TORONTO, Nov. 02, 2026 (GLOBE NEWSWIRE) -- GLOBEX MINING ENTERPRISES INC. (GMX – Toronto Stock Exchange, G1MN – Frankfurt, Stuttgart, Berlin, Munich, Tradegate, Lang & Schwarz, LS Exchange, TTMzero, Düsseldorf and Quotrix Düsseldorf Stock Exchangesand GLBXF – OTCQX International in the US) is pleased to inform shareholders that it has increased the size of its contiguous GEM Hills claim block to 20 unpatented lode claims by staking in October 2026.

The project was initially acquired in October 2025 through the staking of 8 unpatented lode claims. It is situated on the eastern flank of the Clover Mountains in Lincoln County, southeastern Nevada, approximately 170 km linearly northeast of Las Vegas.

Each claim covers an area of 8.36 hectares, totalling a surface area of 167.22 hectares. All claims are located on Bureau of Land Management (BLM) public land and sit outside of any designated conservation areas.

Location map of Globex’s Gem Hills rare earth elements (REE) property. Also shown is the location of MP Materials Mountain Pass REE mine and the Virgin Mountain REE project (optioned from Globex to Lodestar Minerals). Mountain Pass accounted for approximately 12% to 14% of the world's rare earth mined output (mainly LREE). The U.S. government, primarily through the Department of Defense (DoD), provides significant support to MP Materials' Mountain Pass rare earth mine, all aimed at securing a domestic supply chain for defense and high-tech industries, reducing REE reliance on China, and boosting U.S. industrial independence.

Mining History, Geology and Sampling had been already described in Globex’s previous press release dated February 11, 2026. In the following only a short summary:

The Gem Hills Project covers rare earth element (REE) mineralization discovered during a 2024 regional prospecting campaign. The property is located outside any known mining district at the southeastern margin of the Caliente Caldera Complex of Tertiary age. Exploration in 2024 and 2025 including surface rock sampling, hand trenching, and dump sampling from 1930s era historic workings confirmed an initial mineralized footprint extending along a 90-meter strike length that remains open to the north and south.

The REE mineralization developed directly at the brecciated/faulted contact to Devonian limestone/dolomite, extending further away as a mixed clayey breccia zone of carbonate rock and volcanic rock with lower grades, locally extending also into argillic-phyllic altered volcanic rocks. Apparently, especially the carbonate fragments had been replaced by an REE rich mineral association and mostly, but not always, also by more or less abundant black manganese oxide minerals.

Mineralization Profile and Historical Sampling Highlights

The Gem Hills Project stands out for its high Total Rare Earth Oxide (TREO) grades, significant Heavy Rare Earth Element (HREE) enrichment, and an environmentally favourable, near-zero radiation profile.

Mineralization is characterized by a high-value suite of both Light Rare Earth Elements (LREE) specifically praseodymium and neodymium and critical HREE, including gadolinium, terbium, dysprosium, holmium, and erbium. Notable yttrium enrichment is also present, with assays reaching up to 0.435% Y₂O₃.

Core Sampling Results
Historical sampling from the autumn 2025 program (and one foundational 2024 sample) highlighted the following resource potential from 34 property wide rock samples:

• TREO Grades: 18 samples returned significant values ranging from 0.28% to 5.26% TREO, yielding a strong average of approximately 1.7% TREO.
• HREO Distribution: Heavy Rare Earth Oxides account for an average of 8% of the TREO (ranging up to 19%), with the highest heavy fractions concentrated in mine dump samples.
• High-Value REO Share: High value critical oxides (comprising premium HREO and LREO) average roughly 17% of the total mix, spanning from 1.5% up to 39.7%.
• Magnet Feedstocks (Nd+Pr):Combined Neodymium and Praseodymium (Nd₂O₃ + Pr₂O₃) average 13.7% of the TREO, hitting a peak combined grade of 1.14% (equivalent to 11.4 kg/t).
• Targeted HREE Enrichment: Premium elements like Dysprosium and Terbium show intense, localized enrichment, peaking at 0.09% Dy₂O₃ (0.9 kg/t) and 0.016% Tb₂O₃ (0.16 kg/t), respectively.

A Rare, Low-Radioactivity Advantage

Crucially, the Gem Hills mineralization features an absence of dangerous uranium and thorium anomalies, matching normal background radiation levels. While low-radioactivity REE deposits (such as carbonatites) typically lack the Heavy Rare Earth elements required by modern technology, Gem Hills combines an environmentally clean, low-radiation profile with a relatively high HREE share. This offers a unique, lower-cost, and safer pathway for critical metal recovery without the regulatory and environmental liabilities of high-radioactivity ores.

