Month: September 2026

–        Pooled analysis of five clinical trials found no clinical or subclinical evidence of cardiotoxicity at cumulative doses exceeding traditional anthracycline limits

–      Independent Cleveland Clinic cardio-oncology evaluation supports continued clinical development of Annamycin as a potentially safer anthracycline

HOUSTON, Sept. 28, 2026 (GLOBE NEWSWIRE) — Moleculin Biotech, Inc. (Nasdaq: MBRX) (“Moleculin” or the “Company”) today announced the publication of a peer-reviewed analysis of the cardiac safety of Annamycin (also known as L-Annamycin or naxtarubicin) in Frontiers in Cardiovascular Medicine. The publication, titled “Cardiac safety of L-Annamycin: a pooled analysis of five clinical trials,” reports cardiac safety findings from 90 patients treated across five clinical trials in acute myeloid leukemia (AML) and metastatic soft tissue sarcoma (STS).

The analysis was independently evaluated by a cardio-oncology laboratory at Cleveland Clinic and found no clinical or subclinical evidence of treatment-related cardiotoxicity, including at cumulative Annamycin exposures exceeding traditional lifetime limits for conventional anthracyclines.

“Publication of this comprehensive pooled analysis in a peer-reviewed cardiovascular medicine journal provides additional validation of the cardiac safety profile we have observed with Annamycin across our clinical development program,” said Walter Klemp, Chairman and Chief Executive Officer of Moleculin. “For decades, the clinical utility of anthracyclines has been limited by cumulative cardiotoxicity and associated lifetime dose limits. The absence of detectable cardiac toxicity in patients receiving cumulative doses of Annamycin beyond those traditional thresholds supports our continued development of Annamycin and its potential to address an important limitation of the anthracycline class.”

Pooled Analysis Evaluates Cardiac Safety Across Five Clinical Trials

The publication evaluated cardiac safety data from five sponsor- and investigator-initiated clinical trials, including three trials in AML and two trials in metastatic STS. Across the five studies, 90 patients received Annamycin, with paired echocardiographic data available for 78 patients.

Key findings from the pooled analysis include:

• No significant change in cardiac function: Mean LVEF was 60.6% at baseline compared with 60.0% following treatment, with no statistically significant difference (p=0.84).
• No relationship between cumulative dose and change in LVEF: The analysis found no association between cumulative Annamycin exposure and changes in LVEF.
• No relationship between age and change in LVEF: Patient age was not associated with changes in LVEF.
• No treatment-related cardiotoxicity identified: Serial ECGs, cardiac biomarkers including troponin I/T, and global longitudinal strain assessments showed no evidence of treatment-related cardiotoxicity.
• High cumulative exposure: Patients received a median cumulative Annamycin dose of 660 mg/m², with findings observed despite cumulative exposures exceeding conventional anthracycline lifetime limits.

The authors concluded that Annamycin was not associated with clinical or subclinical evidence of cardiotoxicity at cumulative doses exceeding traditional anthracycline thresholds and that the findings support continued clinical evaluation of Annamycin as a potentially safer anthracycline platform.

Anthracyclines are among the most widely used and effective classes of cancer medicines, but their use can be limited by cumulative, dose-dependent cardiotoxicity. These cardiac risks can restrict treatment intensity, limit retreatment options and prevent some patients from receiving additional anthracycline therapy.

Annamycin is a fundamentally re-engineered anthracycline designed to maintain the antitumor activity of the anthracycline class while addressing the cardiotoxicity associated with conventional agents. Its liposomal formulation was developed to optimize tissue distribution and reduce cardiac exposure.

The newly published article builds upon previously presented clinical data demonstrating a lack of detectable cardiotoxicity with Annamycin despite cumulative exposure levels substantially exceeding conventional anthracycline limits. Moleculin previously reported that the pooled analysis included 90 patients across five completed clinical trials, with independent cardiac review conducted through the Cleveland Clinic Division of Cardiovascular Medicine.

Annamycin is currently being evaluated in Moleculin’s MIRACLE clinical development program for patients with relapsed or refractory AML.

About Moleculin Biotech, Inc.

Moleculin Biotech, Inc. is a Phase 2/3 clinical stage pharmaceutical company advancing a pipeline of therapeutic candidates addressing hard-to-treat tumors and viruses. The Company’s lead program, Annamycin (also known as naxtarubicin), is a highly efficacious and well tolerated anthracycline designed to avoid multidrug resistance mechanisms and to lack the cardiotoxicity common with currently prescribed anthracyclines. Annamycin is currently in development for the treatment of relapsed or refractory acute myeloid leukemia (AML) and soft tissue sarcoma (STS) lung metastases.

The Company has begun the MIRACLE (Moleculin R/R AML AnnAraC Clinical Evaluation) Trial (MB-108), a pivotal, adaptive design, multi-center, randomized, double-blind, placebo-controlled Phase 2/3 trial evaluating Annamycin in combination with cytarabine, together referred to as AnnAraC (the combination of Annamycin and cytarabine, also referred to as “Ara-C”) for the treatment of relapsed or refractory acute myeloid leukemia. Following a successful Phase 1B/2 study (MB-106), with input from the FDA, the Company believes it has substantially de-risked the development pathway towards a potential approval for Annamycin for the treatment of AML. This study remains subject to appropriate future filings with potential additional feedback from the FDA and their foreign equivalents.

Additionally, the Company is developing WP1066, an Immune/Transcription Modulator capable of inhibiting p-STAT3 and other oncogenic transcription factors while also stimulating a natural immune response, targeting brain tumors, pancreatic and other cancers. Moleculin also has in its pipeline a portfolio of antimetabolites, including WP1122 for the potential treatment of pathogenic viruses, as well as certain cancer indications.

For more information about the Company, please visit www.moleculin.com and connect on X, LinkedIn and Facebook.

Forward-Looking Statements

Some of the statements in this release are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995, which involve risks and uncertainties. Forward-looking statements in this press release include, without limitation, the potential efficacy and safety of Annamycin and AnnAraC in R/R AML, the potential immune-mediated mechanism of action of Annamycin, the relevance of preclinical findings in pancreatic cancer to the treatment of human disease, and the potential for Annamycin to be combined with other agents. Moleculin will require significant additional financing, for which the Company has no commitments, in order to conduct its clinical trials as described in this press release, and the milestones described in this press release assume the Company’s ability to secure such financing on a timely basis. Although Moleculin believes that the expectations reflected in such forward-looking statements are reasonable as of the date made, expectations may prove to have been materially different from the results expressed or implied by such forward-looking statements. The Company relies on the reports of its expert with regard to the absence of cardiotoxicity. The dataset referenced in this press release is subject to the review of the data from future subjects in its current and future clinical trials and long-term follow-up with subjects in its current trials. Moleculin has attempted to identify forward-looking statements by terminology including ‘believes,’ ‘estimates,’ ‘anticipates,’ ‘expects,’ ‘plans,’ ‘projects,’ ‘intends,’ ‘potential,’ ‘may,’ ‘could,’ ‘might,’ ‘will,’ ‘should,’ ‘approximately’ or other words that convey uncertainty of future events or outcomes to identify these forward-looking statements. These statements are only predictions and involve known and unknown risks, uncertainties, and other factors, including those discussed under Item 1A. “Risk Factors” in our most recently filed Form 10-K filed with the Securities and Exchange Commission (SEC) and updated from time to time in our Form 10-Q filings and in our other public filings with the SEC. Any forward-looking statements contained in this release speak only as of its date. We undertake no obligation to update any forward-looking statements contained in this release to reflect events or circumstances occurring after its date or to reflect the occurrence of unanticipated events.

Investor Contact:
JTC Team, LLC
Jenene Thomas
(908) 824-0775
MBRX@jtcir.com

NEWMARKET, Ontario, Sept. 28, 2026 (GLOBE NEWSWIRE) — AirBoss of America Corp. (TSX: BOS) (OTCQX:ABSSF) (the “Company” or “AirBoss”) today announced that AirBoss Defense Group (“ADG”), AirBoss Manufactured Products’ defense business, has been awarded a five-year framework contract for its Bandolier lightweight, multipurpose energetic system by a NATO partner nation, with an option to renew for an additional five years. Accompanying the framework contract is an initial delivery order worth up to US$12.5 million. Subject to satisfaction of customary conditions, deliveries are expected to occur during the fourth quarter of 2026 and first half of 2027.

ADG has also recently received orders for AirBoss Molded Gloves (“AMG”) and Molded AirBoss Lightweight Overboots (“MALO”) from several NATO partner nations, worth up to US$4.4 million, with deliveries expected to occur during 2026 and 2027.

The Bandolier is a lightweight and modular energetic system that can be employed across mobility, counter mobility, and survivability mission profiles. The Bandolier is designed to bridge the identified capability gap between large, complex, single-role explosive charges and standard bulk demolitions, and its lightweight, modular design allows for flexible use across a variety of mission requirements. The system reduces dependence on cumbersome single-role explosives and time-consuming user-constructed charges, maximizing explosive efficiency and operational versatility.

“The Bandolier continues to demonstrate strong demand from NATO and allied customers as modern battlefield requirements evolve,” said Chris Bitsakakis, President and Co-CEO of AirBoss. “Its highly versatile, modular design enables operators to address a wide range of battlefield challenges while supporting deployment through both traditional and emerging autonomous delivery systems. We believe this multi-year framework contract further validates the Bandolier’s differentiated capabilities, while the other recent awards more broadly reflect continued demand for ADG’s portfolio of survivability solutions among NATO partners.”

This new Bandolier award builds upon other recent contracts received by ADG for this product, reinforcing AirBoss’ position as a leading provider of advanced battlefield survivability solutions.

About AirBoss

AirBoss of America is a diversified developer, manufacturer and provider of survivability solutions, advanced custom rubber and polymer compounds and finished products that are designed to outperform in the most challenging environments. Founded in 1989, the company operates through two divisions. AirBoss Rubber Solutions is a North American custom rubber compounder with 500 million turn pounds of annual capacity. AirBoss Manufactured Products is a supplier of anti-vibration and rubber-molded solutions to the North American automotive market and other sectors, and also a global supplier of personal and respiratory protective equipment and technology for the defense, healthcare, medical and first responder communities, through its AirBoss Defense operations. The Company’s shares trade on the TSX under the symbol BOS and on the OTCQX under the symbol ABSSF. Visit www.airboss.com for more information.

AIRBOSS FORWARD LOOKING INFORMATION DISCLAIMER

Certain statements contained or incorporated by reference herein, including those that express management’s expectations or estimates of future developments or AirBoss’ future performance, constitute “forward-looking information” or “forward-looking statements” within the meaning of applicable securities laws, and can generally be identified by words such as “will”, “may”, “could” “expects”, “believes”, “anticipates”, “forecasts”, “plans”, “intends”, “should” or similar expressions. These statements are not historical facts but instead represent management’s expectations, estimates and projections regarding future events and performance.

