Mr. Michael McMillan reports

GALORE PROVIDES CORPORATE UPDATE ON DOS SANTOS PROJECT CONCESSIONS, LEGAL DEVELOPMENTS, CONCESSION REGULARIZATION AND SHAREHOLDER FINANCING

Galore Resources Inc. has provided shareholders with a comprehensive update regarding the status of the Dos Santos project located in Zacatecas, Mexico, including recent legal developments, concession regularization activities, financing arrangements, and actions undertaken to preserve and advance the company's mineral property interests.

Disclosure context

The company recognizes the importance of timely and accurate disclosure to shareholders. Various matters affecting the Dos Santos project have evolved over an extended period and have involved continuing legal proceedings, administrative reviews, concession duty obligations, financing requirements and discussions with governmental authorities.

As previously disclosed in the company's management's discussion and analysis for the nine months ended Dec. 31, 2025, dated March 2, 2026, management has been actively addressing a number of concession-related, administrative, legal and financing matters affecting portions of the Dos Santos project.

While aspects of these matters have been disclosed through the company's continuous disclosure record, management believed it was important to first obtain a comprehensive independent legal review of the concession portfolio and complete certain concession regularization activities before providing shareholders with a broader update.

Accordingly, the company commissioned RB Abogados, corporate counsel to Galore Resources Inc. and general legal counsel to Minerales Galore SA de CV, to conduct a comprehensive legal title review of the Dos Santos project concession portfolio. That review was completed on May 7, 2026.

In addition, the company completed the regularization of six key concessions through payment of concession duties current through the first semester of 2026. Management believes the combination of the legal title review, court developments, concession regularization efforts and related financing activities now provides a more complete factual basis upon which to update shareholders.

Throughout this period, management's primary objective remained the preservation of the company's assets, concession rights and long-term shareholder interests while addressing a number of legal, administrative, operational and financing challenges affecting the project.

Recent developments

Management believes several material developments have occurred since the company's March 2, 2026, disclosure, including:

• Completion of the RB Abogados legal title report;
• A favourable court judgment regarding the Sta. Fe 3 concession;
• Continued advancement of administrative proceedings relating to Sta. Fe 4 Fracc. 2;
• Progress in addressing registration matters affecting Los Gemelos I and Duende 7;
• The successful regularization of six key concessions through payment of concession duties current through the first semester of 2026; and
• Financial support provided by an existing shareholder to assist in preserving important project assets.

Legal title report

RB Abogados completed a comprehensive legal title report dated May 7, 2026, regarding the Dos Santos project concession portfolio. The report was prepared following a review of records maintained by the Mexican Mining Bureau, the Public Registry of Mines, assignment agreements, court filings and related concession documentation.

The legal review confirmed the status of the company's concessions and provided legal opinions regarding ownership rights, assignment agreements, court proceedings and available administrative remedies.

Sta. Fe 3

On March 7, 2025, Minerales Galore filed a nullity action seeking revocation of cancellation of the Sta. Fe 3 concession (title No. 233935), which occurred March 7, 2025, due to mining duty payments being outstanding and unpaid. However, the company did not receive evidence of any official notice of non-payment issued by the Mexican Mines Bureau, nor any official notice initiating the cancellation process.

On Oct. 29, 2025, the Federal Administrative Court issued a favourable judgment regarding Sta. Fe 3. Minerales Galore is currently awaiting completion of the related administrative implementation process before the PRM.

Sta. Fe 3 comprises approximately 9,761 hectares and includes La Palma target area, one of the principal exploration targets within the Dos Santos project.

Sta. Fe 4 Fracc. 2

Minerales Galore has filed both an administrative appeal (recurso de revision) before the MMB and an annulment demand before the Administrative Federal Court regarding the cancellation of Sta. Fe 4 Fracc. 2 (title No. 233865), which occurred June 26, 2024, due to mining duty payments being outstanding and unpaid. However, the company did not receive evidence of any official notice of non-payment issued by the MMB, nor any official notice initiating the cancellation process.

