Mr. John Gardiner reports

TARANIS ISSUED EXPLORATION PERMIT THAT WILL ALLOW EFFICIENT DRILLING OF INTRUSIVE TARGET FROM MAIN ACCESS ROAD AT THOR

Taranis Resources Inc. is providing an update on exploration activities at Thor. These updates pertain to continuing engineering work associated with Taranis's permitted 10,000-tonne (t) bulk sample, a notice of work (NoW) permit associated with deep drilling of the I-1 and Z-900/1300 geophysical targets, and continuing geological/geochemical exploration activity aimed at understanding the geology at Thor.

2025-01 NoW permit issued

Taranis acquired more property near the I-1 and Z-900-1300 exploration targets after 2024 diamond drilling revealed intrusive rocks and widespread propylitic alteration associated with a suspected deeply buried intrusive body named I-1. The analysis of 2024 exploration data suggested drilling from Thor's main access road was much preferable to drilling from the top of Broadview Mountain. The new NoW permit (2025-01), which was issued on June 5, 2025, has a duration of five years and will allow this drilling to take place from the main access road.

10,000 t bulk sample update

Novus Engineering is nearing completion of an operating expenditure (opex) and capital expenditure (capex) assessment for the permitted bulk sample at Thor. Gekko Systems (Ballarat, Australia) and other British Columbia-based engineering/contracting firms were engaged by Novus to provide budgetary cost estimates for construction and operation of the plant. The 10,000 t bulk sample will provide crucial hard data related to the range of possible metallurgical recoveries of both precious and critical minerals from the Thor deposit using on-site gravity preconcentration. The Thor deposit contains many valuable critical minerals, including, but not restricted to, copper, indium, zinc and antimony, in addition to the valuable precious metals (silver and gold) found in the epithermal deposit.

Novus has also contacted the Ministry of Critical Minerals in Cranbrook (MCM) to provide an initial review of the bulk sampling project, and to help co-ordinate consultation moving forward with first nations and local communities. Similarly, in light of the substantial financial commitment required to undertake the bulk sampling project and prior experiences with the ministry, Taranis wrote the Hon. Jagrup Brar, Minister of MCM, in March of 2025, asking government to advise if it has any inherent concerns or reservations with a mineral development project at the company's Trout Lake location proceeding to a full mining operation. To date, Taranis has not received any response indicating any such concern.

Site-specific and regional exploration

Taranis has been investigating a number of exploration undertakings that could provide added value to the Thor deposit. Most conventional porphyry exploration programs are undertaken in the interior of British Columbia, where the porphyry deposits themselves are hosted within volcanic rocks. At Thor, Taranis has found evidence of an underlying intrusive that is hosted within a series of much older metasedimentary and metavolcaniclastic rocks. Classic volcanic-hosted porphyry alteration models and their affiliated mineralogy differ significantly from the geologic environment found at Thor. Evidence of this can be seen at the nearby Max molybdenum porphyry deposit, where hydrothermal alteration associated with a Cretaceous-age porphyry body is developed entirely within metasedimentary rocks described as skarn that includes garnet, diopside and other minerals formed in the host rocks. Taranis has been able to document the presence of a large propylitic alteration shell at Thor that will be drill tested using the new NoW permit, and drilling has also indicated the presence of an inner phyllic and potassic alteration assemblage.

The company is planning to undertake systematic X-ray fluorescence (XRF) studies on the existing drill core at Thor that will enable it to further quantify alteration both in the epithermal deposit and in the underlying intrusive rocks. XRF could aid in understanding the link between the existing near-surface epithermal deposit and the underlying I-1 and Z-900/1300 targets. This program will also include systematic photography of all of the old drill core and the movement of the drill core from the property to a storage facility in order to advance development of the bulk sampling plant.

Qualified person

Exploration activities at Thor were overseen by John Gardiner (PGeo), who is a qualified person under the meaning of Canadian National Instrument 43-101. Mr. Gardiner is the principal of John J. Gardiner & Associates LLC, which operates in British Columbia under firm permit No. 1002256. Mr. Gardiner is the president and chief executive officer of Taranis Resources, and has reviewed and approved the comments contained within this news release.

Taranis currently has 100,348,854 shares issued and outstanding (113,827,227 shares on a fully diluted basis).

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