Mr. Luke Norman reports

LEVIATHAN METALS AWARDED ADDITIONAL EXPLORATION LICENSE IN PRIME TARGET AREA AT FOCA, BOSNIA AND HERZEGOVINA

Leviathan Metals Corp. has awarded a new exploration licence -- Tjemenik -- in expansion of the company's Foca project, Republika Srpska, Bosnia and Herzegovina. The Tjemenik licence, issued by the Ministry of Energy and Mining of Republika Srpska, directly adjoins Leviathan's existing Marevo licence area to its south and east, and covers the same sequence of faulted Permo-Triassic age rocks that give host to the recently announced high-grade polymetallic mineralization of the Vrela-Kremin trend. This trend is moreover seen to continue toward Tjemenik as do other faults at a similar orientation.

Tjemenik was established by means of primary staking and covers an area of 50 square kilometres, expanding the project to a total of 150.7 square kilometres. An application for a further exploration licence -- Podovi -- to the west of Marevo in similar stratigraphy and structure is pending. Together with Tjemenik, the award of Podovi -- also covering an area of 50 square kilometres -- would double Leviathan's Foca holdings in an area similarly prospective for high-grade polymetallic mineralization.

Leviathan chief executive officer Luke Norman remarked: "Building on our discovery of high-grade polymetallic mineralization at the Vrela-Kremin trend, the grant of Tjemenik is an important step in growing our Foca landholding -- further cementing our first-mover advantage in this highly underexplored district, and allowing Leviathan to cast a broader net around a key target area. Tjemenik falls within the same stratigraphic sequence and structural setting as the neighbouring Marevo licence area -- host to Vrela-Kremin -- and is therefore an exciting organic addition to our portfolio.

"I'd like to further explain the significance of our recent results from Foca too: We noted that trench sampling has returned robust high-grade polymetallic mineralization in broad widths at surface including 14 metres at 7.78 per cent ZnEq, and 12 metres at 8.92 per cent ZnEq. These intervals are of comparable zinc and lead grade to the historic Yugoslav drilling that originally drew us to Foca, and fall within the same 2.6-kilometre Vrela-Kremin trend -- as defined by soil geochemistry and mapping -- providing us with an early indication of the grade and footprint potential of Foca.

"Not only does the award of Tjemenik increase our potential for success, it also illustrates the ease of doing business in Bosnia, and the expertise of our project team in identifying and securing additional assets."

About the Foca project

The project covers 150.7 square kilometres across three active exploration licences, includes a series of silver and base metal targets tentatively interpreted to be of sedimentary exhalative origin, and lies approximately 100 kilometres southeast of the Vares project of Dundee Precious Metals. Vares hosts indicated mineral resources of 18.3 million tonnes at 168 grams per tonne silver, 1.3 g/t gold, 4.6 per cent zinc, 2.9 per cent lead, 0.4 per cent copper and 30 per cent BaSO4 and inferred mineral resources of 2.8 Mt at 75 g/t Ag, 0.5 g/t Au, 2.4 per cent Zn, 1.6 per cent Pb, 0.2 per cent Cu and 13 per cent BaSO4 in rocks of closely comparable age and host lithology to those at Foca -- within the so-called central Dinaride metallogenic zone of the western Tethyan belt.

Another prominent group of central Dinaride polymetallic deposits is the Trepca mine complex in Kosovo, which falls approximately 300 kilometres southeast of the project at which historic production of 60.5 Mt at 8 per cent Pb plus Zn and more than 4,500 tons of Ag is documented, and which in the 1980s reportedly employed 20,000 people, supposedly accounting for 70 per cent of all Yugoslavia's mineral wealth. A number of other polymetallic mineral occurrences including past and current producing mines fall in closer proximity to Foca, and provide a broader indication of the potential metal endowment of this highly underexplored mineral district, which is almost entirely untouched by modern, systematic exploration.

