Mr. Carl Ginn reports

LUX METALS COMPLETES SURFACE EXPLORATION PROGRAM AT LA GRANDE GOLD PROJECT

Lux Metals Corp. has completed its 2026 surface exploration program at the La Grande gold project in Quebec's James Bay region. Field crews from Dahrouge operated on the project from June 1 to June 15, 2026, completing a program of geological mapping, structural analysis, and systematic rock and soil sampling across the central and eastern portions of the project, which have seen limited historical exploration.

Highlights:

• Two-week field program completed across portions of the 40-kilometre greenstone trend at La Grande that have seen limited historical exploration;
• 100 rock samples collected from quartz veins, felsic intrusives, basalts and sulphide-bearing shear zones, plus 55 soil samples across nine lines in areas of limited bedrock exposure;
• All samples submitted to Agat Laboratories for gold and multielement analysis; results pending;
• Two quartz vein families identified; foliation-parallel veins more mineralized than perpendicular (east-west) veins, with pyrite, chalcopyrite, arsenopyrite and tourmaline observed;
• Orezone showing confirmed as a structurally complex fold zone with abundant rusty and mineralized outcrop; area recommended for further detailed mapping;
• Field data to be used to refine targets for the initial 5,000-metre diamond drilling campaign at Zone 32, anticipated in Q3 2026.

"Zone 32 has shown us what this corridor is capable of, and the rest of the trend has seen very little modern work," commented Carl Ginn, chief executive officer of Lux Metals. "Two weeks of mapping and sampling gave us the first analytical data from these areas. With assays pending, we will go into our drill program at Zone 32 with a stronger picture of the broader system."

Field exploration program 2026

The surface program is the first stage of the company's 2026 exploration plan, announced May 26, 2026, and was designed to expand known mineralized zones and identify new targets along the 40-kilometre La Grande corridor. The Zone 32 gold system accounts for approximately two kilometres of this trend. Data collected will be integrated with historical data sets to refine targets ahead of an initial 5,000-metre diamond drilling campaign at Zone 32, anticipated in Q3 2026.

During the program, 100 rock samples were collected across 19 traverses from quartz veins, felsic intrusives (tonalite and diorite), basalts and shear zones. Field crews identified two families of quartz veins: one oriented parallel to the regional foliation and one perpendicular (east-west trending). The foliation-parallel veins were generally more mineralized, with 17 of 33 vein samples containing visible sulphides, predominantly pyrite, with arsenopyrite and chalcopyrite also observed. Five vein samples contained tourmaline, and one carried malachite, a copper indicator mineral. Visible mineralization was most prevalent in basalt-hosted settings, where 17 of 21 samples were mineralized.

In the tonalite, mineralized veins were concentrated within small shear zones in areas of increasing deformation. Farther north, mafic rock bands ranging from tens of centimetres to two to three metres thick run parallel to the foliation and frequently host rusty and mineralized veins. All samples have been submitted for analysis, and results will be reported once received, reviewed and verified by the company.

At the Orezone showing, field crews observed a folded zone with tonalite in the core and basalt on the limbs, with deformation intensity increasing in basalts to the southeast. One tonalite sample near the showing contained 1 per cent to 5 per cent malachite associated with an epidote-quartz vein. While most historical trenches were flooded, abundant outcrop remains visible along with numerous rusty and mineralized zones, and the area has been recommended for further detailed mapping.

In areas of limited bedrock exposure, the company also completed a soil sampling program, collecting 55 samples across nine lines in the central to eastern part of the property. Metals dispersed into the soil from underlying bedrock can outline buried mineralization that cannot be sampled directly, allowing the company to evaluate geochemical patterns and generate additional exploration targets beneath covered ground.

Next steps:

• Assays to be received from June, 2026, field program within three to four weeks;
• Review, interpret and integrate geochemistry with historical data sets;
• Refine drill targets and finalize preparations for 5,000-metre drill program at Zone 32 to be executed in Q3 2026.

The presence of visible sulphides, alteration or structural features observed in the field does not necessarily indicate the presence of gold mineralization. These observations are geological indicators only and should not be considered representative of mineral grades or economic potential. Analytical results are pending.

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, and a qualified person pursuant to National Instrument 43-101.

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.

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