Mr. Darwin Green reports

MACKAY GOLD & SILVER OUTLINES 2026 PLANS FOR THE COMSTOCK DISTRICT, NEVADA

Mackay Gold & Silver Corp. has outlined its strategic priorities and 2026 exploration plans. With approximately $62-million (U.S.) in cash, Mackay is well financed to advance a disciplined, multiphase exploration strategy across its commanding land package in the Comstock district, Nevada, one of America's richest and most storied historic gold-silver mining districts.

"Since the start of trading April 24, 2026, the team has moved quickly to advance Mackay's technical foundation ahead of a mid-June drill program start," said Darwin Green, chief executive officer of Mackay. "Land consolidation by Mackay has been key to unlocking modern exploration of the Comstock district. We believe the Comstock district has the potential to host significant discoveries that have simply never been tested with modern methods, and we intend to find them."

2026 exploration plans

Mackay's 2026 work program will apply a systematic, district-wide exploration strategy that includes first-time drilling of compelling walk-up drill targets, while concurrently generating new data and models to inform future exploration targeting.

Near-term focus for drilling is the Occidental lode, a multikilometre long underexplored vein system that is parallel to the Comstock lode. An initial 20,000 metres of drilling is planned, designed to both define near-surface high-grade oxide ounces as well as target the discovery of new bonanza lodes at depth.

Program highlights include:

• Phase 1 15,000-metre reverse circulation (RC) drilling program to commence mid-June, targeting shallow high-grade oxide gold mineralization, including stepouts along strike and down-dip from known mineralization;
• Phase 1 5,000-metre core drilling program to commence July/August, with initial drill holes designed to test the depth projection of the Occidental lode in the vicinity of the historic 1870s era Sutro Dewatering tunnel; which reportedly transected a 100-foot-wide interval of the vein more than 1,500 feet below surface;
• Mackay is well financed to significantly expand and follow-up on results of this initial phase of drilling;
• Development of a new district-wide mineral system model integrating new and modern geophysical surveys, hyperspectral surveys, geological mapping, geochemical surveys, and structural geology studies;
• Compilation of historical data along the Comstock lode, the Occidental lode and other mineralized vein structures in the district controlled by the company with the purpose of developing updated 3-D geological models to aid district-wide ore deposit targeting.

Land consolidation strategy

Over the past year, Mackay has grown its land package by approximately 80 per cent, establishing a commanding land position across most of the Comstock and Occidental lodes. Consolidation of this historically fragmented district has unlocked the region for systematic, modern exploration at district scale. Mackay will continue to pursue land acquisitions where the geology, terms and strategic fit make sense.

Market-maker services

The company has engaged Integral Wealth Securities Ltd. to provide services as a market-maker. Integral is a full-service securities dealer with offices in Ontario, Quebec and British Columbia that provides assistance to companies in accessing capital markets and enhancing their corporate profile. The funds to be used for the market-making services will be provided by Integral in compliance with the policies and guidelines of the TSX Venture Exchange and other applicable securities laws.

Under the agreement, the company will pay Integral a cash fee of $7,500 plus applicable taxes per month, with the first payment due upon execution of the agreement. Integral will not receive any securities of the company as compensation. The initial term of the agreement is three months from the date of execution with an option to renew. Integral will assist in maintaining active and orderly trading in the market for the company's securities in support of market liquidity and depth.

Integral is an arm's-length party to the company. Integral does not currently have any interest in the company or the securities of the company, but Integral may acquire securities of the company in connection with the market-making services. The engagement of Integral is subject to the approval of the TSX Venture Exchange.

Equity incentive grants

Pursuant to the company's 10-per-cent rolling equity incentive plan dated April 17, 2026, and TSX Venture Exchange policies, Mackay's board of directors has approved the grant of a total of two million restricted share units (RSUs) to certain directors and employees of the company effective May 19, 2026. The RSUs will vest in three equal tranches over a 36-month period on each of the first, second and third anniversaries of the date of grant. Once vested, each RSU entitles the holder thereof to receive either one common shares of the company, the cash equivalent of one common share or a combination of cash and common shares, as determined by the company in accordance with the terms of the plan, net of applicable withholdings.

A copy of the plan is available under the company's profile on SEDAR+. The plan was approved by the shareholders of the company on March 24, 2026.

About Mackay Gold & Silver Corp.

Mackay Gold & Silver is a Nevada-focused gold and silver exploration company with 100-per-cent control of a large, consolidated land package in one of America's richest, productive and oldest mining districts. With an estimated 8.2 million ounces of historical gold production and 192 million ounces of silver produced between 1859 and 1926 from so-called bonanza lodes that averaged 35 grams per tonne gold and 726 g/t silver, the Comstock district is recognized as one of America's highest grade epithermal systems and an attractive setting for modern discovery. Led by an experienced team with a strong record of discovery, development and value creation, Mackay is well financed and committed to delivering shareholder value through disciplined exploration and responsible resource development.

We seek Safe Harbor.