Vancouver, British Columbia--(Newsfile Corp. - July 22, 2026) - GREAT ATLANTIC RESOURCES CORP. (TSXV: GR) (the "Company" or "Great Atlantic") is pleased to provide an update on assays received by option partner HM Exploration Corp. ("HM Exploration") for the first seven (7) of twelve (12) drill holes from HM Exploration's Phase One drilling program (the "Program") at Great Atlantic's Pilley's Island Project, north-central Newfoundland. HM Exploration holds an option to earn a 100% interest in the project. The holes were all drilled within the area of Great Atlantic's Pilley's Island Project. HM Exploration refers to their project area as the Lewis Pilley's Project.

Figure 1 (by HM Exploration): Plan map of 2026 diamond drilling at the Clifford Jones (Bull Road) Zone. Currently the upper lens (UL) and lower lens (LL) mineralization remains open along strike and at depth. The upper lens mineralization has been confirmed over a strike length of approximately 60 m, from a total drill-tested length of approximately 135 m, within zones of massive to semi-massive sulphide through holes 1 and 2 as well as holes 5, 6, and 7. Small red discs represent visually logged mineralized zones (assays pending). "Including" assay values not represented by colour-scale on figure.

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"The confirmation of significant mineralization through HM Exploration's first assay results represents another important milestone for the Pilley's Island Project," states Anderson, CEO of Great Atlantic. "The results demonstrate the benefits of a committed partner and reinforces the value within Great Atlantic's project portfolio. Through our option agreement, we are encouraged to see the project continue to advance through partner funded exploration, while we maintain exposure to the project's ongoing success. We congratulate the team at HM Exploration on this achievement and look forward to further updates ahead."

Highlights (as stated by HM Exploration):

• First assays confirm significant polymetallic mineralization in both the upper and lower sulphide lenses, supporting the HM Exploration's geological model (Figure 4). Both mineralized horizons remain open along strike and down dip (Figure 1).

PI-26-007*

• 23.0m of 1.21 % Cu, 1.67 % Zn, 10.67 g/t Ag, 0.25 g/t Au (7.00 - 30.00m)

  • Including 2.03 % Cu, 0.62 % Pb, 2.36 % Zn, 16.35 g/t Ag, and 0.38 g/t Au over 8.18m (16.00 - 24.18m)

• 2.45 % Cu, 1.70 % Zn, 92.20 g/t Ag, 5.89 g/t Au over 0.66m (155.31 - 155.97m)

• 0.80 % Cu, 0.52 % Zn, 3.67 g/t Ag, 0.21 g/t Au over 3.45m (175.85 - 179.30m)

PI-26-001*

• 4.47m of 1.49 % Cu, 1.04 % Pb, 5.05 % Zn, 19.54 g/t Ag, 0.28 g/t Au (12.09 - 16.56m)

  • Including 4.58 % Cu, 1.60 % Zn, 28.10 g/t Ag, and 0.56 g/t Au over 0.60m (12.70 - 13.30m)

• 0.50 % Cu, 1.20 % Zn, 5.77 g/t Ag, 0.15 g/t Au over 6.45m (50.30 - 56.75m)

  • Including 1.38 % Cu, 2.38 % Zn, 13.90 g/t Ag, and 0.35 g/t Au over 0.87m (54.07 - 54.94m)

* All reported intervals represent drilled lengths. True widths of the mineralized intersections are currently unknown.

• Downhole EM, ground EM, optical and acoustic televiewer surveys will be executed imminently to help systematically plan for Phase Two drilling, testing the further extensions of the mineralized system.

• Assays for holes PI-26-008 through PI-26-012 remain pending.

States Nick Rodway, CEO of HM Exploration, "The intense mineralization we have visually observed in the first seven holes has now been confirmed by laboratory analysis, including high-grade intervals grading up to 2.45% Cu, 5.89 g/t Au and 92.2 g/t Ag in the lower lens and very extensive intervals in the upper lens. These assay results confirm that the Lewis Pilley's Project hosts a polymetallic VMS system with excellent potential for expansion. With assays pending from holes eight to twelve, we are planning our EM survey in order to systematically design our Phase Two drilling program set to commence this fall."

