Mr. Estanislao Auriemma reports

FREDONIA MINING INC. ADVANCES PEA AND EXPANDS DISTRICT POSITION AT EL DORADO MONSERRAT

Fredonia Mining Inc. has provided an update on recent corporate and technical developments as it continues to advance its flagship El Dorado Monserrat project in Santa Cruz province, Argentina.

Over the past several months, Fredonia has continued to execute key initiatives aimed at enhancing the value and long-term development potential of the EDM project. Progress has been made across several areas, including the continuing preliminary economic assessment, strategic district consolidation efforts and the evaluation of opportunities within the broader project area.

"Our team has remained focused on creating long-term value through disciplined technical work, strategic land acquisitions and ongoing project evaluation. During the period, we continued to advance the PEA while expanding our position within the El Dorado Monserrat district," said Estanislao Auriemma, chief executive officer of Fredonia Mining. "These initiatives have strengthened the foundation of the project and enhanced our ability to evaluate development opportunities across a larger and more integrated land package. As we move forward, our priority remains generating the technical information necessary to support future development decisions while continuing to unlock value throughout the broader district."

PEA progress

The company's preliminary economic assessment remains on schedule and under way with the support of technical and engineering consultants, continuing to target completion in August, 2026.

The study is evaluating a range of development scenarios and optimization opportunities aimed at defining a clear path forward for the project. Concurrently, management is assessing strategies that could support future stages of project evaluation, including a potential prefeasibility study.

Drilling update

Since announcing the commencement of a 10,000-metre diamond drill program at EDM on April 16, 2026, the company is pleased to report that drilling activities continue to advance as planned, with approximately 1,800 metres of drilling completed to date. Samples from completed drill holes have been submitted to the laboratory for analysis, while additional samples are currently in transit. The company anticipates receiving assay results on a rolling basis and will provide further updates as results become available. The first assay results are expected within approximately two weeks. Drilling remains focused on evaluating priority target areas and advancing the understanding of the project's mineralization potential, and the company looks forward to confirmation that the initial results will include strong mineralized intercepts that can further demonstrate the project's potential.

District consolidation enhances growth potential

Fredonia recently completed a series of property acquisitions and land consolidation initiatives that further strengthen its position within the broader El Dorado Monserrat district.

The acquisition of the recently announced Pan American Silver Corp. properties expanded the company's land package, and improved continuity between the district's northern and southern mineralized trends. In addition, securing the Judite property increases Fredonia's exposure to a highly prospective area located near AngloGold Ashanti's Cerro Vanguardia gold-silver mine. Readers can refer to the company's recent news releases dated April 30, 2026, and May 7, 2026, for additional information with respect to these acquisitions.

Management believes these transactions enhance the district's exploration potential, improve operational flexibility and provide greater optionality as the company evaluates future development opportunities across the broader project area.

Looking ahead

Over the coming months, Fredonia intends to maintain momentum across its technical, exploration and corporate initiatives. Key areas of focus include advancing the preliminary economic assessment, continuing geological and engineering work across the EDM project, and evaluating opportunities to further enhance the scale and development potential of the broader district. In parallel, the company will continue assessing strategic and financing alternatives that could support future stages of project evaluation. Management expects a steady pace of progress throughout the rest of 2026 and looks forward to updating shareholders as these initiatives advance.

About Fredonia Mining Inc.

Fredonia holds gold and silver licence areas totalling approximately 64,000 hectares in the prolific Deseado massif geological region in the province of Santa Cruz, Argentina, including its flagship advanced EDM project (approximately 33,500 hectares) located close to AngloGold Ashanti's approximately 200,000-ounce-per-year gold-silver Cerro Vanguardia mine, El Aguila project (approximately 9,100 hectares) and the Hornia project (approximately 21,500 hectares).

We seek Safe Harbor.