Mr. Mathieu Stephens of Neoterrex reports

NEOTERREX EXECUTES DEFINITIVE AGREEMENT TO ACQUIRE 100% OF RESERVOIR COPPER-GOLD-SILVER-TUNGSTEN PROJECT IN QUEBEC

Further to its news release of Aug. 19, 2026, Neoterrex Minerals Inc. has entered into a definitive option agreement dated Oct. 6, 2026, with Eastmain Resources Inc., an arm's-length party and a wholly owned subsidiary of Fury Gold Mines Ltd., pursuant to which Neoterrex may acquire up to a 100-per-cent interest in Fury's copper-gold-silver-tungsten Reservoir project, located in the Eeyou Istchee (James Bay) region of Quebec. No finders' fees are payable in connection with the option.

Highlights:

• 6,090-hectare polymetallic project hosting multiple copper-gold occurrences;
• C52 zone drilling: up to 1.79 grams per tonne gold over 21.0 metres and 11.5 g/t Au over 1.5 m;
• Mitlin channel sampling: up to 8.15 per cent copper, 13.17 g/t Au and 45.9 g/t silver over 1.0 m;
• Underexplored: no recorded work since 2013; most drilling completed between 1985 to 1997;
• 100-per-cent earn-in: $500,000 cash and $3-million in exploration expenditures.

The Reservoir project represents a significant addition to Neoterrex's Quebec exploration portfolio, providing the company with exposure to a large, historically underexplored polymetallic mineralized system hosting numerous copper, gold, silver and tungsten occurrences.

The 116-mineral-claim Reservoir project, covering approximately 6,090 hectares, is located in the Eeyou Istchee (James Bay) region of Quebec, Canada, approximately 390 kilometres north-northeast of Matagami and close to major hydroelectric infrastructure and associated access roads. The Reservoir project lies within the Eastmain greenstone belt and hosts a broad polymetallic mineralized system containing copper, gold, silver and tungsten.

Under the terms of the option agreement, Neoterrex may earn a 100-per-cent interest in the Reservoir project by making aggregate cash payments of $500,000 and incurring $3-million in exploration expenditures through Dec. 31, 2030.

"This transaction gives Neoterrex control over what we believe is a highly compelling and significantly underexplored polymetallic system in one of Quebec's premier mining jurisdictions," said Mathieu Stephens, president and chief executive officer of Neoterrex. "Importantly, much of the historical drilling at Reservoir was completed between 1995 and 1997, during a period when gold averaged approximately $368 (U.S.) per ounce -- an exceptionally low-gold-price environment compared with today. With gold currently trading at more than 10 times the average price during that period, we believe the historical results warrant a fresh look through a modern exploration lens. Reservoir combines scale, multiple styles of mineralization, strong historical copper and gold results with additional potential for silver and tungsten and numerous targets that have seen little or no modern exploration. Of particular interest are the 1.6-kilometre C52 mineralized corridor, the gold-copper Mitlin occurrence, and several zones that remain undrilled or open along strike and at depth. With no recorded exploration work since 2013, we see substantial opportunity to systematically advance the project using modern geological interpretation and geophysical techniques."

Exploration at the Reservoir project dates to the late 1960s, when gold and copper were first discovered in the area. Subsequent work, including 7,500 metres of drilling during the 1980s and 1990s, led to several discoveries described further below.

In 2013, a further 1,365 metres of drilling turned up several notable gold-copper intersections and broad anomalous gold-copper envelopes highlighting the scale of the mineralized system. No work is recorded thereafter. Select occurrences include the following.

C52 zone

The C52 zone consists of a series of subparallel mineralized gold-copper zones traced by historical drilling for approximately 1.6 kilometres along strike. Mineralization is hosted predominantly within mafic volcanic rocks.

Historical drilling returned broad mineralized intervals and higher-grade zones, including:

• North zone:
  • 1.79 g/t Au over 21.00 metres (hole C52-95-02);
  • 11.5 g/t Au over 1.50 metres (hole C52-87-04);
• South zone:
  • 8.02 g/t Au over 2.00 metres (hole C52-97-04);
  • 0.69 g/t Au and 0.32 per cent Cu over 7.00 metres (hole C52-97-04) (separate intersection).

Additional zones have also been reported in historical reports as well as widespread anomalous tungsten within the mineralized system, with assay results reaching 0.10 per cent W.

The most recent historical technical work reviewed by the company indicates that the C52 zone remains open along strike and at depth. Available historical information also indicates a strong spatial correlation between gold and copper mineralization, suggesting that geophysical methods targeting conductive sulphide-bearing zones may provide an effective exploration tool.

Based on the information reviewed by the company, no downhole electromagnetic or comparable modern borehole geophysical surveys appear to have been completed on the project.

