Mr. Damien Reynolds reports

MINERAL ROAD PROVIDES EXPLORATION TARGETS FOR BERGSLAGEN TUNGSTEN PROJECT

Mineral Road Discovery Inc. is advancing development of its 100-per-cent-owned Bergslagen tungsten project in Sweden, initially focused on the two historical tailings repositories at the Yxsjoberg mine that have conceptual exploration targets totalling 4.8 million to 5.6 million tonnes of previously processed material with potential grade ranges of 0.15 per cent to 0.25 per cent WO3. The company is progressing permitting for systematic drilling and sampling, targeting a commencement in November, 2026. The program is intended to confirm the thickness, continuity, density, grade distribution and mineralogy of the tailings that could provide the foundation for a maiden National Instrument 43-101 mineral resource estimate.

Highlights:

• Tailings repositories: Two historical Yxsjoberg tailings repositories, known as Smaltjarnen (southern tailings) and Morkulltjarnen (northern tailings), have a conceptual exploration target of 4.8 million to 5.6 million tonnes of previously mined and processed material with a potential grade range of 0.15 per cent to 0.25 per cent WO3. Included in the conceptual exploration target is a potentially significant fluorite (CaF2) component within a targeted range of 4.0 to 6.00 per cent, alongside copper (Cu) values ranging from 0.15 per cent to 0.20 per cent Cu. Both repositories are fully included in the company's current work plans and permitting scope.
• Tailings drilling and sampling: Advancing permitting for systematic drilling and sampling across both the Smaltjarnen and Morkulltjarnen tailings repositories will support a maiden National Instrument 43-101 mineral resource estimate, targeting commencement of drilling before the end of 2026;
• Historical metallurgical context: A 2019 scientific article ("Characterization and Beneficiation Options for Tungsten Recovery from Yxsjoberg Historical Ore Tailings" by Jane Mulenshi, Pouria Khavari, Saeed Chehreh Chelgani and Jan Rosenkranz, Lulea University of Technology) evaluated historical material, noting specific recovery characteristics using gravity and heavy concentration methods. This research is highly relevant as it provides independent academic validation that modern beneficiation techniques can successfully liberate fine-grained tungsten from the legacy tailings, derisking the initial flowsheet design and supporting the company's near-term development strategy.
• Smaltjarnen -- modern processing and testwork: The company proposes to collect a representative sample from Smaltjarnen for metallurgical testwork and processing to evaluate modern recovery techniques and produce representative concentrate samples for potential customer discussions.
• Morkulltjarnen -- sampling and polymetallic potential: Historical Swedish Geological Survey (SGU) investigations, including drilling and surface sampling at Morkulltjarnen, returned individual tungsten (W) values of 3,320 parts per million (ppm) W in drilling and 4,090 ppm W in surface sampling (equivalent to approximately 0.41 per cent elemental W), alongside significant associated values across the broader polymetallic suite, including fluorite, beryllium, bismuth, copper, tin and zinc.
• Brownfield development strategy: The tailings represent a potential source of tungsten feedstock at a historical producing mine, offering a pathway to potentially finance production while addressing the environmental legacy of the historical operation.

The company is progressing permitting for systematic drilling and sampling (including sonic and/or alternative methodologies) targeting a commencement as soon as possible. The program is intended to establish the thickness, continuity, density, grade distribution and mineralogy of the tailings that could provide the foundation for a maiden NI 43-101 mineral resource estimate.

Mineral Road is pursuing a staged strategy to establish a commercially viable resource, beginning with the surface tailings and then progressing into the shallow and deeper hard-rock mineralization that underlies the historical mining district.

A historical tungsten mine with a large surface inventory

Mining and metal extraction in the broader Bergslagen region dates back over a millennium, establishing an ancient foundation of European industrial mining. Specifically within the Yxsjoberg district, the original deposit was discovered around 1728 and was initially mined for copper. As industrial demands evolved and the value of strategic metals became apparent, the district transitioned away from copper to become Sweden's premier historical tungsten producer. Under modern operations, Yxsjoberg supplied over 90 per cent of Sweden's historical tungsten before operations ceased in 1989, leaving behind extensive legacy infrastructure, heavily mineralized tailings repositories and a comprehensive database of historical work.

The Yxsjoberg mine (located in the Bergslagen district) operated as a major tungsten and polymetallic producer across active periods from the mid-1930s to 1989, yielding approximately 5.3 million to 5.5 million tonnes of material at an average grade of 0.38 per cent WO3 and 0.16 per cent copper. Additional satellite deposits were also mined at Sandudden and Wigstromsgruvan, with their mineralization processed on site at the central Yxsjoberg plant.

Mineral Road is assessing the potential to re-evaluate this historical district using existing infrastructure and access together with the remaining hard-rock mineralization and historical tailings potential. Because the tailings material is already at surface and has previously been mined, crushed and processed, the company is examining its potential financing pathway to potentially finance the potential redevelopment of the previous underground operations.

