Mr. Zachary Goldenberg reports

MATACHEWAN ANNOUNCES BOARD CHANGES

Fraser Hartley and Dennis Beker have been appointed as independent directors of Matachewan Consolidated Mines Ltd., effective July 31, 2026.

Mr. Hartley is a Vancouver-based corporate finance lawyer and is currently a partner at Nexa Legal LLP. He has served on the board of directors of several TSX Venture Exchange-listed issuers. Previously, Mr. Hartley was a partner at another Vancouver-based firm and began his career as a lawyer an international law firm based in New York. Mr. Hartley has an LLB and BA from the University of British Columbia.

Mr. Beker is a Toronto-based corporate, securities, and mergers and acquisitions lawyer, and is currently a partner at the firm Founders LLP. He has served on the board of directors of several TSX-V-listed issuers. He previously worked as a corporate lawyer at several prominent Canadian and international business law firms. Mr. Beker received his BBA from the Schulich School of Business at York University and his JD from Western University.

To create a vacancy for Mr. Hartley's and Mr. Beker's appointments, Ed Dumond has resigned as a director. The company is thankful for the many contributions of Mr. Dumond over the past 34 years and wishes him the best in his future endeavours.

The company's management and board of directors now consist of Zachary Goldenberg (chief executive officer and director), Carlo Rigillo (chief financial officer, corporate secretary and director), Mr. Hartley (director) and Mr. Beker (director).

The company's board of directors has reconstituted the company's audit committee to now consist of Mr. Hartley (chairman), Mr. Beker and Mr. Rigillo.

About Matachewan Consolidated Mines Ltd.

Matachewan is a Canadian natural resource company incorporated in 1933 and headquartered in Toronto, Ont. Matachewan maintains exposure to the natural resource sector through investments in mineral and other resource-related opportunities. The company's common shares trade on the TSX-V under the symbol MCM-A.

We seek Safe Harbor.