Mr. Ron Little reports

WOLFDEN HIGHLIGHTS POTENTIAL PRECIOUS METAL UPSIDE AT CANOE LANDING

Wolfden Resources Corp. has commenced metallurgical studies on its wholly owned Canoe Landing volcanic massive sulphide polymetallic deposit in central New Brunswick, where the current potential precious metal value accounts for more than 50 per cent of the total in situ value. The deposit was discovered by Rio Tinto in the 1960s and subsequently drilled by Brunswick Mining and Smelting (BM&S), a subsidiary of Noranda Mines Inc., which completed 70 diamond drill holes, which led to a 1980s historical non-National Instrument 43-101-compliant resource estimate of 22.8 million tonnes (t) grading 1.17 grams per tonne (g/t) gold (Au), 32.23 g/t silver (Ag), 1.82 per cent zinc (Zn), 0.64 per cent lead (Pb) and 0.56 per cent copper (Cu) (or 2.5 g/t gold equivalent (AuEq)* or 12.0 per cent zinc (ZnEq)*), and represents one of the largest undeveloped polymetallic mineral deposits in the Bathurst mining camp.

"Like most historical VMS deposits in the Bathurst camp, there was little attention paid to recovering the precious metals due to the then lower metal prices and the higher costs associated with improving those recoveries," stated Ron Little, chief executive officer for Wolfden. "However, given the increase in all metal prices, our goal is to determine if the project has the potential to be more economically robust if processing recoveries can be improved at a reasonable cost. The project already enjoys the benefit of being located close to existing infrastructure and industrial sites, in one of the most supportive and experienced mining jurisdictions in North America."

In addition to the continuing metallurgical testwork, the company is updating the geological model for Canoe Landing in preparation for a National Instrument 43-101-compliant resource estimate and further studies. Wolfden anticipates results from the metallurgical testwork and modelling in Q2 (second quarter) 2026.

The company is working with the Research and Productivity Council of New Brunswick (RPC), on a program to increase both base metal and precious metal recoveries using a complimentary metallurgical approach. Wolfden is testing a typical sequential flotation circuit resulting in four concentrates: copper, lead, zinc and pyrite. The pyrite concentrate, which contains a majority of the gold, will be exposed to bio-oxidation, a process that can break down the pyrite and allow the gold grains to be recovered by subsequent cyanide leaching. If positive, this could significantly increase the gold and silver recoveries from the deposit. In addition and as cost/recovery comparison, the pyrite concentrate will also be subjected to roasting and pressure oxidation tests as alternative processing paths to improve the precious metal recoveries.

Given Wolfden's interest in testing the functionality of bio-oxidation, the company has gained the support and a small financial grant from a well-regarded group that is focused on genomics research that includes leading scientific experts and access to capital investment.

Metallurgical testwork program summary and scope:

• Mill standardization;
• Cu, Pb, Zn and pyrite roughers;
• Pyrite regrind standardization;
• Pyrite cyanide leach testing;
• Pyrite concentrate roasting;
• Roasted pyrite cyanide leach testing;
• Bacterial culture generation and adaptation;
• Bacterial amenability testing/CN leach.

Progress and final reporting

The bio-oxidation process is initiated by culturing microorganisms naturally present on the ore surface and/or in run-of-mine water. The use of site-specific microorganisms is advantageous, as these organisms are already adapted to the prevailing mineralogical, chemical and environmental conditions. These microbes promote the oxidation of pyrite to ferric iron, sulphate and elemental sulphur, either directly at the mineral surface or indirectly via ferric iron as a strong oxidant. The overall result is extensive sulphide destruction without the need for high temperatures or pressures.

Once bio-oxidation is complete, the residue can then be treated using conventional gold recovery methods. Cyanide leaching of bio-oxidized material typically results in substantially higher gold recoveries compared with untreated feed. Relative to roasting or pressure oxidation, bio-oxidation offers lower energy requirements and reduced gaseous emissions, making it a technically and environmentally favourable pretreatment for refractory gold ores.

About Wolfden Resources Corp.

Wolfden is a North American exploration and development company focused on high-margin metallic mineral deposits, including precious, base and critical metals that represent significant development projects with the potential to produce domestic supply of strategic metals.

* Calculation of AuEq and ZnEq uses these metal prices: $4,500 (U.S.) per ounce (oz) gold, $65 (U.S.) per oz silver, $1.40 (U.S.) per pound (lb) zinc, $5.25 (U.S.) per lb copper and 88 U.S. cents per lb lead.

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