Mr. Andrew Kaip reports

KARUS REPORTS STRONG START TO 2026 SOUTH CARIBOO DISTRICT EXPLORATION PROGRAM

Karus Mining Inc. is continuing progress at its South Cariboo gold district where the 2026 exploration program is off to a strong start. The company has completed 2,031 metres of the planed 7,500-metre drill program in the first six holes.

Karus Mining's 2026 exploration program is designed to expand the high-grade discovery potential at FG Gold while advancing the broader district-scale opportunity. The planned 7,500-metre core drilling program (with flexibility to expand) is focused on extending and better defining the two high-grade, structurally controlled vein corridors discovered in 2020/2021, each of which extends approximately 650 metres along strike and remains open to the northwest.

Drilling at the FG gold project in the South Cariboo gold district commenced in mid-June, 2026, and is progressing as planned. To date six drill holes completed totalling approximately 2,031 metres with a sixth drill hole under way. All three completed holes successfully intersected the targeted structural horizon, providing confidence that the program is effectively testing the sediment-hosted vein (SHV) type geological model. Upcoming drill holes are designed to evaluate the continuity and extent of mineralization both along strike and at depth within the known vein corridors, while also testing priority targets that have the potential to define additional high-grade mineralized zones.

"This is a solid start to our 2026 program," said Andrew Kaip, interim chief executive officer of Karus Mining. "Intersecting the target horizon in all three holes gives us good early confidence in the geological model, and we look forward to the assay results as we continue advancing the South Cariboo district."

Core processing and sampling are under way, and the company will report assay results once they have been received, compiled and interpreted over the coming weeks.

Webinar

Join Andrew Kaip (interim chief executive officer of Karus) and Peter Marrone (chairman and CEO of Allied Gold Corp. and Strategic investor and Advisor to Karus) as they introduce newly listed Karus Mining to the investment community.

When:  Sept. 2, 2026, 11 a.m. PT/2 p.m. ET

About Karus Mining Inc.

Karus Mining is a British Columbia-focused gold exploration company advancing a portfolio of district-scale gold assets in two of the province's most prospective mineral belts. The company's strategy is to create long-term shareholder value through the systematic exploration, resource growth and new gold discoveries.

Karus is the 100-per-cent owner of the approximately 1,000-square-kilometre South Cariboo gold district, which includes the FG gold and Gold Creek projects. The underexplored district hosts multiple gold systems, numerous high-priority exploration targets and extensive strike potential, providing significant resource and discovery potential.

The company also owns the high-grade Mineral Creek gold project, located approximately 12 kilometres southeast of Port Alberni on Vancouver Island. Mineral Creek hosts multiple high-grade gold-bearing vein systems and represents an additional opportunity to unlock value within an emerging gold-district.

With a strong technical team, substantial historical exploration investment across its projects and an active exploration strategy, Karus is well positioned to capitalize on the growing demand for high-quality gold exploration opportunities. The company offers investors exposure to multiple discovery opportunities, district-scale land packages and significant long-term growth potential in one of the world's premier mining jurisdictions.

Qualified person

Technical information with respect to the South Caribou gold district contained in this news release has been reviewed and approved by Steven McMullan, PGeo, an independent consultant, who is Karus Mining's qualified person under National Instrument 43-101 definition.

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