Statements containing forward-looking information are necessarily based upon a number of opinions, estimates and assumptions that, while considered reasonable by management at the time the statements are made, are inherently subject to significant business, economic and competitive risks, uncertainties and contingencies. AirBoss cautions that such forward-looking information involves known and unknown contingencies, uncertainties and other risks that may cause AirBoss’ actual financial results, performance or achievements to be materially different from its estimated future results, performance or achievements expressed or implied by the forward-looking information. Numerous factors could cause actual results to differ materially from those in the forward-looking information, including without limitation: impact of general economic conditions, notably including its impact on demand for rubber solutions and products; dependence on key customers; global defense budgets, notably in the Company’s target markets, and success of the Company in obtaining new or extended defense contracts; contract-related risks; cyclical trends in the tire and automotive, construction, mining and retail industries; sufficient availability of raw materials at economical costs; weather conditions affecting raw materials, production and sales; global political uncertainty and policy change; AirBoss’ ability to maintain existing customers or develop new customers in light of increased competition; AirBoss’ ability to successfully integrate acquisitions of other businesses and/or companies or to realize on the anticipated benefits thereof; AirBoss’ ability to successfully develop and execute effective business strategies including, without limitation, the recently announced strategic transition; changes in accounting policies and methods, including uncertainties associated with critical accounting assumptions and estimates; changes in the value of the Canadian dollar relative to the US dollar; changes in tax laws; changes in trade policies or the imposition of new tariffs, duties or other similar restrictions which could influence the cost and flow of goods and services across borders; current and future litigation and regulatory actions; ability to obtain financing on acceptable terms and ability to satisfy the covenants set forth in such financing arrangements; environmental damage and non-compliance with environmental laws and regulations; impact of global health situations; IT/cybersecurity risks; potential product liability and warranty claims and equipment malfunction. There is increased uncertainty associated with future operating assumptions and expectations as compared to prior periods. This list is not exhaustive of the factors that may affect any of AirBoss’ forward-looking information.

All of the forward-looking information in this press release is expressly qualified by these cautionary statements. Investors are cautioned not to put undue reliance on forward-looking information. All subsequent written and oral forward-looking information attributable to AirBoss or persons acting on its behalf are expressly qualified in their entirety by this notice. Forward-looking information contained herein is made as of the date of this press release and, whether as a result of new information, future events or otherwise, AirBoss disclaims any intent or obligation to update publicly the forward-looking information except as required by applicable laws. Risks and uncertainties about AirBoss’ business are more fully discussed under the heading “Risk Factors” in our most recent Annual Information Form and are otherwise disclosed in our filings with securities regulatory authorities which are available on SEDAR+ at www.sedarplus.com.

CONTACT: Investor Contact: investor.relations@airboss.com

Media Contact: media@airboss.com

NEWMARKET, Ontario, Sept. 28, 2026 (GLOBE NEWSWIRE) — AirBoss of America Corp. (TSX: BOS) (OTCQX:ABSSF) (the “Company” or “AirBoss”) today announced that AirBoss Defense Group (“ADG”), AirBoss Manufactured Products’ defense business, has been awarded a five-year framework contract for its Bandolier lightweight, multipurpose energetic system by a NATO partner nation, with an option to renew for an additional five years. Accompanying the framework contract is an initial delivery order worth up to US$12.5 million. Subject to satisfaction of customary conditions, deliveries are expected to occur during the fourth quarter of 2026 and first half of 2027.

ADG has also recently received orders for AirBoss Molded Gloves (“AMG”) and Molded AirBoss Lightweight Overboots (“MALO”) from several NATO partner nations, worth up to US$4.4 million, with deliveries expected to occur during 2026 and 2027.

The Bandolier is a lightweight and modular energetic system that can be employed across mobility, counter mobility, and survivability mission profiles. The Bandolier is designed to bridge the identified capability gap between large, complex, single-role explosive charges and standard bulk demolitions, and its lightweight, modular design allows for flexible use across a variety of mission requirements. The system reduces dependence on cumbersome single-role explosives and time-consuming user-constructed charges, maximizing explosive efficiency and operational versatility.

“The Bandolier continues to demonstrate strong demand from NATO and allied customers as modern battlefield requirements evolve,” said Chris Bitsakakis, President and Co-CEO of AirBoss. “Its highly versatile, modular design enables operators to address a wide range of battlefield challenges while supporting deployment through both traditional and emerging autonomous delivery systems. We believe this multi-year framework contract further validates the Bandolier’s differentiated capabilities, while the other recent awards more broadly reflect continued demand for ADG’s portfolio of survivability solutions among NATO partners.”

This new Bandolier award builds upon other recent contracts received by ADG for this product, reinforcing AirBoss’ position as a leading provider of advanced battlefield survivability solutions.

About AirBoss

AirBoss of America is a diversified developer, manufacturer and provider of survivability solutions, advanced custom rubber and polymer compounds and finished products that are designed to outperform in the most challenging environments. Founded in 1989, the company operates through two divisions. AirBoss Rubber Solutions is a North American custom rubber compounder with 500 million turn pounds of annual capacity. AirBoss Manufactured Products is a supplier of anti-vibration and rubber-molded solutions to the North American automotive market and other sectors, and also a global supplier of personal and respiratory protective equipment and technology for the defense, healthcare, medical and first responder communities, through its AirBoss Defense operations. The Company’s shares trade on the TSX under the symbol BOS and on the OTCQX under the symbol ABSSF. Visit www.airboss.com for more information.

AIRBOSS FORWARD LOOKING INFORMATION DISCLAIMER

Certain statements contained or incorporated by reference herein, including those that express management’s expectations or estimates of future developments or AirBoss’ future performance, constitute “forward-looking information” or “forward-looking statements” within the meaning of applicable securities laws, and can generally be identified by words such as “will”, “may”, “could” “expects”, “believes”, “anticipates”, “forecasts”, “plans”, “intends”, “should” or similar expressions. These statements are not historical facts but instead represent management’s expectations, estimates and projections regarding future events and performance.

Statements containing forward-looking information are necessarily based upon a number of opinions, estimates and assumptions that, while considered reasonable by management at the time the statements are made, are inherently subject to significant business, economic and competitive risks, uncertainties and contingencies. AirBoss cautions that such forward-looking information involves known and unknown contingencies, uncertainties and other risks that may cause AirBoss’ actual financial results, performance or achievements to be materially different from its estimated future results, performance or achievements expressed or implied by the forward-looking information. Numerous factors could cause actual results to differ materially from those in the forward-looking information, including without limitation: impact of general economic conditions, notably including its impact on demand for rubber solutions and products; dependence on key customers; global defense budgets, notably in the Company’s target markets, and success of the Company in obtaining new or extended defense contracts; contract-related risks; cyclical trends in the tire and automotive, construction, mining and retail industries; sufficient availability of raw materials at economical costs; weather conditions affecting raw materials, production and sales; global political uncertainty and policy change; AirBoss’ ability to maintain existing customers or develop new customers in light of increased competition; AirBoss’ ability to successfully integrate acquisitions of other businesses and/or companies or to realize on the anticipated benefits thereof; AirBoss’ ability to successfully develop and execute effective business strategies including, without limitation, the recently announced strategic transition; changes in accounting policies and methods, including uncertainties associated with critical accounting assumptions and estimates; changes in the value of the Canadian dollar relative to the US dollar; changes in tax laws; changes in trade policies or the imposition of new tariffs, duties or other similar restrictions which could influence the cost and flow of goods and services across borders; current and future litigation and regulatory actions; ability to obtain financing on acceptable terms and ability to satisfy the covenants set forth in such financing arrangements; environmental damage and non-compliance with environmental laws and regulations; impact of global health situations; IT/cybersecurity risks; potential product liability and warranty claims and equipment malfunction. There is increased uncertainty associated with future operating assumptions and expectations as compared to prior periods. This list is not exhaustive of the factors that may affect any of AirBoss’ forward-looking information.

All of the forward-looking information in this press release is expressly qualified by these cautionary statements. Investors are cautioned not to put undue reliance on forward-looking information. All subsequent written and oral forward-looking information attributable to AirBoss or persons acting on its behalf are expressly qualified in their entirety by this notice. Forward-looking information contained herein is made as of the date of this press release and, whether as a result of new information, future events or otherwise, AirBoss disclaims any intent or obligation to update publicly the forward-looking information except as required by applicable laws. Risks and uncertainties about AirBoss’ business are more fully discussed under the heading “Risk Factors” in our most recent Annual Information Form and are otherwise disclosed in our filings with securities regulatory authorities which are available on SEDAR+ at www.sedarplus.com.

CONTACT: Investor Contact: investor.relations@airboss.com

Media Contact: media@airboss.com

Modular Architecture Is Designed to Support ISR, Logistics, Counter-UAS, RF Sensing, Remote Weapon Stations and Specialized Mission Payloads

WEST HOLLYWOOD, Calif., Sept. 28, 2026 (GLOBE NEWSWIRE) — VisionWave Holdings, Inc. (Nasdaq: VWAV) (“VisionWave” or the “Company”) today highlighted its STRATUM autonomous ground systems architecture, a family of modular unmanned ground platforms, each of which is in development, designed to support multiple defense, security and logistics missions from a common technology foundation. No platform in the STRATUM ground family has completed qualification testing, entered serial production, been sold to a customer or generated revenue.

VisionWave’s ground development programs include the VARAN, RANGER, SCOUT and RECON platforms, each of which is in development and each designed around the concept that the vehicle remains consistent while the mission module can change based on operational requirements. 

The Company believes this payload-agnostic approach can allow military and security operators to deploy a common autonomous platform architecture across a range of missions rather than maintaining separate vehicles for every application.

VARAN: A Modular Ground Platform

The VARAN platform is being designed to target specifications that include a payload capacity of approximately 500 kilograms, towing capacity exceeding 1,000 kilograms, maximum speed of approximately 70 km/h (45 mph) and mission time of approximately four hours, extendable to 28 hours depending upon configuration and operating conditions. These figures are design objectives. The platform has not completed testing to validate them, and actual performance may differ materially from the design objectives described. 

Mission configurations contemplated by VisionWave, none of which has completed integration and testing on the platform, include:

• Drone launch and recovery canisters;
• Remote weapon stations;
• Radar and RF sensing;
• ISR and optical mast systems;
• Logistics and resupply; and
• Medical, EOD, electronic warfare and route-clearance modules. 

“The important concept behind STRATUM is modularity,” said Douglas Davis, Chief Executive Officer and Executive Chairman of VisionWave. “Instead of designing a new vehicle around every mission, our architecture is intended to allow the mission package to change while maintaining a common platform, logistics structure and command environment.”

Connecting Ground and Air

VisionWave is also designing its ground platforms to operate alongside tactical aerial assets.

Under the Company’s ecosystem approach, aerial systems are intended to be capable of being launched from or operating alongside ground elements, sharing a common mission picture and ultimately being tasked through the STRATUM command environment. That capability has not been demonstrated.

This architecture is intended to create a unified operating model spanning unmanned ground vehicles, aerial systems, sensors and mission intelligence. 

“Our objective is not simply autonomous mobility,” Davis added. “It is autonomous mission execution—connecting mobility, sensing, aerial assets and intelligence into one operational architecture.”

The platforms, mission modules and capabilities described herein are under development, have not completed testing or qualification, are not commercially available and have not generated revenue. They remain subject to testing, evaluation, export authorization and applicable regulatory and procurement requirements, and there can be no assurance that they will be completed, will achieve their intended performance or will be adopted by any customer.

