Mr. Denis Laviolette reports

PIRATE GOLD INITIATES PROJECT SCALE GEOPHYSICAL SURVEYS AND PROVIDES PROJECT UPDATES

Pirate Gold Corp. has initiated two simultaneous project-scale airborne geophysical surveys at its Treasure Island project in central Newfoundland. The Treasure Island project covers over 90 kilometres (km) of strike along the Valentine Lake fault zone in Canada's newest gold district.

"Exploration is moving quickly on all fronts at the Treasure Island project in 2026. Our drilling program at Moosehead continues to expand the known mineralized zones, with multiple holes intersecting visible gold and yielding new discoveries. Two project-scale airborne surveys are now under way, bringing enhanced geophysical resolution to Treasure Island. These surveys are designed to refine structural interpretation beneath the glacial till and generate new drill targets across the broader property.

"Additionally, the receipt of drill permits for both the Crippleback Lake and Stony Lake areas allows us to extend exploration beyond the immediate Moosehead footprint and systematically test high-priority regional targets along the Valentine Lake fault zone. We are advancing a comprehensive understanding of the district-scale potential at Treasure Island and 2026 represents an important step forward for Pirate Gold," said Greg Matheson, vice-president of exploration, Pirate Gold.

Geophysical programs

Treasure Island North:

• Treasure Island North is underlain by weakly magnetic sedimentary sequences intruded by mafic dikes and volcanic units that generate strong magnetic responses in prior surveys.
• A high-resolution airborne magnetic survey is under way on 50-metre (m) line spacing, covering approximately 69,500 hectares.
• Low-altitude, tight-spaced flight lines are designed to penetrate glacial till and generate a detailed magnetic data set.
• The strong contrast in bedrock magnetic properties and interpreted fault-related disturbances is expected to refine structural interpretation and enhance drill targeting.

Treasure Island South:

• Treasure Island South is dominated by the Crippleback intrusive suite (CIS), comprising quartz monzonite, gabbro and felsic volcanics that show strong magnetic contrasts based on localized historical survey results.
• Large-scale graphite-bearing fault structures are present throughout the CIS and show very strong electromagnetic chargeability responses.
• Two thousand twenty-four drilling identified broad clay alteration zones correlated with weak conductive signatures in historical EM (electromagnetic) data.
• An electromagnetic/magnetic airborne survey is being flown along 100 m line spacing covering approximately 54,500 hectares. The survey is expected to improve mapping of lithological contacts, fault networks and alteration zones to support regional drill targeting.

Drilling program update:

• Two diamond drills are currently active at the Treasure Island project, with a third drill anticipated to mobilize in one to two weeks.
• Since the previous drilling update on Dec. 18, 2025, two drills have been active at the Treasure Island North project, focused on the expansion of the known mineralized zones at Moosehead and testing of regional geophysical targets.

Initial visual observations from recently completed drill holes are summarized in an attached table.

The company cautions that the presence of visible gold mineralization is not indicative of high gold assay grades, and that drill core samples will or have been submitted to a certified laboratory for analysis of gold content. Assay values for the discussed intervals will be released when available. All intervals are downhole depths and true widths are not known at this time.

Pirate Gold Treasure Hunters, Season 1, Episode 5 -- Shots Fired

Episode 5 of Pirate Gold Treasure Hunters captures a turning point in the 2026 drill campaign, underscoring the persistence required in orogenic gold systems and the breakthroughs that follow. The episode features:

• Continuing diamond drilling across regional targets and the launch of two high-resolution airborne magnetic and electromagnetic surveys;
• Stepout drilling on the Moosehead western trend, intersecting a new system, including visible gold in multiple holes;
• Identification of a potential linkage structure between the Moosehead eastern and western trends, expanding the target corridor along strike and at depth;
• Receipt of drill permits for Crippleback, located along the same regional structure as Moosehead and the Valentine Lake mine.

Mineral claims addition:

• One additional mineral licence purchase agreement has been executed to acquire six mineral claims covering 150 hectares.

Pirate Gold has entered into an agreement with Newfoundland Gold Retriever Corp. (NGRC) to acquire a 100-per-cent interest in and to one mineral licence. In consideration, the company will, subject to TSX Venture Exchange approval, make a one-time cash payment of $7,500 to NGRC, issue 150,000 common shares and grant a 1.0-per-cent net smelter return (NSR) royalty, one-half of which may be repurchased by Pirate Gold for $500,000.

Drilling permit updates

On Feb. 10, the company received an exploration approval for the Crippleback Lake area, under which the company is permitted to drill up to 50 holes. The company anticipates the initial phase of the Crippleback Lake drilling program to start in late February, with plans to follow up on its 2024 drilling program, which outlined large areas of clay alteration and broad zones of copper-gold mineralization. Also on Feb. 10, the company received an exploration approval for the Stony Lake area, five km south of Moosehead, under which the company is permitted to drill up to 40 holes. The company anticipates it will begin drill testing the Stony Lake targets in Q1 (first quarter) 2026.

Advertising and sponsorship agreement

The company has entered into a one-year advertising and sponsorship agreement dated Feb. 12, 2026, with Allan Barry Laboucan (Rocks & Stocks News), an independent media content creator. Pursuant to the agreement, the company will pay total cash consideration of $160,000 for a one-year term. The engagement is for advertising, branding and independent media coverage purposes only, and does not constitute investor relations or market-making services. The company does not have editorial control over content produced by the contractor. The agreement may be terminated in accordance with its terms. The contractor is arm's length to the company.

Qualified person

Greg Matheson, PGeo, vice-president of exploration for Pirate Gold, a qualified person under National Instrument 43-101, has reviewed and approved the scientific and technical information in this news release.

About Pirate Gold Corp.

Pirate Gold is led by an experienced management team and is the dominant explorer along the Valentine Lake fault zone in Newfoundland, Canada's newest gold district. The company's primary focus is its 100-per-cent-owned district-scale Treasure Island gold project, along with a portfolio of gold projects, including the district-scale Fleur de Lys project.

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