Smaltjarnen -- historical tungsten, copper and fluorite potential

Smaltjarnen served as the primary surface tailings repository and processing residue site for the district, operating historically from 1897 to 1963. It represents the primary surface tailings repository at Yxsjoberg, with a conceptual exploration target indicating approximately 2.4 million to 2.8 million tonnes of material, featuring a conceptual grade range of 0.15 per cent to 0.25 per cent WO3, a fluorite (CaF2) target range of 4.00 per cent to 6.00 per cent and copper values ranging from 0.10 per cent to 0.20 per cent Cu.

Published studies of Smaltjarnen have identified historical tungsten grades of 1.00 per cent W, while geometallurgical work on selected Smaltjarnen material has reported grades of 0.22 per cent WO3 and identified individual copper values of 0.36 per cent Cu.

Morkulltjarnen -- a second multimillion-tonne polymetallic potential

The second major repository, Morkulltjarnen (active 1973 to 1989), with a conceptual exploration target indicating approximately 2.4 million to 2.8 million tonnes of material, featuring a conceptual grade range of 0.15 per cent to 0.25 per cent WO3, a fluorite (CaF2) target range of 4.00 per cent to 6.00 per cent and copper values ranging from 0.10 per cent to 0.20 per cent Cu.

SGU investigations included drilling across five boreholes and sampling of the tailings.

Historical SGU investigations included drilling and surface sampling at Morkulltjarnen, returning individual tungsten values of 3,320 ppm W in drilling and of 4,090 ppm W in surface sampling, equivalent to approximately 0.41 per cent elemental W.

The historical work also identified a broad suite of other potentially byproduct elements associated with the tungsten mineralization.

Near-term drilling and sampling -- first major development catalyst

Subject to final permitting, Mineral Road plans to commence systematic drilling and sampling across both the Smaltjarnen and Morkulltjarnen repositories before the end of 2026.

Drilling (including sonic and/or alternative methodologies) will provide continuous samples through the tailings profile to establish:

• Tailings thickness and true width continuity;
• Density and tonnage parameters;
• Tungsten grade distribution;
• Copper and other potential byproducts;
• Mineralogy and liberation characteristics;
• A robust database of grade distribution for tungsten (WO3), alongside co-product elements, including fluorite, beryllium and copper;
• Comprehensive metallurgical testwork to determine metallurgical recoveries and define whether the inventory can support a commercially viable, long-term reprocessing operation.

The resulting data are intended to support the preparation of the company's maiden NI 43-101 mineral resource estimate.

Tungsten recovery is the first priority -- polymetallic credits provide potential economics

The company's immediate objective is to test the conceptual exploration target and metallurgy as the first step in advancing the Bergslagen tungsten project.

If successful, the potential recovery of copper, tin, bismuth, beryllium and fluorite could provide contributions to any mineral resource, should one be established by further exploration.

The combination of a multimillion-tonne surface targets across both repositories, historical tungsten recovery, significant copper and fluorite mineralization, existing infrastructure, and multiple potential byproducts provides Mineral Road with a strong technical platform from which to explore the remaining historical mineralization.

From tailings to hard rock

While the tailings provide an initial surface focus, they represent the first stage of Mineral Road's broader Bergslagen strategy. The company believes this approach provides the potential to work toward a maiden mineral resource while retaining significant longer-term exploration upside with underground potential.

The Yxsjoberg district contains historical hard-rock tungsten mineralization associated with the Kvarnasen and other mineralized zones. Historical underground workings extend to approximately 600 m depth, though the extent and continuity of any remaining mineralization has yet to be fully established.

Based on the tailings and historical workings, the company believes that there is strong potential for future growth and development.

The staged technical approach is as follows: tailings, shallow hard rock and deeper underground.

To support this technical evaluation, the company has engaged GeoPool as an independent geological consultant. GeoPool has advised that the SGU holds substantial supporting data, historical information and drill core relating to the Bergslagen project. The company has instructed GeoPool to obtain this comprehensive information and incorporate it directly into its continuing technical work.

Furthermore, historical data compilation benefits from prior digitization work, which compiled numerous detailed technical reports and approximately 15,373 metres of drilling.

Management commentary

Damien Reynolds, executive chairman and interim chief executive officer of Mineral Road, commented:

"Bergslagen gives us the opportunity to examine material that has already been mined, crushed and processed historically.

"Our next step is to apply modern drilling and processing technology to that historical baseline. Our upcoming drilling and sampling program is intended to establish the scale, grade and continuity of the tailings across both Smaltjarnen and Morkulltjarnen, and seek to provide the basis for a potential maiden NI 43-101 resource.

"We also see potential in the polymetallic nature of the material, including historical indications of copper, tin, bismuth, beryllium and fluorite alongside tungsten.

"The 4,090 ppm tungsten result from Morkulltjarnen, equivalent to approximately 0.41 per cent W, demonstrates the localized grades present within our northern tailings repository.

"The tailings serve as an initial stage. Our longer-term objective is to use this framework to evaluate the broader hard-rock tungsten system at Yxsjoberg."

Qualified person and historical estimate disclosure

The technical information contained in this news release has been reviewed and approved by Derrick Strickland, an independent qualified person as defined by National Instrument 43-101.

We seek Safe Harbor.