Mr. Alexandre Boivin reports

QUIMBAYA GOLD APPOINTS PETER SIMEON TO THE BOARD OF DIRECTORS AND ENTERS INTO AGREEMENT TO SUPPORT FORMALIZATION OF ARTISANAL MINING ON ITS COLOMBIAN PROPERTIES

Quimbaya Gold Inc. has appointed Peter Simeon to its board of directors, effective October 6, 2026. Mr. Simeon is a partner in the Toronto office of Gowling WLG (Canada) LLP, where he practices capital markets, mergers and acquisitions and corporate law with a focus on the mining sector, and he serves as a director of several Canadian listed mining companies. He joins the company's governance and compensation committee. Pietro Solari has stepped down from the board, effective the same date. The company also announces that it has entered into an agreement to assist with the formalization of artisanal mining on its properties in Colombia.

Highlights

• Mr. Simeon joins the board of directors. He is a partner at Gowling WLG (Canada) LLP in Toronto, with more than 20 years of Canadian capital markets experience and current directorships with listed mining companies.
• Mr. Simeon is recognized in Chambers Canada, The Legal 500 Canada, Best Lawyers in Canada and The Canadian Legal Lexpert Directory, and is a member of the Prospectors and Developers Association of Canada.
• The appointment follows that of Dr. Mark Cruise to the board on June 25, 2026, and continues the strengthening of the company's board.
• The company has entered into an agreement to support the formalization of artisanal mining on its Colombian properties, under which Quimbaya will be entitled to receive a 10-per-cent net smelter return royalty on minerals mined by artisanal miners operating on the company's properties. Formalization is intended to bring existing artisanal activity within a regulated framework and to provide a framework for engagement with neighboring title holders.

Management commentary

Alexandre P. Boivin, president and chief executive officer, commented:

"We have built a relationship with Peter over a number of years and are pleased to welcome him to the board. We expect his experience in Canadian capital markets and the mining sector to benefit the board. I would also like to thank Pietro Solari for his service."

About Peter Simeon

Mr. Simeon is a partner in the Toronto office of Gowling WLG (Canada) LLP, practising capital markets, mergers and acquisitions, and corporate law with a focus on the mining sector. He was called to the Ontario bar in 2002 and holds a Bachelor of Laws from Osgoode Hall Law School. He is recognized in Chambers Canada, The Legal 500 Canada, Best Lawyers in Canada and The Canadian Legal Lexpert Directory.

Board changes

Pietro Solari has stepped down from the board of directors, effective Oct. 6, 2026. The board thanks him for his service and for his contribution to the company. Following these changes, the board comprises five directors.

Stock options and restricted share units

In connection with the appointment, the company has granted Mr. Simeon 100,000 incentive stock options, each exercisable into one common share of the company at a price of 40 cents per share for a period of five years from the date of grant, vesting 100 per cent on the grant date. The options were granted under the company's stock option plan. The company has also granted Mr. Simeon 100,000 restricted share units, which vest over a period of twelve months from the date of grant. The restricted share units were granted under the company's equity incentive plan.

Formalization of artisanal mining at Tahami

The Segovia district has a long history of gold production, and artisanal mining remains an established activity across the district, including on parts of the Tahami project. Formalization is intended to bring that activity within a regulated framework and to support the company's engagement with neighbouring title holders and communities. No mineral resource or mineral reserve has been estimated on the Tahami project, and the economic and technical viability of the Tahami project has not been demonstrated. Mining by artisanal miners on the company's properties is not based on any mineral resource or mineral reserve estimate or any feasibility study, and there is increased uncertainty and risk of economic and technical failure associated with such activity. Historical production in the Segovia district is not necessarily indicative of mineralization on the company's properties. There is no assurance that the formalization process will be completed or that the company will receive any royalty payments.

Quimbaya has entered into an agreement with Fenyx Commerce S.A. to assist with the formalization of artisanal mining at the company's properties in Colombia. Under the terms of the agreement, the company will receive a 10-per-cent net smelter return (NSR) royalty on minerals mined by artisanal miners operating on the company's properties. In consideration for its services, Fenyx commerce will receive an initial fee of $150,000 (U.S.), together with any NSR percentage in excess of 10 per cent that Fenyx commerce is able to negotiate with the artisanal miners. The agreement constitutes a related party transaction within the meaning of Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions, as director and officers of the company hold interests in Fenyx Commerce, making Fenyx Commerce a related party of the company. With respect to the formal valuation and minority approval requirements otherwise applicable to a related party transaction under MI 61-101, the company is relying on the exemptions set out in sections 5.5(a) and 5.7(1)(a) of MI 61-101, respectively, on the basis that, at the time the agreement was agreed to, neither the fair market value of the subject matter of, nor the fair market value of the consideration for, the agreement, insofar as it involves interested parties, exceeded 25 per cent of the company's market capitalization, as determined in accordance with MI 61-101. In accordance with applicable corporate law and the company's governance practices, Mr. Boivin, being the interested director, declared his interest in the transaction and abstained from the board of directors' vote to approve the agreement.

Qualified person

The scientific and technical information contained in this news release has been reviewed and approved by Ricardo Sierra, AusIMM, vice-president, exploration, of the company, who is a qualified person as defined in National Instrument 43-101 -- Standards of Disclosure for Mineral Projects.

About Quimbaya Gold Inc.

Quimbaya Gold is a Colombia-focused exploration company advancing a district-scale portfolio of more than 73,000 hectares across highly prospective mineral belts in Antioquia, Colombia. Its flagship Tahami project, located in Segovia, is immediately adjacent to a prolific high-grade gold mining camp, while the Berrio and Maitamac projects are strategically positioned in Puerto Berrio and Abejorral, respectively. Early stage exploration has identified mineralized vein systems and documented features consistent with a multicommodity porphyry system prospective for gold, copper and molybdenum, highlighting the district-scale discovery potential of Quimbaya's land package. The company is led by a proven technical and management team committed to disciplined exploration and responsible mining practices.

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