Dr. Elena Clarici reports

ELECTRUM DISCOVERY UPDATES SHAREHOLDERS ON OPERATIONS, STRATEGY, AND GRANTS OPTIONS

Electrum Discovery Corp. has provided an operational update, refined corporate strategy and strategic growth objectives. The company also has granted incentive stock options to its new directors.

Highlights:

• Timok East: follow up geophysical surveying planned across Western Mag, Bambino trend and Limestone contact anomalies to refine drill targets;
• In response to robust precious metals markets, gold portfolio to be brought into limelight, while maintaining exploration at Timok East;
• Novo Tlamino: 7.1 million tonnes at 2.5 grams per tonne Au (gold) and 38 g/t Ag (silver) (inferred), approximately 670,000 ounces AuEq (gold equivalent) at 2.9 g/t AuEq; breccia hosted and near surface (2021 PEA);
• Planned approximately 3,200 m infill and approximately 1,000 m stepout drilling at Barje to support a resource update and test potential extensions;
• Camp-scale target pipeline across 400 square km, including the Karamanica and Jube Jube prospects.

Key assets and positioning

Electrum Discovery fully owns two projects: copper-gold Timok East and gold-silver Novo Tlamino, both located in well-known mineralized districts within the prolific Western Tethyan belt in the Republic of Serbia.

To date, the company's principal focus was on copper-gold exploration at its Timok East project. Electrum remains fully committed to copper exploration and will continue with disciplined and systematic exploration and drill targeting within the Timok East project. However, with the continued strengthening of precious metals' markets, the company believes that advancing its gold-silver portfolio will provide its shareholders with more readily available returns.

The company's sharpened focus on gold leverages Novo Tlamino's near-surface, breccia-hosted gold-silver resource and district-scale land position.

Dr. Elena Clarici, chief executive officer of Electrum Discovery, commented: "With precious metals markets gaining strength, we believe now is the right time to bring forward our gold strategy. Novo Tlamino offers both near-term growth potential through resource expansion and longer-term district-scale discovery opportunities. At the same time, we remain committed to advancing Timok East, where upcoming geophysical surveys will refine high-priority drill targets. This balanced approach positions Electrum to unlock value from both gold and copper assets."

Novo Tlamino

Located in southern Serbia, close to the borders of both Bulgaria and Northern Macedonia, and within the Serbo-Macedonian metallogenic belt, the Novo Tlamino project hosts the Barje gold-silver deposit.

Barje contains an inferred resource of 7.1 Mt grading 2.5 g/t Au and 38 g/t Ag, for 670,000 ounces AuEq, as defined in a 2021 preliminary economic assessment (the 2021 PEA) and a mineral resource estimate prepared under National Instrument 43-101.

Mineralization is uniform, hosted in a shallow, outcropping, five- to 20-metre-thick, laterally extensive breccia horizon and is amenable to conventional open-pit mining. Previous drilling by the company has intersected multimetre high-grade gold intercepts within wider zones and in some holes the mineralization started at surface.

Highlights from previous drilling at Barje include:

• Two m of 23.88 grams per tonne Au and 340 g/t Ag in hole BAR002;
• 30 m of 5.45 g/t Au and 25 g/t Ag in hole BAR006;
• Nine m of 14.17 g/t Au and 58 g/t Ag in hole BAR006;
• 12 m of 3.37 g/t Au and 12 g/t Ag in hole BAR007;
• Six m of 13.49 g/t Au and 788 g/t Ag in hole BAR010.

2021 PEA

The 2021 PEA returned robust project economics, with a pretax NPV (8 per cent) (net present value, 8-per-cent discount rate) of $101-million (U.S.) and an IRR (internal rate of return) of 49 per cent. These economics were modelled using a gold price of $1,500 (U.S.)/oz and a silver price of $16.50 (U.S.)/oz.

A revised resource estimate, updated geological modelling, together with additional metallurgical testwork and a revised resource estimate, is expected to notably add to the project's economic potential.

Barje resource upside

The current Barje resource is bounded to the south by a postmineral fault past which only limited drilling has been completed. To the east and west, surface channel sampling within upper zone schists -- lithologically comparable with the upper mineralized zone at Barje - has highlighted the potential for parallel or offset zones beyond the current resource boundary. Planned electromagnetic (EM) surveying and structural interpretation will aim to identify offset extensions of the breccia-hosted mineralization.

An infill drilling program of approximately 3,200 m of drilling is planned within the current area of the inferred resource with the aim of upgrading the resource category. Additional approximately 1,000 m of stepout drilling will be allocated to test potential extensions of the mineralization in these target areas.

Novo Tlamino camp-scale potential

Electrum holds licences and applications over 400-square-kilometre contiguous land package within the Serbo-Macedonian metallogenic belt, an underexplored, highly prospective district that hosts epithermal gold, skarn, carbonate-replacement (CRD) and porphyry Cu-Au systems -- offering district-scale discovery potential.

Within the broader Novo Tlamino area, priority targets include Karamanica, a three by two km gold-in-soil anomaly with strong CRD/epithermal potential where only limited drilling has been completed, and Jube Jube, a three km gold-in-soil trend supported by gold-bearing rock chips in limonite stockworks that has seen no systematic exploration or historic drilling.

Timok East project update

Electrum continues to advance exploration at its Timok East project, located within the Western Tethyan belt adjacent to several world-class porphyry Cu-Au deposits. Exploration to date has identified multiple geophysical and geochemical anomalies, including the Western Mag, Bambino trend and Limestone Contact targets. The company has now completed initial soil sampling over those three targets and assay results are pending.

The company plans to conduct follow-up surface geochemical surveying across new targets with targeted geophysical surveying to refine drill targeting, continuing a systematic approach to evaluating Timok East's porphyry and skarn potential.

Looking ahead and near-term catalysts

• Commencement of Barje infill drilling plus step out drilling to test southern and eastern extensions;
• Additional metallurgical testwork for Barje ore types;
• Revised Barje mineral resource estimate;
• Target advancement across the 400 square km Novo Tlamino land package (Karamanica, Jube Jube);
• Timok East follow-up geophysics and drill target prioritization.

Electrum Discovery issues stock options

The company has granted one million incentive stock options to its two new directors. Michael Williams and John Anderson have each received 500,000 incentive stock options, which exercisable at 13 cents per common share, are subject to vesting requirements and have an expiry date of Aug. 25, 2030.

The options were granted pursuant to the company's rolling stock option plan, which has been approved by shareholders and TSX Venture Stock Exchange.

Qualified person

The scientific and technical contents of this news release have been reviewed and approved by Thomas Sant, BSc, FGS, CGeol, EurGeol. Mr. Sant is a non-independent qualified person as defined by National Instrument 43-101 and the vice-president, operations, of the company.

About Electrum Discovery Corp.

Electrum Discovery is a Canadian based, growth-oriented company, committed to increasing shareholder value through advancement of the company's two projects: gold-silver Novo Tlamino and copper-gold Timok East, located in two known mineralized districts within the prolific Western Tethyan belt in the Republic of Serbia.

Electrum Discovery is looking to maximize the value of its mineral projects for all stakeholders including its shareholders, the local community and government, while fostering sustainability, governance and knowledge transfer in the region.

We seek Safe Harbor.