Mr. Gorden Glenn reports

PL GOLD MINE RESTART UPDATE HIGH GRADE GOLD RESULTS, RESOURCE EXPANSION POTENTIAL AND OPERATIONAL READINESS UPDATE

Minnova Corp. has provided an update on the restart of the PL gold mine in central Manitoba.

Resource expansion and infill drilling program

Between September, 2025, and April, 2026, the company completed its largest-ever infill drill program on the PL gold mine property, with more than 13,500 metres completed in 131 holes. The program focused on resource expansion and infill drilling to support an update to the current 2017 National Instrument 43-101 mineral resource estimate (2017 MRE).

Results successfully demonstrated the deposit's resource expansion potential, with 18 holes targeting the PL North target area (PLN), interpreted as the on-strike extension of the main PL deposit (PLD). PLN was discovered in 2017 through surface prospecting and sampling, and was confirmed by subsequent drilling. Drilling completed at PLN between 2018 and 2026 is not included in the 2017 MRE. Results from PLN drilling are expected to be incorporated into the upcoming 2026 MRE. The target remains open along strike to the northwest and downdip, continuing to demonstrate further expansion potential.

This news release highlights high-grade results above five grams per tonne (g/t) gold (Au), which continue to demonstrate the resource expansion potential of the PL gold mine property.

While high-grade mineralization is important and will be targeted in the early years of mining, lower-grade material is also expected to play a role in the updated 2026 MRE, particularly as it relates to the planned restart as an open-pit mine. The company expects to provide an update on lower-grade results between 1.00 g/t Au and 4.99 g/t Au in subsequent releases.

Highlights of 2025-2026 PLN area drill program include:

• Hole —25-004 intersected PLN upper and lower mineralized structures, returning 25 g/t over 0.50 metre (m) and 10.04 g/t over 1.4 m (see table 1).
• Hole —25-018, targeting the downdip extension of the PLN structure, intersected 7.96 g/t over 1.5 m at a downhole depth of 110.4 m extending the downdip projection of the PLN by over 300 m from surface, demonstrating continued resource and exploration potential of the PL property.
• High-grade mineralization was intercepted at shallow depths amenable to open-pit mining methods:
  • —25-011 -- 8.23 g/t over 0.5 m from 6.75 m;
  • —25-014 -- 15.67 g/t over 1.4 m from 31.1 m;
  • —25-016 -- 7.92 g/t over 1.2 m from 20.5 m.

The PLN target area remains open along strike and downdip, with future resource expansion drilling planned for fall and winter 2026.

Near-surface gold mineralization at PLN supports its inclusion in planned large open-pit development.

The balance of the drill program focused on infill and close-spaced drilling at the PLD to better define mineralized structures and achieve drill density appropriate for mine planning and scheduling ahead of initial open-pit mine development and future underground mining operations.

Infill drilling focused on delineating subcropping mineralized structures that comprise the existing PLD 2017 MRE. An area of approximately 150,000 square m was targeted for infill drilling, with drill hole spacing ranging from 50 m to 12.5 m and averaging approximately 21 m. This area of the PLD is targeted for future open-pit mine development.

PLD infill drilling results confirmed strong grades at shallow depths across a strike length of approximately 500 m. Shallow intercept highlights include the following:

• Hole —26-052 intersected 46.16 g/t over 1.50 m from 18.50 m.
• Hole —26-048 intersected 55.12 g/t over 1.00 m from 18.30 m.
• Hole —26-002 intersected 43.48 g/t over 1.50 m from 41.70 m.

Deeper high-grade intercepts confirm downdip extension of shallow mineralization and expansion of an area of very high-grade mineralization. Highlights of deeper drill results (minus 50 m to minus 200 m) include the following:

• Hole —25-020 intersected 156.10 g/t over 0.40 m from 127.60 m.
• Hole —25-021 intersected 40.88 g/t over 0.50 m from 166.30 m.
• Hole —25-022 intersected 35.6 g/t over 2.00 m from 150.50 m.
• Hole —25-023 intersected 17.25 g/t over 1.20 m from 179.60 m.

Mineral resource estimate update

Results from the 2025-2026 resource expansion and infill drill program, along with all drilling completed since the 2017 MRE, will underpin an updated 2026 MRE, which will be the basis of an updated mine development plan focused on restarting as a lower-cost open-pit mining operation before transitioning to underground. The 2016 MRE and a preliminary economic assessment (PEA) are nearing conclusion and will be followed by a feasibility study.

Gorden Glenn, president and chief executive officer, commented: "First some comments on gold as a strategic investment with an increasingly central role in the global financial system: (i) one of China's largest exchange-traded funds (ETF) transformed from an equity-focused vehicle to a gold fund, aligned with the Peoples Bank of China (PBoC), which continues to aggressively accumulate gold reserves; (ii) China recently banned paper gold trade for retail investors across its major commercial banks, cutting off leveraged speculation and forcing traders to either liquidate their positions or take delivery of physical bullion; and (iii) globally, central banks continue to build gold reserves with June, 2025, monthly gold purchases reaching second-highest of the year. Central banks classify gold as a Tier 1 reserve asset because it carries zero counterparty or default risk. Taken together these global market actions reaffirm our view that gold represents an essential investment class and the restart of the PL gold mine offers investors exposure to near-term gold production.

