Mr. Richard Kern of Iconic reports

ICONIC MINERALS EXECUTES JOINT VENTURE AGREEMENT WITH MCEWEN MINING ON NEW PASS GOLD PROPERTY, NEVADA

Iconic Minerals Ltd.'s wholly owned subsidiary has entered into a formal joint venture agreement with a wholly owned subsidiary of McEwen Mining Inc. to advance the New Pass gold property in Churchill county, Nevada. The agreement formalizes a 50-per-cent/50-per-cent joint venture on the 2,140-hectare property located along a prospective Carlin-type gold trend approximately three hours east of Reno.

Iconic Minerals' president and chief executive officer, Richard Kern, stated: "We are pleased to advance this joint venture with McEwen Mining as a strong partner as we move forward at our highly prospective New Pass property. Our focus is to expand the known mineralization and demonstrate the potential for a materially larger resource. With defined targets from historical drilling and recent IP work, we are preparing an initial 20- to 30-hole drill program to test extensions of the deposit. We believe this work can significantly enhance project value for both partners and our shareholders."

The JV agreement is consistent with the terms set forth in the option agreement entered into in September, 2004, as assigned to Iconic in 2005, whereby Iconic, through its wholly owned subsidiary, was granted the option to acquire a 50-per-cent interest in the property, which Iconic exercised in full. The JV agreement provides, among other things, that:

• The parties will finance exploration and other joint venture expenditures on the property in proportion to their respective participating interests.
• A management committee will be established to determine overall policies, objectives, procedures, methods and actions under the JV agreement.
• Iconic Minerals will initially act as the manager of the joint venture.
• A party's participating interest will be subject to dilution in the event it does not finance its share of approved expenditures.

Iconic plans to advance its previously announced exploration program, focused on infrastructure development, drilling and metallurgical optimization. In 2021, an extensive induced polarization survey identified several oxidation zone anomalies located north, south and updip of the defined mineralized zone, and the exploration program will test these anomalies. A total of 38 angled reverse circulation holes are expected to be drilled to test extensions updip (east) and to the north and south of the deposit where mineralization occurs at the surface. Upon the completion of the exploration program, Iconic intends to complete a new National Instrument 43-101 technical report incorporating the results of the program.

About the New Pass gold property

The New Pass gold property is located within Nevada's Basin and Range province along the highly prospective Sulfur-Lovelock-Austin structural gold trend, a region known for hosting Carlin-type gold systems.

New Pass is located within the Basin and Range province, along Nevada's prolific Sulfur-Lovestock-Austin structural gold trend. The property was first explored in 1980, when a stream sediment arsenic anomaly led to the discovery of a gold-bearing jasperoid. Since then, over 40,000 metres in 329 holes have been drilled, many of which intercepted significant intervals of Carlin-type gold-silver mineralization, establishing what is known as the New Pass Au-Ag deposit.

The New Pass Au-Ag deposit represents a classic Carlin-type system, with mineralization largely contained within silicified host rocks and jasperoid which developed in decalcified limestone of the Triassic Lower Augusta Mountain formation. A major north-northwest-south-southeast-trending, west-dipping structure separates Triassic calcareous rocks from younger Tertiary volcanic rocks and served as a major conduit for hydrothermal circulation, alteration and gold-silver precipitation.

The deposit outcrops at surface, and has been drilled approximately 1.25 kilometres along strike, with the deepest pierce point at a vertical depth of approximately 295 m. The tabular deposit has a shallow (approximately 30 degrees) dip to the west and remains open along strike in both directions, and at depth, offering an excellent opportunity for further exploration.

The New Pass deposit hosts a significant inferred mineral resource, demonstrating the established scale and continuity of the system. Historical National Instrument 43-101 reporting outlines an inferred resource containing both gold and silver mineralization within a near-surface, oxide-dominant system. This existing resource provides a strong technical foundation for future expansion, with mineralization remaining open along strike and at depth. The combination of a defined resource and multiple untested targets supports the potential for meaningful resource growth through continued exploration.

Qualified person

Richard Kern, certified professional geologist, a qualified person as defined by NI 43-101, has reviewed and approved the technical information contained in this news release. Mr. Kern is not independent of the company as he is the chief executive officer of Iconic.

About McEwen Mining Inc.

McEwen Mining is a diversified gold and silver producer with operations in North and South America. The company is focused on responsible resource development, operational efficiency and long-term value creation. With a disciplined approach to exploration and project advancement, McEwen brings technical expertise and financial strength to joint venture partnerships.

About Iconic Minerals Ltd.

Iconic is a Nevada-focused gold exploration company advancing high-potential assets in proven mining jurisdictions. The company's flagship New Pass gold property hosts a defined resource with significant expansion potential. Iconic is committed to disciplined exploration, technical advancement and unlocking long-term shareholder value through systematic project development.

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