Mr. Brandon Gaspar reports

SAN LORENZO ANNOUNCES UPSIZE OF PRIVATE PLACEMENT TO UP TO $80 MILLION

San Lorenzo Gold Corp. has increased the size of its previously announced best-efforts private placement from up to 7,547,200 to up to 15,094,400 common shares of the company at a price of $5.30 per offered share for aggregate gross proceeds of up to $80,000,320. The offering is led by SCP Resource Finance LP and National Bank Financial Inc. as lead agents, on behalf of a syndicate of agents.

The offering will consist of:

1. Up to 9,433,900 offered shares (the LIFE shares) for aggregate gross proceeds of up to $49,999,670, pursuant to the listed issuer financing exemption under Part 5A of National Instrument 45-106 -- Prospectus Exemptions, as modified by Coordinated Blanket Order 45-935.
2. Up to 5,660,500 offered shares for aggregate gross proceeds of up to $30,000,650, to (i) purchasers in Canada pursuant to applicable exemptions from the prospectus requirements under applicable Canadian securities laws, (ii) purchasers resident in the United States pursuant to one or more available exemptions from the registration requirements of the 1933 Act (as defined below), and (iii) purchasers outside of Canada and the United States on a basis which does not require the qualification or registration of any of the company's securities or subject the company to any continuing disclosure requirements under domestic or foreign securities laws.

The company intends to use the net proceeds raised from the offering for exploration at the Salvadora project and for general corporate and working capital purposes.

Subject to compliance with applicable regulatory requirements and in accordance with the LIFE, the LIFE shares sold pursuant to the LIFE offering will be offered in all the provinces of Canada except Quebec. The LIFE shares issuable pursuant to the LIFE are expected to be immediately freely tradeable and will not be subject to a hold period under applicable Canadian securities laws. There is an amended and restated offering document related to the LIFE offering that can be accessed under the company's profile at SEDAR+ and on the company website. Prospective investors should read this offering document before making an investment decision.

Unless an exemption is available, the non-LIFE shares may be subject to a hold period of four months and one day from the closing date in accordance with applicable Canadian securities laws.

It is expected that closing of the offering will take place on or about Nov. 10, 2026. Closing of the offering is subject to certain conditions including, but not limited to, receipt of all necessary approvals, including the approval of the TSX Venture Exchange.

As consideration for their services, the agents will receive an aggregate cash fee equal to 6.0 per cent of the gross proceeds of the offering, reduced to 3.0 per cent in respect of the first $5-million of gross proceeds received from purchasers on a president's list provided by the company.

About San Lorenzo Gold Corp.

San Lorenzo Gold is a Canadian mineral exploration company advancing its 100-per-cent-owned Salvadora project in Chile's Atacama region, approximately 15 kilometres from Codelco's El Salvador copper-gold mine. Salvadora hosts multiple gold and copper-gold discoveries and mineralized centres identified through drilling, geophysics and surface exploration across the property.

San Lorenzo is focused on expanding known mineralized systems, testing a growing pipeline of exploration targets and systematically defining the scale and potential of Salvadora's broader mineralized systems.

We seek Safe Harbor.