HM Exploration states that the 2026 Phase One drilling Program was focused on evaluating the continuity of the mineralized system below known surface showings and along strike of the Clifford Jones (Bull Road) Zone (the "Zone") to improve their understanding of the geological controls on mineralization. Assays have confirmed that the upper targeted copper-bearing debris flow contains significant mineralization over an interpreted strike length of approximately 60 m, from a total drill-tested length of approximately 135 m, within zones of massive to semi-massive sulphide through holes 1 and 2 as well as holes 5, 6, and 7 (Figure 1). Assay values from hole 7 also confirm that the lower mineralized sulphide lens contains significant mineralization within predominantly massive to semi-massive, and minor disseminated, sulphide mineralization (Figures 2 & 3). The assay results validate HM Exploration's geological interpretation that multiple stacked sulphide lenses are present within the Project's Volcanogenic Massive Sulphide ("VMS") system. Both the upper and lower mineralized zones are open along strike and down-dip.

HM Exploration states that the mineralization from the upper zone is characterized by semi-massive to massive fragments of sulphide that have been fractured, transported, and chaotically mixed with varying types of volcanic rock. The fragments range from sub-rounded to angular, possibly indicating multiple transport events and reworking of these fragments through moderate to distal transport from the original deposition site. The source of the material is interpreted to be very nearby and may be supported by a stockwork vein system representing the feeder zone of the mineralization.

HM Exploration states that the mineralization from the lower zone is characterized by more massive and coherent fragments of sulphide with less rounding and fracturing than observed in the upper zone. The more 'intact' nature of these fragments provides evidence that the new lower mineralized sulphide lens may represent debris deposited closer to the original hydrothermal vent system (Figure 4).

Significant assay results from the first seven (7) drill holes of the Phase One drilling Program can be found below in Table 1.

Table 1 (by HM Exploration): Significant assays from Phase One drilling Program at the Clifford Jones (Bull Road) Zone (NSV=No Significant Values)

Figure 2 (by HM Exploration): Oblique view of the 2026 Phase One drilling completed at the Clifford Jones (Bull Road) Zone. Small red discs represent visually logged mineralized zones (assays pending). "Including" assay values not represented by colour-scale on figure.

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Figure 3 (by HM Exploration): Cross-section of drill hole PI-26-007 (looking north) showing select significant mineralized intercepts with corresponding drill-core photos. In drill section, small red discs represent visually logged mineralized zones (assays pending).

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Figure 4 (by HM Exploration): Conceptual model of VMS mineralization and the locations of where various types of mineralization may be located within the system. Mineralization intersected at the Clifford Jones (Bull Road) Zone appears to be transported from source; however, the angularity of the massive-sulphide clasts may indicate limited transport distance from the source vent (Modified after Kirkham and Thurlow, 1987).

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Table 2 (by HM Exploration): 2026 drill collar data; Coordinates reported in NAD83 - Zone 21N.

Geology & Mineralization (as stated by HM Exploration)

The Project is located within the Notre Dame Subzone of the Dunnage Tectonostratigraphic Zone. Of note, most of the Project is underlain by Ordovician submarine volcanic rocks of the Roberts Arm Group which is regionally identified as part of a mature arc sequence referred to as the Buchans-Roberts Arm Belt that also hosts the historic Buchans mine (after Dunning et Al., 1987). Mineralization occurs as lower grade (Spencer's Dock); medium grade (Old Mines); and high grade (3B-Zone/Clifford Jones) deposits that are of both sub-seafloor replacement and exhalative varieties. The deposits are often flanked by extensive chlorite, sericite, silica, K-feldspar and epidote alteration often observed in bimodal-felsic VMS systems. The Spencer's Dock area displays sericite/silica alteration that generally increases in intensity near mineralized zones, while the 3B/Old Mine areas display sericite/silica alteration that is abundant but less widespread and is more intense when proximal to mineralized zones (after Kerr, 1996).

VMS deposits are a globally significant source of copper, zinc, lead, silver, and gold. The Project's geology shares key characteristics with known Volcanogenic Massive Sulphide ("VMS") districts in Newfoundland, including the past producing Buchans, Ming and Rambler Mines, supporting the exploration potential of the Project.

About the Lewis Pilley's Project (as stated by HM Exploration)

The Project is road accessible and situated approximately twenty-five (25) km east of the town of Springdale, approximately fifty-five (55) km southeast of Firefly Metals' Green Bay Project and approximately one hundred fifty (150) km from the Pine Cove Mill and Port by way of major roads (Figure 5).