Ore Mineralogy & XRD Analysis

To determine the REE-rich ore mineralogy, three powdered samples were submitted to the Momentum Transfer laboratory for High-Resolution Synchrotron X-ray Diffraction (XRD) measurements. These analyses were performed at beamline ID31 at the European Synchrotron Radiation Facility (ESRF), and the final report was received on October 19, 2026.

The submitted channel samples represented varying grades and widths across three trenches:

• Sample H-07: 1.889% TREO (0.60 m channel sample from Trench E)
• Sample H-25: 2.281% TREO (0.95 m channel sample from Trench C)
• Sample H-29: 2.642% TREO (1.75 m channel sample from Trench B)

The relative abundance of the major, minor, and trace mineral phases calculated from the powdered samples revealed the following mineralogical profile:

• Major Mineral Phases: Calcite, aragonite, dolomite, nacrite (26%–46%), gibbsite (0.25%–10%), and nordstrandite (0%–17%). Nacrite (Al2Si2O5(OH)4) is the highest temperature polytype of the kaolin group, exclusively requiring hydrothermal or pneumatolytic processes to precipitate. Gibbsite and nordstrandite are polymorph minerals sharing the same chemical formula, Al(OH)3.
• Minor Mineral Phases: Quartz and fluorite. Notably, fluorite is relatively abundant, reaching up to 9.6%. Because it is invisible to the naked eye or a hand lens, it is interpreted to be finely dispersed as microscopic grains within the ore matrix.
• Trace and Additional Phases: Manganese oxides (lithiophorite and cryptomelane), iron oxides (hematite and goethite), sphalerite (0.5%–2.4%), alunite (0%–0.8%), Na-mica (likely illite), smectite (montmorillonite), and traces of all three TiO2 polymorphs (anatase, rutile, and brookite).

REE Hosting Mechanism

Bastnaesite was the only discrete REE mineral phase detected, occurring in trace amounts up to 0.18%. Consequently, the bulk of the REE mineralization (>90%) is adsorbed to the clay minerals nacrite, gibbsite, and nordstrandite, with a minor fraction potentially hosted within fluorite.

Macroscopically, abundant clay like minerals (up to 50%) characterize the project's signature "black & white mottled breccia" ore. The XRD results confirm that the white patches consist of nacrite, gibbsite, and nordstrandite, while the surrounding black matrix is a mixture of manganese oxides and carbonate minerals.

Genetic Model for Gem Hills

Based on the local geological setting and mineral assemblages, a comprehensive genetic model has been established.

The Gem Hills Rare Earth Element (REE) mineral occurrence represents a highly localized, multi-stage magmatic-hydrothermal system telescoped by late-stage regional fluids and overprinted by a district-scale caldera-wide alteration system. The deposit is structurally localized along a near vertical NW-SE fault zone near to a Tertiary caldera rim, acting as a focused chemical trap at the contact between reactive Paleozoic carbonate rocks to the west and calc-alkaline rhyolite & latite to the east.

The formation of the Gem Hills REE mineralization occurred across three overlapping (telescoped) hydrothermal stages:

• Stage 1: Deep Alkaline Magmatic-Hydrothermal Input — Initial injection of magmatic fluids derived from alkaline monzonite-syenite intrusion exsolving highly incompatible fluids rich in F, CO₂, LREE, and HREE.
• Stage 2: Waning Advanced Argillic Overprint & REE Adsorption Trap — Acidic, cooler hydrothermal fluids created the relatively high-temperature nacrite and aluminum hydroxides, establishing the perfect clay-adsorption environment to trap the migrating rare earth elements.
• Stage 3: District-Scale Caldera Vapor-Phase & Regional Oxidized Fluid Event — Late-stage overprinting by regional oxidized fluids introducing the abundant manganese and iron oxides that form the breccia's dark matrix.

Paragenetic Sequence Chart

Legend:
— — —           Continuous mineralization/deposition
• • • •                Dissolution, corrosion, or relict phase existence
======           Main Ore Stage / Peak element concentration event

Classification and Deposit Type

The Gem Hills REE mineralization stands alone and may represent an entirely new class of hydrothermal-metasomatic REE ion-adsorption clay deposits. While typical ion-adsorption deposits are regolith hosted, relying on slow, surface weathering processes that yield low grades, Gem Hills stands out by delivering exceptionally high REE grades generated through a robust, multi-stage hydrothermal system. This distinctive genetic origin positions Gem Hills as a highly unique target with potentially disruptive economics for the critical minerals sector.