ABOUT VISIONWAVE

VisionWave Holdings, Inc. (Nasdaq: VWAV) is a defense and advanced sensing technology company developing AI-driven, RF-based sensing, autonomy, and computational acceleration technologies for defense, homeland security, and commercial infrastructure applications. VisionWave’s mission is to connect defense innovation with civilian progress through shared core technologies intended for use across air, land and fixed-site environments. The Company’s website is https://www.vwav.inc. Information contained on, or accessible through, the Company’s website is not incorporated by reference into, and does not form a part of, this press release or any filing of the Company with the Securities and Exchange Commission. Certain of the platforms, payloads, sensing technologies and software described in this press release are in development, have not completed testing or qualification, are not commercially available and have not generated material revenue.

FORWARD-LOOKING STATEMENTS

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are generally identified by words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “project,” “forecast,” “predict,” “target,” “objective,” “strategy,” “designed to,” “intended to,” “concept,” “under development” and similar expressions, or by statements that events or trends “may,” “will,” or “could” occur. Forward-looking statements in this press release include, without limitation, statements regarding the intended design, configuration, performance, payload capacity, towing capacity, speed, endurance and mission modules of the VARAN, RANGER, SCOUT and RECON platforms; the intended modularity and payload-agnostic architecture of the STRATUM ground systems; and the intended interoperability of ground platforms with aerial systems and with the STRATUM command environment.

Forward-looking statements are not guarantees of future performance, are based on management’s current expectations and assumptions as of the date of this press release, and are subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied, including, but not limited to: the fact that substantially all of the platforms, payloads, sensing technologies and software described in this press release are in development, have not completed testing, qualification or independent third-party validation, are not commercially available, have not generated material revenue, and may never be completed, certified, produced at scale or adopted by any customer; the Company’s need to raise substantial additional capital to fund development and its ability to do so on acceptable terms or at all; the substantial dilution to existing stockholders resulting from sales of common stock under the Company’s at-the-market offering programs, conversions of the Company’s outstanding convertible debentures, exercises of outstanding warrants and shares issuable as consideration in acquisitions and strategic transactions; the Company’s history of operating losses, accumulated deficit and working capital deficiency, and the substantial doubt regarding the Company’s ability to continue as a going concern described in its most recent periodic report; the Company’s ability to satisfy the continued listing standards of The Nasdaq Stock Market, including the minimum bid price requirement, and the anticipated effects of the reverse stock split approved by the Company’s stockholders; the Company’s dependence on government procurement processes, competitive solicitations, budget appropriations and program funding, none of which has resulted in an award, contract or order to the Company; the risks of pursuing sales to foreign governments and foreign defense ministries, including procurement delays, offset requirements, political and geopolitical developments and the absence of any binding commitment; U.S. and non-U.S. export control, licensing, technology transfer, defense trade registration and economic sanctions requirements applicable to the technologies described in this press release, including the International Traffic in Arms Regulations and the Export Administration Regulations, and the risk that required authorizations are delayed, conditioned or denied; the Company’s ability to obtain, protect and enforce intellectual property rights and the risk that pending patent applications do not issue; risks relating to acquisitions, integration and reliance on third parties, partners, suppliers and subcontractors; and the other risks and uncertainties described under “Risk Factors” in the Company’s Annual Report on Form 10-K, its Quarterly Reports on Form 10-Q and its Current Reports on Form 8-K filed with the U.S. Securities and Exchange Commission.

All forward-looking statements speak only as of the date of this press release and are expressly qualified in their entirety by the cautionary statements included in this press release and in the Company’s SEC filings. VisionWave undertakes no obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law. Investors are cautioned not to place undue reliance on these forward-looking statements.

Contact for Investors: investors@vwav.inc

Modular Architecture Is Designed to Support ISR, Logistics, Counter-UAS, RF Sensing, Remote Weapon Stations and Specialized Mission Payloads

WEST HOLLYWOOD, Calif., Sept. 28, 2026 (GLOBE NEWSWIRE) — VisionWave Holdings, Inc. (Nasdaq: VWAV) (“VisionWave” or the “Company”) today highlighted its STRATUM autonomous ground systems architecture, a family of modular unmanned ground platforms, each of which is in development, designed to support multiple defense, security and logistics missions from a common technology foundation. No platform in the STRATUM ground family has completed qualification testing, entered serial production, been sold to a customer or generated revenue.

VisionWave’s ground development programs include the VARAN, RANGER, SCOUT and RECON platforms, each of which is in development and each designed around the concept that the vehicle remains consistent while the mission module can change based on operational requirements. 

The Company believes this payload-agnostic approach can allow military and security operators to deploy a common autonomous platform architecture across a range of missions rather than maintaining separate vehicles for every application.

VARAN: A Modular Ground Platform

The VARAN platform is being designed to target specifications that include a payload capacity of approximately 500 kilograms, towing capacity exceeding 1,000 kilograms, maximum speed of approximately 70 km/h (45 mph) and mission time of approximately four hours, extendable to 28 hours depending upon configuration and operating conditions. These figures are design objectives. The platform has not completed testing to validate them, and actual performance may differ materially from the design objectives described. 

Mission configurations contemplated by VisionWave, none of which has completed integration and testing on the platform, include:

• Drone launch and recovery canisters;
• Remote weapon stations;
• Radar and RF sensing;
• ISR and optical mast systems;
• Logistics and resupply; and
• Medical, EOD, electronic warfare and route-clearance modules. 

“The important concept behind STRATUM is modularity,” said Douglas Davis, Chief Executive Officer and Executive Chairman of VisionWave. “Instead of designing a new vehicle around every mission, our architecture is intended to allow the mission package to change while maintaining a common platform, logistics structure and command environment.”

Connecting Ground and Air

VisionWave is also designing its ground platforms to operate alongside tactical aerial assets.

Under the Company’s ecosystem approach, aerial systems are intended to be capable of being launched from or operating alongside ground elements, sharing a common mission picture and ultimately being tasked through the STRATUM command environment. That capability has not been demonstrated.

This architecture is intended to create a unified operating model spanning unmanned ground vehicles, aerial systems, sensors and mission intelligence. 

“Our objective is not simply autonomous mobility,” Davis added. “It is autonomous mission execution—connecting mobility, sensing, aerial assets and intelligence into one operational architecture.”

The platforms, mission modules and capabilities described herein are under development, have not completed testing or qualification, are not commercially available and have not generated revenue. They remain subject to testing, evaluation, export authorization and applicable regulatory and procurement requirements, and there can be no assurance that they will be completed, will achieve their intended performance or will be adopted by any customer.

ABOUT VISIONWAVE

VisionWave Holdings, Inc. (Nasdaq: VWAV) is a defense and advanced sensing technology company developing AI-driven, RF-based sensing, autonomy, and computational acceleration technologies for defense, homeland security, and commercial infrastructure applications. VisionWave’s mission is to connect defense innovation with civilian progress through shared core technologies intended for use across air, land and fixed-site environments. The Company’s website is https://www.vwav.inc. Information contained on, or accessible through, the Company’s website is not incorporated by reference into, and does not form a part of, this press release or any filing of the Company with the Securities and Exchange Commission. Certain of the platforms, payloads, sensing technologies and software described in this press release are in development, have not completed testing or qualification, are not commercially available and have not generated material revenue.

FORWARD-LOOKING STATEMENTS

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are generally identified by words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “project,” “forecast,” “predict,” “target,” “objective,” “strategy,” “designed to,” “intended to,” “concept,” “under development” and similar expressions, or by statements that events or trends “may,” “will,” or “could” occur. Forward-looking statements in this press release include, without limitation, statements regarding the intended design, configuration, performance, payload capacity, towing capacity, speed, endurance and mission modules of the VARAN, RANGER, SCOUT and RECON platforms; the intended modularity and payload-agnostic architecture of the STRATUM ground systems; and the intended interoperability of ground platforms with aerial systems and with the STRATUM command environment.

Forward-looking statements are not guarantees of future performance, are based on management’s current expectations and assumptions as of the date of this press release, and are subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied, including, but not limited to: the fact that substantially all of the platforms, payloads, sensing technologies and software described in this press release are in development, have not completed testing, qualification or independent third-party validation, are not commercially available, have not generated material revenue, and may never be completed, certified, produced at scale or adopted by any customer; the Company’s need to raise substantial additional capital to fund development and its ability to do so on acceptable terms or at all; the substantial dilution to existing stockholders resulting from sales of common stock under the Company’s at-the-market offering programs, conversions of the Company’s outstanding convertible debentures, exercises of outstanding warrants and shares issuable as consideration in acquisitions and strategic transactions; the Company’s history of operating losses, accumulated deficit and working capital deficiency, and the substantial doubt regarding the Company’s ability to continue as a going concern described in its most recent periodic report; the Company’s ability to satisfy the continued listing standards of The Nasdaq Stock Market, including the minimum bid price requirement, and the anticipated effects of the reverse stock split approved by the Company’s stockholders; the Company’s dependence on government procurement processes, competitive solicitations, budget appropriations and program funding, none of which has resulted in an award, contract or order to the Company; the risks of pursuing sales to foreign governments and foreign defense ministries, including procurement delays, offset requirements, political and geopolitical developments and the absence of any binding commitment; U.S. and non-U.S. export control, licensing, technology transfer, defense trade registration and economic sanctions requirements applicable to the technologies described in this press release, including the International Traffic in Arms Regulations and the Export Administration Regulations, and the risk that required authorizations are delayed, conditioned or denied; the Company’s ability to obtain, protect and enforce intellectual property rights and the risk that pending patent applications do not issue; risks relating to acquisitions, integration and reliance on third parties, partners, suppliers and subcontractors; and the other risks and uncertainties described under “Risk Factors” in the Company’s Annual Report on Form 10-K, its Quarterly Reports on Form 10-Q and its Current Reports on Form 8-K filed with the U.S. Securities and Exchange Commission.

All forward-looking statements speak only as of the date of this press release and are expressly qualified in their entirety by the cautionary statements included in this press release and in the Company’s SEC filings. VisionWave undertakes no obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law. Investors are cautioned not to place undue reliance on these forward-looking statements.

Contact for Investors: investors@vwav.inc

Permanent grid power connection supports advance towards commercial production

VANCOUVER, British Columbia, Sept. 28, 2026 (GLOBE NEWSWIRE) — Eldorado Gold Corporation (TSX: ELD, NYSE: EGO) (“Eldorado” or the “Company”) today announced that the Skouries mine in northern Greece has been successfully energized following completion of the permanent connection to the Greek national power grid following final inspection, testing and approval by the Greek transmission authority.

“Site energization is an important step in advancing Skouries toward ramp up to steady-state operations and reflects the dedication and commitment of our team,” said George Burns, Chief Executive Officer. “The connection to permanent grid power supports the ongoing commissioning and ramp up of key systems across the site and provides the long-term power infrastructure required for the operation. Together with the recent achievement of first copper-gold concentrate production, this achievement demonstrates the strong progress being made at Skouries as we continue advancing one of Europe’s largest copper-gold projects toward commercial production.”

Connection to the national grid provides a reliable long-term power source for the operation and supports the continued advancement of processing and mining activities as the project progresses toward commercial production expected in the fourth quarter of 2026.