The Project has a long history of mining and exploration dating back to the late 1800s when the Pilley's Island Pyrite Company Ltd. produced approximately 450,000 tonnes of massive pyritic ore from the Pilley's Island Mine-Old Mines (after Kerr, 1996).

The Project hosts a cluster of VMS systems and prospects with demonstrated high-grade Zn-Pb-Cu-Ag+/-Au intersections. Mineralization is typical bimodal-felsic VMS, with both massive sulphide and sulphide-clast breccias (Thurlow, 1996). The geological setting is directly analogous to the Buchans camp (Thurlow, 1996), and the presence of sulphide-clast breccias is a strong vector toward proximal massive sulphide lens.

Most of the historic showings that fall within the extent of the Project have not seen systematic exploration. Many of the historic drill holes were shallow and drilled in a vertical orientation limiting the geological knowledge of the extents of the underlying lithology and mineralization. Work is being planned to validate historic assay results as well as collect new data from the 3B-Zone, Clifford Jones (Bull Road) Extension, Bouzanne Shaft, Henderson, Mansfield and Pilley's Cove Showings.

Figure 5 (by HM Exploration): Regional map of Newfoundland displaying the location of the Property and other significant mineral exploration and mining projects in Newfoundland - Canada

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Sampling, Preparation & QA/QC (as stated by HM Exploration)

Drill collar locations were determined from hand-held GPS (NAD83-Zone 21N), and the drill rig was aligned using a Reflex TN-14 Gyrocompass alignment tool. All samples are given a unique sample ID and number and shipped directly to Eastern Analytical Ltd. (403 Little Bay Road, Springdale, NL), a commercial laboratory that is ISO/IEC 17025 accredited and completely independent of the Company. Analytical methods include ICP-OES (34 element) with four-acid digestion, Au Fire Assay (30g) with AA finish, and Ore Grade Assay (multi-acid digestion) with AA finish. The Company inserts standard, blank, and duplicate samples as part of its standard QA/QC procedures.

National Instrument 43-101 Disclosure (as stated by HM Exploration)

Nicholas Rodway, P. Geo, (Licence# 46541) (Permit to Practice# 1000359) is CEO and Director of the Company, and a qualified person as defined by National Instrument 43-101- Standards of Disclosure for Mineral Projects. Mr. Rodway has supervised the preparation of and verified and approved the technical content in this news release. Verification included review of drill logs, sample tags, chain of custody procedures and analytical protocols. No limitations were noted during the verification process.

References

Dunning, G.R., Kean, B.F., Thurlow, J.G and Swinden, H.S. (1987): Geochronology of the Buchans, Roberts Arm and Victoria Lake Groups and Mansfield Cove Complex, Newfoundland. Canadian Journal of Earth Sciences, Volume 24, pages 1175-1184.
Kerr, A. (1996) New perspectives on the stratigraphy, volcanology, and structure of the island-arc volcanic rocks in the Ordovician Roberts Arm Group, Notre Dame Bay. In Current Research, Newfoundland Department of Natural Resources, Geological Survey, Report 96-1, pages 283-310.
Thurlow, J.G (1996): Geology of a newly discovered cluster of blind massive sulphide deposits, Pilley's Island, central Newfoundland. In Current Research, Newfoundland Department of Natural Resources, Geological Survey, Report 96-1, pages 181- 189.

David Martin, P.Geo., (New Brunswick and Newfoundland and Labrador), a Qualified Person as defined by NI 43-101 and VP Exploration for Great Atlantic, reviewed and approved the technical information contained in this News Release. Great Atlantic has not verified drilling intercepts stated in this news release.

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About Great Atlantic Resources Corp.: Great Atlantic Resources Corp. is a Canadian exploration company focused on the discovery and development of mineral assets in the resource-rich and sovereign risk-free realm of Atlantic Canada, one of the number one mining regions of the world. Great Atlantic is currently surging forward building the company utilizing a Project Generation model, with a special focus on the most critical elements on the planet that are prominent in Atlantic Canada, Gold, Copper, Zinc, Nickel, Cobalt, Antimony and Tungsten.

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This press release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address future exploration drilling, exploration activities and events or developments that the Company expects, are forward looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include exploitation and exploration successes, continued availability of financing, and general economic, market or business conditions.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Great Atlantic Resources Corp.
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