A Highly De-Risked Strategic Opportunity

If an economic orebody is outlined, combining Nevada's tier-one mining jurisdiction with a high-grade, potentially easily processable, and relatively clean orebody, the Gem Hills Project represents a highly de-risked opportunity for potential direct federal funding, forward-purchasing agreements, and strategic DoD price floor guarantees. Management believes these attributes significantly elevate the project's valuation and attractiveness to potential option partners seeking to secure long-term domestic supply.

The Gem Hills Project combines an exceptional heavy rare earth element (HREE) enrichment profile with highly favorable preliminary mineralogical and environmental indicators. X-ray diffraction (XRD) analysis has confirmed that the REE mineralization is hosted within a hydrothermal-metasomatic, ion-adsorption style setting associated with nacrite, gibbsite, and nordstrandite. Unlike refractory hard-rock deposits (such as bastnäsite or monazite) that require energy intensive, highly complex chemical cracking, the Gem Hills REE are bound via a unique hydrothermal-metasomatic mechanism to nacrite, gibbsite, and nordstrandite. This mineralogical architecture, subject to additional detailed metallurgical test work and positive results, could be expected to allow for significantly milder, lower cost leaching processes  with a reduction in both CapEx and OpEx for processing infrastructure.

Furthermore, initial geochemical sampling indicates an exceptionally clean environmental profile, with baseline thorium levels remaining below 20 ppm alongside very low uranium values. Management believes these combined technical attributes substantially de-risk early-stage exploration variables, positioning Gem Hills as a premier candidate for systematic advancement.

As a project generator, Globex options projects to qualified strategic partners equipped to fund and execute the next phases of exploration, including systematic drilling and formal metallurgical bench testing. While early indicators align closely with the criteria prioritized by U.S. federal funding mechanisms such as the Defense Production Act (DPA) Title III and Department of Energy (DOE) critical mineral grants, the primary near-term focus will be either the execution of a definitive option agreement to advance the project’s technical and economic baseline frameworks or work programs funded by Globex.

This press release was prepared by Matthias Jurgeit, Eurogeologist under the supervision of Jack Stoch, P.Geo., CEO & Executive Chairman of Globex in his capacity as a Qualified Person (Q.P.) under NI 43-101.

Caution Regarding Forward-Looking Statements

Certain statements included in this press release may constitute “forward-looking statements” within the meaning of applicable Canadian securities laws. Except as may be required by such laws, Globex Mining Enterprises Inc. (“Globex”) does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Forward-looking statements, by their very nature, are subject to numerous risks and uncertainties. As a result, actual results could differ materially from Globex’s expectations expressed in or implied by such forward-looking statements. No assurance can be given that any events anticipated by the forward-looking statements will materialize, or if any of them do, what benefits Globex will derive therefrom. Numerous risk factors which may cause actual results to differ materially from expectations expressed in or implied by the forward-looking statements are discussed in Globex’s annual information form for the 2025 fiscal year filed with the Canadian securities regulatory authorities, available on SEDAR+ at www.sedarplus.ca and on Globex’s website at www.globexmining.com. Globex cautions readers that such risks are not the only ones that could impact it. Additional risks and uncertainties not currently known to Globex or that Globex currently deems to be immaterial may have a material adverse effect on Globex’s business, financial condition, and results of operations. Given these risks and uncertainties, Globex cautions investors and others against placing undue reliance on such forward-looking statements as a prediction of future results or for any other purpose. This press release does not constitute or form a part of any offer or solicitation to purchase or subscribe for securities in the United States. The securities referred to herein have not been and will not be registered under the Securities Act of 1933, as amended (the “1933 Act”), or with any securities regulatory authority of any state or other jurisdiction in the United States, and may not be offered or sold, directly or indirectly, within the United States or to, or for the account or benefit of, U.S. persons (as such term is defined in Regulation S under the 1933 Act), except pursuant to an exemption from or in a transaction not subject to the registration requirements of the 1933 Act.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/3889d05f-efe3-4a69-b266-5348a5ed978f

Location map of Globex’s Gem Hills rare earth elements (REE) property

Also shown is the location of MP Materials Mountain Pass REE mine and the Virgin Mountain REE project (optioned from Globex to Lodestar Minerals). Mountain Pass accounted for approximately 12% to 14% of the world's rare earth mined output (mainly LREE). The U.S. government, primarily through the Department of Defense (DoD), provides significant support to MP Materials' Mountain Pass rare earth mine, all aimed at securing a domestic supply chain for defense and high-tech industries, reducing REE reliance on China, and boosting U.S. industrial independence.

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