Mr. Michael Henrichsen reports

GOLD X2 EXPANDS 2026 DRILLING CAMPAIGN TO 160,000 METERS; EIGHT DRILL RIGS OPERATING BY THE END OF JUNE

Gold X2 Mining Inc. has provided an update on its fully financed 2026 exploration program at its 100-per-cent-owned Moss gold project in Northwest Ontario, Canada.

The company's 2026 drill program of 160,000 metres is fully financed and has a clearly defined objective of advancing the Moss gold project on three fronts: 1) resource expansion through stepout drilling, 2) resource conversion through infill drilling to upgrade inferred resources to the indicated category in support of project development, and 3) exploration drilling at near-deposit targets with the potential to define additional open pit and underground mineable styles of mineralization.

In addition, the 2026 exploration program will look to advance the surface exploration along three 10-kilometre-long mineralized trends located southwest of the Moss gold deposit. The program will include a ground-based induced polarization geophysical survey and a systematic geochemical survey. These targets will focus on: 1) extending the Moss deposit to the southwest; 2) continued evaluation of the Deaty trend where the company made an initial discovery in 2025; and 3) evaluating the high-grade Ardeen trend, which hosts high-grade vein mineralization at the historic Ardeen gold mine.

Pete Flindell, chief operating officer of Gold X2, commented: "The 2026 program represents a major step-change in activity at the Moss gold project. With eight rigs turning by the end of June, we'll be advancing the project on all fronts, derisking the core deposit through infill and geotechnical drilling, expanding the resource at depth, and testing high-potential brownfields targets. The recently acquired Kesselrun land package gives us immediate access to underexplored trends like Ardeen, Moss extension and Deaty, where we are excited to build on existing drill data and test new areas this year. Combined with the metallurgical and geophysics programs now under way, we're set to deliver a much stronger technical foundation for the planned feasibility study."

2026 drilling program summary

Resource expansion: A total of 63,000 metres of resource expansion drilling targeting extensions below and adjacent to the current RPEEE (reasonable prospects for eventual economic extraction) pit shell. This portion of the drill program is supported by numerous historical intercepts that are currently too widely spaced to be included as Inferred resources.

Project development: A total of 72,000 m of infill and geotechnical drilling to upgrade inferred resources to the indicated category and to support project development. The geotechnical drilling may positively impact the overall project economics as it has the potential to provide data supporting the steepening of the pit walls that are currently modelled at 45 degrees.

Exploration: A total of 25,000 m of brownfields exploration drilling of near-deposit targets with significant mineralization potential adjacent to the Moss deposit. Prior to drilling, geophysical and geochemical exploration will provide complete coverage of the Ardeen, Moss extension and Deaty trends southwest of the Moss deposit. The program will evaluate approximately 10 km of strike length on each trend to define and prioritize high-priority targets for drill testing.

In connection with the 2026 drill program, the company will mobilize five additional rigs over the next two months. Two drill rigs will be mobilized in May, increasing the total to five, with an additional three drill rigs to be mobilized in June bringing eight rigs into operation by the end of June.

2026 metallurgical testwork

A comprehensive metallurgical program will be undertaken to support the planned feasibility study. Testwork will focus on optimizing the comminution circuit, improving whole ore leach recoveries, and evaluating the flotation-regrind and gravity circuits. The program will also assess ore sorting to upgrade low-grade material, heap leaching potential and include variability testwork across the deposit.

Qualified person

Peter Flindell, PGeo, MAusIMM, MAIG, chief operating officer, of the company, and a qualified person under National Instrument 43-101 -- Standards of Disclosure for Mineral Projects, has approved the scientific and technical information contained in this news release.

Mr. Flindell has verified the data disclosed. To verify the information related to the winter drill program at the Moss gold project, Mr. Flindell has visited the property several times; discussed and reviewed logging, sampling, bulk density, core cutting and sample shipping processes with responsible site staff; discussed and reviewed assay and QA/QC (quality assurance/quality control) results with responsible personnel; and reviewed supporting documentation, including drill hole location and orientation and significant assay interval calculations. He has also overseen the company's health and safety policies in the field to ensure full compliance, and consulted with the project's host indigenous communities on the planning and implementation of the drill program, particularly with respect to its impact on the environment and the company's remediation protocols.

About Gold X2 Mining Inc.

Gold X2 is a growth-oriented gold company focused on delivering long-term shareholder and stakeholder value through the acquisition and advancement of primary gold assets in Tier 1 jurisdictions. It is led by the ex global head of structural geology for the world's largest gold company and backed by one of Canada's pre-eminent private equity firms. The company's current focus is the advanced stage 100-per-cent-owned Moss gold project which is positioned in Ontario, Canada, with direct access from the Trans-Canada Highway, hydroelectric power near site, supportive local communities and skilled work force. The company has invested over $100-million of new capital and completed approximately 100,000 metres of drilling on the Moss gold project, which, in aggregate, has had over 300,000 metres of drilling. The 2026 updated National Instrument 43-101 mineral resource estimate (MRE) for the Moss and East Coldstream deposits has expanded to 2,458,000 ounces of indicated gold resources at 1.04 g/t Au, contained within 73.8 million tonnes and 4,209,000 ounces of inferred gold resources at 0.97 g/t Au contained within 134.7 million tonnes. The Moss deposit also has a silver MRE of 3.160 million ounces of indicated silver resources at 1.53 g/t Ag contained within 64.3 Mt (million tonnes) and 6,273,000 ounces of inferred silver resources at 1.55 g/t Ag contained within 125.9 Mt. Results of a preliminary economic assessment (PEA) of the Moss gold project suggest the potential for the deposit to support a long-life mining operation with a strong production profile and low production costs. The MRE and PEA are supported by an NI 43-101 technical report for the Moss gold project available on the company's website and under the company's issuer profile on SEDAR+.

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