Mr. Mark Carruthers reports

MEDARO MINING DEFINES MULTIPLE HIGH-GRADE COPPER-GOLD TARGET AREAS AT BASTNÄS PROJECT IN CENTRAL SWEDEN FOLLOWING 2026 SURFACE SAMPLING PROGRAM

Medaro Mining Corp. is providing additional geological context for the copper-gold results from its 2026 surface sampling program at the Bastnas project in central Sweden. The scientific and technical information, including all assay results referenced herein, was previously disclosed by the company in its news release dated Sept. 10, 2026. No new assay results are being reported in this news release.

The 2026 program returned widespread copper mineralization across several historic mining areas. Of 218 samples collected, 56 assayed greater than 1.0 per cent copper (Cu), including 10 samples above 10 per cent Cu. Seven of the 10 samples above 10 per cent Cu were collected from waste dumps around the historic Persgruvan-Bossan underground mine workings in Area D. The sampling program also returned 15 samples above 2.0 grams per tonne gold (Au), including two above 10.0 g/t Au.

Copper-gold highlights

• 56 of 218 samples assayed greater than 1.0 per cent Cu;
• 10 samples assayed greater than 10 per cent Cu, with seven of those samples collected in the Persgruvan-Bossan area (Area D);
• 15 samples assayed greater than 2.0 g/t Au, including two samples above 10.0 g/t Au;
• The highest reported gold result, 16.5 g/t Au from sample BS159 at Stalklockan in Area C, occurred with 3.82 per cent Cu and 11.68 per cent TREO;
• The highest reported copper result from the 2026 program was 23.7 per cent Cu;
• High-grade sulphide samples were observed to contain chalcopyrite and pyrite; sulphur-to-copper relationships in the high-TREO (total rare-earth oxide) copper-gold samples indicate chalcopyrite is the dominant sulphide.

Sampling areas

The surface sampling program was carried out across a number of historic mines workings and consisted of collection of samples from both mine waste dumps and also outcrops. All the high-grade assay results reported were from samples selected at various waste dumps.

Zone D: Persgruvan-Bossan

Area D stands out within the surface dataset because a majority of the samples grading above 10 per cent copper were collected from waste dumps around the Persgruvan-Bossan underground workings. The company views this clustering as an important targeting observation.

Mining for magnetite took place in intervals from 1880 until final closure in 1967. From 1979 to 1982 an exploration drift was driven over two kilometres northwest from the Backegruvan mine workings to below Persgruvan mine area on the negative-360-metre level. Exploratory drilling was carried out to search for unmined magnetite bodies. Part of the drift system was driven northward on the negative 150 m level under the older Bastnas workings (Zone B). Today these tunnels remain flooded.

Note that as the sampled waste material is selective by nature and the original underground source locations are not known, the results do not establish the grade, width or continuity of in-situ mineralization. However, the concentration of high-grade copper-bearing material around one historic mining centre provides a clear area for further geological and geophysical follow-up.

Zone C: Stalklockan

Stalklockan in southern part of Area C provides a second distinct target area. Within this area, sample BS159 returned 16.5 g/t Au, 3.82 per cent Cu and 11.68 per cent TREO from skarn-sulphide waste rock. The co-occurrence of precious metals, copper and rare earths in the same selective sample is being considered as part of the company's broader interpretation of the polymetallic system at Bastnas.

Sulphide textures and geological context

The previously reported high-grade REE/copper-gold samples contained visible chalcopyrite and pyrite. Several samples also displayed brecciation textures with sulphide cementation. Across the project, Palaeoproterozoic felsic volcanic and sedimentary rocks have undergone strong hydrothermal alteration and skarn development, while historic mining exploited magnetite together with local copper and gold sulphide mineralization. Medaro intends to use these geological relationships to refine the location and orientation of future drill targets.

Targeting priorities

The company's immediate copper-gold targeting work is expected to focus on: (i) the Persgruvan-Bossan area, where high-grade copper samples are spatially concentrated around historical underground workings; (ii) Stalklockan, where the strongest gold result is associated with copper and high-grade TREO; and (iii) other historic workings where multiple samples returned elevated copper and/or gold. The company plans to integrate these surface results with the 2026 drone magnetic survey and available historical underground information before finalizing drill collar locations.

"The copper and gold results highlight two target concepts that warrant further investigation," said Mark Carruthers, president and chief executive officer of Medaro Mining. "Persgruvan-Bossan contains a strong concentration of the highest-grade copper samples, while Stalklockan returned our strongest gold result together with copper and rare-earth mineralization. The geographic distribution of these results, combined with the geological information collected across the project, is helping us prioritize areas where drilling can most effectively test the source and continuity of the mineralization."

Sampling and assay procedures

The 218 rock samples collected during the 2026 field program were prepared and assayed by accredited ALS Scandinavia Laboratories in Sweden. Average sample weight was approximately 1.0 kilogram. Samples were photographed, GPS-located and described before submission. Initial analytical procedures included Au-AA23 and ME-MS61, with overlimit copper and gold results reassayed using appropriate over-grade methods. Samples meeting the company's screening threshold for rare earths were further analyzed using ore-grade REE methods, with specialized over-grade testing used where required.

Rock-chip and historical waste-dump samples are selective in nature and may not be representative of underlying or in-situ mineralization. The original location and geological context of material collected from historical waste dumps or slag are not known. These results do not establish mineralized widths, continuity or economically recoverable mineralization.

Qualified person

The technical information contained in this news release has been reviewed and approved by Amanda Scott, a consultant of the company and a qualified person as defined under National Instrument 43-101 -- Standards of Disclosure for Mineral Projects. The qualified person has reviewed the technical content of this news release but has not independently verified all historical or third party exploration data referenced herein. Such information is considered historical in nature and is used for geological context and exploration targeting purposes only.

About the Bastnas project

The Bastnas project is located in central Sweden within the historically significant Bastnas area, where bastnasite was first identified in the 19th century and which is associated with some of the earliest discoveries of rare-earth elements. The project is prospective for rare-earth mineralization, precious metals and base metals.

The project comprises two mineral exploration permits, Bastnas 100 and Bastnas 200, currently held on trust by McKnight Resources AB, and one mineral exploration permit, Backegruvan nr 1, currently held on trust by Explora Mineral AB. Pending applicable regulatory approvals, the permits are intended to be transferred 100 per cent to Medaro.

About Medaro Mining Corp.

Medaro is a mineral exploration company focused on the acquisition and advancement of high-quality mineral projects in Ontario, Quebec and Sweden. The company's strategy is to build shareholder value through systematic exploration, disciplined project evaluation and responsible development.

We seek Safe Harbor.