Main substation

Skouries is expected to produce on average 140,000 ounces of gold and 67 million pounds of copper annually over the life of mine.

Qualified Person

Simon Hille, FAusIMM, Executive Vice President, Chief Operating Officer, is the Qualified Person under National Instrument 43-101 responsible for preparing and supervising the preparation of the scientific or technical information contained in this news release and for verifying the technical data disclosed in this document relating to Skouries.

About Eldorado Gold

Eldorado is a gold, copper and base metals producer with mining, development and exploration operations in Canada, Türkiye, and Greece. The Company has a highly skilled and dedicated workforce, safe and responsible operations, a portfolio of high-quality assets, and long-term partnerships with local communities. Eldorado’s common shares trade on the Toronto Stock Exchange (TSX: ELD) and the New York Stock Exchange (NYSE: EGO).

Contact

Investor Relations
Lynette Gould, VP, Investor Relations, Communications & External Affairs
647 271 2827 or 1 888 353 8166
lynette.gould@eldoradogold.com

Media
Chad Pederson, Director, Communications and Public Affairs
236 885 6251 or 1 888 353 8166
chad.pederson@eldoradogold.com        

Cautionary Note about Forward-looking Statements and Information
Certain of the statements made and information provided in this news release are forward-looking statements or information within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. Often, these forward-looking statements and forward-looking information can be identified by the use of words such as “anticipate”, “believe”, “budget”, “continue”, “commitment”, “confident”, “estimate”, “expect”, “focus”, “forecast”, “foresee”, “future”, “goal”, “guidance”, “intend”, “opportunity”, “outlook”, “plan”, “potential”, “project”, “prospective”, “schedule”, “strive”, “target”, “underway”, “working” or the negatives thereof or variations of such words and phrases or similar words or statements that certain actions, events or results “can”, “could”, “likely”, “may”, “might”, “will” or “would” be taken, occur or be achieved.

Forward-looking statements or information contained in this news release include, but is not limited to, statements or information with respect to: the transition toward ramp up to steady-state operations for the Skouries Project; expected commercial production and expected timing thereof; expected benefits of site energization to the Skouries Project; continued commissioning and ramp up of key systems at the Skouries Project; expected gold and copper production of the Skouries Project annually over the life of mine; our belief that strong progress is being made at the Skouries Project; and generally our strategy, plans and goals, including our proposed development, construction, permitting, financing and operating potential, plans and priorities and related timelines and schedules.

Forward-looking statements and forward-looking information by their nature are based on a number of assumptions that management considers reasonable. However, if such assumptions prove to be inaccurate, then actual results, activities, performance, or achievements may be materially different from those described in the forward-looking statements or information. These include assumptions concerning, among other things: timing, costs and results of our construction and development activities, improvements and exploration, including at the Skouries Project, the McIlvenna Bay Project and our other operating mines and development projects; the current or future price of gold, copper and other commodities; the availability of financing for our exploration, development and operating activities and our ability to access existing project funding and remain in compliance with all covenants and contractual commitments related thereto; the geopolitical, economic, permitting and legal climate that we operate in, including recent disruptions to shipping operations in the Strait of Hormuz and Red Sea and any related shipping delays, shipping price increases, or impacts on the global energy market; availability of labour resources, including for construction, development and improvement activities; our ability to integrate the assets of Foran Mining Corporation, advance its exploration and development assets and to realize anticipated synergies and benefits therefrom; general business and economic conditions, including interest rates, inflation, commodity and power prices, credit and financial market conditions and the impact of foreign exchange rates and tax rates and related frameworks; anticipated values, costs, expenses and working capital requirements; production and metallurgical recoveries; Mineral Reserves and Mineral Resources; our ability to develop, finalize and execute on our updated five-year strategic plan through 2030; acts of governments and the outcome of any legal or regulatory proceedings or other disputes that we may be involved in; our ability to continue to make purchases under our normal course issuer bid and to pay dividends; the impact of acquisitions, dispositions, suspensions or delays on our business; our ability to manage and mitigate the risks associated with our use of technology and artificial intelligence; the expected vesting and redemption outcomes under our compensation securities; our ability to address the negative impacts of climate change and adverse weather; consistency of agglomeration and our ability to optimize it in the future; the cost of, and extent to which we use, essential consumables; the impact and effectiveness of productivity initiatives; the time and cost necessary for anticipated overhauls of equipment; expected by-product grades; the effectiveness of our hedging programs; and our ongoing relations with regulators, communities, and our partners.

More specifically, with respect to the Skouries Project and updates, we have made additional assumptions regarding: our ability to continue executing our plans relating to the Skouries Project on the estimated existing project timeline and consistent with the current planned project scope; labour productivity, rates, and expected hours; inflation rates; the timeliness of shipping for important or critical items; our ability to continue accessing our project funding and remain in compliance with all covenants and contractual commitments related thereto; our ability to obtain and maintain all required approvals and permits, both overall and in a timely manner; the absence of further previously unidentified archaeological discoveries which would delay construction of various portions of the project; the future price of gold, copper, and other commodities; and the broader community engagement and social climate in respect of the Skouries Project.

In addition, except where otherwise stated, we have assumed a continuation of existing business operations on substantially the same basis as exists at the time of this news release. Even though we believe that the assumptions and expectations represented by such statements or information are reasonable, there can be no assurance that the forward-looking statements or information will prove to be accurate. Many assumptions may be difficult to predict and are beyond our control.

Forward-looking statements or information contained in this news release are subject to a variety of known and unknown risks, uncertainties and other factors which could cause actual events or results to differ from those expressed or implied by the forward-looking statements or information, including, but not limited to: commodity price risk; construction and development risks at the Skouries Project, the McIlvenna Bay Project and our other construction and development projects; changing political, economic and social conditions, including changes in governments or political systems, ongoing market uncertainty and global or regional geopolitical events, conflicts or disruptions; risks relating to our operations in foreign jurisdictions; risks related to production and processing; risks related to our improvement projects; our ability to integrate the assets of Foran Mining Corporation, advance its exploration and development assets and to realize anticipated synergies and benefits therefrom on the timelines expected or at all; delays and risks relating to surface construction, commissioning activities, ramp-up, and commercial production at McIlvenna Bay; our ability to obtain reliable supplies of power and water at a reasonable cost; prices of commodities and consumables; our reliance on significant amounts of critical equipment; our reliance on infrastructure, commodities and consumables, including risks from volatility and inflationary pressures as a result from the ongoing international conflict in Iran; inflation risk; risks related to fluctuations in the currency markets, including the Euro, Turkish lira, Canadian dollar and United States dollar; community relations and social license; environmental matters; geotechnical and hydrogeological structures, conditions or failures, including our ability to completely understand such structures and to mitigate such conditions or failures at a reasonable cost or at all; regulatory requirements as they relate to mine plan approvals; compliance with the Extractive Sector Transparency Measures Act (Canada); waste disposal; mineral tenure; permits, licenses and other authorizations; non-governmental organizations; reputational issues; climate change, including risks related to forest fires and water management; water collection, treatment and disposal operations at our mines, including the ability to manage unexpectedly large quantities of water; risk of spills or failure from our tailings operations (including circumstances beyond our control such as extreme weather, seismic events, prolonged droughts or heavy rainfall); environmental risks from our heap leaching operations, including hazardous materials management of our use of cyanide; change of control; actions of activist shareholders; estimation of Mineral Reserves and Mineral Resources; risks related to replacement of Mineral Reserves; regulatory reviews and different standards used to prepare and report Mineral Reserves and Mineral Resources; risks relating to any pandemic, epidemic, endemic or similar public health threats; regulated substances; acquisitions, including integration risks; dispositions; co-ownership of our properties; investment portfolio; volatility, volume fluctuations, and dilution risk in respect of our shares; competition; reliance on a limited number of smelters and off-takers; information and operational technology systems; liquidity and financing risks; indebtedness, including current and future operating restrictions, implications of a change of control, ability to meet debt service obligations, the implications of defaulting on obligations and changes in credit ratings; total cash costs per ounce and all in sustaining costs, including in relation to the market price of gold and the Company’s profitability; interest rate risk; credit risk; tax matters; financial reporting, including relating to the carrying value of our assets and changes in reporting standards; the global economic environment; labour risks (availability of labour resources, including for construction, development and improvements activities, and their productivity; and risks relating to employee/union relations, employee misconduct, key personnel, skilled workforce, expatriates and contractors, reclamation and long-term obligations); turnover and attrition rates of labour, and related impacts thereto; the unavailability of insurance; Sarbanes-Oxley Act, applicable securities laws, and stock exchange rules; risks related to title and surface rights; risks relating to environmental, sustainability, health and safety, and governance matters; technology and cybersecurity risks; corruption, bribery, and sanctions; litigation and contracts; conflicts of interest; compliance with applicable laws, legislation and regulations; dividends; tariffs and other trade barriers; and those risk factors discussed in the section titled “Risk Factors in Our Business” in the Company’s most recent Annual Information Form and Form 40-F. The reader is directed to carefully review our most recent Annual Information Form, Form 40-F and other regulatory filings filed on SEDAR+ and EDGAR under our Company name for a fuller understanding of the risks and uncertainties that affect the Company’s business and operations.

With respect to the Skouries Project, these risks, uncertainties and other factors may cause further delays in the completion of the construction and commissioning at the Skouries Project which in turn may cause delays in the commencement of production and further increases to the costs of the Skouries Project. The specific risks, uncertainties and other factors include, among others: our ability to efficiently manage the transitions from construction to commissioning to operations (including EPCM performance and owner team turn over); our ability to increase productivity by, among other things, adding or modifying labour shifts; rising labour costs or costs of key inputs such as materials, power and fuel; risks related to any unanticipated critical equipment defects or failures during the commissioning and ramp-up of operations; risks related to third-party contractors, including reduced control over aspects of the Company’s operations, and/or the ability of contractors to perform at required levels and according to baseline schedules, costs of any engineering rework and any commercial disputes that may arise from a contractor’s failure to meet these requirements; the ability of key suppliers to meet key contractual commitments in terms of schedules, amount of product delivered, cost, or quality and the impact of any vendor data errors; impacts to overhead costs related to the schedule; our ability to construct key infrastructure within the required timelines, including the process plant, filter plant, substation, waste management facilities, embankments, tailings conveyors, and water management infrastructure; the timely receipt of necessary permits and authorizations and our ability to comply with the terms of existing and future permits and authorizations; differences between projected and actual degree of pre-strip required in the open pit; variability in metallurgical recoveries and concentrate quality due to factors such as extent and intensity of oxidation or presence of transition minerals; presence of additional structural features impacting hydrological and geotechnical considerations; variability in minerals or presence of substances that may have an impact on filtered tails performance and resulting bulk density of stockpiles or filtered tails; distribution of sulfides that may dilute concentrate and change the characteristics of tailings; unexpected disruptions to operations including due to protests, non-routine regulatory inspections, road conditions, on site or labour unrest; unexpected inclement weather and climate events, including wildfires, short and long duration rainfall and floods and other extreme weather events and our site’s ability to respond to those events; our ability to meet pre-commercial producing mining or underground development targets; unexpected results from underground stopes; new archaeological discoveries requiring the completion of a regulatory process; changes in support from local communities; and our ability to meet the expectations of communities, governments, and stakeholders related to the Skouries Project. Our project capital and accelerated operational capital costs at Skouries are incurred primarily in Euros but are reported in US dollars and are therefore sensitive to fluctuations in the EUR/USD exchange rate.

