Mr. Devin Pickell reports

XPLORE LAUNCHES AEROMAGNETIC SURVEY AT SURGE, ADOPTS NEW LONG-TERM INCENTIVE PLAN

Xplore Resources Corp. has begun a high-resolution airborne magnetic survey at its Surge lithium project in Northwestern Ontario.

Highlights

High-resolution airborne magnetic survey now under way at the Surge lithium project in Northwestern Ontario;

Survey extends full magnetic coverage to the northern and southern extents of the property, building on 2025 results;

Prior surveys and prospecting identified magnetic breaks correlating spatially with fractionated beryl-bearing lithium-cesium-tantalum (LCT) pegmatites;

Extended magnetic coverage expected to highlight potential new exploration targets associated with fractionated LCT pegmatite systems across the property;

Results will refine future exploration planning along the Root Bay lithium trend.

High-resolution aeromagnetic survey

The survey will focus on extensions of previously completed magnetic surveys (see Xplore news release dated May 22, 2025) along the northern and southern extents of the Surge property.

This survey will build upon the high-resolution magnetic data previously collected on the property to fully map the magnetic responses of the rocks that underlie the Surge lithium project. Prior surveys documented abrupt magnetic breaks that dismembered laterally continuous greenstone and iron formation. A two-phase prospecting program completed in 2025 found these breaks correlate spatially with fractionated beryl-bearing pegmatitic granitoid dikes on the project.

Devin Pickell, president and chief executive officer of Xplore, commented: "Last year's magnetic survey showed us that the Root Bay lithium trend runs right through our property, and our prospecting confirmed that the magnetic signatures line up with lithium-bearing pegmatites on the ground. Now we're extending that coverage across the full property to pinpoint new targets. The more of this data we collect, the sharper our picture gets and the closer we get to a discovery along the Root Bay lithium trend."

Long-term incentive plan

The board of directors of the company has approved and adopted a long-term incentive plan (LTIP). The LTIP is a combined "rolling" and "fixed" security-based compensation plan (as that term is defined in TSX Venture Exchange Policy 4.4), pursuant to which: (i) the aggregate number of common shares reserved for issuance pursuant to stock options granted thereunder may not exceed, at the time of grant, in aggregate 10 per cent of the company's issued and outstanding common shares, and (ii) the aggregate number of common shares reserved for issuance pursuant to all other equity incentive awards granted under the LTIP, which include performance share units, restricted share units and deferred share units, cannot exceed 5,260,150 common shares.

The LTIP is subject to approval of the company's shareholders, such approval to be sought at the company's upcoming annual general meeting scheduled for June 4, 2026. The LTIP is also subject to the final acceptance of the TSX Venture Exchange.

About the Surge lithium project

The Surge lithium project is Xplore's flagship property located in the rapidly emerging Root lithium district of Northwestern Ontario. The project covers approximately 10 kilometres of strike length along the eastern extension of the Root Bay-Root Bay East lithium trend and is strategically positioned adjacent to Green Technology Metals' Root Bay project, which currently hosts a JORC-compliant resource of 14.6 million tonnes at 1.21 per cent Li2O.

High-resolution LiDAR combined with airborne magnetics have significantly improved the geological understanding of the Surge project. Field mapping and prospecting have confirmed the presence of key structures and greenstone host rocks, with beryl-bearing LCT pegmatites on trend with Green Technology Metals' Root Bay project.

The technical content of this news release has been reviewed and approved by Devin Pickell, PGeo, the president and chief executive officer of the company and a qualified person pursuant to National Instrument 43-101.

About Xplore Resources Corp.

Xplore Resources is a North American lithium and copper exploration company. Its flagship lithium property is the Surge lithium project, on trend and near two lithium deposits and just 25 metres from a new lithium discovery. Copper property acquisitions in New Brunswick mark a new direction to diversify Xplore's critical mineral holdings.

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