Montreal, Quebec--(Newsfile Corp. - September 1, 2026) - GLEN EAGLE RESOURCES INC. (TSXV: GER) ("Glen Eagle" or the "Company") is pleased to announce that it has entered into a definitive option agreement with Sparton Resources Inc. (TSXV: SRI) ("Sparton") dated September 1, 2026 (the "Option Agreement"), whereby the Company shall have the option to acquire a 70% interest in the property comprising mineral claims located near the Gowganda area of Ontario, known as the "Morrison Silver Mine Property" (the "Option"). To exercise the Option, the following cash payments are to be made by the Company to Sparton (the "Option Payments"), of which the latter two payments are at the discretion of the Company:

(i) $25,000 as soon as practicable following the effective date of the Option Agreement (the "Effective Date") and receipt of any required approval of the TSXV;

(ii) $35,000 on or before the first anniversary of the Effective Date; and

(iii) $52,500 on or before the second anniversary of the Effective Date.

In addition, to exercise the Option, the Company will have to fund an aggregate of $500,000 in work commitment costs on the Morrison Silver Mine Property comprising $150,000 by the first anniversary, $175,000 by the second anniversary, and $175,000 by the third anniversary of the Option Agreement. The initial $150,000 work commitment is a firm commitment, while the subsequent year commitments apply only if Glen Eagle continues to pursue exercising the Option.

In addition, Glen Eagle is to make a $20,000 share-cost compensation payment to Sparton, of which $3,500 has been paid as of the date hereof. Until the Option is exercised, Sparton will remain the operator of the Morrison Silver Mine Property and will be entitled to a management fee equal to 10% of applicable work costs. The underlying vendor of the Property retains 2% net smelter royalty (the "NSR") on production from the Morrison Silver Mine Property, of which half of the NSR (1%) may be acquired for $350,000.

Following a successful earn-in and satisfaction or waiver of the applicable earn-in conditions to exercise the Option, Sparton and Glen Eagle will form a joint venture with respect to the exploration and development of the Morrison Silver Mine Property (the "Joint Venture") whereby the initial participating interests in the Joint Venture will be 70% for Glen Eagle and 30% for Sparton. The Option Agreement and Joint Venture are subject to fulfillment of the conditions in the Option Agreement, including approval from the TSX Venture Exchange and any necessary regulatory approvals.

Karl Trudeau, President and Chief Executive Officer of Glen Eagle, commented, "Morrison is exactly the kind of asset that gets an exploration team excited — a past-producing, high-grade silver mine with a documented history of more than 750,000 ounces of production at roughly 25 ounces per ton, and vein systems that were never fully tested with modern methods. This Option Agreement gives Glen Eagle a direct path to earn into a potentially high-grade Canadian sliver system. We are looking forward to putting drills to work alongside Sparton's team and writing Morrison's next chapter."

Lee Barker, President and Chief Executive Officer of Sparton, commented, "Morrison's history of silver production and the amount of work that remains to be done using modern exploration methods, makes this an exciting opportunity for both companies. This Option Agreement provides Sparton with a practical way to advance Morrison while preserving meaningful exposure to the project's upside. Glen Eagle can earn its interest by funding a substantial exploration program while Sparton remains operator during the option period and retains a 30% interest following a successful earn-in."

Qualified Person and Cautionary Note Regarding Historical Information

A. Lee Barker, M.A.Sc., P.Eng., President and Chief Executive of Sparton Resources Inc., the optionor of the Morrison Silver Mine Property, is a Qualified Person as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101") and has reviewed and approved the scientific and technical information contained in this news release.

The historical production, grade, mine-development and mineral-occurrence information described above is based on historical records and published sources. The Company believes this information is relevant; however, a Qualified Person (as such term is defined under NI 43-101) has not completed sufficient work to independently verify all of the historical information through a current exploration. The Company is not treating the historical information as a reliable indicator for a current mineral resource or mineral reserve.

About Glen Eagle

Glen Eagle Resources Inc. is a small producer and an exploration company of precious metals in Canada and Central America.

Forward Looking Information

Certain of the statements and information in this news release constitute "forward-looking statements" or "forward-looking information". Any statements or information that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects", "anticipates", "believes", "plans", "estimates", "intends", "targets", "goals", "forecasts", "objectives", "potential" or variations thereof or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, or the negative of any of these terms and similar expressions) that are not statements of historical fact may be forward-looking statements or information. Forward-looking statements or information relate to, among other things: (i) the exercise of the Option and completion of the Option Payments under the Option Agreement; (ii) the funding of the required work costs on the Morrison Silver Mine Property; (iii) the formation of the Joint Venture with Sparton with respect to the exploration and development of the Morrison Silver Mine Property; (iv) the receipt of any required approval of the TSXV in connection with the Option Agreement; (v) the development of an initial exploration program on the Morrison Silver Mine Property; (vi) the expectation that Sparton will remain operator of the Morrison Silver Mine Property during the option period; and (vii) the potential for modern exploration methods to advance the Morrison Silver Mine Property and for Glen Eagle to earn-in to a potentially high-grade silver system.

Forward-looking statements or information are subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to differ from those reflected in the forward-looking statements or information, including, without limitation, the ability of the Company to make the Option Payments and fund the required work costs on the Morrison Silver Mine Property within the prescribed timelines, risks associated with the receipt of TSXV approval in connection with the Option Agreement, risks inherent in mineral exploration and development activities on the Morrison Silver Mine Property, the reliance on historical production and geological information that has not been independently verified by a Qualified Person through new exploration, risks associated with Sparton's role as operator of the Morrison Silver Mine Property during the option period, uncertainties regarding the formation and governance of the Joint Venture, and risks relating to general economic, market and business conditions. This list is not exhaustive of the factors that may affect any of the Company's forward-looking statements or information. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated, described or intended. Accordingly, readers should not place undue reliance on forward-looking statements or information.

The forward-looking statements and information contained herein are based on certain key assumptions, including, without limitation, that the Company will have sufficient funds to make the Option Payments and fund the required work costs on the Morrison Silver Mine Property within the prescribed timelines, that the TSXV will grant any required approvals in connection with the Option Agreement, that Sparton will fulfill its obligations as operator of the Morrison Silver Mine Property during the option period, that the historical production and geological information regarding the Morrison Silver Mine Property is reasonably reliable, that no material adverse change will occur with respect to the Morrison Silver Mine Property, and that the parties will be able to satisfy all conditions necessary for the formation of the Joint Venture. The Company's forward-looking statements and information are further based on the assumptions, beliefs, expectations and opinions of management as of the date of this news release, and other than as required by applicable securities laws, the Company does not assume any obligation to update forward-looking statements and information if circumstances or management's assumptions, beliefs, expectations or opinions should change, or changes in any other events affecting such statements or information.

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/312383