The inclusion of forward-looking statements and information is designed to help you understand management’s current views of our near- and longer-term prospects, and it may not be appropriate for other purposes. There can be no assurance that forward-looking statements or information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Except as required by law, we do not expect to update forward-looking statements and information continually as conditions change and you are referred to the full discussion of the Company’s business contained in the Company’s reports filed with the securities regulatory authorities in Canada and the United States. Accordingly, you should not place undue reliance on the forward-looking statements or information contained herein.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/6fbbe316-6d7e-4929-a1f5-73d1bc26656d

Permanent grid power connection supports advance towards commercial production

VANCOUVER, British Columbia, Sept. 28, 2026 (GLOBE NEWSWIRE) — Eldorado Gold Corporation (TSX: ELD, NYSE: EGO) (“Eldorado” or the “Company”) today announced that the Skouries mine in northern Greece has been successfully energized following completion of the permanent connection to the Greek national power grid following final inspection, testing and approval by the Greek transmission authority.

“Site energization is an important step in advancing Skouries toward ramp up to steady-state operations and reflects the dedication and commitment of our team,” said George Burns, Chief Executive Officer. “The connection to permanent grid power supports the ongoing commissioning and ramp up of key systems across the site and provides the long-term power infrastructure required for the operation. Together with the recent achievement of first copper-gold concentrate production, this achievement demonstrates the strong progress being made at Skouries as we continue advancing one of Europe’s largest copper-gold projects toward commercial production.”

Connection to the national grid provides a reliable long-term power source for the operation and supports the continued advancement of processing and mining activities as the project progresses toward commercial production expected in the fourth quarter of 2026.

Main substation

Skouries is expected to produce on average 140,000 ounces of gold and 67 million pounds of copper annually over the life of mine.

Qualified Person

Simon Hille, FAusIMM, Executive Vice President, Chief Operating Officer, is the Qualified Person under National Instrument 43-101 responsible for preparing and supervising the preparation of the scientific or technical information contained in this news release and for verifying the technical data disclosed in this document relating to Skouries.

About Eldorado Gold

Eldorado is a gold, copper and base metals producer with mining, development and exploration operations in Canada, Türkiye, and Greece. The Company has a highly skilled and dedicated workforce, safe and responsible operations, a portfolio of high-quality assets, and long-term partnerships with local communities. Eldorado’s common shares trade on the Toronto Stock Exchange (TSX: ELD) and the New York Stock Exchange (NYSE: EGO).

Contact

Investor Relations
Lynette Gould, VP, Investor Relations, Communications & External Affairs
647 271 2827 or 1 888 353 8166
lynette.gould@eldoradogold.com

Media
Chad Pederson, Director, Communications and Public Affairs
236 885 6251 or 1 888 353 8166
chad.pederson@eldoradogold.com        

Cautionary Note about Forward-looking Statements and Information
Certain of the statements made and information provided in this news release are forward-looking statements or information within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. Often, these forward-looking statements and forward-looking information can be identified by the use of words such as “anticipate”, “believe”, “budget”, “continue”, “commitment”, “confident”, “estimate”, “expect”, “focus”, “forecast”, “foresee”, “future”, “goal”, “guidance”, “intend”, “opportunity”, “outlook”, “plan”, “potential”, “project”, “prospective”, “schedule”, “strive”, “target”, “underway”, “working” or the negatives thereof or variations of such words and phrases or similar words or statements that certain actions, events or results “can”, “could”, “likely”, “may”, “might”, “will” or “would” be taken, occur or be achieved.

Forward-looking statements or information contained in this news release include, but is not limited to, statements or information with respect to: the transition toward ramp up to steady-state operations for the Skouries Project; expected commercial production and expected timing thereof; expected benefits of site energization to the Skouries Project; continued commissioning and ramp up of key systems at the Skouries Project; expected gold and copper production of the Skouries Project annually over the life of mine; our belief that strong progress is being made at the Skouries Project; and generally our strategy, plans and goals, including our proposed development, construction, permitting, financing and operating potential, plans and priorities and related timelines and schedules.

Forward-looking statements and forward-looking information by their nature are based on a number of assumptions that management considers reasonable. However, if such assumptions prove to be inaccurate, then actual results, activities, performance, or achievements may be materially different from those described in the forward-looking statements or information. These include assumptions concerning, among other things: timing, costs and results of our construction and development activities, improvements and exploration, including at the Skouries Project, the McIlvenna Bay Project and our other operating mines and development projects; the current or future price of gold, copper and other commodities; the availability of financing for our exploration, development and operating activities and our ability to access existing project funding and remain in compliance with all covenants and contractual commitments related thereto; the geopolitical, economic, permitting and legal climate that we operate in, including recent disruptions to shipping operations in the Strait of Hormuz and Red Sea and any related shipping delays, shipping price increases, or impacts on the global energy market; availability of labour resources, including for construction, development and improvement activities; our ability to integrate the assets of Foran Mining Corporation, advance its exploration and development assets and to realize anticipated synergies and benefits therefrom; general business and economic conditions, including interest rates, inflation, commodity and power prices, credit and financial market conditions and the impact of foreign exchange rates and tax rates and related frameworks; anticipated values, costs, expenses and working capital requirements; production and metallurgical recoveries; Mineral Reserves and Mineral Resources; our ability to develop, finalize and execute on our updated five-year strategic plan through 2030; acts of governments and the outcome of any legal or regulatory proceedings or other disputes that we may be involved in; our ability to continue to make purchases under our normal course issuer bid and to pay dividends; the impact of acquisitions, dispositions, suspensions or delays on our business; our ability to manage and mitigate the risks associated with our use of technology and artificial intelligence; the expected vesting and redemption outcomes under our compensation securities; our ability to address the negative impacts of climate change and adverse weather; consistency of agglomeration and our ability to optimize it in the future; the cost of, and extent to which we use, essential consumables; the impact and effectiveness of productivity initiatives; the time and cost necessary for anticipated overhauls of equipment; expected by-product grades; the effectiveness of our hedging programs; and our ongoing relations with regulators, communities, and our partners.

More specifically, with respect to the Skouries Project and updates, we have made additional assumptions regarding: our ability to continue executing our plans relating to the Skouries Project on the estimated existing project timeline and consistent with the current planned project scope; labour productivity, rates, and expected hours; inflation rates; the timeliness of shipping for important or critical items; our ability to continue accessing our project funding and remain in compliance with all covenants and contractual commitments related thereto; our ability to obtain and maintain all required approvals and permits, both overall and in a timely manner; the absence of further previously unidentified archaeological discoveries which would delay construction of various portions of the project; the future price of gold, copper, and other commodities; and the broader community engagement and social climate in respect of the Skouries Project.

In addition, except where otherwise stated, we have assumed a continuation of existing business operations on substantially the same basis as exists at the time of this news release. Even though we believe that the assumptions and expectations represented by such statements or information are reasonable, there can be no assurance that the forward-looking statements or information will prove to be accurate. Many assumptions may be difficult to predict and are beyond our control.

Forward-looking statements or information contained in this news release are subject to a variety of known and unknown risks, uncertainties and other factors which could cause actual events or results to differ from those expressed or implied by the forward-looking statements or information, including, but not limited to: commodity price risk; construction and development risks at the Skouries Project, the McIlvenna Bay Project and our other construction and development projects; changing political, economic and social conditions, including changes in governments or political systems, ongoing market uncertainty and global or regional geopolitical events, conflicts or disruptions; risks relating to our operations in foreign jurisdictions; risks related to production and processing; risks related to our improvement projects; our ability to integrate the assets of Foran Mining Corporation, advance its exploration and development assets and to realize anticipated synergies and benefits therefrom on the timelines expected or at all; delays and risks relating to surface construction, commissioning activities, ramp-up, and commercial production at McIlvenna Bay; our ability to obtain reliable supplies of power and water at a reasonable cost; prices of commodities and consumables; our reliance on significant amounts of critical equipment; our reliance on infrastructure, commodities and consumables, including risks from volatility and inflationary pressures as a result from the ongoing international conflict in Iran; inflation risk; risks related to fluctuations in the currency markets, including the Euro, Turkish lira, Canadian dollar and United States dollar; community relations and social license; environmental matters; geotechnical and hydrogeological structures, conditions or failures, including our ability to completely understand such structures and to mitigate such conditions or failures at a reasonable cost or at all; regulatory requirements as they relate to mine plan approvals; compliance with the Extractive Sector Transparency Measures Act (Canada); waste disposal; mineral tenure; permits, licenses and other authorizations; non-governmental organizations; reputational issues; climate change, including risks related to forest fires and water management; water collection, treatment and disposal operations at our mines, including the ability to manage unexpectedly large quantities of water; risk of spills or failure from our tailings operations (including circumstances beyond our control such as extreme weather, seismic events, prolonged droughts or heavy rainfall); environmental risks from our heap leaching operations, including hazardous materials management of our use of cyanide; change of control; actions of activist shareholders; estimation of Mineral Reserves and Mineral Resources; risks related to replacement of Mineral Reserves; regulatory reviews and different standards used to prepare and report Mineral Reserves and Mineral Resources; risks relating to any pandemic, epidemic, endemic or similar public health threats; regulated substances; acquisitions, including integration risks; dispositions; co-ownership of our properties; investment portfolio; volatility, volume fluctuations, and dilution risk in respect of our shares; competition; reliance on a limited number of smelters and off-takers; information and operational technology systems; liquidity and financing risks; indebtedness, including current and future operating restrictions, implications of a change of control, ability to meet debt service obligations, the implications of defaulting on obligations and changes in credit ratings; total cash costs per ounce and all in sustaining costs, including in relation to the market price of gold and the Company’s profitability; interest rate risk; credit risk; tax matters; financial reporting, including relating to the carrying value of our assets and changes in reporting standards; the global economic environment; labour risks (availability of labour resources, including for construction, development and improvements activities, and their productivity; and risks relating to employee/union relations, employee misconduct, key personnel, skilled workforce, expatriates and contractors, reclamation and long-term obligations); turnover and attrition rates of labour, and related impacts thereto; the unavailability of insurance; Sarbanes-Oxley Act, applicable securities laws, and stock exchange rules; risks related to title and surface rights; risks relating to environmental, sustainability, health and safety, and governance matters; technology and cybersecurity risks; corruption, bribery, and sanctions; litigation and contracts; conflicts of interest; compliance with applicable laws, legislation and regulations; dividends; tariffs and other trade barriers; and those risk factors discussed in the section titled “Risk Factors in Our Business” in the Company’s most recent Annual Information Form and Form 40-F. The reader is directed to carefully review our most recent Annual Information Form, Form 40-F and other regulatory filings filed on SEDAR+ and EDGAR under our Company name for a fuller understanding of the risks and uncertainties that affect the Company’s business and operations.

