Mr. David Deitz reports

CENTRAL IRON ORE ANNOUNCES RIGHTS OFFERING

Central Iron Ore Ltd. will conduct a rights offering to holders of its ordinary shares at the close of business on the record date of Dec. 23, 2025.

Details of the rights offering

Rights will be offered on the basis of one right for each ordinary share of the company held at the record date. Each right will entitle the holder to subscribe for one unit of the company, upon payment of the subscription price of 7.2 cents per unit. No fractional units will be issued. The holder's rights entitlement will be reduced to the next lowest whole number, and no additional compensation will be paid. Each unit will be composed of one ordinary share in the capital of the company and one share purchase warrant. Each warrant entitles the holder to acquire one share at an exercise price of 12 cents per share on or before Oct. 15, 2030. The warrants will not be listed for trading on any securities exchange; however, the warrants will be transferable.

The company expects to raise gross proceeds of up to $2,891,213 from the rights offering and intends to use the net proceeds of the rights offering for contribution to the company's South Darlot joint venture, drilling at the company's British King mine area, partial repayment of a loan to Gullewa Ltd., and corporate and general working capital purposes.

The rights will not be listed for trading on any securities exchange; however, the company confirms that the rights will be transferable. All rights will expire at 5 p.m. Toronto time on Jan. 21, 2026, after which time unexercised rights will be void and of no value, subject to certain limitations set out in the company's rights offering circular dated Dec. 15, 2025.

The rights offering will be conducted in all provinces and territories of Canada, Australia, New Zealand, or in any other place or jurisdiction in which it is lawful. Certain holders of ordinary shares in jurisdictions outside of Canada may be able to participate in the rights offering where they can establish that the transaction is exempt under applicable legislation. If you are a holder of ordinary shares in the capital of the company and reside outside of Canada, Australia, New Zealand, or in any other place or jurisdiction in which it is lawful, please review the notice of rights offering, rights offering circular and notice to ineligible shareholders to determine your eligibility and the process and timing requirements to receive or exercise your rights. The company requests any ineligible shareholder interested in exercising their rights to contact the company at their earliest convenience after the rights are mailed out, which is expected to be on or after Dec. 30, 2025.

Details of the rights offering will be set out in the rights offering notice and the rights offering circular, which will be available under the company's profile at SEDAR+ and on the company's website. The rights offering notice will be mailed to eligible shareholders on or about Dec. 30, 2025. Following the mailing of the rights offering notice, an exercise form enclosed with a statement issued under Computershare Investor Services Inc.'s direct registration system will be mailed to each eligible registered shareholder of the company as at the record date. Registered shareholders who wish to exercise their rights must forward the completed rights statement, together with the applicable funds, to the rights agent, Computershare Investor Services, on or before the expiry time. Shareholders who own their ordinary shares through an intermediary, such as a bank, trust company, securities dealer or broker, will receive materials and instructions through their intermediary.

Completion of the rights offering is subject to regulatory final approval, including approval of the TSX Venture Exchange.

The company's directors and executive officers who own ordinary shares, as well as other insiders, are permitted, but not required, to participate in the rights offering on the same terms and conditions applicable to all shareholders.

Immediately before the rights offering, the company has 40,155,734 shares outstanding. Upon closing of the rights offering and assuming all holders of shares exercise the rights in full, there will be 80,311,468 shares outstanding on an undiluted basis.

We seek Safe Harbor.