Mr. Carl Ginn reports

LUX METALS RECEIVES PERMITS, OUTLINES 2026 EXPLORATION PROGRAM AT LA GRANDE GOLD PROJECT

Lux Metals Corp. has received drill permits for La Grande gold project in Quebec's James Bay region, marking a key milestone in the company's 2026 exploration program.

With permits in hand, the company has outlined a comprehensive program, including diamond drilling, field mapping and geophysical surveys at La Grande, where historic drilling has returned intercepts, including 83.8 metres grading 7.95 grams per tonne gold within a mineralized system that remains open at depth and along strike.

2026 exploration program

The receipt of drill permits marks the beginning of the company's 2026 exploration strategy at La Grande. Following the completion of a $4-million private placement earlier this year, the company is well financed and permitted to advance its planned exploration activities. The program includes the following components:

• Drill permits received:
  • Permits received for La Grande gold project, clearing the regulatory pathway for the 2026 exploration program;
  • Mobilization and program planning can commence.
• Diamond drilling:
  • With permits in hand, drilling will form a significant component of the 2026 program.
  • An initial 5,000 metres are anticipated to commence in third quarter 2026.
  • The program will focus on:
    • Expanding the Zone 32 mineralized envelope down plunge and along strike;
    • Infill drilling within the known system;
    • Testing of parallel structures within the broader tonalite corridor;
    • Initial drill testing of regional targets refined through the field and geophysical programs.
• Field mapping, prospecting and surface sampling:
  • Additional detailed geological fieldwork will be conducted across priority areas of the property;
  • Focused on expanding known mineralized showings and generating new drill-ready targets;
  • Field observations will be integrated with the existing historic drill database and new geophysical data to refine targeting across the property.
• Ultrahigh-resolution drone magnetic surveys:
  • Evaluating magnetic surveys and advanced 3-D processing across the property.
  • High-resolution geophysics have the potential to significantly improve structural interpretation and target definition;
  • Particular value expected across the underexplored areas outside of Zone 32.

Carl Ginn, PGeo, president and chief executive officer of Lux Metals, commented: "Receiving our drill permits marks a significant step forward for Lux Metals and the La Grande project. We are now well funded and permitted to execute a meaningful exploration program this year. Our world-class team is focused on advancing Zone 32 while systematically evaluating the regional targets that make this a true district-scale opportunity. We look forward to mobilizing our crews and getting to work."

The Zone 32 gold system

Zone 32 is the high-grade core of La Grande project, hosted within the La Grande Sud tonalite at the structural contact with surrounding mafic volcanic rocks of the Yasinski group. The deposit is interpreted as a shear-zone, intrusion-hosted Archean orogenic gold system, the same deposit family responsible for many of the Superior province's most productive gold camps.

Over 40,000 metres of historic diamond drilling has delineated gold mineralization at Zone 32 extending 600 metres along strike and 350 metres at depth. Mineralization begins near surface, and remains open at depth, along strike and laterally. Adjacent and related zones within the same structural corridor include the Pari, Breche, Mico-Milan and Vein zones, which together form a broader coherent mineralized system within La Grande tonalite.

One drill hole in particular highlights the expansion potential of the system. LGS12-224 intersected 1.93 grams per tonne gold over 37.0 metres, approximately 400 metres down plunge from the main Zone 32 envelope, confirming that the gold-bearing system extends well beyond the currently defined mineralized zone.

Select historic drill results from the Zone 32 corridor are summarized below.

District-scale exploration potential

Zone 32 represents approximately two kilometres of La Grande's 40-kilometre Archean gold trend. The remaining 38 kilometres have seen limited or no drilling, and host several high-priority surface targets:

• Wogogoosh: grab samples up to 34 g/t gold across a 500-metre mineralized strike length;
• Orezone: grab samples up to 24 g/t gold across a 500-by-200-metre mineralized outcrop exposure.

Both targets occur along the same structural corridor as Zone 32 and represent potential drill targets as the company refines its exploration strategy across the property.

Infrastructure and location

La Grande is situated approximately 85 kilometres southeast of Radisson in Quebec's James Bay region, within the same regional belt as the producing Eleonore gold mine. The project benefits from year-round access through the all-season Transtaiga Road, a Hydro-Quebec airstrip directly east of the property and a high-voltage power transmission line crossing the property providing direct access to grid power.

Technical program leadership

The company's geological program at La Grande is being led by Dahrouge Geological Consulting Ltd., one of the most recognized exploration consulting firms operating in Quebec's James Bay region. Dahrouge maintains a well-established operational presence in the district spanning nearly two decades and was instrumental in the discovery of Patriot Battery Metals' Corvette lithium deposit.

Qualified person

The technical content of this news release has been reviewed and approved by Jonathan Marleau, PGeo, senior geologist at Dahrouge Geological Consulting Ltd., an independent consultant of the company, a qualified person pursuant to National Instrument 43-101.

Incentive grants

The company announces that a total of 900,000 incentive stock options have been granted to newly appointed directors and officers of the company pursuant to the company's long-term incentive plan. The options are exercisable for a period of five years at a price of 24 cents per share and shall vest immediately.

About Lux Metals Corp.

Lux Metals is a Canadian mineral exploration company focused on advancing its flagship La Grande gold project in Quebec's James Bay region. The project hosts the high-grade Zone 32 gold system with extensive historic drilling, year-round infrastructure access and district-scale exploration potential.

We seek Safe Harbor.