Mineralization at the Vrela-Kremin trend, within the Marevo licence area, is hosted by rocks of Permo-Triassic age, dominated by metacarbonates interbedded with coarse- to fine-grained metasediments, with mineralization preferentially hosted in tectonized carbonates. Field mapping indicates that mineralization is structurally controlled, predominantly occurring within anti-forms. The mineralized carbonates typically appear as brecciated marbles, reflecting intense fracturing and fluid infiltration, often associated with hydraulic fracturing and brecciation processes. Fracture-controlled brecciation appears to have facilitated the circulation of hydrothermal fluids, promoting metal precipitation within structurally and chemically favorable horizons. Soil samples proximal to mineralization are especially enriched in zinc, followed by lead. A sedex model for primary mineral emplacement, followed by later fracturing and fluid remobilization of this mineralization, is tentatively inferred. Structural mapping of the Vrela-Kremin trend and its surroundings suggest that study area was affected by northeast-southwest compression, which resulted in the intensive folding and faulting. Observed fold planes are generally dipping either southwest or northeast while fold axes are gently dipping either northwest or southeast. Structural mapping and interpretation at the project are continuing.

Key targets at Foca currently include:

• The Vrela-Kremin trend: Records of Yugoslav-era drilling completed in 1967 present an average mineralized thickness of 15 metres at a grade of 13.25 per cent Pb plus Zn over three diamond drill holes at Vrela, without any Ag or Cu assay records. While original copies of historic reports have been inspected by Leviathan, the constituent drill hole logs and assays are unavailable. Previous rock chip sampling in the area of historic drilling returned grades of up to 347 g/t Ag, 10.1 per cent Pb and 40 per cent Zn from field exposures, and mineralized float subsequently visited by Leviathan personnel. Soil sampling completed at a spacing of approximately 200 metres by 100 metres defined a highly coherent Pb and Zn anomaly extending for approximately 2.6 kilometres to the northeast of the area of historic drilling, and high-grade rock chip samples, suggesting that the mineralization identified in exposure and in historic drilling has potential to manifest itself at a far greater scale.
• The Barice prospect: Work by the underlying property vendor identified massive sulphide mineralization in mineralized float and outcrop, with rock chip assays returning grades of up to 4.48 per cent Cu, 110 g/t Ag, 30.2 per cent Pb and 6.45 per cent Zn within a coherent, southeast-trending Pb, Zn and Cu soil anomaly over a strike of approximately 500 metres and a width of up to 200 metres.

Changes to the Law on Geological Exploration in Republika Srpska, which came into force on July 24, 2024, are viewed by the company as mining friendly, and consistent with the legal provisions of other leading international mining jurisdictions.

The geology of the Foca district

The Foca district is located in the Durmitor nappe, a thrusted, folded and faulted geological succession of Palaeozoic basement, with overlying Triassic and Jurassic-Cretaceous aged rocks consisting of carbonate, flysch volcanogenic-sedimentary formations deposited in response to rifting on the margin of Gondwana and the opening of the Neo-Tethys ocean, and subsequently deformed by the late Palaeozoic age Alpine orogeny.

By way of analogy, the Vares district reportedly lies near the western closure of the Durmitor nappe, with geology of the area consisting of lower Triassic, middle Triassic and undifferentiated Jurassic-Cretaceous formations. The polymetallic mineralization is predominantly hosted in the matrix of a polymictic breccia of banded shale, siltstone or sandstone clasts, both overlain and underlain by a succession of sandstone, siltstone, shale or limestone. Mineralogy across the various mineral occurrences reportedly includes sphalerite, galena, chalcopyrite, barite, minor tetrahedrite and pyrite, with associated silver and gold.

Qualified person and data verification

The technical content of this news release has been reviewed, verified and approved by Aleksandar Vuckovic, MAIG, a qualified person as defined by National Instrument 43-101.

Stock option and restricted share unit grant

The company's board of directors has approved the grant of 6.8 million stock options, each exercisable at a price of 65 cents per common share for a period of five years, to certain directors, officers, consultants and employees of the company. The company also granted 150,000 to an investor relations consultant, exercisable at a price of 65 cents for a period of two years vesting over a 12-month period. The company has also granted 2,185,000 RSUs that entitle the holder to a common share of the company to certain directors, officers, consultants and employees of the company. The RSUs have a two-year vesting period and expire three years from the date of grant.

About Leviathan Metals Corp.

Leviathan Metals, previously known as Leviathan Gold Ltd., is a Canadian-based mineral exploration company listed on the TSX Venture Exchange (LVX) and in Germany (0GP).

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