Mr. Timothy Turner reports

BOCANA RESOURCES CORP. PROVIDES A CORPORATE UPDATE ON VARIOUS PROJECTS CURRENTLY UNDERWAY

Bocana Resources Corp. has provided the following update regarding the proposed acquisition transaction previously announced on July 20, 2026, together with updates on certain other corporate initiatives.

Update on proposed transaction with London Gold LLC

Further to the company's news release dated July 20, 2026, announcing the execution of a term sheet providing for the acquisition of all of the issued and outstanding shares of the company by a newly formed entity controlled by London Gold that was expected to be listed on the U.S. Nasdaq exchange (NewCo), the company advises that certain assumptions underlying the proposed transaction have changed.

As previously disclosed, the proposed transaction contemplated that NewCo would be listed on the U.S. Nasdaq exchange and that London Gold would access capital in connection with that listing. That listing was not completed, and, as a result, the financing anticipated to be generated through that process has not become available. London Gold, together with the company, is pursuing a secondary effort through a different Nasdaq-listed entity to further the proposed transaction.

As a result of this delay, the previous deadline for London Gold to provide the company with additional capital of approximately $1.23-million (U.S.), which is intended to secure deposits and provide working capital for the due diligence review on several of the company's prospective projects of interest, has been extended from Sept. 30, 2026, to Oct. 31, 2026. The parties remain engaged in discussions regarding the proposed transaction and are evaluating alternative financing arrangements and potential revisions to certain commercial terms of the originally proposed transaction.

The company wishes to clarify that no definitive agreement governing the acquisition has been executed, and there can be no assurance that a transaction will be completed on the terms previously disclosed, or at all. The company will provide additional updates as material developments occur.

The company recognizes that shareholders are seeking clarity regarding the status of the proposed transaction and remains committed to keeping the market informed on transactions that are formalized while discussions continue on the proposed transaction.

Trading in the common shares of the company remains halted and is expected to remain halted pending the review of this news release and further developments in respect of the proposed transaction, in accordance with the policies of the TSX Venture Exchange. Reinstatement of trading remains subject to the approval of the TSX Venture Exchange, and no assurance can be given as to when, or whether, trading in the company's securities will resume.

Arizona mining claims

The letter of intent regarding certain Arizona Bureau of Land Management claims expired in late June due to the lack of the anticipated financing at that time. During the company's review process, the company identified certain geological, legal, regulatory and commercial matters that require further evaluation and resolution before the parties can advance toward definitive documentation. Bocana continues to evaluate several mining properties located in Arizona that have been the subject of continuing technical and commercial assessment.

The company has participated in various sampling, verification and due diligence initiatives, and continues to review data and information received from both accredited and independent laboratories and consultants. Additional analysis remains in progress, and the company is awaiting completion of certain outstanding reviews before determining future development priorities relating to these properties. The timing for completion of these reviews remains uncertain.

The company cautions investors that the work completed to date does not constitute a mineral resource estimate or reserve calculation under National Instrument 43-101, and no conclusions should be drawn until all reviews have been completed.

Discussions remain active regarding possible development and financing alternatives associated with these properties along with several other properties; however, no binding agreements have been entered into at this time. The company continues to assess a range of potential financing structures and strategic relationships that may support future development initiatives.

Venture gold opportunity

Further to prior discussions regarding potential participation in the Venture gold project, the company confirms that it is no longer pursuing this opportunity.

Following further review and due diligence, management determined that the opportunity was not aligned with the company's strategic objectives and has decided not to proceed.

The company remains focused on opportunities that it believes provide the strongest combination of economic potential, technical merit and shareholder value creation.

Arizore Ltd.'s digital asset platform

The company continues to monitor developments relating to the digital asset platform and associated technology initiatives being advanced through the previously announced joint venture between the company and Arizore.

Development efforts remain in progress, including technical, architectural and commercial evaluation activities intended to assess potential applications of the platform and related technologies. Activities completed during the review period have included continuing assessment of platform architecture, implementation pathways and potential commercial applications. The joint venture continues to evaluate potential use cases and industry applications that may support future mineral asset management and financing initiatives. Any future commercialization, deployment or integration of digital asset technologies in connection with mining projects would remain subject to applicable regulatory requirements, technical review and management approvals. The foregoing matters, including any future deployment, commercialization or use of the platform, are subject to receipt of the necessary regulatory approvals, including, but not limited to, approvals from securities regulators, the TSX Venture Exchange, and any applicable cryptocurrency or digital asset regulators, compliance with all applicable laws and regulations, including securities laws, anti-money laundering legislation and cryptocurrency regulations, and satisfaction of all conditions precedent.

The joint venture has also engaged in discussions with various prospective strategic and financing participants from time to time; however, no binding arrangements have been entered into, and no assurance can be provided that any such arrangements will result.

The company continues to assess whether such technologies may provide future benefits with respect to mineral asset management, project financing, reserve tracking, data management and operational transparency.

Corporate strategy

Bocana continues to pursue opportunities that management believes may enhance shareholder value, including mineral property acquisitions, strategic partnerships and alternative financing initiatives.

Management remains actively engaged with various industry participants and continues to evaluate opportunities within the mining and resource development sector. The company will provide further updates as material developments occur.

About Bocana Resources Corp.

Bocana is a mineral exploration company focused on acquiring, exploring and developing mineral properties in North and South America. Through its wholly owned subsidiary, Huiracocha International Service Srl, Bocana holds a 100-per-cent working interest in the mineral properties known as the Escala area concessions in the department of Potosi, Sud Lipez province, Bolivia, as awarded by Comibol.

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