Mr. Henk Van Alphen reports

GELUM PLANS ACQUISITION OF LAS TINAJAS GOLD PROJECT, NORTHERN MARICUNGA BELT, CHILE

Gelum Resources Ltd. has entered into an letter of intent under which Gelum can earn a 100-per-cent interest in the Las Tinajas gold project, covering 2,600 hectares in the north end of the Maricunga gold belt, Chile. Las Tinajas is located 120 kilometres (km) northeast of Copiapo in the Atacama region of northern Chile.

Gelum chief executive officer Henk Van Alphen stated: "Gelum is entering a new phase of corporate development. The acquisition of Las Tinajas is an event that will radically transform Gelum into a premier gold exploration company with a South American focus. We have had the people and partners within Gelum and now we have the asset to greatly add shareholder value."

Las Tinajas highlights

Las Tinajas is located at the north end of the Maricunga belt, the largest gold belt in Chile, extending for 200 km with both porphyry and high-sulphidation types of mineralization containing a total of 103 million ounces. The Las Tinajas 2,600-hectare claim block lies between 3,600 and 4,000 metres (m) above sea level and is accessible via a Codelco-maintained mining road. Gold mineralization at Las Tinajas is associated with silicified porphyry intrusions and associated diatreme breccias. Skarn features also occur in adjacent metasedimentary units. Since 1986, 64 drill holes totalling 10,990 m have been drilled in three campaigns, the most recent being 16 holes totalling 2,831 m drilled in 2024 to 2025 by Horizon Mining S.A. Multiple historical holes have significant intervals of more than one gram per tonne (g/t) gold (Au), with several ending in more than g/t gold, including (all are end of hole):

• 43 m of 1.18 g/t Au (DT06);
• 35 m of 1.23 g/t Au (TT014);
• 26 m of 2.09 g/t Au (TT004);
• 58 m of 1.42 g/t Au (TT027);
• 82 m of 0.93 g/t Au (TDH-010).

Only a small portion of the claim block has been drilled. There is significant potential to expand the known mineralized centres associated with the diatreme breccia. In addition, the drilling has not tested the favourable contact between the diatreme breccia and calcareous, reactive metasediments to the west. A thin layer of postmineral volcanic material covers about 40 per cent of the claims and obscures broad zones of hydrothermal and skarn alteration.

Readers are cautioned that descriptions of historical drilling results reported here should be viewed primarily as a guidance for exploration drilling. The qualified person for this release has not done sufficient work to independently verify the historical sampling results described above.

Las Tinajas details

Gold is associated with potassic, silicic and sericite alteration of a central, dacitic, diatreme breccia, with alteration/mineralization extending into adjacent calcareous sedimentary units. Gold occurs freely and as inclusions within disseminated pyrite-sphalerite-tennantite. The most intense sericitic alteration coincides with gold-zinc mineralization and a gold soil anomaly of more than 500 parts per billion (ppb). The diatreme and associated surface alteration clearly extends to the west, north and east, and offers excellent potential to increase the target size as indicated by numerous drill holes ending in mineralization.

Porphyry-style quartz veinlets with anomalous gold values occur in one drill hole that intercepted a weakly mineralized dacite porphyry plug and rhyolite dikes, suggesting presence of an Au-Cu-Mo (gold-copper-molybdenum) dacite porphyry at depth, below the limits of historical drilling. In addition, clasts within the diatreme breccia host quartz stockworks that are closely similar in character to those in the porphyry gold deposits of the Maricunga belt.

An IP (induced polarization) survey (dipole-dipole) completed in 1994 outlined two strong (more than 40 millirad) northwest-trending chargeability zones spaced one kilometre apart, of which the southern anomaly coincided with known mineralization but was only drill tested at the northwest end. The anomaly remains open and untested to the southeast.

Las Tinajas upcoming work

A planned two-phase work program is intended to firstly validate the historical data and expand surface exploration, and then second, expand drill-defined mineralization in order to complete an anticipated maiden National Instrument 43-101 mineral resource estimate. Extensions to the mineralized central diatreme are the priority drill targets. In addition, Gelum will start preliminary metallurgical work on representative mineralized samples to establish basic recovery parameters.

Option agreement details

Gelum has entered into a letter of intent with an arm's-length party in Chile to acquire a 100-per-cent interest in Las Tinajas whereby Gelum, or a Chilean subsidiary of Gelum, will perform due diligence on the vendors, the concessions and related matters, and by the vendors on Gelum. The vendors granted Gelum an exclusive period during which Gelum will undertake due diligence and Gelum has reached the point in its due diligence that it believes that it will move ahead with the vendors to finalize a definitive agreement.

Subject to satisfactory completion of due diligence by Gelum, Gelum and the vendors would execute the option agreement whereby the vendors have agreed to sell to Gelum (or a Chilean subsidiary of Gelum) 100 per cent of the concessions, free and clear of all liens, charges and encumbrances, for a consideration of $9-million (U.S.), to be paid as detailed in the attached table.

All payments following the first payment of $100,000 (U.S.) at closing are at the option of Gelum.

The option agreement will be in a form generally common for mineral property purchase options in Chile, including comprehensive representations and warranties by the vendors as to the status of the concessions, the corporate status and power of each of the parties, comprehensive covenants, and other protections for the benefit of the parties.

The company expects to close its previously announced unit financing (see Feb. 5, 2026, news release) by March 6, 2026. Net proceeds of the financing will be used for general working capital and may be used for the first payment of $100,000 (U.S.) under the option agreement, if such agreement is then finalized.

Qualified person

John Drobe, PGeo, a qualified person as defined by NI 43-101, has reviewed the scientific and technical information that forms the basis of this news release and has approved the disclosure herein. Mr. Drobe is not independent of the company as he is a consultant for the company.

About Gelum Resources Ltd.

Gelum Resources is a company led by experienced management and advisors in the mining and financial sectors.

We seek Safe Harbor.