With respect to the Skouries Project, these risks, uncertainties and other factors may cause further delays in the completion of the construction and commissioning at the Skouries Project which in turn may cause delays in the commencement of production and further increases to the costs of the Skouries Project. The specific risks, uncertainties and other factors include, among others: our ability to efficiently manage the transitions from construction to commissioning to operations (including EPCM performance and owner team turn over); our ability to increase productivity by, among other things, adding or modifying labour shifts; rising labour costs or costs of key inputs such as materials, power and fuel; risks related to any unanticipated critical equipment defects or failures during the commissioning and ramp-up of operations; risks related to third-party contractors, including reduced control over aspects of the Company’s operations, and/or the ability of contractors to perform at required levels and according to baseline schedules, costs of any engineering rework and any commercial disputes that may arise from a contractor’s failure to meet these requirements; the ability of key suppliers to meet key contractual commitments in terms of schedules, amount of product delivered, cost, or quality and the impact of any vendor data errors; impacts to overhead costs related to the schedule; our ability to construct key infrastructure within the required timelines, including the process plant, filter plant, substation, waste management facilities, embankments, tailings conveyors, and water management infrastructure; the timely receipt of necessary permits and authorizations and our ability to comply with the terms of existing and future permits and authorizations; differences between projected and actual degree of pre-strip required in the open pit; variability in metallurgical recoveries and concentrate quality due to factors such as extent and intensity of oxidation or presence of transition minerals; presence of additional structural features impacting hydrological and geotechnical considerations; variability in minerals or presence of substances that may have an impact on filtered tails performance and resulting bulk density of stockpiles or filtered tails; distribution of sulfides that may dilute concentrate and change the characteristics of tailings; unexpected disruptions to operations including due to protests, non-routine regulatory inspections, road conditions, on site or labour unrest; unexpected inclement weather and climate events, including wildfires, short and long duration rainfall and floods and other extreme weather events and our site’s ability to respond to those events; our ability to meet pre-commercial producing mining or underground development targets; unexpected results from underground stopes; new archaeological discoveries requiring the completion of a regulatory process; changes in support from local communities; and our ability to meet the expectations of communities, governments, and stakeholders related to the Skouries Project. Our project capital and accelerated operational capital costs at Skouries are incurred primarily in Euros but are reported in US dollars and are therefore sensitive to fluctuations in the EUR/USD exchange rate.

The inclusion of forward-looking statements and information is designed to help you understand management’s current views of our near- and longer-term prospects, and it may not be appropriate for other purposes. There can be no assurance that forward-looking statements or information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Except as required by law, we do not expect to update forward-looking statements and information continually as conditions change and you are referred to the full discussion of the Company’s business contained in the Company’s reports filed with the securities regulatory authorities in Canada and the United States. Accordingly, you should not place undue reliance on the forward-looking statements or information contained herein.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/6fbbe316-6d7e-4929-a1f5-73d1bc26656d

PEA outlines US$334 million after-tax NPV (10%), 282% IRR and a 16-year mine life, with additional exploration potential across the broader Calcatreu District

VANCOUVER, British Columbia, Sept. 28, 2026 (GLOBE NEWSWIRE) — Patagonia Gold Corp. (“Patagonia” or the “Company”) (TSXV: PGDC) is pleased to announce the results of an updated independent Preliminary Economic Assessment (“PEA”) for its flagship Calcatreu Gold-Silver Project (“Calcatreu” or the “Project”), located in Río Negro Province, Argentina.

Prepared in accordance with National Instrument 43-101 (“NI 43-101”) by NCL Ingeniería y Construcción SpA (“NCL”), the PEA incorporates an updated Mineral Resource Estimate (“MRE”) and provides an independent assessment of Calcatreu’s long-term technical and economic potential. The PEA outlines an approximately 16-year mine life, an after-tax NPV (10%) of approximately US$334 million, an after-tax IRR of approximately 282% and a payback period of approximately 0.6 years, based on gold and silver prices of US$3,500/oz and US$35/oz, respectively, and estimated life-of-mine production of approximately 483,000 ounces of gold and 3.25 million ounces of silver.

Highlights

• After-tax NPV (10%) of approximately US$334 million, with an after-tax IRR of approximately 282% and a 0.6-year payback period.
• Approximately 16-year mine life, with estimated life-of-mine production of approximately 483,000 ounces of gold and 3.25 million ounces of silver.
• Initial capital requirement of approximately US$52.5 million, of which approximately US$30.7 million was incurred during 2025.
• Approximately 84% of plant feed during the first five years is sourced from Measured and Indicated mineral resources.
• The updated MRE contains approximately
  • 1.50 million tonnes of measured mineral resources grading 3.03 g/t of gold and 23/1 g/t of silver,
  • 5.28 million tonnes of indicated mineral resources grading 2.39 g/t of gold and 23.1 g/t of silver, and
  • 6.44 million tonnes of inferred mineral resources grading 1.54 g/t Au and 15.5 g/t Ag (Table 1).
• The current mine plan incorporates Veta 49, Nelson, Belén, Piche Sur and Castro Sur and remains subject to further optimization, including opportunities to smooth annual production over the mine life.
• Additional mineralized structures and exploration targets have been identified across the broader Calcatreu District, and the deposits included in the MRE remain open for expansion at depth and variably along strike.

Christopher van Tienhoven, Chief Executive Officer of Patagonia, commented on the PEA results:

“The PEA provides an updated independent assessment of Calcatreu following several years of technical work and investment by Patagonia Gold. The assessment outlines a long-life operation supported by an updated MRE, with approximately 84% of leach pad feed during the first five years sourced from Measured and Indicated mineral resources.” (Table 1)

“The current mine plan is based on only five deposits within the broader, 62,900 hectare-sized Calcatreu property; Veta 49, Nelson, Piche Sur, Belén and Casto Sur. In addition to advancing the current operation, we intend to continue evaluating opportunities to expand the mineral resource base through further exploration, metallurgical and other technical work across our large, land position.”

Table 1. Mineral Resource Estimate (MRE), Calcatreu Deposit, COG 0.50 g/t AuEq

Classification	Quantity	Grade		Contained Metal
	Tonnes	Au	Ag	Au	Ag
	(kt)	(g/t)	(g/t)	(koz)	(koz)
Measured
Veta 49	1,087	3.60	25.3	126	883
Nelson Sur	247	1.40	18.0	11	143
Nelson West	107	1.69	15.1	6	52
Nelson Norte	29	1.65	11.0	2	10
Piche Sur	29	1.80	24.8	2	23
Nelson Central	–	–	–	–	–
Belén	–	–	–	–	–
Castro Sur	–	–	–	–	–
Total Measured	1,499	3.03	23.1	146	1,111
Indicated
Veta 49	4,129	2.61	25.2	346	3,344
Nelson Sur	464	1.44	16.2	21	241
Nelson West	397	1.57	13.9	20	177
Nelson Norte	186	1.75	10.8	10	64
Piche Sur	91	2.24	29.1	7	85
Nelson Central	9	2.08	18.6	1	5
Belén	–	–	–	–	–
Castro Sur	–	–	–	–	–
Total Indicated	5,276	2.39	23.1	406	3,917
Measured and Indicated
Veta 49	5,216	2.82	25.2	472	4,227
Nelson Sur	711	1.42	16.8	33	385
Nelson West	504	1.60	14.1	26	229
Nelson Norte	214	1.74	10.8	12	74
Piche Sur	120	2.13	28.1	8	108
Nelson Central	9	2.08	18.6	1	5
Belén	–	–	–	–	–
Castro Sur	–	–	–	–	–
Total Measured + Indicated	6,774	2.53	23.1	552	5,028
Inferred
Veta 49	1,966	1.74	15.4	110	975
Nelson Sur	27	1.16	15.4	1	13
Nelson West	188	1.48	11.9	9	72
Nelson Norte	60	1.71	11.6	3	22
Piche Sur	20	2.37	31.0	2	20
Nelson Central	11	1.26	9.0	0	3
Belén	479	1.73	26.0	27	401
Castro Sur	3,691	1.41	14.3	167	1,702
Total Inferred	6,441	1.54	15.5	319	3,208

Notes:

1. Metal prices used were US3,500 and US$35 per gold and silver ounce, respectively;
2. All mineral resources are pit constrained;
3. Effective date of the mineral resource estimate (“MRE”) is January 14, 2026;
4. “g/t“ is grams per tonne (metric);
5. The cutoff grade, in g/t, for the mineral resource estimation was 0.5 g/t gold equivalent (“AuEq”) determined with the following formula, AuEq g/t = Au grade g/t + (Ag grade g/t / (Au price/Ag price);
6. Tonnes and contained troy ounces are rounded to the nearest tonne and ounce. Gold and silver grades are rounded to 2 and 1 decimal points, respectively; and
7. The MRE and PEA includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the preliminary economic assessment will be realized.

Metal prices used in the MRE and PEA were based on trailing 3-year averages for gold and silver.  Spot prices as of the date of this press release were US$4,284.20 and US$64.16 per troy ounce of gold and silver, respectively.

LOM Project Economics

The PEA envisions conventional open-pit mining operations, using crushing, heap leaching and carbon-in-column (“CIC”) processing to produce gold-silver doré. (Table 2)

Table 2. PEA Results

Parameter	Value
Mine Life (LOM Years)	~16
Initial capex (US$ M)	$52.5
Sustaining capex (US$ M)	$47
After-tax NPV (@10%)	$334
After-tax IRR (%)	282
Payback (Years)	0.6
LOM Gold Recovered (K ounces)	483
LOM Silver Recovered (M ounces)	3.25
Heap Leach Recoveries (%)
Gold	63
Silver	30
Cash Cost (US$/troy ounce)	$2,139
AISC (US$/troy ounce)	$2,246

Approximately 84% of plant feed during the first five years is sourced from measured and indicated mineral resources. Of the approximately US$52.5 million initial capital estimate, approximately US$30.7 million was incurred during 2025. The PEA also estimates additional sustaining capital of approximately US$47 million over the LOM.

The economic analysis indicates that the Project’s NPV is most sensitive to changes in the gold price and comparatively less sensitive to changes in capital costs, operating costs and the discount rate. (Figure 1 and Table 3)

Figure 1.  Percent change in NPV with changes in Metal Price, Capex, Opex, and Discount Rate ^1.

¹ Base Case (0% change) metal prices per troy ounce were US$3,500 for gold and US$35 for silver.

Table 3. Changes in NPV with changes in Metal Price, Capex, Opex and Discount Rate ²

^2. Base case metal prices of US$3,500 for gold and US$35 for silver and 10% discount rate.

Figure 2.  Calcatreu site map showing the Veta 49, Nelson, Belén and Castro Sur pit outlines, waste dumps and leach pad

Exploration and Growth Potential

The production schedule evaluated in the PEA incorporates four deposits — Veta 49, Nelson, Belén and Castro Sur — within the broader Calcatreu district.

The District hosts additional mineralized structures and exploration targets outside the deposits currently incorporated into the LOM. The PEA identifies potential resource growth from additional exploration near the current deposits and across the broader district as an opportunity.

Accordingly, continued exploration success may provide opportunities to expand the mineral resource base and potentially extend and/or optimize the mine plan beyond that currently contemplated in the PEA.

Preliminary Economic Assessment Cautionary Statement

The PEA is preliminary in nature and is partly based on Inferred Mineral Resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as Mineral Reserves, and there is no certainty that the PEA will be realized. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.

