have been issued.

"We are very excited by the potential of the Las Huaquillas property held by Fidelity, which we consider a Tier 1 epithermal gold and porphyry target," stated John Byrne, the executive chairman of Lions Bay.

The securities acquired by the acquiror will be held for investment purposes. The acquiror may, depending on market and other conditions, increase or decrease its beneficial ownership of the issuer's securities, whether in the open market, by privately negotiated agreements or otherwise, subject to a number of factors, including general market conditions and other available investment and business opportunities.

This news release is being issued pursuant to National Instrument 62-103, The Early Warning System and Related Take-Over Bid and Insider Reporting Issues, which requires a report to be filed containing additional information with respect to the foregoing matters. A copy of the acquiror's early warning report will be available on the issuer's profile on SEDAR+.

The issuer's head office is located at 1201, 1166 Alberni St., Vancouver, B.C., V6E 3Z3.