Ms. Neha Tally reports

ST-GEORGES ANNOUNCES COMMENCEMENT OF DRILLING AT THE THORMODSDALUR GOLD PROJECT IN ICELAND

Diamond drilling has commenced at St-Georges Eco-Mining Corp.'s Thormodsdalur gold project.

The project is held by Iceland Resources ehf, a wholly owned Icelandic subsidiary of St-Georges, and is currently being advanced by Aurania Resources Ltd. pursuant to the definitive option agreement announced in April, 2026.

Aurania has engaged Finland-based Arctic Drilling Company Oy Ltd. to conduct a six-hole diamond drilling program totalling approximately 770 metres. The program is expected to take approximately one month to complete, following which drill-core samples will be submitted for assay.

Highlights

• Diamond drilling is under way at the Thor's Valley low-sulphidation epithermal gold project in Iceland.
• Six holes totalling approximately 770 metres are planned.
• Five twin holes will retest historical intercepts using modern drilling, sampling, and quality assurance and quality control practices.
• One hole will test a new target associated with numerous high-grade surface rock-chip boulder samples grading up to 102 parts per million gold.
• A previous operator completed 32 drill holes totalling 2,431 metres, with reported results of up to 415.40 grams per tonne gold.
• Iceland Resources completed 11 additional drill holes totalling approximately 1,780 metres in 2020, with reported results of up to 113 g/t gold.

Tordis Bjork Sigurbjornsdottir, chief executive officer of Iceland Resources, commented: " (...) The commencement of this drilling program represents an important milestone for Thormodsdalur and for Iceland Resources. Our team has worked over many years to consolidate the project, preserve its extensive historical information and advance the geological understanding of this remarkable gold system. Aurania's program now brings additional technical expertise and modern exploration methods to targets supported by more than a century of documented gold occurrences and previous drilling. We are particularly pleased to see active drilling return to the project and look forward to working closely with Aurania as it moves toward an initial modern resource definition (...) "

Project overview

The Thormodsdalur project is located approximately 20 kilometres east of Reykjavik, Iceland's capital. In April, 2026, St-Georges, Iceland Resources and Aurania entered into a definitive option agreement to collaborate on a phased exploration program intended to advance the project toward an initial modern mineral-resource definition.

Thormodsdalur is a historically recognized gold-bearing, low-sulphidation epithermal system. Gold was first documented in the area in 1903 after pieces of white quartz collected from a stream were found to be gold bearing.

Between 1911 and 1924, several exploration and mining ventures were undertaken using German and British capital. Two shafts were sunk, and approximately 400 metres of lateral underground workings were developed. Historical records describe a productive vein estimated to be approximately one metre wide and at least one kilometre long, with reported grades ranging from 11 grams per tonne to 315 g/t gold. Historically mined material was shipped directly to Norway and subsequently Germany for processing. No historical tailings remain at the site.

During the 1990s, the project was the subject of geochemical and petrographic studies. A vertical geothermal well drilled to a depth of approximately 455 metres intersected several mineralized quartz veins, including one near the bottom of the hole.

In 1997, nine diamond drill holes totalling approximately 1,069 metres were completed. Average core recovery was reported to be approximately 52 per cent. Sampled intervals returned historical grades ranging from 1.13 g/t to 46.10 g/t gold, although the results are not considered representative and true widths could not be determined.

Between 2005 and 2006, Melmi ehf, a private Icelandic exploration company, drilled 32 holes totalling approximately 2,431 metres and reported results of up to 415.40 g/t gold. Iceland Resources acquired Melmi ehf in 2020 and subsequently completed 11 additional drill holes totalling approximately 1,780 metres, with reported results of up to 113 g/t gold.

About St-Georges Eco-Mining Corp.

St-Georges develops new technologies and holds a diversified portfolio of assets and patent-pending intellectual property within several highly prospective subsidiaries, including: EVSX, a battery processing initiative; St-Georges Metallurgy, with metallurgical R&D (research and development) and related IP, including processing and recovering high-grade lithium from spodumene; Iceland Resources, with high-grade gold exploration projects including the Thor project; H2SX, developing technology to convert methane into solid carbon and turquoise hydrogen; and Quebec exploration projects including the Manicouagan and Julie nickel, copper and PGE (platinum group element) critical mineral projects on Quebec's North-Shore, and Notre-Dame niobium project in Lac St-Jean.