Mr. Scott Walters reports

MAXUS MINING ANNOUNCES CLOSING OF FLOW THROUGH PRIVATE PLACEMENT

Maxus Mining Inc. has closed its non-brokered private placement, announced Oct. 29, 2025, for an aggregate of 2,364,091 flow-through shares (FT) of the company at a price of $1.10 per FT share for gross proceeds of $2,600,500.10. The company intends to use the proceeds from the offering toward exploration on the company's project portfolio.

Each FT share consists of one common share of the company issued as a flow-through share within the meaning of the Income Tax Act (Canada). The gross proceeds from the sale of the FT shares will be used by the company to incur eligible Canadian exploration expenses that will qualify as flow-through mining expenditures as such terms are defined in the Income Tax Act (Canada) related to the company's projects in Canada. All qualifying expenditures will be renounced in favour of the subscribers of the FT shares effective Dec. 31, 2025.

In connection with the closing of the offering, the company paid an aggregate of $155,700 in cash finders' fees to GloRes Securities Inc. All securities issued in connection with the offering are subject to a statutory hold period of four months and one day.

About Maxus Mining Inc.

Maxus Mining is a mineral exploration company focused on locating, acquiring and, if warranted, developing economic mineral properties in premier jurisdictions. The company is working toward progressing its diverse portfolio of exploration properties, which now includes approximately 15,342 hectares of prospective terrane, comprising 9,165 hectares among three antimony projects, 3,123 hectares encompassing the Penny copper project and the remaining 3,054 hectares comprising the Lotto tungsten project.

The Penny copper project covers approximately 3,123 hectares and has seen exploration activity throughout the last 100-plus years, with recent work including rock sampling and minor geological mapping. The Penny copper project is located near the major past-producing Sullivan mine at Kimberley, B.C., an area that has stimulated both junior and major exploration company activities in the past year. Additionally, the Penny copper project saw a 2017 work program return 17 grab samples, which returned copper values up to 1,046 parts per million (ppm) copper (Cu) (TK17-149c), 1,808 ppm Cu (TK17-28) and 2,388 ppm Cu (TK17-12).

At the Quarry antimony project, in well-established British Columbia, Canada, one historical sample taken assayed 0.89 ppm gold (Au), 3.8 per cent Cu, 0.34 per cent zinc (Zn), 42.5 per cent lead (Pb), 0.65 ppm silver (Ag) and 20 per cent Sb (antimony). A selected grab sample taken in 1980 at the Lotto tungsten project from a quartz vein with scheelite assayed 10.97 per cent WO3. Additionally, the Alturas and Hurley antimony projects are strategically positioned. The Alturas project had a recent antimony discovery that saw high-grade naturally occurring antimony with assays up to 69.98 per cent Sb. Hurley neighbours Endurance Gold Corp.'s Reliance gold project, which saw antimony results from 2024 work programs include 19.2 per cent Sb and 2.16 ppm Au over 0.5 metre, encountered during the 2024 drilling program.

We seek Safe Harbor.