Ms. Kim Nguyen reports

LUX METALS REPORTS 0.71% CU OVER 19.50 M WITHIN PREVIOUSLY REPORTED 17.57 G/T AU INTERCEPT, INCLUDING 1.45% CU WITH 39.08 G/T AU OVER 8.00 M, CONFIRMING GOLD-COPPER MINERALIZATION AT ZONE 32, LA GRANDE GOLD PROJECT, JAMES BAY, QUÉBEC

Lux Metals Corp. has released the copper results for the Zone 32 interval in hole LG26-241, the first hole of its 2026 diamond drill program at the La Grande gold project, located in the Eeyou Istchee James Bay region of Quebec.

Highlights

• Complete results for the Zone 32 interval (see news release dated Oct. 14, 2026) include 17.57 grams per tonne Au (gold) and 0.71 per cent Cu (copper) over 19.50 m from 220.5 m downhole:
  • Including 39.08 g/t Au and 1.45 per cent Cu over eight m;
  • One sample returned 165 g/t Au and 3.58 per cent Cu over one m (G240715, 232 to 233 m);
  • One sample returned 45.40 g/t Au and 5.79 per cent Cu over one m (G240717, 233 to 234 m).
• The 2026 drill program, which comprised three holes totalling 1,416 m, has now been completed. Assays for the remaining holes and for the remainder of hole LG26-241 are pending and expected end of November, 2026.
• The company has launched a drone-borne magnetic survey over the Zone 32 area of the project to map the structures controlling the gold-copper mineralization and refine targets for future drilling.

"With the copper results in hand, LG26-241 shows significant copper alongside the high-grade gold across the Zone 32 interval, confirming the gold-copper character of the system," said Kim Quyen Nguyen, president and chief executive officer of Lux Metals. "The drill program is now complete, and the magnetic survey will help us trace the structures that control the mineralization as we plan our next steps."

Hole LG26-241: copper results for the Zone 32 interval

On Oct. 14, 2026, the company reported gold assays for the Zone 32 interval in hole LG26-241 (17.57 g/t Au over 19.50 m, including 39.08 g/t Au over eight m). At that time, multielement (ICP) results, including copper, were pending. These results have now been received (Table 1). Assays for the remainder of hole LG26-241, outside this Zone 32 interval, are pending and will be reported once received and validated.

• Zone 32 (220.5 m to 240.0 m): 0.71 per cent Cu over 19.50 m, including 1.45 per cent Cu over eight m. One sample returned 165 g/t Au and 3.58 per cent Cu over one m and another returned 45.40 g/t Au and 5.79 per cent Cu over one m. Copper is hosted by chalcopyrite, which occurs with pyrite and visible gold in the same sericite-altered shear zones and quartz veins, notably between 232.41 m and 233.62 m, indicating that gold and copper were introduced by the same mineralizing event.

2026 drill program completed

The 2026 diamond drill program at La Grande was completed on Oct. 20, 2026, with three holes totalling 1,416 m. In addition to LG26-241, the program tested the eastern extension of Zone 32 and the deep zone identified in historical hole LGS12-224. All core has been logged and sampled, and samples have been delivered to AGAT Laboratories in Val d'Or. Assay results are expected end of November, 2026, and will be released once received and validated.

Magnetic survey under way

The company has started a high-resolution drone-borne magnetic survey over the Zone 32 area of the project. The survey conducted will cover approximately 160 line kilometres at 35 m line spacing and is expected to be completed before November, 2026.

Zone 32 lies along the contact between the La Grande-Sud tonalite and Yasinski Group volcanic rocks, where gold is concentrated in sheared, sericite-altered and sulphide-bearing tonalite. The survey is designed to map this contact and the associated shear structures at high resolution, identify along-strike and perpendicular structures, and, combined with the 2026 drilling results, help prioritize targets for the next drill program.

Quality assurance and quality control

Drilling was conducted using a diamond drill rig with NQ sized core. Samples were logged and sampled on site, where core was sawn in half and bagged. Quarter core were also sawn for field duplicate. Each bag was secured using a zip-tie, and bagged into a rice bag that was sealed until opening at the laboratory. Samples were transported by road to AGAT Laboratories facility in Val d'Or, Que., for standard preparation (code 200075 plus 200087), which include drying at 105 degrees Celsius, crushing 75 per cent passing two millimetres, riffle split 250 g and pulverize 85 per cent passing 75 micrometres. A 15 g subsample is taken and shipped by air to AGAT Laboratory in Calgary for the four-acid digestion 48 metals analysis with ICP-OES/MS finish. Most of the pulp is sent to AGAT Laboratory in Thunder Bay for gold fire assay of 50g with AAS finish. Samples returning greater than 10 g/t Au were reanalyzed by fire assay (50 g) with a gravimetric finish. Samples returning greater than 10,000 ppm (parts per million) Cu were reanalyzed for overlimit copper by four-acid digestion with ICP OES/MS.

A quality assurance/quality control (QA/QC) protocol following industry-best practice was incorporated to the sampling procedure. Measures include insertion at regular spacing of quartz blank (4 per cent), certified reference materials (4 per cent) and quarter core duplicate (4 per cent). Additional blank material was added after each occurrence of visible gold, and additional high grade gold CRM were added in the mineralized zone. Validation of values for gold and copper from the blank and certified reference material from the release result returned acceptable results from industry standard.

Qualified person

The scientific and technical information contained in this news release has been reviewed and approved by Jonathan Marleau, PGeo, senior geologist at Dahrouge Geological Consulting Ltd., an independent consultant of the company, who is a qualified person (within the meaning of National Instrument 43-101 -- Standards of Disclosure for Mineral Projects) and independent of the company for purposes of Section 1.5 of National Instrument 43-101 -- Standards of Disclosure for Mineral Projects.

About Lux Metals Corp.

Lux Metals is a Canadian mineral exploration company focused on advancing its flagship La Grande gold project in Quebec's James Bay region. The project hosts the high-grade Zone 32 gold system, supported by extensive historic drilling, direct access via the four-season Trans-Taiga Road and district-scale exploration potential.

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