Mr. James Macintosh reports

GRAYCLIFF EXPLORATION TO EXPAND SUDBURY FOOTPRINT THROUGH THE ACQUISITION OF THIRTEEN STRATEGIC MINERAL CLAIMS ADJACENT TO HIGH-GRADE SHAKESPEARE PROJECT

Graycliff Exploration Ltd. has entered into an asset purchase agreement dated June 5, 2026, with King Gold Mines Ltd., to acquire a 100-per-cent legal and beneficial interest in 13 strategic mineral claims located in the Shakespeare township within the Sudbury mining district of Ontario.

The acquisition comes on the heels of Graycliff's news release dated June 2, 2026, which reported high-grade gold assay results of up to 3,030 grams per tonne gold over 1.0 metre within an overall interval assaying 454.34 g/t gold over 7.0 metres from its initial metallurgical test hole (hole A) on the company's Shakespeare gold project. Please see the company's June 2, 2026, news release for a discussion of drill results, sampling procedures, analytical methods and quality assurance/quality control protocols. These results are not necessarily indicative of the mineral potential of the claims being purchased.

The claims are located within the same highly prospective Shakespeare geological corridor. Securing the claims will allow Graycliff to immediately expand upon the search area for the mineralized footprint defined by its recent drilling success. The expansion will ensure that the company commands the strike extensions and areas that cover parallel structures that could be very important in future exploration as the company explores to determine the full scale of the Shakespeare gold system.

"Our recent assay results announced June 2, 2026, have provided new insights into the potential of Shakespeare, and they help explain the significant historical exploration activity in this area over the past century," commented James Macintosh, chairman of Graycliff.

Pursuant to the terms of the agreement, Graycliff will acquire a 100-per-cent interest in the claims, free and clear of all encumbrances, by fulfilling the following consideration:

• Cash payment: payment of $10,000 in cash;
• Share issuance: issuance of 300,000 common shares of the company, with 150,000 of the issued purchaser shares held in escrow until Dec. 31, 2026.

The purchaser shares will be issued at a deemed price per share equal to the closing price of Graycliff's shares on the day prior to closing. In accordance with Canadian securities laws, all purchaser shares will be subject to a four-month-and-a-day statutory hold period.

The acquisition remains subject to customary closing conditions, including the acceptance of the Canadian Securities Exchange.

Qualified person

Bruce Durham, PGeo, is a qualified person as that term is defined by Canadian regulatory guidelines under National Instrument 43-101. Mr. Durham is a director of the company, and has read and approved the technical information contained in this press release.

About Graycliff Exploration Ltd.

Graycliff Exploration is a mineral exploration company focused on its 1,025 hectares of prospective ground, located roughly 80 kilometres west of Sudbury on the prolific Canadian Shield. The company's Shakespeare project consists of one Crown patented lease, two Crown leases and 40 claims on a property that includes the historic Shakespeare gold mine, which operated from 1903 to 1907. Graycliff to date has drilled over 12,500 metres, with visible gold mineralization and significant gold assay intervals in numerous drill holes.

We seek Safe Harbor.