Mr. Steve Jukes reports

WALHALLA GOLD PROVIDES CORPORATE AND EXPLORATION UPDATE AS DISTRICT DISCOVERY STRATEGY ADVANCES

Walhalla Gold Corp. has provided an update on the technical and corporate work undertaken since the company's spinout and the company appointed Steven Jukes as chief executive officer in July, 2026.

Over the past several weeks, Walhalla has focused intensively on building the technical and operating foundation required to advance its district discovery strategy in Victoria, Australia. The company has engaged RSC, a market-leading geological consultant with critical Walhalla-Woods Point district knowledge, to support the review and integration of its extensive historical exploration data set, and provide technical input into target generation and prioritization.

The strategy is designed to systematically evaluate the company's extensive land position for the potential to define multiple projects across multiple mineral systems, including gold, antimony and broader critical mineral potential.

Walhalla is also establishing an active presence in Victoria. Chief executive officer Steven Jukes has met with government representatives, visited the company's project areas and engaged with industry stakeholders. The company has also joined the Association of Mining and Exploration Companies (AMEC), strengthening its connectivity within Australia's exploration and mining industry.

Highlights

• Strengthening team capabilities: Walhalla is expanding its technical, exploration and stakeholder capabilities to support execution of the district discovery strategy, with further corporate updates expected in the near term as these initiatives advance.
• District discovery strategy: Controlling approximately 1,230 square kilometres across the Walhalla-Woods Point region, including the past-producing Walhalla-Woods Point district (1.68 million ounces at 37.9 grams per tonne Au), the company's district discovery strategy has been built to systematically evaluate multiple projects and mineral systems across gold, antimony and broader critical mineral potential.
• Compelling historical data: The company's extensive data set includes significant historical drilling and geological data, which is being re-evaluated to identify potential extensions and repeat structures. Critically, this also includes key geological markers of the highly productive Cohen's Reef mine which extended to approximately 1,120 metres below surface.
• Multiple target areas: The geological learnings from the company's historical data are being applied across the broader land position to identify the most prospective targets which the company will prioritize for systematic field programs.
• Field program definition: airborne and ground geophysics, lidar (light detection and ranging), remote sensing and artificial-intelligence- and machine-learning-driven target generation will be deployed to systematically identify and prioritize opportunities across Walhalla's extensive land position.

Steve Jukes, chief executive officer and director, commented: "The extensive work undertaken over the past several weeks, both in the data and on the ground in Victoria, has strengthened our conviction in the opportunity at Walhalla. As we finalize our district discovery strategy, we are focused on applying what we learn from known mineral systems across the broader land position to generate and prioritize new opportunities. We are now moving from evaluation to fieldwork planning and execution, with clearer exploration priorities and a growing pipeline of project opportunities across the district."

Next steps

Walhalla's near-term focus is on advancing its field programs and translating the continuing technical work into ranked exploration targets and defined work programs across the broader land position.

As these initiatives advance, the company expects to provide further updates on exploration priorities, field activities, and the continued buildout of its technical and corporate capabilities.

About the Walhalla gold project

The company owns the Walhalla gold project, located in the state of Victoria, which is a district-scale project consisting of 1,230 square km of concessions. Cohen's Reef is one of the largest and most productive gold-bearing quartz reefs ever discovered in Victoria and the company's early exploration will target the identification of potential repeat structures nearby old developments. In addition to multiple areas with past historic production such as Cohen's Reef, the Walhalla gold project contains high-priority greenfield targets such as Pinnacles where extensive soil geochemistry has highlighted a 400 m by 1,100 m gold mineralized aplitic dike, which contains disseminated sulphides and outcrops at surface. The Pinnacles target is fully permitted, accessible and ready for immediate drilling.

Qualified persons statement

The scientific and technical information contained in this news release has been reviewed and approved by Michael Moore, PGeo, director of Walhalla Gold, a qualified person (QP) as defined by National Instrument 43-101 -- Standards of Disclosure for Mineral Projects. Mr. Moore is not independent of the company within the meaning of NI 43-101. The QP has verified the data disclosed in this news release, including sampling, analytical and test data underlying the information.

We seek Safe Harbor.