Mr. Kenneth Johnson reports

LIPARI MINING LTD. ANNOUNCES AMENDMENTS TO NI 43-101 MINERAL RESOURCE REPORT FOR THE TCHITENGO PROJECT, ANGOLA

Lipari Mining Ltd. has filed an amended and restated National Instrument 43-101 technical report titled "Technical Report on the Tchiuzo Kimberlite, Lunda Sul, Angola" for its Tchitengo project, located in the Lunda Sul province of Angola.

The amended report, dated Oct. 31, 2025, with an effective date of Oct. 29, 2024, replaces the previous version filed on SEDAR+ on June 17, 2025. The amendments were made following a review by the Ontario Securities Commission and are intended to clarify certain technical disclosures in accordance with NI 43-101 and Form 43-101F1 requirements.

Summary of amendments

The revisions include:

• A new section in the technical report that determines that the Tchiuzo kimberlite has reasonable prospects for eventual economic extraction (RPEEE) as defined by the Canadian Institute of Metallurgy (CIM) Definition Standards for Mineral Resources & Mineral Reserves 2014.
• The addition of Carlos Guzman of NCL Ingenieria Y, Construccion SPA, as a qualified person and additional disclosure regarding the qualified persons and the associated qualified person certificates.
• Amendments to address deficiencies related to the requirements and presentation of the technical report with respect to Form 43-101F1, including:
  • Amendments to the title page of the technical report;
  • Addition of a signature page and a table of contents;
  • Additional disclosure in the summary section of the technical report regarding the phase I confirmatory drilling program and mineral resource estimate;
  • Additional disclosure by the qualified person regarding adjacent properties.

The principal amendment to the technical report addresses the requirement under NI 43-101 that states that a mineral resource must have RPEEE. The geological resource model used by Z Star for their mineral resource estimation was constrained using economic and technical variables and diamond prices of $100 (U.S.) per carat, to approximate the highest value estimated by Compton in his March, 2024, report. These variables were input into the Whittle software to produce a pit shell to constrain the resources. The result produced a positive value, indicating that the Tchiuzo kimberlite resource meets the CIMM definition standards for RPEEE. The constrained mineral resources are presented in the attached table.

Qualified person

The technical content of this news release has been reviewed and approved by Martin Doyle, PGeo, of Falmar Ltd., who is a qualified person as defined under NI 43-101 and is the author of the technical report.

About Lipari Mining Ltd.

Lipari Mining is South America's leading diamond producer, with a record of successful operations at the Brauna diamond mine in Brazil, which has produced over 1.24 million carats to date. Lipari is now applying its expertise to advance the highly prospective Tchitengo diamond project in Angola, marking the next phase of growth for the company.

The company is committed to environmentally responsible mining practices. Lipari's Brauna mine is the only diamond mine in the world that recycles nearly 100 per cent of the water used in ore processing, producing a dry tailings product which has potential as a soil remineralizer for the agricultural industry. Lipari's shares are listed for trading on the Cboe Canada exchange and trade under the symbol LML, and the Frankfurt Stock Exchange under the symbol 0Y90.

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