Mr. Raymond Van Empel, a shareholder, reports

EARLY WARNING PRESS RELEASE

This press release is being disseminated as required by National Instrument 62-103, The Early Warning System and Related Take-Over Bid and Insider Reporting Issues, in connection with the filing of an early warning report by Raymond Van Empel regarding the acquisition and disposition of securities of Lighthouse Gold Inc. (formerly Alerio Gold Corp.).

On Jan. 21, 2026, Mr. Van Empel disposed of 153,500 common shares of the issuer at prices of between 10 cents and 10.5 cents through the facilities of the Canadian Securities Exchange, and, on Jan. 22, 2026, Mr. Van Empel disposed of 131,000 shares at prices of between 10 cents and 10.5 cents through the facilities of the CSE. On Jan. 29, 2026, Mr. Van Empel disposed of 150,000 shares at a price of 10 cents though the facilities of the CSE.

On June 30, 2025, the issuer and Mr. Van Empel also settled $150,000 in debt owing to Mr. Van Empel by the issuer through the issuance to Mr. Van Empel an aggregate 7.5 million units of the issuer. Each debt settlement unit was composed of one share and one-half of one share purchase warrant, with each warrant entitling Mr. Van Empel to purchase one share at a price of five cents for a period of two years from issuance.

The issuance of the debt settlement units on June 30, 2025, was not reflected in Mr. Van Empel's previous Form 62-103F1 filing dated June 30, 2025, due to an oversight.

Prior to the acquisition of debt settlement units, Mr. Van Empel and Pioneer Garage Ltd., a company controlled by Mr. Van Empel, together beneficially owned and controlled: (i) 21,421,500 shares, representing 17.0 per cent of the 125,780,827 then outstanding shares of the issuer; (ii) 3,625,000 share purchase warrants; and (iii) 150 unsecured convertible notes, with each note bearing 5-per-cent interest and convertible, at the option of the holder, into units of the company at a deemed price of two cents per note unit, with each note unit to be composed of one share and one-half of one share purchase warrant, with each whole warrant exercisable at five cents per share for a period of two years from issuance. Assuming conversion of all warrants held by Mr. Van Empel, all notes held by Mr. Van Empel and all warrants underlying such notes, Mr. Van Empel and Pioneer Garage would have beneficially owned and controlled 36,296,500 shares, representing 25.8 per cent of the 140,655,827 outstanding shares on a partially diluted basis.

Following of the issuance of the debt settlement units and completion of the January sales, Mr. Van Empel now holds 28,487,000 shares and 7,375,000 share purchase warrants and 150 notes, representing approximately 17.7 per cent of the 160,980,827 now-issued-and-outstanding shares on an undiluted basis and 26.2 per cent of the 179,605,827 now-issued-and-outstanding shares on a partially diluted basis (assuming conversion of all warrants held by Mr. Van Empel, all notes held by Mr. Van Empel and all warrants underlying such notes).

The debt settlement units were acquired in connection with a debt settlement transaction, and the purpose of the January sales was to sell securities for cash.

A copy of the early warning report is available on SEDAR+.

The name and address of the acquiror filing the report is Raymond Van Empel, Vancouver, B.C.