Mr. Jason Bahnsen reports

HAPPY CREEK COMPLETES 2025 DRILL PROGRAM AT THE FOX TUNGSTEN PROJECT IN BRITISH COLUMBIA

Happy Creek Minerals Ltd. has completed the first tranche of drilling at the Fox tungsten project in the South Cariboo district of British Columbia.

Highlights:

• Eighteen diamond core drill holes were completed at the Fox project for a total of 2,176 metres drilled during the period from Sept. 5 to Oct. 5, 2025.
• The drilling was focused on the expansion of the tungsten resource at the Ridley Creek and BN zones and the identification of new zones. Every hole drilled was observed to intersect the calc silicate (the main host rock for tungsten mineralization) that contains zones with variable concentrations of scheelite (tungsten mineral) as observed by ultraviolet lamping in the core.
• Drilling at the RC south zone has defined continuity of and expanded the calc silicate horizon to the southwest, and is clearly open to the west beneath Deception Mountain.
• Drilling at the northwest side of the BN zone intersected several calc silicate horizons that support a stacked layer model with one horizon about 200 metres below surface. Only a few previous holes intersected the lower horizon. The 2025 drilling clearly indicates the calc silicate horizons and associated tungsten mineralization are open to the west and north beneath Deception Mountain, and there remains potential for additional horizons at depth.

Happy Creek president and chief executive officer Jason Bahnsen commented: "We are pleased with the drilling achieved at the Fox tungsten project this season. We had a relatively late start to the season but completed 18 drill holes with scheelite mineralization observed in every hole. Importantly, the deeper drilling at the BN zone (holes 16 to 18) intersected two thick zones of calc silicate approximately 100 metres between each other. This is significant in that it supports the concept for multiple mineralized horizons at depth that remain open. All core has now been delivered to ALS Laboratories in Vancouver for analysis."

Fox project -- 2025 exploration program

During the period from Sept. 5 to Oct. 5, 2025, Happy Creek completed 18 NQ diameter diamond core drill holes (total 2,175.5 metres) at the Fox tungsten project focused on resource expansion at the RC and BN zones.

In 2018, Happy Creek published a National Instrument 43-101 resource estimate for the Fox tungsten project. The resource estimate included an indicated resource of 582,400 tonnes at 0.826 per cent WO3, all located within the RC zone. The 2018 NI 43-101 resource estimate also included an inferred resource of 565,400 tonnes at 1.231 per cent WO3 located predominantly at the BN zone (453,000 of 1.321 WO3). (See Happy Creek news release dated Feb. 27, 2018, for full details, reference NI 43-101 Resource Update, Desautels and Berndt, April 9, 2018).

RC zone

At the RC zone, the tungsten mineralization is located almost exclusively in the calc silicate unit. This lithological unit intercalates with a biotite schist unit, and monzogranite and alaskite sills are subparallel to crosscutting these units.

The RC zone is currently approximately 400 metres by 175 metres in dimension. It is gently dipping to the west tabular body approximately five metres to 25 metres in thickness with the top at surface on the east and approximately 25 to 75 metres below surface to the west.

2025 RC zone drilling

A total of 14 diamond core drill holes were completed at the RC zone during the 2025 field season for a total of 1,304.5 metres drilled and an average hole depth of approximately 92 metres.

The focus on the 2025 drill program at the RC zone was to explore the extent of the calc-silicate-hosted tungsten mineralization mainly to the west and south and infill gaps on the eastern side. Most holes were drilled to the south where almost no previous drilling was done and are well beyond the southern limit of the resource area. Previous exploration work done at this southern part is mainly surface geology, rock sampling and limited hand trenching in 2025 that returned up to 2.6 per cent WO3 over 0.30 metres. The drilling confirmed geological continuity of the calc silicate from surface on the east to approximately 50 metres in thickness westward and expanded it about 250 metres southward from the RC zone toward the BN zone. The 2025 drilling clearly shows the calc silicate horizon continues westward the entire length of the RC zone and is open beneath Deception Mountain.

Selected core intervals representing 611 individual samples from the RC zone have been sent to ALS Geochemistry Laboratories in Vancouver for assay.

BN zone

The BN zone consists of three stacked calc silicate horizons intercalated with biotite schist that are cut by varying thicknesses of monzogranite, alaskite to aplite intrusive sills and/or dikes. The BN zone occurs adjacent to the large Deception stock, a two-mica monzogranite, and the intrusive sills are generally thicker than at the RC zone.

