Mr. P.J. Murphy reports

FORGE ENCOUNTERS COAL SEAM AMID RISING COAL PRICES AND COMPLETES RESIN INJECTIONS AT LA ESTRELLA, COLOMBIA

Forge Resources Corp. has provided an operational update from its fully permitted flagship La Estrella coal project, located in Santander, Colombia. Underground development activities continue to advance steadily, supported by a fully deployed operational team and continuing progress in the main underground ramp as the company enters 2026.

During recent development of the underground project, the company has re-encountered a coal seam at the development face of the underground ramp showing at 1.1 metres in width. The company first encountered this coal seam in July, 2025, and these events were previously reported in news releases dated July 24, 2025, and Aug. 13, 2025. This exposure further confirms the continuity and geological potential of La Estrella coal system. No additional assays are planned at this stage as the seam encountered corresponds to previously identified and characterized coal horizons for which laboratory analysis has already been completed.

In parallel with continuing development, Forge has started implementing additional enhancement measures in collaboration with Grupo A and Webber Mining & Tunneling to further support safety and long-term performance of the underground ramp. These initiatives involve the use of resin injection and self-drilling bolts to strengthen and reinforce the main access tunnel, which represents a key piece of infrastructure and the primary gateway to the underground workings over the life of the project. This approach reflects the company's focus on building durable, high-quality underground infrastructure designed to support safe operations and sustained project development over the long term. This technique complements the primary support system of the underground ramp, which consists of TH25 and TH29 steel arches, timber lagging, and electro-welded mesh, further enhancing overall structural integrity and long-term performance.

P.J. Murphy, chief executive officer of Forge Resources, commented: "Underground development at La Estrella continues to progress steadily, and the re-encounter of a coal seam at the underground ramp face further strengthens our confidence in the coal deposit and the continuity of the coal system at the project. As we advance, we are pro-actively enhancing the main access tunnel to support safety, durability and long-term performance. The underground ramp is a critical asset over the life of the project, and our focus remains on building high-quality underground infrastructure that supports sustained development and responsible operations."

Coal market surge aligned with strategic positioning of La Estrella

Driven by increased demand, coal prices have experienced a notable resurgence as the company enters 2026. The domestic consumption in the United States has spiked by 7 to 8 per cent over the past year to record levels. At the same time, China is commissioning dozens of new coal-fired plants to ensure energy security amidst surging industrial electricity needs while India's continuous infrastructure expansion keeps global coal demand at record-breaking levels near 8.8 billion tonnes. The price increases are due to these factors combined with tight inventories and robust power-sector demand.

Global coal markets have demonstrated continued resilience, supported by steady demand for both metallurgical and thermal coal. Metallurgical coal prices have shown improvement in recent months, reflecting continuing steel production, infrastructure investment and disciplined supply in key producing regions. This has reinforced confidence in the medium-term fundamentals of the metallurgical coal market.

Thermal coal prices have also remained stable, with signs of gradual improvement in several markets driven by energy security considerations, seasonal demand and the continuing role of coal in ensuring reliable baseload power. While regional dynamics vary, thermal coal continues to play an important role in global energy systems, particularly in emerging and industrial economies.

Over all, these market conditions support sustained interest in high-quality coal projects with existing permits, established infrastructure and development momentum. Projects such as La Estrella, which benefit from multiple metallurgical and thermal coal seams and near-term operational progress, remain well positioned within the current coal market environment.

Metallurgical and thermal coal futures have currently a blended FOB price per metric tonne of $177 (U.S.) ($246 (Canadian) per metric tonne), with metallurgical coal prices surging from September, 2025, and thermal coal being steadier at $120 (U.S.) per metric tonne to $95 (U.S.) per metric tonne.

About Forge Resources Corp.

Forge is a Canadian-listed junior exploration company. The company holds 80 per cent of Aion Mining Corp., a company that is developing the fully permitted La Estrella coal project in Santander, Colombia. La Estrella contains eight known seams of metallurgical and thermal coal. The company also holds an option on the Alotta project, a prospective porphyry copper-gold-molybdenum project consisting of 230 mineral claims that cover 4,723 hectares, located 50 kilometres southeast of the Casino porphyry deposit in the unglaciated portion of the Dawson range porphyry/epithermal belt in the Yukon territory of Canada.

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