Sparton Signs Definitive Morrison Silver Mine Option and Joint Venture Agreement with Glen Eagle; Appoints Vice President, Corporate Development

Glen Eagle Resources Inc. (GER) has entered into a definitive Option and Joint Venture Agreement with Sparton Resources Inc. regarding the past-producing Morrison Silver Mine property in Ontario. Under the terms of the deal, Glen Eagle holds the exclusive right to earn up to a 70% interest in the property over a three-year period. This earn-in is structured through cash payments, share-cost compensation, and the funding of exploration expenditures. Upon successful completion of the earn-in, a joint venture will be formed with Glen Eagle holding a 70% interest and Sparton retaining a 30% interest, while Sparton remains the operator.

The earn-in consideration requires Glen Eagle to fund a $500,000 exploration program. This funding is scheduled as $150,000 by the first anniversary, $175,000 by the second anniversary, and $175,000 by the third anniversary, with the initial $150,000 designated as a firm commitment. Additionally, Glen Eagle must make total cash option payments of $112,500 if the option proceeds to full term. These payments are structured as $25,000 upon the effective date and Exchange approval, $35,000 by the first anniversary, and $52,500 by the second anniversary. Glen Eagle is also required to provide $20,000 in share-cost compensation, of which $3,500 has already been paid.

During the option period, Sparton remains the operator and is entitled to a management fee equal to 10% of applicable Work Costs. The underlying vendor retains a 2% Net Smelter Returns (NSR) royalty, of which 1% can be acquired for $350,000. The transaction is subject to applicable TSX Venture Exchange requirements and prior Exchange approval. It is an arm's length transaction with no finder's fee.

The Morrison Mine is a past-producing silver property located in the Gowganda silver camp. Historical records indicate production of more than 750,000 ounces of silver between 1912 and 1955 at an average grade of approximately 25 ounces per short ton. The property contains a capped historical shaft extending approximately 600 feet and eight near-vertical veins.

A. Lee Barker, President and CEO of Sparton, commented on the agreement: "Morrison's history of high-grade silver production and the amount of work that remains to be done using modern exploration methods makes this an exciting opportunity for both companies. This agreement provides Sparton with a practical way to advance Morrison while preserving meaningful exposure to the project's upside."

Karl Trudeau, President of Glen Eagle, stated: "Morrison is exactly the kind of asset that gets an exploration team excited - a past-producing, high-grade silver mine with a documented history of more than 750,000 ounces of production at roughly 25 ounces per ton, and vein systems that were never fully tested with modern methods."

In conjunction with the transaction, Glen Eagle announced the appointment of Director Jamal Amin as Vice President, Corporate Development. Mr. Amin was previously elected to the Board in June 2026. In connection with his appointment, he was granted 500,000 incentive stock options exercisable at $0.05 per common share, expiring March 1, 2028.