The Middle horizon of the BN zone is currently the best defined and contains most of the current resource that is approximately 20 to 80 metres below surface. Over all, the drill-defined BN zone is approximately 300 metres by 350 metres in dimension, outcrops to the east and dips west to northwest.

Scheelite mineralization at the BN zone is mainly associated with the calc silicate zones which can be either within the intrusive sills (endo-skarn) and in the surrounding carbonate-sedimentary rocks altered to calc silicate (exo-skarn).

2025 BN zone drilling

A total of four diamond core drill holes (F25-15, F25-16, F25-17 and F25-18) were completed at the BN zone during the 2025 field season for a total of 871.0 metres drilled and an average hole depth of approximately 218 metres.

The 2025 drilling tested the potential for mineralized calc silicate horizons to extend to the northwest and at depth to demonstrate the resource expansion potential of the zone.

Drill holes F25-16, F25-17 and F25-18 intersected multiple horizons of calc silicate ranging from 60-metre to 120-metre depth plus a deeper calc silicate horizon at approximately 175- to 225-metre depth. This second horizon of calc silicate is approximately 100 metres below the upper horizons and supports the model of stacked calc silicate horizons at depth.

The presence of a lower calc silicate horizon intersected in the three 2025 holes is important as it clearly shows potential for mineralization at the BN zone to be open to the north and northwest beneath Deception Mountain.

Selected core intervals representing 218 individual samples from the BN zone have been sent to ALS Geochemistry Laboratories in Vancouver for assay.

For full details of the 2018 Fox project mineral resource, see the report by Pierre Desautels, PGeo, AGP Mining Consultants Inc., and Paul Berndt, FAusIMM, dated April 9, 2018, and titled "NI 43-101 Resource Update for the RC and BN Zones and Maiden Resource Estimate for the BK Zone of the Fox Tungsten Project British Columbia," available on the company's website and on the company's SEDAR+ profile.

Prospecting

During 2025, reconnaissance prospecting was performed along several recent roads constructed for a fire in 2022 at the far south end of the Fox property. Boulders, subcrop and outcropping marble, calc silicate, and the key monzogranite were identified about four kilometres south of the South Grid/Nightcrawler area. This area is mostly covered, and outcrops are generally small and very far apart, with weaker calc silicate alteration; however, rocks containing trace scheelite under UV light were identified. These rocks are the same as found in the north, which hosts more significant mineralization. Together with known tungsten mineralization at surface or in drill core, the overall length of the Fox tungsten mineral system is approaching approximately 14 km.

Next steps

The Fox tungsten property contains a large-scale tungsten mineral system that has generated a significant and high-grade resource while most of the property remains unexplored or underexplored. The overall area with the favourable geology and multiple targets identified to date suggests excellent opportunity for additional deposits to be found. Preliminary plans include follow-up drilling between the RC and BN zones, at the BK zone, and to the west beneath Deception Mountain, as well as at the Nightcrawler and South Grid targets, and conducting more primary geology and surface work, including geophysics in the areas having limited or no information.

Corporate options

The company advises that it is not proceeding with the incentive stock option grant announced on Oct. 10, 2025.

Qualified person statement

The technical and scientific contents of this release have been prepared, verified and approved by David Blann, PEng, a director of the company, a qualified person pursuant to National Instrument 43-101 (Standards of Disclosure for Mineral Projects).

About Happy Creek Minerals Ltd.

Happy Creek is focused on making new discoveries and building resources in proximity to infrastructure on the company's 100-per-cent-owned portfolio of diversified metal projects in British Columbia.

Projects include the high-grade Fox tungsten deposit, the Silverboss molybdenum-copper-gold-silver project adjacent to Glencore's closed Boss Mountain molybdenum mine and the adjacent Hen-Art-DL gold and silver project.

On Nov. 7, 2024, Happy Creek announced the closing of the sale of the Highland Valley copper project to Metal Energy Corp. Happy Creek holds 9.9 per cent of the Metal Energy issued capital.

Happy Creek is committed to responsible mineral resource development. The company's priority is to build and sustain mutually beneficial relationships with indigenous communities in the territories in which the company explores.

We seek Safe Harbor.