Acquisition Adds Indicated Gold Resources of 388koz and Inferred Gold Resources of 933koz, and Grows Land Position to ~27,000 Hectares in the Abitibi

Gold Candle Ltd. announced that it has entered into a binding asset purchase agreement with Pan American Silver Corp. dated May 7, 2026 pursuant to which Gold Candle will acquire all of the assets that comprise Pan American’s Larder Property in exchange for 15,000,000 common shares in the capital of Gold Candle, which will result in Pan American owning approximately 6% of Gold Candle on a pro forma basis.

The Transaction enables Gold Candle to further enhance its asset base in the Abitibi through the addition of the Larder Property, which includes three mineral deposits, Bear, Chemin is and Fernland,that collectively have: 388,000 ounces of indicated gold mineral resources (5.1 million tonnes at 2.39 grams per tonne gold) and 933,000 ounces of inferred gold mineral resources (6.9 million tonnes at 4.21 grams per tonne gold) all of which are historic in nature (see “Historic Resource” below). The Larder Property is contiguous to Gold Candle’s Kerr-Addison property to the west and totals over 6,400 hectares along the Larder Lake Cadillac Break.

Gold Candle’s Chief Executive Officer Rick Howes stated, “Having just closed our acquisition of Fokus Mining, we are very excited to enter into this transaction, which will only further enhance our already significant and highly prospective land holdings on the Larder Lake Cadillac Break. Adding the Larder Property provides us with further optionality as it relates to exploration, development and, eventually, operations. We look forward to immediately integrating this property into our plans as we determin e how to maximize the value potential of our now district-scale land package and growing mineral resource base in the Abitibi.”

Transaction Highlights

• Increases Gold Resources: The Larder Property adds 388,000 ounces of indicated gold mineral resources (5.1 million tonnes at 2.39 grams per tonne gold) and 933,000 ounces of inferred gold mineral resources (6.9 million tonnes at 4.21 grams per tonne gold) of historic resources to Gold Candle’s portfolio. With the recently completed acquisition of Fokus Mining, collectively, the Larder Property historic resource and Gold Candle’s current resource, total gold mineral resources will include 3.7 million ounces of indicated resources and 4.7 million ounces of inferred resources.
• Grows Strategic Land Position: Adds over 6,400 hectares to Gold Candle’s land package on the Larder Lake Cadi llac Break, increasing the Company’s total land position to over 27,000 hectares.
• Enhances Exploration Optionality: Larder Property provides Gold Candle with an additional, highly prospective set of exploration targets where the presence of meaningful mineral resources has already been established.

Transaction Details

Pursuant to the Transaction, Pan American will receive 15,000,000 common shares in the capital of Gold Candle in exchange for all of the assets that comprise Pan American’s Larder Property. As part of the Transaction, Pan American has also been given certain participation rights providing the ability to maintain its pro rata ownership in any potential future equity financings completed by Gold Candle on terms customary for such rights.

The Transaction is to be completed based on the terms of a binding asset purchase agreement. Assuming the timely satisfaction of all closing conditions, the Transaction is expected to close during the third quarter of 2026.

Technical Information

Scientific and technical information of Gold Candle contained in this news release is based upon information in the report titled NI 43-101 Technical Report and Mineral Resource Estimate for the Kerr-Addison and Geminid Properties, Ontario, which was prepared by InnovExplo Inc. and Libertas Metallurgy Ltd., and dated May 26, 2025, with an effective date of February 19, 2025, and filed under Gold Candle’s profile on SEDAR+ (www.sedarplus.ca). The remaining technical information (other than the Historic Resource) has been reviewed and approved by Kerry Sparkes, P.Geo, Senior Vice President Exploration, wh o is a Qualified Person as the term is defined in Canadian National Instrument 43-101 – Standards of Disclosure for Mineral Projects.

Mineral resources are not mineral reserves and do not have demonstrated economic viability. Inferred resources 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 inferred resources would be realized.

Historic Resource

*Notes to accompany the historical estimate

1. Information regarding the historical resource at the Larder Gold Project were obtained from the report titled: Updated Mineral Resource Estimates, Larder Lake Gold Project, Larder Lake, Ontario, Canada., and prepared for Gatling Exploration Inc., and with an effective date of September 2, 2021.
2. The Qualified Persons for the Project were Allan Armitage, Ph.D., P.Geo, of SGS Canada Inc. and Olivier Vadnais-Leblanc of SGS Geological Services.
3. All resource estimates for the Larder Lake Project are now considered historical in nature and are based on prior data and reports prepared by previous property owners.
4. A qualified person has not done sufficient work yet to classify the historical estimates as current resources in accordance with current CIM categories and the Company is not treating the historical estimates as current resources. Significant data compilation, redrilling, resampling and data verification may be required by a qualified person before the historical estimates on the project can be classified as a current resource.
5. There can be no assurance that any of the historical mineral resources, in whole or in part, will ever become economically viable. In addition, mineral resources a re not mineral reserves and do not have demonstrated economic viability. Even if classified as a current resource, there is no certainty as to whether further exploration will result in any inferred mineral resources being upgraded to an indicated or measured resource category.

About Gold Candle Ltd.

Gold Candle Ltd. is a privately funded Canadian exploration company existing under the laws of Ontario, led by a diverse and experienced team of mining professionals. In 2015, Gold Candle acquired claims over the historic Kerr-Addison Gold Mine and surrounding area in McGarry Township, located in the Timiskaming District of Ontario. Gold Candle is committed to responsible mineral exploration that benefits local communities, employees, and shareholders while respecting people and the environment.