Mr. Nicolae Suciu reports

SECOND CLOSING OF US$3.4 MILLION PRIVATE PLACEMENT

Gabriel Resources Ltd. has completed a second closing of its previously announced non-brokered private placement of up to 58,471,757 units at 8.25 cents per unit for aggregate subscriptions of up to $3.4-million (U.S.) (approximately $4.82-million (Canadian)). For more information on the offering, please see the company's press releases dated Oct. 2, 2026, and Oct. 16, 2026, which are available under the company's SEDAR+ profile.

Pursuant to the second closing, the company has issued 3,181,552 units to eligible investors who are clients of Swiss Capital SA for aggregate gross cash proceeds of $185,000 (U.S.) (approximately $262,478 (Canadian)).

Together with the initial closing on Oct. 16, 2026, the company has issued an aggregate of 43,090,848 units under the offering for aggregate subscriptions of approximately $2.51-million (U.S.), comprising approximately $930,634 (U.S.) in gross cash proceeds and $1,575,000 (U.S.) satisfied through the previously announced bridge debt settlement.

Each unit consists of one common share in the capital of the company and one common share purchase warrant. Each warrant entitles the holder to purchase one common share at an exercise price of 11 cents until 5 p.m. Toronto time on Oct. 16, 2031, being five years from the initial closing of the offering.

The net cash proceeds from the second closing will be used to finance working capital and sustain essential operations, including the continued pursuit of the company's application to annul the ICSID arbitration award rendered on March 8, 2024.

The securities issued in connection with the second closing are subject to a statutory Canadian hold period of four months and one day, expiring on Feb. 28, 2027. The company has received conditional acceptance from the TSX Venture Exchange for the offering. Completion of the offering remains subject to receipt of final acceptance from the TSX-V.

The company expects to complete a subsequent closing for Swiss Capital's subscription and that of another eligible investor, representing the remaining 15,380,909 units and aggregate subscriptions of approximately $894,365 (U.S.), subject to receipt of signed subscription agreements where outstanding, receipt of subscription funds and satisfaction of the remaining closing conditions.

The company will not pay any finders' fees in connection with the offering.

About Gabriel Resources Ltd.

Gabriel is a Canadian resource company listed on the TSX Venture Exchange under the symbol GBU. The company's current focus is pursuing the annulment application and preserving its assets and interests in Romania.

Gabriel holds an 80.69-per-cent interest in Rosia Montana Gold Corp. SA, with the remaining 19.31 per cent held by Minvest Rosia Montana SA, a Romanian state-owned company. RMGC holds the company's interests in the Rosia Montana gold and silver project. In June, 2024, the competent Romanian authority rejected RMGC's application to extend the project's exploitation licence. RMGC is challenging that refusal before the Romanian courts.

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