Mr. Mark Carruthers reports

MEDARO MINING IDENTIFIES MULTIPLE STRONGLY DEFINED MAGNETIC TARGETS AT BASTNÄS PROJECT, SWEDEN

Medaro Mining Corp. has released the results of its high-resolution, low-elevation drone magnetic survey completed at the company's Bastnas project in central Sweden.

The survey was completed across the central section of the project as part of Medaro's 2026 exploration program and was designed to provide detailed information on the magnetic characteristics, geological structure and distribution of prospective mineralized zones across the property.

Geophysical results

Highlights

• Multiple magnetic high structures discovered correlating with historical iron ore mines;
• Strongly defined magnetic high lineaments trending northeast-southwest across project area;
• Structural fabric overprint that breaks up the magnetic high lineaments;
• Phase 2 drone magnetic survey to be completed in 2027.

This drone survey has produced a detailed magnetic data set covering the central section of the Bastnas project. Certain areas within the current magnetic survey contain gaps in coverage due to terrain, environmental and operational constraints associated with unmanned aerial vehicle surveying. These areas are planned to be infilled during phase 2.

The magnetic response is relevant at Bastnas given the extensive historical mining of magnetite and the known occurrence of copper, gold and rare-earth element mineralization within iron-rich magnetite horizons. The following images show the filtered magnetic data relative to the extent of permit, terrain and areas of historic mine workings (Bastnas, Persgruvan, Haggruvan, Stalklockan and Kallfallsgruvan).

Integration with surface assay results

The geophysical survey is being interpreted together with the company's 2026 surface sampling results. Figure 5 in the original version of this release shows a complex pattern of magnetic and structural lineaments. The magnetic lineaments are interpreted as near vertical narrow bands containing a high percentage of magnetite. These bands are disturbed by a number of breaks that also form a general anastomosing pattern from northeast to southwest. This is related to structural deformation that has affected the region since the formation of the magnetite bands.

Copper sulphide mineralization is known to be directly associated with magnetite mineralization from the historic Backegruvan and Persgruvan mining operations. Cerite mineralization at the old Bastnas mines is also known to be spatially associated with magnetite.

A total of 218 rock chip samples were collected across Bastnas from new outcrops and historic workings, with previously reported results including up to 32.99 per cent TREO (total rare-earth oxides), 16.5 grams per tonne gold and 23.7 per cent copper. The company has identified six principal areas of interest based on the combined geological, geochemical and geophysical results.

Medaro will continue to integrate the geophysical results with geological, geochemical and historical mining data to identify priority targets for follow up exploration and drilling.

Caution: Geophysical anomalies are indirect measurements and do not necessarily indicate economic mineralization. Additional geological work and drilling will be required to determine the source, grade, thickness and continuity of any mineralization.

"The results from the high-resolution magnetic survey give us a much clearer picture of the geology and structure across Bastnas," said Mark Carruthers, president and chief executive officer of Medaro Mining. "Importantly, the survey has helped us identify and prioritize several areas for follow-up exploration when combined with our 2026 sampling results. We are now focused on integrating the geophysical, geological and geochemical data to refine these targets, and determine where follow-up drilling can have the greatest impact."

Qualified person

The technical information contained in this news release has been reviewed and approved by Amanda Scott, a consultant of the company and a qualified person as defined under National Instrument 43-101 -- Standards of Disclosure for Mineral )Projects. The qualified person has reviewed the technical content of this news release but has not independently verified all historical or third party exploration data referenced herein. Such information is considered historical in nature and is used for geological context and exploration targeting purposes only.

About the Bastnas project

The Bastnas project is located in central Sweden within the historically significant Bastnas area, where bastnasite was first identified in the 19th century and which is associated with some of the earliest discoveries of rare-earth elements. The project is prospective for rare-earth mineralization, precious metals and base metals.

The project comprises two mineral exploration permits, Bastnas 100 and Bastnas 200, currently held on trust by McKnight Resources AB, and one mineral exploration permit, Backegruvan nr 1, currently held on trust by Explora Mineral AB. Pending applicable regulatory approvals, the permits are intended to be transferred 100 per cent to Medaro.

About Medaro Mining Corp.

Medaro is a mineral exploration company focused on the acquisition and advancement of high-quality mineral projects in Ontario, Quebec and Sweden. The company's strategy is to build shareholder value through systematic exploration, disciplined project evaluation and responsible development.

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