Mr. Burns Tennent-Bhohi reports

EASTPORT LAUNCHES DIAMOND AND RC DRILL CAMPAIGN AT THE MATSITAMA COPPER PROJECT UNDER ITS MULTI-ASSET DRILL STRATEGY

Penbar Capital Ltd., to be renamed Eastport Ventures Inc. following the company's first day of dealings, has launched the first of a multiasset drill program, with the commencement of drilling at Eastport's qualifying property and flagship project, the Matsitama copper project.

Matsitama highlights:

• Launch of a multiphase, multiproject drilling campaign grounded in six years of private development;
• Exploration drilling commenced at the NAK deposit with the objective of delineating mineralization for future resource estimation;
• Reconnaissance drilling commenced at Copper-Cobra and Kopano South to test the geology and structure.

Burns Singh Tennent-Bhohi, chief executive officer, commented:

"Although a new issuer, it is important to emphasize that Eastport has been pro-actively developing its critical metals projects for the past six years. Our listing is a continuation of many years of preparation rather than a 'commencement' of operational activity. This allows the company to seamlessly transition from private critical metal developer to a public reporting issuer with a well-planned active exploration programs."

"Our anchor qualifying property is the Matsitama copper project. Matsitama is an advanced copper exploration project hosting three strategic development targets at varying stages of maturity:

1. The NAK deposit (drilling commenced): advanced project with extensive drilling over 1.3-kilometre strike and historical resource with over 100 million pounds (lb) of contained copper*;
2. The Copper-Cobra target (reconnaissance drilling commenced): an estimated 25 km copper-in-soil anomaly, potential IOCG target with outcropping gossan and historic RC drilling, including results of up to 2.5 per cent copper;
3. The Kopano South target (reconnaissance drilling commenced): testing the southern extension of the Kopano mine (72 million tonnes at 0.94 per cent Cu) along the Bushman fault**.

"Each of these strategic areas within our prospecting licences will be subject to drill advancement with three independent objectives.

"Eastport is well positioned to provide exposure to a copper project that is rich in data, development and opportunity. The initial drilling and reconnaissance drilling campaigns are expected to be complete by the second half of December, with phase 2 drilling to commence in the new year. The company will continue to provide updates on the status of the drilling programs with associated assay results throughout 2026."

Qualified person (QP)

The information in this news release has been reviewed and approved by Liz de Klerk, PriSciNat, FIMM, of Micon International, a qualified person as that term is defined in National Instrument 43-101.

* The historical resource is not compliant with current CIM definition standards. The historical resource was completed by SRK Consulting South Africa Pty. Ltd. in 2013 to SAMREC (2007) standards as the project was held privately until recently. The historical resources were reported in a report titled "Mineral Resource update for the Nakalakwana Hill copper deposit Botswana, Johannesburg, South Africa," written by Senzeni Mandava and Victor Simposya. The historical estimate was modelled using ordinary kriging and a data set comprised 179 drill holes.

The QP and Eastport have been unable to conduct sufficient work to verify or classify this historical estimate as a current mineral resource in accordance with National Instrument 43-101. Therefore, Eastport does not treat the historical estimate as a current mineral resource. There are no further resource estimates for Matsitama or the Nakalakwena Hill deposit. Eastport is conducting a drilling program with the objective of upgrading/verifying the historical estimate.

** The information on the Kopano mine is sourced from publicly available information (Mining Technology, 2008). The QP and Eastport have been unable to verify this information, which is not necessarily indicative of the mineralization on Eastport's property.

We seek Safe Harbor.