Technical Report

The technical report prepared in accordance with NI 43-101 supporting the PEA and updated MRE referenced in this news release will be filed under Patagonia’s profile on SEDAR+ within 45 days of the date of this news release.

Qualified Persons

Donald J. Birak, an independent consulting geologist, Registered Member of SME and Fellow of AusIMM; Carlos Guzmán, Registered Member of the Chilean Mining Commission and Fellow of AusIMM; Luis Oviedo, Registered Member of the Chilean Mining Commission; and the other applicable Qualified Person(s) identified in the final Technical Report, each a Qualified Person as defined by NI 43-101, have reviewed and approved the scientific and technical information in this news release for which they are responsible.

For more information, please contact:
Christopher van Tienhoven, Chief Executive Officer
Patagonia Gold Corp.
T: +54 11 5278 6950
E: cvantienhoven@patagoniagold.com

FORWARD-LOOKING STATEMENTS

This news release contains forward-looking statements within the meaning of applicable Canadian securities laws. Forward-looking statements include, but are not limited to, statements regarding the results and conclusions of the PEA; the potential development and economic performance of the Project; the proposed mine plan, production schedule, mining and processing methods and anticipated recoveries; projected mine life, production, operating costs, capital expenditures, NPV, IRR and payback period; opportunities to optimize or extend the mine plan; the potential expansion of mineral resources through further exploration; planned exploration, technical, permitting and development activities; and the timing for filing the supporting technical report. Forward-looking statements are generally identified by words such as “anticipate”, “believe”, “estimate”, “expect”, “intend”, “may”, “plan”, “potential”, “project”, “should” and “will”, and similar expressions.

Forward-looking statements are based on management’s expectations, estimates and assumptions as at the date of this news release, including assumptions regarding the accuracy of the MRE and the geological, metallurgical, engineering, financial and economic assumptions underlying the PEA; metal prices, foreign exchange rates and metallurgical recoveries; mine plans, production schedules and processing rates; capital and operating costs; taxes, royalties and discount rates; the availability of labour, equipment, supplies, infrastructure and financing; the receipt of required permits and approvals; and the Company’s ability to conduct exploration and technical work as planned.

Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those expressed or implied. These include the preliminary nature of the PEA and its reliance in part on inferred mineral resources; the uncertainty that the results of the PEA will be realized; uncertainties inherent in mineral resource estimates; fluctuations in commodity prices and foreign exchange rates; variations in recoveries, production, capital and operating costs; inflation and cost escalation; financing, permitting, environmental and regulatory risks; construction, development, operational and technical risks; political, legal, fiscal and social risks in Argentina; title, surface-rights and community-relations risks; exploration risks; and the other risks described in the Company’s public disclosure documents filed on SEDAR+.

Although the Company believes that the expectations and assumptions reflected in these forward-looking statements are reasonable, no assurance can be given that they will prove to be correct. Readers should not place undue reliance on forward-looking statements. The Company undertakes no obligation to update or revise any forward-looking statement, except as required by applicable securities laws.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

Photos accompanying this announcement are available at:

https://www.globenewswire.com/NewsRoom/AttachmentNg/b15d0355-3a63-4da9-b316-467617752572

https://www.globenewswire.com/NewsRoom/AttachmentNg/408e9938-3e72-4b97-90ff-9d30d6278a49

https://www.globenewswire.com/NewsRoom/AttachmentNg/a0926501-4e5a-4d2d-acea-fc47ed1cbd4c

PEA outlines US$334 million after-tax NPV (10%), 282% IRR and a 16-year mine life, with additional exploration potential across the broader Calcatreu District

VANCOUVER, British Columbia, Sept. 28, 2026 (GLOBE NEWSWIRE) — Patagonia Gold Corp. (“Patagonia” or the “Company”) (TSXV: PGDC) is pleased to announce the results of an updated independent Preliminary Economic Assessment (“PEA”) for its flagship Calcatreu Gold-Silver Project (“Calcatreu” or the “Project”), located in Río Negro Province, Argentina.

Prepared in accordance with National Instrument 43-101 (“NI 43-101”) by NCL Ingeniería y Construcción SpA (“NCL”), the PEA incorporates an updated Mineral Resource Estimate (“MRE”) and provides an independent assessment of Calcatreu’s long-term technical and economic potential. The PEA outlines an approximately 16-year mine life, an after-tax NPV (10%) of approximately US$334 million, an after-tax IRR of approximately 282% and a payback period of approximately 0.6 years, based on gold and silver prices of US$3,500/oz and US$35/oz, respectively, and estimated life-of-mine production of approximately 483,000 ounces of gold and 3.25 million ounces of silver.

Highlights

• After-tax NPV (10%) of approximately US$334 million, with an after-tax IRR of approximately 282% and a 0.6-year payback period.
• Approximately 16-year mine life, with estimated life-of-mine production of approximately 483,000 ounces of gold and 3.25 million ounces of silver.
• Initial capital requirement of approximately US$52.5 million, of which approximately US$30.7 million was incurred during 2025.
• Approximately 84% of plant feed during the first five years is sourced from Measured and Indicated mineral resources.
• The updated MRE contains approximately
  • 1.50 million tonnes of measured mineral resources grading 3.03 g/t of gold and 23/1 g/t of silver,
  • 5.28 million tonnes of indicated mineral resources grading 2.39 g/t of gold and 23.1 g/t of silver, and
  • 6.44 million tonnes of inferred mineral resources grading 1.54 g/t Au and 15.5 g/t Ag (Table 1).
• The current mine plan incorporates Veta 49, Nelson, Belén, Piche Sur and Castro Sur and remains subject to further optimization, including opportunities to smooth annual production over the mine life.
• Additional mineralized structures and exploration targets have been identified across the broader Calcatreu District, and the deposits included in the MRE remain open for expansion at depth and variably along strike.

Christopher van Tienhoven, Chief Executive Officer of Patagonia, commented on the PEA results:

“The PEA provides an updated independent assessment of Calcatreu following several years of technical work and investment by Patagonia Gold. The assessment outlines a long-life operation supported by an updated MRE, with approximately 84% of leach pad feed during the first five years sourced from Measured and Indicated mineral resources.” (Table 1)

“The current mine plan is based on only five deposits within the broader, 62,900 hectare-sized Calcatreu property; Veta 49, Nelson, Piche Sur, Belén and Casto Sur. In addition to advancing the current operation, we intend to continue evaluating opportunities to expand the mineral resource base through further exploration, metallurgical and other technical work across our large, land position.”

Table 1. Mineral Resource Estimate (MRE), Calcatreu Deposit, COG 0.50 g/t AuEq

Classification	Quantity	Grade		Contained Metal
	Tonnes	Au	Ag	Au	Ag
	(kt)	(g/t)	(g/t)	(koz)	(koz)
Measured
Veta 49	1,087	3.60	25.3	126	883
Nelson Sur	247	1.40	18.0	11	143
Nelson West	107	1.69	15.1	6	52
Nelson Norte	29	1.65	11.0	2	10
Piche Sur	29	1.80	24.8	2	23
Nelson Central	–	–	–	–	–
Belén	–	–	–	–	–
Castro Sur	–	–	–	–	–
Total Measured	1,499	3.03	23.1	146	1,111
Indicated
Veta 49	4,129	2.61	25.2	346	3,344
Nelson Sur	464	1.44	16.2	21	241
Nelson West	397	1.57	13.9	20	177
Nelson Norte	186	1.75	10.8	10	64
Piche Sur	91	2.24	29.1	7	85
Nelson Central	9	2.08	18.6	1	5
Belén	–	–	–	–	–
Castro Sur	–	–	–	–	–
Total Indicated	5,276	2.39	23.1	406	3,917
Measured and Indicated
Veta 49	5,216	2.82	25.2	472	4,227
Nelson Sur	711	1.42	16.8	33	385
Nelson West	504	1.60	14.1	26	229
Nelson Norte	214	1.74	10.8	12	74
Piche Sur	120	2.13	28.1	8	108
Nelson Central	9	2.08	18.6	1	5
Belén	–	–	–	–	–
Castro Sur	–	–	–	–	–
Total Measured + Indicated	6,774	2.53	23.1	552	5,028
Inferred
Veta 49	1,966	1.74	15.4	110	975
Nelson Sur	27	1.16	15.4	1	13
Nelson West	188	1.48	11.9	9	72
Nelson Norte	60	1.71	11.6	3	22
Piche Sur	20	2.37	31.0	2	20
Nelson Central	11	1.26	9.0	0	3
Belén	479	1.73	26.0	27	401
Castro Sur	3,691	1.41	14.3	167	1,702
Total Inferred	6,441	1.54	15.5	319	3,208

Notes:

1. Metal prices used were US3,500 and US$35 per gold and silver ounce, respectively;
2. All mineral resources are pit constrained;
3. Effective date of the mineral resource estimate (“MRE”) is January 14, 2026;
4. “g/t“ is grams per tonne (metric);
5. The cutoff grade, in g/t, for the mineral resource estimation was 0.5 g/t gold equivalent (“AuEq”) determined with the following formula, AuEq g/t = Au grade g/t + (Ag grade g/t / (Au price/Ag price);
6. Tonnes and contained troy ounces are rounded to the nearest tonne and ounce. Gold and silver grades are rounded to 2 and 1 decimal points, respectively; and
7. The MRE and PEA includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the preliminary economic assessment will be realized.

Metal prices used in the MRE and PEA were based on trailing 3-year averages for gold and silver.  Spot prices as of the date of this press release were US$4,284.20 and US$64.16 per troy ounce of gold and silver, respectively.

LOM Project Economics

The PEA envisions conventional open-pit mining operations, using crushing, heap leaching and carbon-in-column (“CIC”) processing to produce gold-silver doré. (Table 2)

Table 2. PEA Results

Parameter	Value
Mine Life (LOM Years)	~16
Initial capex (US$ M)	$52.5
Sustaining capex (US$ M)	$47
After-tax NPV (@10%)	$334
After-tax IRR (%)	282
Payback (Years)	0.6
LOM Gold Recovered (K ounces)	483
LOM Silver Recovered (M ounces)	3.25
Heap Leach Recoveries (%)
Gold	63
Silver	30
Cash Cost (US$/troy ounce)	$2,139
AISC (US$/troy ounce)	$2,246

Approximately 84% of plant feed during the first five years is sourced from measured and indicated mineral resources. Of the approximately US$52.5 million initial capital estimate, approximately US$30.7 million was incurred during 2025. The PEA also estimates additional sustaining capital of approximately US$47 million over the LOM.

The economic analysis indicates that the Project’s NPV is most sensitive to changes in the gold price and comparatively less sensitive to changes in capital costs, operating costs and the discount rate. (Figure 1 and Table 3)

Figure 1.  Percent change in NPV with changes in Metal Price, Capex, Opex, and Discount Rate ^1.

¹ Base Case (0% change) metal prices per troy ounce were US$3,500 for gold and US$35 for silver.

Table 3. Changes in NPV with changes in Metal Price, Capex, Opex and Discount Rate ²

^2. Base case metal prices of US$3,500 for gold and US$35 for silver and 10% discount rate.