A review of historical drill logs also documents quartz-feldspar porphyry dikes within the mineralized system. Such intrusive rocks can be spatially associated with structurally controlled gold mineralization in a number of Archean greenstone belt settings and represent an additional geological feature to be evaluated during future exploration.

Mitlin zone

The Mitlin zone, discovered in 1997, is a high-grade copper-gold-silver occurrence located approximately 1,400 metres southwest of the C52 zone.

Historical surface channel sampling returned values of:

• 8.15 per cent Cu, 13.17 g/t Au and 45.9 g/t Ag over 1.00 m;
• 5.14 per cent Cu, 36.48 g/t Au and 52.0 g/t Ag over 1.00 m.

Historical drilling returned values of:

• 1.12 g/t Au, 0.93 per cent Cu and 4.54 g/t Ag over 8.00 m (C52-97-07).

Only two drill holes are recorded as having tested the Mitlin area, both in 1997, with no subsequent drilling identified by the company. The occurrence remains open along strike, particularly toward the southwest, and at depth.

The relationship, if any, between the Mitlin zone and the larger C52 mineralized system remains unknown and represents an important target for future exploration.

Bear Island

The Bear Island occurrence comprises a felsic-dominated volcanic sequence containing anomalous copper and zinc mineralization, together with interbedded cherty oxide-facies iron formation. Historical interpretations suggest that the geological setting may be prospective for polymetallic volcanogenic-massive-sulphide-style mineralization.

Historical drilling returned broad anomalous intervals, including:

• 20 m averaging 753 parts per million Zn, including 1.0 m grading 0.79 per cent Zn;
• Copper-anomalous intervals of up to approximately 48 metres.

Bear Island remains relatively underexplored. Historical technical work recommended additional drilling along strike and at depth to test for larger and potentially higher-grade sulphide lenses.

Cyr zone

The Cyr zone is a copper-gold-silver occurrence located west of the Bear Island horizon and near the western boundary of the project. Historical channel sampling returned:

• 3.0 m grading 2.77 per cent Cu, 0.98 g/t Au and 32.5 g/t Ag.

No historical drill holes are recorded in the immediate Cyr zone area, providing Neoterrex with an untested near-surface target within the broader Reservoir mineralized system.

Terms of the option

The option agreement provides Neoterrex with the right to acquire up to a 100-per-cent interest in the Reservoir project through staged cash payments and exploration expenditures.

Upon Neoterrex earning a 100-per-cent interest in the Reservoir project, Fury will retain a 2-per-cent net smelter return (NSR) royalty. Neoterrex will have the right to purchase one-half of the NSR royalty, representing a 1-per-cent NSR royalty, for $1-million at any time prior to commercial mine production, subject to the terms of the option agreement.

Neoterrex will act as operator of the reservoir project throughout the earn-in period and thereafter for so long as it maintains a majority interest in the project.

The option agreement also creates the potential for a strategic joint venture between Neoterrex and Fury (Eastmain), providing additional flexibility to collaboratively advance and unlock the value of the Reservoir project following an intermediate earn-in.

The option agreement and the transactions contemplated thereby remain subject to any applicable regulatory approvals, including, where required, the approval of the TSX Venture Exchange.

Exploration plans

Neoterrex has undertaken a systematic review, compilation and digitization of historical geological, geochemical and geophysical information covering the Reservoir project, together with field verification of priority mineralized zones and targets.

The company's initial exploration objectives will include evaluating extensions of the known C52, Mitlin, QET, Bear Island, Cyr and Barrage mineralized zones, identifying additional targets within the broader mineralized system, and advancing priority targets toward drilling.

The company has initiated the permitting process required for future exploration activities and, subject to receipt of the necessary permits and approvals, intends to advance the project toward a winter drilling program.

Historical exploration information

The exploration results disclosed in this news release are historical in nature and were completed by previous operators. Neoterrex has not independently verified all of the historical analytical results, sampling procedures, assay methodologies, quality assurance and quality control procedures, or drill core recoveries associated with the historical work.

The company believes that the historical information is relevant to assessing the mineral potential of the Reservoir project and provides a reasonable basis for planning future exploration. However, the reader is cautioned that the historical results should not be relied upon as necessarily indicative of future exploration results.

Reported drill and channel sample widths represent apparent widths unless otherwise stated, and true widths have not been determined.

Qualified person

The technical and scientific information contained in this news release has been reviewed and approved by Mathieu Stephens, PGeo, president and chief executive officer of Neoterrex Minerals, a qualified person as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects.

About Neoterrex Minerals Inc.

Neoterrex Minerals is a Canadian mineral exploration company focused on the discovery and advancement of critical and precious metal projects in Quebec. The company maintains a diversified portfolio of exploration-stage properties prospective for copper, gold, tungsten and rare earth elements and seeks to create shareholder value through systematic exploration, project advancement and strategic acquisitions.

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