Mr. Spiro Kletas reports

ENGINEER GOLD MINES CLOSES PRIVATE PLACEMENT

Engineer Gold Mines Ltd.'s non-brokered private placement, first announced on May 8, 2026, is now closed. Tranche 2 raised $85,250 through the issue of 568,333 units at a price of 15 cents per unit. Each unit consists of one common share and one share purchase warrant.

Each warrant is exercisable for a period of three years expiring Aug. 14, 2029, at an exercise price of 20 cents, subject to an acceleration clause. Acceleration would occur if, at any time after the closing date, the corporation's common shares have a closing price of 35 cents or more per share for 10 consecutive trading days on the TSX Venture Exchange, the company shall be entitled to give notice by a news release that the warrants issued pursuant to this placement will expire 30 days from the date of the news release, unless such warrants are exercised before the expiry of that period, and, in such event, all unexercised warrants will expire at 4 p.m. Pacific Time on the last day of such 30-day period.

Proceeds, for tranches 1 and 2 combined, are $566,405.

All securities from this tranche of the private placement are subject to a four-month-and-one-day hold period expiring Dec. 15, 2026. In connection with the private placement, certain eligible persons were paid commissions in accordance with the policies of the TSX-V. Commission for tranche 2 are $400 and 2,667 finders' warrants, exercisable for a period of three years expiring Aug. 14, 2029, at an exercise price of 20 cents, subject to acceleration clause above. Total finders' commissions for tranches 1 and 2 combined are $24,132 and 160,883 finders' warrants

Proceeds from the private placement will be used for general working capital and for exploration at the Engineer gold project in British Columbia.

Insider participation of $35,250 in this tranche constitutes a related party transaction as defined under Multilateral Instrument 61-101, Protection of Minority Security Holders in Special Transactions. Such participation is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as neither the fair market value of the units acquired by the insider, nor the consideration for the units paid by such insider, exceed 25 per cent of the company's market capitalization.

About Engineer Gold Mines Ltd.

The Engineer gold project encompasses approximately 18,319 hectares in northwestern British Columbia and is subdivided into three principal target areas: the Engineer gold mine, the TAG property and the Wann River prospect.

Engineer gold mine

The historic Engineer gold mine is a past-producing, underground gold-silver operation. Historical production between 1910 and 1952 totalled approximately 14,263 tonnes grading 39.4 grams per tonne (g/t) (1.15 ounces per ton (oz/t)) gold and 19.5 g/t (0.57 oz/ton) silver (B.C. Minfile 104M014).

In 2011, a historical inferred mineral resource as defined under National Instrument 43-101, including only the Engineer and Double Decker veins, was completed (Snowden, 2011, amended and restated in 2018, O'Brien et al., SEDAR+). The historical resource, based on a cut-off of 5.0 g/t gold, gave an inferred 25,000 ounces of gold at a grade of 19 g/t. The historical mineral resource was calculated using mining industry standard practices and is deemed to be reliable and relevant in that it demonstrates the mineral potential of the property. This estimate was based on the following method and parameters: (1) VLP (long section) approach with projection of mineralized shoots downdip and along strike based on surface exposure and/or underground development; (2) the global grade applied to each vein structure is based on a probabilistic approach, with grades assigned to domains from historical production figures; (3) all grades were diluted to minimum stoping width of one metre (m); and (4) a density factor of 2.8 t per cubic m was used, which is believed to be conservative.

A qualified person (QP) has not done sufficient work to make the resource current and Engineer Gold Mines is not treating the estimate as current. A thorough review of all historical data performed by an independent QP, along with additional exploration work, including diamond drilling, is required to confirm results and to produce a current mineral resource estimate.

TAG property

The TAG property is located approximately six kilometres north of the historic Engineer mine and is associated with a six-kilometre-long (km) structurally controlled mineralized system related to splays off of the Llewellyn fault. The majority of the diamond drilling to date has concentrated on the southern two km section of the structure. Significant historical diamond drill intervals from TAG include: hole TAG06-23, which assayed 1.7 g/t gold (Au) and 5.1 g/t silver (Ag) over 26.7 m (including 3.52 g/t Au over 4.7 m); hole TAG07-29, which assayed 1.3 g/t Au and 5.9 g/t Ag over 35.0 m; TAG08-51, which assayed 1.8 g/t Au and 7.4 g/t Ag over 24.3 m; and TAG08-59, which assayed 1.5 g/t Au and 8.05 g/t Ag over 42.1 m (Fekete and Simper (2009), Fekete and Skinner (2007); ARIS reports No. 30931 and No. 29581).

Wann River prospect

The Wann River prospect is located four kilometres south of the Engineer mine and represents a highly prospective, underexplored target. Exploration work to date has identified a mineralized corridor approximately 800 metres by 180 metres in extent. While mineralization at the Engineer mine and TAG property is characteristic of epithermal-style systems, the Wann River prospect represents an orogenic gold target associated with the prolific Llewellyn fault, and has returned significant gold and silver values, including a quartz grab sample of 263 g/t gold and 1,350 g/t silver from the Lum showing (Aspinall (2011); ARIS report No. 32004).

Historical diamond drilling of 17 holes in 2011 returned numerous gold and silver intercepts. The most significant intervals were from hole WR030211, which assayed 11.3 g/t Au and 76.2 g/t Ag over one m, and hole WR040111, assaying 11.3 g/t Au and 94.8 g/t Ag over 1.0 m (Aspinall, 2011; B.C. ARIS report No. 32478). In addition to prior drilling, Wann River has undergone several surface sampling programs, which returned good gold-silver and base metal values.

Linda Dandy, PGeo, is an independent qualified person as defined by National Instrument 43-101, and has reviewed and approved the technical content in this news release.

We seek Safe Harbor.