These proceedings remain pending and unresolved. No assurance can be given regarding the timing or outcome of these matters.

Los Gemelos I and Duende 7

As part of its review of the Dos Santos project concession portfolio, RB Abogados identified that Los Gemelos I (title No. 216788) and Duende 7 (title No. 226581) currently appear in the records of the PRM under the name of a third party. In this review, legal counsel discovered a third party had acted fraudulently, filing falsified documentation with the PRM and transferring registration of these titles.

The most important fact is the distinction between registered ownership and beneficial ownership. The company is currently pursuing discussions with officials of the MMB and the PRM in an effort to resolve these matters through available administrative processes.

According to RB Abogados, the assignment agreement entered into between Minerales Galore and Ezequiel Aguero Zamudio on June 7, 2011, remains valid, binding and enforceable under Mexican law. The legal report further notes that Minerales Galore obtained a favourable judgment on June 30, 2025, regarding the prior denial of registration relating to the assignment agreement.

Based upon its review, RB Abogados has advised the company that sufficient legal grounds exist to pursue cancellation of the current registration of Los Gemelos I and Duende 7 and registration of those concessions in the name of Minerales Galore, subject to compliance with applicable administrative requirements. The company intends to then initiate litigation regarding the matter; however, no assurance can be provided regarding the outcome or timing of these efforts.

Concession regularization

The company is pleased to report that six strategically important concessions have been brought current through the first semester of 2026.

The concessions include:

• Carbonerillas (title 218125);
• San Jose (title 218126);
• Los Gemelos I (title 216788);
• Duende 4 (title 218328);
• Duende 5 (title 218329);
• Duende 7 (title 226581).

Management believes the regularization of these concessions represents a significant milestone in preserving and strengthening the company's concession portfolio.

Shareholder financing

In the most recent quarter, the company entered into a loan agreement with an existing shareholder (the lender) pursuant to which the lender agreed to provide financing in the amount of $150,000 (U.S.) for the purpose of preserving key concessions within the Dos Santos project.

The loan bears interest at a rate of 12 per cent per annum and matures one year from the date of advancement of the loan. Funds associated with the loan were utilized in connection with concession preservation and regularization activities.

The company's Mexican advisers simultaneously pursued reductions in applicable surcharges associated with the concession obligations. Following completion of that process, concession duty payments relating to the six concessions identified above were completed on May 26, 2026, bringing those concessions current through the first quarter of 2026.

Subject to acceptance by the TSX Venture Exchange and applicable securities laws, the company has agreed to issue to the lender a bonus of 1.5 million share purchase warrants exercisable into 1.5 million common shares at a price of 10 cents per common share.

The bonus warrants and common shares issuable thereunder will be subject to a hold period under applicable securities laws, which hold period will expire four months plus one day from the date of issuance of the bonus warrants.

Project status and outlook

Management believes the developments outlined in this release represent meaningful progress toward reducing historical uncertainties affecting portions of the Dos Santos project.

The company remains focused on:

• Protecting and preserving its concession portfolio;
• Completing remaining concession regularization efforts;
• Advancing discussions with government authorities regarding concession registration matters;
• Pursuing strategic financing opportunities;
• Evaluating potential partnership and joint venture opportunities; and
• Advancing exploration activities across the Dos Santos project.

Management believes that the favourable legal developments, concession regularization activities, shareholder support and independent legal review completed by RB Abogados collectively strengthen the company's position and provide a clearer foundation for future project advancement.

About Galore Resources Inc.

Galore is a Canadian-based exploration and development company focused on advancing its Dos Santos gold-silver-copper project in Zacatecas, Mexico. The property hosts multiple mineralized targets across 14,400 hectares in one of Mexico's most prolific mining districts.

We seek Safe Harbor.