Mr. Chris Paul reports

HERCULES METALS COMPLETES CLOSING OF SHARE-BASED STRATEGIC OPTION AGREEMENT WITH BARRICK TO CONSOLIDATE 73-KILOMETRES OF CLAIMS AROUND ITS LEVIATHAN COPPER DISCOVERY IN IDAHO

Further to the news release on July 28, 2025, Hercules Metals Corp. has completed the closing of a strategic option agreement between Hercules and its wholly owned U.S. subsidiary, Anglo-Bomarc U.S. Inc., and Barrick Gold Exploration Inc., a wholly owned U.S. subsidiary of Barrick Mining Corp. For further details regarding the agreement, please refer to the company's press release dated July 28, 2025.

Under the terms of the agreement, Hercules can earn a 100-per-cent interest in over 74,000 acres of unpatented mining claims (the Olympus claims) surrounding the company's Hercules property and its flagship Leviathan porphyry discovery in western Idaho. The option, if exercised, would increase the company's land position to over 100,000 acres in America's newest porphyry copper belt.

In connection with the closing and as the first payment under the terms of the agreement, Hercules has issued 2,681,427 common shares of the company to Barrick at a price of 74.587136 cents, being the five-day volume-weighted average price of the shares on the TSX Venture Exchange prior to the issuance.

Pursuant to the terms of the agreement, the company shall reimburse BGE for amounts paid to the U.S. Bureau of Land Management for annual claim maintenance and recorders for the applicable counties in which the Olympus claims are located to record annual notices of intent to hold for each relevant assessment year. The company estimates the value of the annual claim maintenance payments to be $740,000 (U.S.) per year.

As is the case for any transfer of real estate with a foreign investment component that meets the criteria set out in 31 CFR Part 802, the Committee on Foreign Investment in the United States has jurisdiction to review the transactions under the agreement. The company has been advised that, for a number of reasons, including because the value of this transaction is well below the applicable threshold for a mandatory regulatory-requirement-related filing, the likelihood of such a review is considered very low. In rare cases, a review as a result of the regulatory requirement may result in conditions being imposed on a transaction, or a requirement to divest all or part of the interest acquired. In the unlikely event that a regulatory requirement review is applicable to the agreement and results in Hercules or Anglo being required to reconvey any portion of the Olympus claims to BGE, BGE will return to Hercules, for cancellation, any shares issued or cash paid as consideration for the option, calculated in proportion to the percentage of claims reconveyed. Any reimbursement payments paid by Hercules to BGE will not be returned, provided BGE has already remitted such amounts to the BLM or the applicable county recorders.

About Hercules Metals Corp.

Hercules Metals is an exploration company focused on developing America's newest porphyry copper district in Idaho.

The 100-per-cent-owned Hercules project located northwest of Cambridge hosts the newly discovered Leviathan porphyry copper system, one of the most important new discoveries in the region to date. The company is well positioned for growth through continued drilling, supported by a strategic investment from Barrick Mining Corp.

With the potential for significant scale, the company's management and board of directors aim to build on its proven record, which includes the discovery and development of numerous precious metal projects worldwide.

We seek Safe Harbor.