Mr. Nicolae Suciu reports

GABRIEL PROVIDES CORPORATE UPDATE

Gabriel Resources Ltd. has provided the following corporate update.

Private placement update

Further to its announcements of Oct. 16 and Oct. 27, 2026, concerning its non-brokered private placement, Gabriel advises that Swiss Capital SA has not yet provided the funds required to complete its outstanding subscription of $650,000 (U.S.) under the offering, notwithstanding the financing deadline communicated by the company.

Swiss Capital has indicated that it still intends to complete its subscription. In addition, the company has not yet received a signed subscription agreement from a client of Swiss Capital in respect of a further proposed subscription of approximately $244,365 (U.S.) under the offering.

These subscriptions represent aggregate outstanding proceeds of approximately $894,365 (U.S.). There can be no assurance that either subscription will be completed or that the remaining proceeds of the offering will be received. The current outside date for completion of the offering, as prescribed by the TSX Venture Exchange, is Nov. 16, 2026. The company will provide further updates as appropriate.

Management update

The company also announces that Simon Lusty, group general counsel and corporate secretary, has resigned as an officer of the company to pursue another opportunity. Mr. Lusty will continue to serve as group general counsel until the end of the year to facilitate an orderly transition and handover of his responsibilities.

The board extends its sincere thanks to Mr. Lusty for his long and dedicated service to Gabriel and for the counsel, judgment and steadfast support he has provided to the board and management over many years, including through some of the most complex and demanding chapters in the company's history. The board is grateful for his professionalism and commitment throughout his tenure, and wishes him every success in his future endeavours.

About Gabriel Resources Ltd.

Gabriel is a Canadian resource company listed on the TSX Venture Exchange under the symbol GBU. The company is awaiting the decision of the ICSID ad hoc committee on its application for annulment of the arbitral award issued in its arbitration against Romania and continues to seek to preserve its assets and interests in Romania.

Gabriel holds an 80.69-per-cent interest in Rosia Montana Gold Corporation 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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