Mr. Geordie Mark of Blue Jay reports

BLUE JAY GOLD CORP. COMPLETES ACQUISITION OF THE SKUKUM GOLD PROJECT FROM TINCORP METALS

Blue Jay Gold Corp. has completed the previously announced acquisition of Tincorp Metals Inc.'s wholly owned subsidiary, Whitehorse Gold (Yukon) Corp., effective Sept. 29, 2025. Whitehorse Gold holds a 100-per-cent interest in the Skukum gold project located in Yukon, Canada.

"Closing the Skukum project acquisition is a defining step for Blue Jay," said Geordie Mark, chief executive officer of Blue Jay. "The Yukon is an incredible jurisdiction with excellent geological potential, supportive frameworks and partners, and enjoys a rich culture steeped in mining history. Skukum is a cornerstone asset for us, and, as a former production site, we believe the area represents a meaningful opportunity for lower-risk discovery and project reinvigoration. Our near-term focus is to test the growth potential of the mineralized systems in and around underground development areas, and mature new targets to sustain project longevity. We are committed to upholding our responsibilities in a manner that supports long-term value creation while aligning with our disciplined approach to capital allocation and community partnership."

Under the terms of the share purchase agreement between the parties, the total consideration payable by Blue Jay for the acquisition of the shares of Whitehorse Gold was structured as two payments: (i) at closing, Blue Jay issued 500,000 common shares of the company and 250,000 common share purchase warrants to Tincorp, having an aggregate value of $300,000; and (ii) $275,000, payable in cash and/or shares of the company at Blue Jay's election, is to be paid to Tincorp on the first anniversary of the closing date. Each warrant entitles Tincorp to acquire one additional common share at an exercise price of 90 cents per share for a period of two years from the date of issuance, subject to certain acceleration provisions.

For more information regarding the acquisition, see the press release announced June 4, 2025, and available on SEDAR+.

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