Ms. Kim Nguyen reports

LUX METALS TO COMMENCE DIAMOND DRILLING AT LA GRANDE GOLD PROJECT, QUEBEC

Diamond drilling will commence on Aug. 25, 2026, at Lux Metals Corp.'s La Grande project, located along the Trans-Taiga Road between kilometres 60 and 95, in the Eeyou Istchee James Bay region of Quebec.

Program highlights:

• 4,500 metres of diamond drilling, to commence on Aug. 25, 2026; the program is drawn from 8,800 m of designed holes;
• Drilling will focus on:
  • Expanding the Zone 32 mineralized envelope downplunge and along strike;
  • Infill drilling within the known system;
  • Testing of parallel structures within the broader tonalite corridor.

"Zone 32 has more than 40,000 metres of historic drilling behind it and it is still open in every direction. We spent this year designing 8,800 metres of holes against that data set and we are now putting the best 4,500 of them in the ground. The June field program confirmed at surface exactly the gold-copper signature the model is built on," said Kim Quyen Nguyen, president and chief executive officer of Lux Metals.

The Zone 32 gold system

Zone 32 is the high-grade core of the 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 have delineated gold mineralization at Zone 32 extending 600 metres along strike and 350 metres at depth. Mineralization begins at 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 the 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 downplunge from the main Zone 32 envelope, confirming that the gold-bearing system extends well beyond the currently defined mineralized zone.

Historical results referred to above were generated by previous operators of the property. Lengths are downhole (core) lengths; true widths have not been determined. The company has not independently verified these historical results, a qualified person has not completed sufficient work to verify them, and they are not necessarily indicative of results that may be obtained from the current drilling programme. Readers are referred to the National Instrument 43-101 technical report dated Jan. 12, 2026, available on SEDAR+.

Surface program informing the drill campaign

The company completed a surface prospecting and geochemical program in June, 2026, collecting 100 rock samples and 55 soil samples.

It provided independent surface confirmation of the gold-copper association central to the Zone 32 deposit model. Best results included grab samples of 1.40 grams per tonne gold with 1,030 parts per million copper and 5.7 grams per tonne silver and 0.519 gram per tonne gold with 729 parts per million copper and 3.55 grams per tonne silver. Across the rock sample set, gold co-varies with silver, copper and tellurium, consistent with the disseminated and vein-hosted sulphide mineralization described in the technical report.

Analytical method and quality control

Surface samples were submitted to Agat Laboratories. Gold for 59 of 100 rocks and 49 of 55 soils was determined by 50-gram fire assay with AAS finish at Agat's Thunder Bay, Ont., facility, with a detection limit of 0.002 part per million; multielement analysis was by aqua regia digestion with ICP-OES/ICP-MS finish at Agat Calgary. Certified reference material recoveries for the fire assay determinations ranged from 87.5 per cent to 102.1 per cent, and all method blanks returned values below detection.

Cautionary note regarding grab samples

Grab samples are selective in nature and are collected to determine the presence or absence of mineralization. Grades reported from grab samples are not necessarily representative of the mineralization present on the property and should not be relied upon as indicative of average grades or of the results of any future exploration.

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 NI 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, supported by extensive historic drilling, direct access through the four-season Trans-Taiga Road and district-scale exploration potential.

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