Mr. Brian Goss reports

HISTORICAL 3DIP/AMT SURVEY OUTLINES TWIN INTRUSIVE CENTRES AND PIPE-LIKE PORPHYRY TARGETS AT NOVARED MINING'S WILMAC COPPER-GOLD PROJECT

Novared Mining Inc. has released results from a combined induced polarization/audio frequency magnetotelluric geophysical survey completed in late October, 2024, by the previous optionee on the Lamont grid of the company's optioned Wilmac copper-gold project. The project is located within the Quesnel porphyry belt in the Similkameen mining division of British Columbia, approximately 10 kilometres west of Hudbay Minerals Inc.'s producing Copper Mountain mine. The survey data were acquired by the company as part of the historical exploration database disclosed in its news release dated April 15, 2026, and the results have not been previously released.

The 3DIP/AMT survey is interpreted to outline two parent intrusive bodies underlying the Lamont grid, each with multiple pipelike features extending upward toward surface that are interpreted as potential porphyry centres. The two interpreted intrusive bodies coalesce with depth into larger volumes and are interpreted to represent separate magmatic pulses within a composite intrusive complex. Anomalous copper-in-soil values that returned on trend to the north on the North Lamont grid -- to a maximum of 1,125 parts per million copper -- correlate broadly with near-surface chargeability and deeper conductivity anomalies on the eastern portion of the survey area, providing independent geochemical support for the geophysical interpretation.

"This historical 3DIP/AMT data set, combined with the soil geochemistry we reported earlier this month, strengthens the geophysical and geochemical case for blind, multiphase porphyry copper-gold mineralization on the western portion of our Wilmac project," said Brian Goss, chief executive officer of Novared. "Two distinct intrusive centres, each with pipelike features extending toward surface, are the kind of signature we would expect over a composite porphyry system -- and the corroborating copper-in-soil anomalies on the eastern portion of the grid add weight to the targeting interpretation. The Lamont grid is contiguous with two of our proposed 2026 IP/AMT survey areas, so these results feed directly into the design and target prioritization of the 2026 program."

The Lamont grid is contiguous with the proposed North Lamont and West Lamont survey grids targeted under the company's 2026 IP/AMT geophysical program (see news release dated March 11, 2026). The historical 3DIP/AMT data set, together with the soil geochemistry results disclosed in the company's news release dated May 11, 2026, provides the primary technical input for target prioritization and integrated interpretation across the 2026 program.

2024 3DIP/AMT geophysical survey

A combined Volterra 3DIP/AMT survey was completed by the previous optionee on the Lamont grid. A total of seven lines were surveyed, spaced at 300 metres and oriented toward 88.5 degrees. The lines ranged from 2,400 to 2,800 metres in length, with station spacing of 100 metres.

The survey utilized multiline acquisition sets comprising receiver lines and adjacent transmitting lines. Audio-magnetotelluric data were collected simultaneously with induced polarization data by deploying high-sensitivity induction magnetometers during IP transmitter off-times. This dual-method approach yielded complementary chargeability and resistivity models without requiring additional field mobilization.

Resistivity results

Inverted resistivity results document several trends of potential interest:

• A northwest-trending, low-resistivity feature comprising a series of linear pods extending southeast of the grid, interpreted as a probable fault dividing the survey area;
• A second possible structural control curving upward to the west, from the bottom centre to the centre left of the grid; and
• A moderate east-west-oriented probable structural control east of the principal fault.

A slightly oblique perspective view of the 3-D IP resistivity data documents these anomalies extending to depth. The two interpreted parent volumes coalesce with increasing depth into larger volumes and appear to interfinger with one another.

Chargeability results

Elevated chargeability values are concentrated on the eastern portion of the survey area, east of the creek that corresponds to the interpreted fault. Chargeability highs west of the fault are limited to small volumes in the near subsurface. As with the resistivity anomalies, the chargeability highs coalesce into larger volumes with depth.

Audio magnetotelluric results

AMT data from three lines were collected and inverted in 3-D to obtain a deep resistivity model. The AMT method penetrates to approximately 1,500 metres at this site, well beyond the depth of investigation of the 3-D IP method.

A near-vertical AMT profile documents a resistivity low (conductivity high) in the eastern portion of the survey grid, coalescing downward from multiple near-surface, elongated pipelike features into a single coherent volume at depth. This volume is interpreted to represent one parent magma within a composite intrusive complex underlying the grid.

A resistivity high in the western portion of the grid similarly extends to considerable depth, with several smaller anomalies extending upward toward surface and coalescing downward into a larger volume. This feature is interpreted to represent a second parent magma within the same composite complex.

When the two AMT features are viewed together, they interfinger with one another in a pattern interpreted to reflect two distinct magmatic pulses within a composite intrusive complex. The displayed isoshells are interpreted to approximate the contacts of the two parent magmas (plus or minus their associated thermal aureoles). Transparent areas between the isoshells are interpreted to represent host Nicola group rocks.

The two interpreted parent magmas correlate differently with surface geochemistry. The high copper soil values east of the interpreted fault are broadly associated with intense chargeability anomalies. The high copper values west of the fault are associated with chargeability lows.

Wilmac copper-gold project overview

The Wilmac copper-gold project comprises 16,078 hectares of mineral tenures (see news release dated May 1, 2026) located within the Quesnel porphyry belt in the Similkameen mining division of British Columbia, southwest of Princeton, and approximately 10 kilometres west of Hudbay Minerals Inc.'s producing Copper Mountain mine. The project is situated in a well-documented copper-gold porphyry belt and is interpreted to host potential for identification of one or more copper-gold alkalic porphyry occurrences similar in age and deposit type to those hosting the nearby Copper Mountain mine. According to Hudbay, Copper Mountain hosts proven and probable mineral reserves of 345 million tonnes grading 0.26 per cent copper and 0.12 gram per tonne gold (source: Hudbay Minerals, "Hudbay Provides Annual Reserve and Resource Update with Mine Life Extensions and Improved Three-Year Production Outlook," news release dated March 27, 2026; mineral reserves estimated in accordance with Canadian Institute of Mining, Metallurgy and Petroleum Definition Standards incorporated by reference in National Instrument 43-101).

The company has not independently verified this information. Readers are cautioned that the discussion of mineralization on adjacent or similar properties, including the Copper Mountain mine, is not necessarily indicative of the mineralization or potential of the Wilmac project. The company has no interest in, or right to acquire any interest in, any such adjacent properties.

Qualified person

The scientific and technical information in this news release has been reviewed and approved by Rick Walker, PGeo, a qualified person as defined by National Instrument 43-101. Mr. Walker is not independent of the company within the meaning of NI 43-101.

The analytical data referenced in this news release were generated by the previous optionee in 2024 and acquired by the company as part of the historical exploration database disclosed in its news release dated April 15, 2026. Mr. Walker has reviewed the analytical data, is the author of supporting reports prepared on behalf of the previous optionee and is satisfied as to the adequacy of the data for the purposes of the disclosure in this news release.

About Novared Mining Inc.

Novared is a mineral exploration company focused on the identification, acquisition, exploration and development of copper-gold porphyry projects in British Columbia. The company's optioned Wilmac copper-gold project comprises 16,078 hectares located within the Quesnel porphyry belt in the Similkameen mining division, southwest of Princeton and approximately 10 kilometres west of Hudbay Minerals' producing Copper Mountain mine.

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