Mr. Jean-Felix Lepage reports

LUX METALS CORP. PROVIDES CORPORATE UPDATE ON PLANNED EXPLORATION PROGRAM AT LA GRANDE GOLD PROJECT

Lux Metals Corp. has provided an update on exploration activities at its flagship La Grande gold project in the Eeyou Istchee James Bay region of Quebec 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 Aug. 25, 2026. On Oct. 14, 2026, the company reported assay results from the first hole of the program, LG26-241, which intersected 17.57 grams per tonne (g/t) gold (Au) over 19.50 metres (see news release dated Oct. 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-Quyen Nguyen, 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) remodelling 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 finance 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 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 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, which has been the subject of extensive historical drilling, and benefits from year-round infrastructure access and district-scale exploration potential.

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 Oct. 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, Quebec," and has been reviewed and approved by Jonathan Marleau, PGeo, 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.

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