Mr. David Greenway reports

VANGUARD MINING SECURES MADES PROSPECTION PERMIT AT YUTY PROMETEO URANIUM PROJECT ADJACENT TO UEC'S YUTY DEPOSIT

Vanguard Mining Corp. has received its environmental licence from the Ministerio del Ambiente y Desarrollo Sostenible as part of the regulatory process to advance the exploration and development at the company's 90,000-hectare Yuty Prometeo uranium project in southeastern Paraguay.

Obtaining a prospection permit from MADES is a key step in positioning Vanguard to secure full exploration and development approvals for the strategically located Yuty Prometeo uranium project in southeastern Paraguay, an emerging energy jurisdiction with growing importance in the global nuclear fuel supply chain.

David Greenway, chief executive officer of Vanguard Mining, said: "Securing the MADES prospection permit is a key milestone that advances the Yuty Prometeo uranium project and strengthens our pipeline of high-value uranium assets in Paraguay. This approval meaningfully derisks our path toward full exploration and development authorization. Paraguay offers a stable, supportive and underexplored jurisdiction, and we are focused on building a strong, South America-focused uranium portfolio. With modern exploration techniques across this historically prospective district, we see clear opportunity to unlock value as part of our global objective to secure critical minerals that will fuel the clean energy transition."

Furthermore, on Oct. 29, 2025, the company's technical advisers visited the Vice Ministerio de Minas y Energia core shed in Asuncion, Paraguay, to review core from the project in preparation for coming exploration.

About the Yuty Prometeo project

The four concessions -- including the three San Jose and one Yuty Uno concession -- collectively span approximately 90,000 hectares (222,395 acres) within the prolific Parana basin, one of South America's most promising uranium regions. The project area is located adjacent to Uranium Energy Corp.'s established Yuty deposit, which hosts an indicated resource of 8.96 million pounds of triuranium octoxide.

The Yuty Prometeo consists of four concessions -- three San Jose concessions and one Prometeo concession -- covering a combined area of approximately 90,000 hectares (222,395 acres) within the uranium-rich Parana basin in southeastern Paraguay.

The Prometeo concession spans approximately 27,666 hectares (68,368 acres) and is directly contiguous to UEC's Yuty project. Historical records reference 28 drill holes on the property, with uranium values ranging from 0.05 per cent to 0.10 per cent U3O8. Data from previous work by the Anschutz Corp. suggest that the Prometeo block lies on trend with UEC's adjacent Transandes block.

The San Jose concessions encompass approximately 62,210 hectares (153,754 acres) across three contiguous claims situated along the Upper Permian-Carboniferous contact, approximately 100 kilometres northwest of UEC's Yuty project and 40 km west of its Coronel Oviedo project. A radiometric car survey conducted over a 40-kilometre-by-10-kilometre area delineated significant uranium anomalies across the property. Collectively, these concessions represent a strategically positioned and highly prospective uranium exploration asset within one of South America's most promising uranium districts.

The historical drill results referenced in this release are considered historical in nature. Vanguard has not yet completed the work necessary to independently verify these results in accordance with National Instrument 43-101, and, therefore, they should not be relied upon. The company plans to complete confirmatory drilling to verify the historical information.

About UEC's Yuty in situ recovery project

UEC's adjacent Yuty ISR project in southeastern Paraguay spans approximately 117,359 hectares (290,000 acres) and hosts an indicated resource of 8.962 million pounds U3O8 (9,074,000 tons grading 0.049 per cent U3O8), and an inferred resource of 2,203,000 pounds U3O8 (2,733,000 tons grading 0.040 per cent U3O8), as disclosed in its July 1, 2022, technical report titled "Yuty Uranium Project Initial Assessment U.S. SEC Subpart 1300 Regulation SK Report, Paraguay SA." The project is considered amenable to in situ recovery, the same extraction method UEC employs at its Texas operations.

UEC secured a 100-per-cent undivided interest in the Yuty project through its March 30, 2012, acquisition of CUE Resources Ltd. Vanguard cautions that mineralization on adjacent properties is not necessarily indicative of mineralization on the company's own projects.

About Paraguay

The Republic of Paraguay is an emerging mining jurisdiction in the heart of South America, bordered by Brazil, Argentina and Bolivia. Known for its political stability, low sovereign risk and investor-friendly regulatory environment, Paraguay offers a supportive framework for mineral exploration and development. The country has a democratic government, strong legal protections for foreign investment and a growing interest in unlocking its untapped mineral potential, particularly in uranium, rare earth elements and base metals. With abundant land, a relatively low population density and improving infrastructure, Paraguay is increasingly recognized as a geopolitically stable and strategically attractive destination for mining companies seeking long-term growth opportunities.

About Vanguard Mining Corp.

Vanguard Mining is a Canadian mineral exploration company focused on the discovery and development of high-value strategic minerals. The company is currently advancing uranium exploration projects in the United States and Paraguay, with a focus on identifying and developing assets critical to the global energy transition. Vanguard is committed to responsible exploration and value creation through the acquisition and advancement of highly prospective uranium properties.

Qualified person

The scientific and technical information contained in this news release has been reviewed and approved by Lawrence Segerstrom, a consulting geologist who is a qualified person as such term is defined under National Instrument 43-101 (Standards of Disclosure for Mineral Projects).

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