Lux Metals Corp. (TSX-V: LXM) is pleased to report the first assay results from its diamond drill program at the La Grande Gold Project, located in the Eeyou Istchee James Bay region of Québec. Hole LG26-241 intersected 17.57 g/t Au over 19.50 m, including 39.08 g/t Au over 8 m, from 220.5 m downhole. The hole was designed to test the grade and continuity of Zone 32 (Figure 1 and Figure 2).

Highlights

• Hole LG26-241 intersected 17.57 g/t Au over 19.50 m, including 39.08 g/t Au over 8 m.
  • One sample returned 165 g/t Au over 1m.
• This interval is located more than 40 metres from a known historical interval, confirming the grades and continuity of Zone 32.
• Interval is hosted within sheared tonalite presenting sericite alteration, disseminated chalcopyrite-pyrite mineralization and quartz-chlorite veins with multiple visible gold specks.
• Drilling is ongoing, with two holes planned at depth of the Zone 32. Assays for all remaining holes are pending.

“This is the first hole Lux has drilled at La Grande, and it delivered. After more than a decade without drilling at Zone 32, we’re seeing the same style of shear-hosted gold-copper mineralization the previous operators reported. We acquired this project because we believed the system was open, and today’s result is the first step in demonstrating that.” said Kim Quyên Nguyên, President and Chief Executive Officer of Lux Metals Corp.

Figure 1: Drilling Localization Plan

Figure 2: Cross Section of Drilling Location

Table 1: Assay Results¹ for Hole LG26-241

¹ Multi-element (ICP) results for LG26-241, including copper, are pending.
² Lengths are reported as core lengths; True width is estimated at 75% of intercept.
³ Capped gold value at 50 g/t.

Table 2: Drill Hole Collar Information

*Coordinate in UTM NAD83, Z18

2026 Drill Program Objectives

The program has two main objectives:

• Confirm grade and continuity of the zone 32 by increasing drill density within the known system to support a future NI 43-101-compliant mineral resource estimate.
• Expand known mineralization at Zone 32 down-plunge and along strike. Provide data to refine structural and alteration models across the property.

Geological Setting

Zone 32 is an Archean gold–copper system which lies along the contact between the La Grande-Sud tonalite and Yasinski Group volcanic rocks. The current drilling program is intended to confirm historical information and to better understand mineralization control. The partial results of drillhole LG26-241 indicate that the sericite alteration in the tonalite and the associated sulphide dissemination control most of the gold distribution in the deposit (Photo 1). These areas are also highly deformed and contain small quartz-chlorite veinlets acknowledging the fluid circulation. Areas with quartz veins associated with high percentage of sulfides generate high grade gold zones, with visible gold specks observed (Photo 2).

Photo 1: Drill core from hole LG26-241, 229.5 m to 234.8 m, showing highly deformed tonalite with sericite alteration and disseminated sulfide. Quartz veins with locally 20% chalcopyrite and visible gold observed between 232.41 m and 233.62 m

Photo 2: Visible gold specks in a quartz-chalcopyrite vein at 232.90m

The photos illustrate mineralization observed in the drill core and are not necessarily representative of grades across the entire interval.

2026 Exploration Program Update

One rig is still actively drilling at the La Grande project. The active drilling is targeting the eastern extension of Zone 32 and the deep zone identified in LGS12-224. The program should be closing around mid-October with final assay results available mid to end of November 2026.

Quality Assurance and Quality Control

Drilling was conducted using a diamond drill rig with NQ sized core. Samples were logged and sampled on site, where core was sawn in half and bagged. Quarter core were also sawn for field duplicate. Each bag was secured using a zip-tie, and bagged into a rice bag that was sealed until opening at the laboratory. Samples were transported by road to AGAT Laboratories facility in Val-d’Or, Quebec for standard preparation (code 200075+200087), which include drying at 105°C, crushing 75% passing 2mm, riffle split 250g and pulverize 85% passing 75 microns. A 15g sub-sample is taken and shipped by air to AGAT Laboratory in Calgary for the four acid digestion 48 metals analysis with ICP-OES/MS finish. Most of the pulp is sent to AGAT Laboratory in Thunder Bay for gold fire assay of 50g with AAS finish. Samples returning greater than 10 g/t Au were re-analyzed by fire assay (50 g) with a gravimetric finish.

A Quality Assurance / Quality Control protocol following industry best practice was incorporated to the sampling procedure. Measures include insertion at regular spacing of quartz blank (4%), certified reference materials (4%) and quarter core duplicate (4%). Additional blank material was added after each occurrence of visible gold, and additional high grade gold CRM were added in the mineralized zone.

The presented results have been submitted in one batch, in a “rushed” procedure, which decreases the release time of results. The batch QA/QC samples returned acceptable results in industry practice for the blank and certified reference materials. The quarter core duplicate sample in this batch returned a strong nugget effect, with parent sample returning 165 g/t Au and duplicate sample returning 31.5 g/t Au. The utilization of a maximum of 50 g/t Au results in “capped results” reduces the incidence of the nugget effect in the release of the results.

Qualified Person

The technical content of this news release has been reviewed and approved by Jonathan Marleau, P.Geo., Senior Geologist at Dahrouge Geological Consulting Ltd., an independent consultant of the Company, and a Qualified Person pursuant to National Instrument 43-101.

About Lux Metals Corp.

Lux Metals Corp. (TSX-V: LXM) is a Canadian mineral exploration company focused on advancing its flagship La Grande Gold Project in Québec’s James Bay region. The Project hosts the high-grade Zone 32 gold system, supported by extensive historic drilling, direct access via the four-season Trans-Taïga Road, and district-scale exploration potential. For more information, visit www.lux-metals.com.

On Behalf of the Board of Lux Metals Corp.

Kim Quyên Nguyên

President and Chief Executive Officer

For more information, please contact 579-314-0129 or info@lux-metals.com.