"The results of the 2025-2026 drill program were impressive, with high grades at shallow depths supporting planned open-pit mine development. In addition, we continue to extend mineralization downdip at the PLN target area (—25-018) and expand areas of known high-grade mineralization in the main PLD (—25-019 through —25-030)."

Development plans and strategic readiness planning

Site evaluations and technical review/audit by ABGM and other technical consultants support proposed process plant expansion from 1,000 tonnes per day (tpd) to 2,000 tpd run of mine (ROM) (see the news release titled "Minnova Announces Strategic Expansion Initiative to Target 2,000 TPD Mine Production at PL Gold Mine and Option Grant"). To achieve steady-state 2,000 tpd ROM throughput, tertiary crushing will be incorporated into the crusher process flowsheet. Pending the results of updated metallurgical testwork, including gravity recovery and ore sorting, the process flowsheet will be updated and used to determine any additions required to the mill to achieve and maintain 2,000 tpd ROM throughput.

Overall development plan leverages existing 1,000 tpd process plant infrastructure and defers expansion capital spending to year 1 of commercial operations and financed from operating cash flows with production expansion to 2,000 tpd planned for year 2.

Preliminary mine planning indicates that an underground test mining program could be initiated in year 1 by dewatering the existing portal and accessing relatively shallow resources from existing infrastructure. The program could be financed from year 1 cash flows and may accelerate the transition to underground mining operations.

Option grant

Pursuant to the company's LTIP (long-term incentive program), the company announces that its board of directors has approved an option grant of 2.6 million options to purchase common shares of the company, exercisable at a price of 20 cents per common share for a period of five years, to certain directors, officers, employees and consultants. The common shares issuable upon exercise of the options are subject to a four-month hold period from the original date of grant. These stock options vest immediately.

QA/QC (quality assurance/quality control)

All samples were sawn and separated, with one-half being returned to the core box for reference and the other being bagged in a plastic sample bag, which was labelled, tagged, documented and sealed. All core samples were placed in labelled rice sacks and sealed with a security zip-tie. Samples were delivered to SRC Labs in Saskatoon, Sask. Receipt of the samples was signed off at the preparation lab and was tracked by the company. Pulps of each sample were prepared and followed by fire assay and gravimetric analysis, if required. A QA/QC program, including the regular insertion by the company of duplicates, blanks and standards, was instituted.

Sample lengths varied according to geology and mineralization with quartz veins regularly sampled.

Additional disclosure as per National Instrument 43-101 3.3 (2f))

Type of analytical or testing procedures utilized:

• Primary assay: Processing for gold analysis uses a 30-gram fire assay with an atomic absorption finish.
• Overlimits assay: Any samples exceeding the 3,000 parts per billion (ppb) are retested via fire assay with a gravimetric finish.
• Specialized testing: Select high-grade or complex samples are further analyzed using metallic screens to evaluate coarse gold (nugget effect).

Sample size

The company utilizes NQ- and NQ2-size diamond drill core.

For the physical sample size sent to the lab, the core is systematically cut in half. One-half is sent as the representative sample for laboratory analysis and the remaining half is kept securely in the core box as a permanent physical record.

Name and location of the laboratory

Saskatchewan Research Council (commonly known as SRC Labs): The sample preparation and subsequent analytical testing are executed locally at its facility in Saskatoon, Sask., Canada.

Qualified person

Nick King, BSc (honours) geology, GDE Mining Engineering, PrSciNat, an independent consultant of the company and a qualified person under National Instrument 43-101, has reviewed and approved the scientific and technical information in this news release.

About Minnova Corp.

Minnova is a near-term gold producer focused on the restart and expansion of its 100-per-cent-owned PL gold mine in the prolific Flin Flon greenstone belt of central Manitoba. The project is situated on a past-producing mine site and benefits from significant existing infrastructure, including a 1,000 tpd processing plant and valid underground mining permit (Environment Act licence 1207E).

A positive 2017 feasibility study, based on an underground development plan and a gold price of $1,250 (U.S.) per ounce, outlined a robust five-year mine life with an annual production rate of 46,493 ounces. Given the current high gold price, Minnova is revising the mine development plan to prioritize lower-cost open-pit mining methods for the initial years of production before transitioning to underground methods.

A preliminary economic assessment is advancing with a revised and optimized mine development plan leverages the existing 1,000 tpd process plant capacity, envisions an expansion to 2,000 tpd from open-pit operations starting in year 2, underground test mining in year 1, and transition from open pit to underground operations in years 3 and 4. The revised development strategy targets reduced operating costs, lower initial capital costs and higher gold production than the previous underground-only model. The current global gold resource remains open to expansion, as does the reserve. The 2017 MRE will be updated in 2026, using current consensus gold price assumption and will incorporate all drilling conducted after the 2017 feasibility study, including the 13,500 m 2025-2026 drill program

We seek Safe Harbor.