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VANCOUVER, British Columbia, Oct. 15, 2026 (GLOBE NEWSWIRE) -- Lux Metals Corp. (TSXV: LXM) ("Lux" or the "Company") is pleased to provide an update on exploration activities at its flagship La Grande Gold Project (the "Project") in the Eeyou Istchee James Bay region of Québec and planned next steps. The Company is drilling at Zone 32, as the first step in a work program that is intended to lead to a first mineral resource estimate for the Project.

Building on historical work completed on the La Grande Project, the Company commenced drilling at Zone 32 on August 25, 2026. On October 14, 2026, the Company reported assay results from the first hole of the program, LG26-241, which intersected 17.57 g/t Au over 19.50 metres (see news release dated October 14, 2026). The current program is designed to confirm historical results, increase drill density, and test extensions of Zone 32 and nearby structures. The Company expects to complete the current program by the end of October 2026 and will report assay results once they have been received and validated. A geophysical survey is also planned to refine targets elsewhere on the Project. While near-term efforts remain focused on Zone 32 and the surrounding area, the Company believes other areas of the Project warrant further evaluation. The historical drilling results referred to in this news release have not been verified by a qualified person on behalf of the Company and should not be relied upon until they have been confirmed.

"We are pleased to be back in the ground at Zone 32," said Kim-Quyên Nguyên, President and Chief Executive Officer of Lux. "Our immediate priority is to confirm and build on the historical drilling at Zone 32, while the planned geophysical survey and database validation help us refine targets along the broader corridor. Each step in our program is designed to advance the Project toward our objective of a first mineral resource estimate."

Following the current drill program, the Company's planned work programs through the end of 2027 are envisaged to include (but are not limited to): (i) a ground geophysical survey planned for this winter; (ii) validation of the historical drill database; (iii) re-modelling of Zone 32 together with nearby mineralized structures, including an evaluation of lower-grade tonalite-hosted mineralization in light of current cut-off grade assumptions, which differ significantly from those applied when historical drilling was completed; and (iv) a follow-up drill program in 2027 to test the targets refined by this work. Together, these steps are intended to support the Company's objective of completing a first mineral resource estimate for the Project, which it is targeting for the end of 2027. There is no certainty that the work program will result in the delineation of a mineral resource.

To fund the planned work program described above, the Company is evaluating a potential financing of up to approximately $7 million, which may comprise a combination of flow-through and non-flow-through securities and which could be undertaken as early as the fourth quarter of 2026. The Company's board of directors (the "Board") has not approved any financing, and no terms, structure or timing have been determined. Any financing would be subject to approval by the Board and the TSX Venture Exchange, and there can be no assurance that any financing will be completed on the terms described or at all.

About Lux Metals Corp.
Lux Metals Corp. (TSXV: LXM) is a Canadian mineral exploration company focused on advancing its flagship La Grande Gold Project in Québec's James Bay region. The Project hosts the high-grade Zone 32 gold system, which has been the subject of extensive historical drilling, and benefits from year-round infrastructure access, and district-scale exploration potential. For more information, visit www.lux-metals.com.

Qualified Person

The scientific and technical information relating to drill hole LG26-241 in this news release is derived from the news release of the Company dated October 14, 2026 and entitled "Lux Metals Intersects 17.57 g/t Au over 19.50 m in First Hole at Zone 32, La Grande Gold Project, James Bay, Québec", and has been reviewed and approved by Jonathan Marleau, P.Geo., Senior Geologist at Dahrouge Geological Consulting Ltd., who is a "qualified person" (within the meaning of National Instrument 43-101 – Standards of Disclosure for Mineral Projects) and independent of the Company for purposes of Section 1.5 of National Instrument 43-101 – Standards of Disclosure for Mineral Projects.

On Behalf of the Board of Lux Metals Corp.
Jean-Félix Lepage
Chair of the Board of Directors
For more information, please contact 579-314-0129 or info@lux-metals.com.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any securities in the United States. The securities referred to herein have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons (as defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration requirements is available.

Cautionary Note regarding Forward-Looking Statements
This news release includes certain statements and information that may constitute forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking statements relate to future events or future performance and reflect the expectations or beliefs of management of the Company regarding future events. Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as "intends", "expects", "anticipates", "plans" or "targeting", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "should", "would", "will", "potentially" or "likely" occur. Forward-looking statements in this news release include, but are not limited to, statements regarding the timing and completion of the current drill program; the planned geophysical survey; the validation of the historical database and re-modelling of Zone 32; future drilling; the potential for additional mineralization on the Project; the timing of a first mineral resource estimate; and the potential financing, including its size, structure, timing, approval and completion. This information and these statements, referred to herein as "forward-looking statements", are not historical facts and are made as of the date of this news release. These forward-looking statements involve numerous risks and uncertainties, including risks related to exploration results, the reliability of historical data, the availability of financing on acceptable terms or at all, market conditions, the receipt of Board and regulatory approvals, and permitting and access, and actual results might differ materially from results suggested in any forward-looking statements. In making the forward-looking statements in this news release, the Company has applied several material assumptions, including that exploration activities will proceed as planned and on budget; that contractors, equipment and personnel will be available; that historical data will prove reliable; that required permits and access will be obtained in a timely manner; that market conditions will permit the Company to raise financing; and that required Board and TSX Venture Exchange approvals will be obtained. There can be no assurance that any forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader should not place any undue reliance on forward-looking information or statements. The Company undertakes no obligation to update forward-looking information or statements, other than as required by applicable law.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.