Figure 2.  Calcatreu site map showing the Veta 49, Nelson, Belén and Castro Sur pit outlines, waste dumps and leach pad

Exploration and Growth Potential

The production schedule evaluated in the PEA incorporates four deposits — Veta 49, Nelson, Belén and Castro Sur — within the broader Calcatreu district.

The District hosts additional mineralized structures and exploration targets outside the deposits currently incorporated into the LOM. The PEA identifies potential resource growth from additional exploration near the current deposits and across the broader district as an opportunity.

Accordingly, continued exploration success may provide opportunities to expand the mineral resource base and potentially extend and/or optimize the mine plan beyond that currently contemplated in the PEA.

Preliminary Economic Assessment Cautionary Statement

The PEA is preliminary in nature and is partly based on Inferred Mineral Resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as Mineral Reserves, and there is no certainty that the PEA will be realized. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.

Technical Report

The technical report prepared in accordance with NI 43-101 supporting the PEA and updated MRE referenced in this news release will be filed under Patagonia’s profile on SEDAR+ within 45 days of the date of this news release.

Qualified Persons

Donald J. Birak, an independent consulting geologist, Registered Member of SME and Fellow of AusIMM; Carlos Guzmán, Registered Member of the Chilean Mining Commission and Fellow of AusIMM; Luis Oviedo, Registered Member of the Chilean Mining Commission; and the other applicable Qualified Person(s) identified in the final Technical Report, each a Qualified Person as defined by NI 43-101, have reviewed and approved the scientific and technical information in this news release for which they are responsible.

For more information, please contact:
Christopher van Tienhoven, Chief Executive Officer
Patagonia Gold Corp.
T: +54 11 5278 6950
E: cvantienhoven@patagoniagold.com

FORWARD-LOOKING STATEMENTS

This news release contains forward-looking statements within the meaning of applicable Canadian securities laws. Forward-looking statements include, but are not limited to, statements regarding the results and conclusions of the PEA; the potential development and economic performance of the Project; the proposed mine plan, production schedule, mining and processing methods and anticipated recoveries; projected mine life, production, operating costs, capital expenditures, NPV, IRR and payback period; opportunities to optimize or extend the mine plan; the potential expansion of mineral resources through further exploration; planned exploration, technical, permitting and development activities; and the timing for filing the supporting technical report. Forward-looking statements are generally identified by words such as “anticipate”, “believe”, “estimate”, “expect”, “intend”, “may”, “plan”, “potential”, “project”, “should” and “will”, and similar expressions.

Forward-looking statements are based on management’s expectations, estimates and assumptions as at the date of this news release, including assumptions regarding the accuracy of the MRE and the geological, metallurgical, engineering, financial and economic assumptions underlying the PEA; metal prices, foreign exchange rates and metallurgical recoveries; mine plans, production schedules and processing rates; capital and operating costs; taxes, royalties and discount rates; the availability of labour, equipment, supplies, infrastructure and financing; the receipt of required permits and approvals; and the Company’s ability to conduct exploration and technical work as planned.

Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those expressed or implied. These include the preliminary nature of the PEA and its reliance in part on inferred mineral resources; the uncertainty that the results of the PEA will be realized; uncertainties inherent in mineral resource estimates; fluctuations in commodity prices and foreign exchange rates; variations in recoveries, production, capital and operating costs; inflation and cost escalation; financing, permitting, environmental and regulatory risks; construction, development, operational and technical risks; political, legal, fiscal and social risks in Argentina; title, surface-rights and community-relations risks; exploration risks; and the other risks described in the Company’s public disclosure documents filed on SEDAR+.

Although the Company believes that the expectations and assumptions reflected in these forward-looking statements are reasonable, no assurance can be given that they will prove to be correct. Readers should not place undue reliance on forward-looking statements. The Company undertakes no obligation to update or revise any forward-looking statement, except as required by applicable securities laws.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

Photos accompanying this announcement are available at:

https://www.globenewswire.com/NewsRoom/AttachmentNg/b15d0355-3a63-4da9-b316-467617752572

https://www.globenewswire.com/NewsRoom/AttachmentNg/408e9938-3e72-4b97-90ff-9d30d6278a49

https://www.globenewswire.com/NewsRoom/AttachmentNg/a0926501-4e5a-4d2d-acea-fc47ed1cbd4c

MONTREAL, Sept. 28, 2026 (GLOBE NEWSWIRE) — Troilus Mining Corp. (“Troilus” or the “Company”) (TSX: TLG; OTCQX: CHXMF; FSE: CM5) is pleased to announce that it has received a credit-approved commitment letter from KfW IPEX-Bank and Societe Generale to underwrite a total of US$850 million in debt financing to support the development of its Troilus Gold-Copper Project (the “Project”) in Québec, Canada (the “Commitment Letter”). This commitment forms part of a planned total anticipated US$1.1 billion debt financing package, which includes a proposed US$250 million contribution from Export Development Canada (“EDC”) that remains subject to EDC’s final approvals.

The Commitment Letter represents a major advancement under the Company’s previously announced debt financing mandate (see May 5, 2026 press release), moving a substantial portion of the proposed debt package from mandate to credit-approved underwriting commitments. The approvals follow extensive technical, environmental, social and financial due diligence by the lenders and mark an important step toward a fully funded construction decision.

Justin Reid, CEO of Troilus, commented, “These credit approvals represent one of the most significant financing milestones in Troilus’s development to date. The underwriting commitments from KfW IPEX-Bank and Societe Generale reflect the depth of work undertaken to establish the Project’s technical and economic foundations and advance our execution plan. With US$850 million in credit-approved commitments, we have taken a substantial step toward assembling the funding required to build Troilus. Our focus is now on completing the broader financing package to reach a final investment decision and financial close, while advancing permitting, detailed engineering and procurement to support construction readiness.”

Debt Financing Structure and Terms

The commitments from KfW IPEX-Bank and Societe Generale (together, the “Commercial Lenders”) comprise senior secured project finance facilities (the “Debt Facilities”) expected to form a cornerstone of the Project’s overall financing package. The Commitment Letter is subject to various conditions precedent, including, but not limited to, receiving debt commitments for the total US$1.1 billion facility, receiving approvals from each applicable export credit agency, finalization of ongoing diligence, execution of definitive documents and support arrangements, there being no material adverse change and receipt of all required regulatory approvals, among other conditions.

Structured with anticipated support from European export credit agencies, the Debt Facilities feature competitive interest margins consistent with export credit-backed project financings involving leading international lenders and sovereign support. The proposed structure combines attractive pricing with an extended repayment profile, providing a cost-effective source of capital aligned with the Project’s development and operating requirements.

The Debt Facilities include up to a three-year repayment grace period during construction, followed by a sculpted repayment profile over a notional 10-year period aligned with expected cash flow generation. Final terms and further details are expected to be disclosed upon execution of definitive financing documentation.

EDC, one of the Project’s three mandated lead arrangers alongside the Commercial Lenders, continues to advance its approval process for a proposed US$250 million financing contribution. If approved, this contribution would bring total credit-approved debt commitments to US$1.1 billion. Troilus is also working with the participating European export credit agencies on the remaining approvals and support arrangements for the broader debt financing package.

The Project represents a significant opportunity to expand Canada’s copper and gold exports, strengthen long-term supply relationships with trusted European trading partners, and deliver lasting economic benefits for Québec and Canada. As a mandated lead arranger, EDC is working closely with the lending syndicate and participating European export credit agencies to advance the financing while continuing to work toward its final approvals.

Advancing Toward Financial Close

Building on these commitments, Troilus and its project finance advisor, Auramet International Inc. (“Auramet”), are focused on finalizing definitive facility agreements, completing the broader financing package and satisfying the various conditions and completion requirements to reach a final investment decision and financial close.

Qualified Persons

The technical and scientific information in this press release has been reviewed and approved by Denis Rivard, P.Eng., EVP Projects, who is a Qualified Person as defined by NI 43-101. Mr. Rivard is an employee of Troilus and is not independent of the Company under NI 43-101.

About Troilus Mining Corp.

Troilus Mining Corp. is a Canadian development-stage mining company focused on the systematic advancement of the former gold and copper Troilus Mine towards production. Troilus is located in the tier-one mining jurisdiction of Quebec, Canada, where it holds a large land position of 435 km² in the Frôtet-Evans Greenstone Belt. The Technical Report outlines a large-scale, approximately 26-year, 50ktpd open-pit mining operation, positioning it as a cornerstone project in North America.

For more information:

Caroline Arsenault
VP Corporate Communications
+1 (647) 276-0050
info@troilusmining.com  

Cautionary Note Regarding Forward-Looking Statements and Information

This press release contains “forward-looking statements” and “forward-looking information” within the meaning of applicable Canadian securities legislation (collectively, “forward-looking statements”). Forward-looking statements include, but are not limited to, statements regarding the anticipated completion, amount, structure and terms of the Debt Facilities and the broader project financing package; the expected role of the Debt Facilities in funding the development and construction of the Troilus Project; anticipated pricing, repayment grace periods and repayment schedules; the receipt of remaining approvals from Export Development Canada and participating European export credit agencies and the finalization of related support arrangements; the negotiation and execution of definitive financing documentation and key project contracts; the satisfaction of conditions precedent and other funding and completion requirements; the availability and drawdown of funds; the timing and achievement of a final investment decision and financial close; the anticipated disclosure of final financing terms; the advancement of permitting, detailed engineering and procurement; the timing and commencement of construction and the future development and operation of the Troilus Project; and the Project’s potential to expand Canadian copper and gold exports, strengthen supply relationships with European trading partners and generate long-term economic benefits for Québec and Canada.

Generally, forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “continue”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “will”, “might” or “will be taken”, “occur” or “be achieved”. Forward-looking statements are made based upon certain assumptions and other important facts that, if untrue, could cause the actual results, performances or achievements of Troilus to be materially different from future results, performances or achievements expressed or implied by such statements. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which Troilus will operate in the future. Certain important factors that could cause actual results, performances or achievements to differ materially from those in the forward-looking statements include, amongst others, currency fluctuations, the global economic climate, dilution, share price volatility and competition. Forward-looking statements are subject to known and unknown risks, uncertainties and other important factors that may cause the actual results, level of activity, performance or achievements of Troilus to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: the risk that the Debt Facilities may not be completed on the anticipated terms, including the risk that definitive documentation may not be finalized and executed on a timely basis and that the customary project finance terms and conditions, including conditions precedent to drawdown, may not be satisfied; uncertainties with respect to receiving approval for the additional contribution for the planned financing package; risks and uncertainties inherent to mineral resource and reserve estimates; the high degree of uncertainties inherent to feasibility studies and other mining and economic studies which are based to a significant extent on various assumptions; variations in gold prices and other metals, exchange rate fluctuations; variations in cost of supplies and labour; receipt of necessary approvals; availability of financing for project development; uncertainties and risks with respect to developing mining projects; general business, economic, competitive, political and social uncertainties; future gold and other metal prices; accidents, labour disputes and shortages; environmental and other risks of the mining industry, including without limitation, risks and uncertainties discussed in the Company’s latest Annual Information Form, its technical reports and other continuous disclosure documents of the Company available under the Company’s profile at www.sedarplus.ca. Although Troilus has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Troilus does not undertake to update any forward-looking statements, except in accordance with applicable securities laws.