Mr. John Burns reports

JAXON MINING PROVIDES BLUNT MOUNTAIN SILVER-ANTIMONY UPDATE

Jaxon Mining Inc. has provided an update regarding the binding letter of intent dated July 24, 2025, with Lake Winn Resources Corp., in connection with Jaxon's Blunt Mountain silver-antimony property (see news release dated July 24, 2025). In 2021, multiple rock samples at Blunt Mountain assaying greater than 700 grams per tonne (g/t) silver (Ag) and 4 per cent antimony (Sb) were collected by Jaxon along strike, as described in the attached table. As a result of the transaction, Lake Winn Resources stock was halted and it was determined that the proposed earn-in to 50/50 joint venture, involving a $50,000 cash payment to Jaxon and $1.5-million in work commitment over three years, may be considered a fundamental acquisition under TSX Venture Exchange policies. Given the time and expense related to a possible fundamental acquisition, Lake Winn and Jaxon have terminated the LOI without recourse pursuant to a termination agreement dated Aug. 18, 2025, permitting Lake Winn to return to trade. The company and Lake Winn are evaluating alternative transaction structures.

Jaxon has retained a 100-per-cent ownership in the Blunt Mountain silver-antimony project. Blunt Mountain is located 45 kilometres north of Smithers, B.C., and covers 7,209 hectares. Results of rock sampling along strike by Jaxon in the summer of 2021 (B.C. assessment report No. 39740) are detailed in the attached table.

The primary exploration target at Blunt Mountain are intrusive related polymetallic veins of silver, antimony, gold, lead, zinc and copper identified over a strike length of three kilometres. The prospecting program at Blunt Mountain in 2021 delineated the quartz-sulphide veins controlled by a sheeted fracture/shear zone. Most rock and soil samples were collected along the veins. Both rock and soil samples returned significant silver, gold, antimony, lead, zinc and copper results.

The mineralization is hosted in a Late Cretaceous-aged, Bulkley suite pluton near its northern edge and partially traverses into the surrounding hornfels, of the Jurassic Bowser formation.

Rock samples taken during the 2021 exploration program were shipped to MSA Laboratory, Langley, B.C., under chain of custody. Rock samples were crushed and pulverized to 85 per cent passing 75 microns, then digested using aqua regia and assayed using multielement (39 elements) ICP-EM-MS, 20-gram (g) aliquots; fire assay 30 g was used for Au.

Hazelton property

Jaxon controls the Hazelton property proximate to Smithers, B.C. The Hazelton property is divided into seven projects: Blunt Mountain, Red Springs, Max, Netalzul Mountain, Mt. Thoen, Rocher Deboule Mountain and Kispiox Mountain.

Appointments

The company announces the untimely passing of Laurence Stephenson, a long-time Jaxon director. The company announces Evan Delukas has been appointed to the board of directors of Jaxon Mining and as chief financial officer effective Aug. 28, 2025.

Partial cease trade revocation

Jaxon has recently engaged O'Neill Law LLP, which has applied for a partial revocation of its failure-to-file cease trade order. If such an order is granted, Jaxon intends to complete a financing to allow Jaxon to make all outstanding filings to return Jaxon to good standing with a view to resume trading.

Qualified person

Andris Kikauka, PGeo, director of Jaxon Mining, has prepared, reviewed and approved the scientific and technical information in this news release. Mr. Kikauka is a director of Jaxon and therefore a non-independent qualified person within the meaning of National Instrument 43-101.

We seek Safe Harbor.